Thoma Bravo FT Review: Software Buyout Private Equity

In-depth review of Thoma Bravo: their software buyout investment thesis, portfolio companies.

Key Takeaways

  • •Headquarters: Chicago, Illinois
  • •Founded: 2008, AUM: $183 billion (2026)
  • •Sectors: Application, infrastructure and cybersecurity software
  • •Investment thesis: "Consolidation" or "buy and build" strategy in software
  • •Active control-oriented investments with dedicated operating team

Firm Overview

Thoma Bravo is one of the largest and most prominent software-focused private equity firms globally. Headquartered in Chicago with offices in San Francisco and Boston, the firm has grown its AUM to $183B as of 2026, establishing itself as the definitive partner for software companies seeking growth capital and operational expertise.

Portfolio Companies

Thoma Bravo has built a portfolio of cybersecurity and software companies through its buy-and-build strategy.

Pro Tip

Thoma Bravo's scale and software expertise make them particularly effective at executing buy-and-build strategies in fragmented software markets. Have clear acquisition targets identified and a plan for integration.

Frequently Asked Questions

What industries does Thoma Bravo FT focus on?

Thoma Bravo FT primarily invests in software and technology companies, including application software, infrastructure software, and cybersecurity.

What size companies does Thoma Bravo FT acquire?

Thoma Bravo FT typically invests $100M-$2B+ in equity, targeting established software companies.

What is Thoma Bravo FT's typical investment size?

The firm's equity investments generally range from $100M-$2B+, positioning them as one of the largest software-focused PE investors.

How long does Thoma Bravo FT's due diligence process take?

Due diligence timelines vary by deal complexity, but Thoma Bravo FT typically conducts thorough financial, technical, and operational due diligence over several weeks to months.

What should I prepare before engaging with Thoma Bravo FT?

Prepare detailed SaaS metrics, demonstrate strong competitive positioning, and present a clear growth plan that includes potential add-on acquisitions.

How does Thoma Bravo FT work with portfolio companies?

Thoma Bravo FT takes an active partnership approach, working closely with management on strategic initiatives, acquisitions, and operational improvements.

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This article is part of our Private equity firms | Eagle Rock CFO guide.