# Thoma Bravo Thoma Bravo is an American private equity firm based in Chicago, specializing in enterprise software and technology investments, with over $183 billion in assets under management as of 2026. Thoma Bravo, LP is an American private equity and growth capital firm headquartered in Chicago, Illinois. The firm is known for its focus on acquiring and growing enterprise software companies, and as of 2026 it managed over $183 billion in assets. It operates as the successor to Golder Thoma & Co., which was founded in 1980 by Stanley Golder and Carl Thoma. Thoma Bravo is led by managing partners Seth Boro, Orlando Bravo, Scott Crabill, Lee Mitchell, Holden Spaht, and Carl Thoma. The company concentrates on the application, infrastructure, and cybersecurity software sectors, as well as technology-enabled business services. It employs a 'buy and build' or consolidation strategy, acquiring multiple companies in a niche and scaling them through operational improvements and add-on acquisitions. As of 2026, Thoma Bravo had completed over 565 software and technology transactions and held a portfolio of more than 77 software companies. ## Software Investments Thoma Cressey Equity Partners, a predecessor entity, began investing in enterprise software in 2002 with the acquisition of Prophet 21, a provider of software for durable goods distributors. In 2014, the firm acquired Riverbed Technology for $3.6 billion; Riverbed later filed for Chapter 11 bankruptcy in December 2021. In 2019, Thoma Bravo acquired ConnectWise, a business automation platform for managed service providers, founded by Arnie Bellini. In 2020, Thoma Bravo purchased edtech company Instructure, a deal that a large shareholder criticized as 'rushed' and 'riddled by conflicts of interest.' In July 2024, Thoma Bravo agreed to sell Instructure in a take-private transaction valuing the company at approximately $4.8 billion. In October 2021, the firm took Medallia private for $6.4 billion; in June 2026, Medallia was slated to change ownership to a group led by Blackstone, Apollo, and FS KKR Capital Corp. In September 2021, Thoma Bravo completed the acquisition of Stamps.com for about $6.6 billion in cash, rebranding it as Auctane. In March 2026, it announced plans to acquire WWEX Group and merge it with Auctane. In March 2022, Thoma Bravo acquired Anaplan for $10.7 billion, later reducing the offer to $10.4 billion after alleging the company overpaid new hires. In August 2022, it made its first Australian acquisition, buying Nearmap for A$1.06 billion (US$730 million). In December 2022, it outbid Vista Equity Partners to acquire Coupa Software for $6.15 billion in cash, with a total enterprise value of $8 billion. In September 2023, Thoma Bravo sold Exostar to Arlington Capital Partners. In November 2023, it acquired NextGen Healthcare for $1.8 billion. In March 2024, it agreed to take Everbridge private for approximately $1.8 billion. In December 2024, it acquired a majority stake in USU Product Business. In April 2025, Thoma Bravo agreed to purchase parts of Boeing's Digital Aviation Solutions, including Jeppesen, ForeFlight, AerData, and OzRunways, for $10.55 billion; the sale closed in November 2025, and in January 2026, the acquired companies laid off 40% to 50% of their staff. In July 2025, it announced the acquisition of restaurant software provider Olo for about $2 billion. In August 2025, it agreed to take Dayforce private in a $12.3 billion deal with minority investment from the Abu Dhabi Investment Authority, and also agreed to take Verint Systems private for $2 billion, with plans to partner with portfolio company Calabrio on AI-driven CX automation. ## Security Investments In 2018, Thoma Bravo took Barracuda Networks private for $1.6 billion and sold it to KKR in April 2022 for about $4 billion. In January 2019, it acquired Imperva for $2.1 billion, later selling it to Thales Group in July 2023 for $3.6 billion. In March 2020, it completed the $3.9 billion acquisition of Sophos. On August 31, 2021, it completed the $12.3 billion acquisition of Proofpoint. In 2022, Thoma Bravo made several security investments: in April, it announced the acquisition of SailPoint for $6.9 billion; in August, it agreed to buy Ping Identity for $2.8 billion; and in October, it agreed to buy ForgeRock for $2.3 billion. In 2023, it acquired Magnet Forensics for CA$1.8 billion (US$1.34 billion) and merged it with Grayshift. In April 2024, it agreed to acquire Darktrace, a UK-based cybersecurity company, for $5.3 billion. ## Fintech Investments In June 2021, Thoma Bravo invested $125 million into FTX. Following FTX's collapse, in February 2023, Thoma Bravo, along with Paradigm Operations and Sequoia Capital, was sued for allegedly making false statements and aiding misconduct. In 2024, Orlando Bravo said the firm would stop making cryptocurrency investments. In July 2021, Thoma Bravo acquired Greenphire LLC. In May 2022, it acquired Bottomline Technologies for $2.6 billion. In June 2023, it agreed to divest Adenza to Nasdaq for $10.5 billion, receiving a 15% stake in Nasdaq; in May 2025, it sold its remaining stake for approximately $3.4 billion. ## AI and Technology Focus Thoma Bravo has increasingly integrated [artificial intelligence](https://www.wikiprompt.org/wiki/artificial-intelligence) into its investment strategy, particularly in areas like [machine learning](https://www.wikiprompt.org/wiki/machine-learning) and [generative AI](https://www.wikiprompt.org/wiki/generative-ai). The firm's portfolio companies, such as Calabrio and Verint, are exploring AI-driven automation for customer experience workflows. Thoma Bravo also invests in companies that leverage [large language models](https://www.wikiprompt.org/wiki/large-language-model) and other AI technologies to enhance software products. The firm's focus on enterprise software positions it to capitalize on the growing demand for AI-powered business solutions. --- Source: https://www.wikiprompt.org/wiki/thoma-bravo License: CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0/) Last updated: 2026-09-12T22:22:28.770737+00:00