Thoma Bravo Review: Software and Technology Private Equity

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

Key Takeaways

  • •Headquarters: Chicago, Illinois
  • •Founded: 2008, AUM: $183 billion (2026)
  • •Sectors: Application, infrastructure and cybersecurity software and technology-enabled services
  • •Notable portfolio: Anaplan, Coupa Software, NextGen Healthcare, SailPoint, Ping Identity, ForgeRock
  • •Control-oriented investments with buy-and-build strategy

Notable Portfolio

Thoma Bravo has built one of the largest software-focused portfolios in private equity through strategic buyouts and the acquisition of category-leading software companies.

What Thoma Bravo Looks For

Thoma Bravo evaluates opportunities based on:

  • Software focus — Pure-play software companies
  • Market leadership — Category leader with strong positioning
  • Growth — Strong revenue growth and SaaS metrics
  • Recurring revenue — Subscription and maintenance revenue
  • Consolidation potential — Fragmented markets for buy-and-build

Pro Tip

Thoma Bravo is the largest software-focused investor. Show strong SaaS metrics, clear growth trajectory, and a vision for how acquisitions could expand your market position.

Pro Tip

Demonstrate a strong management team with equity ownership alignment.

Frequently Asked Questions

What industries does Thoma Bravo focus on?

Thoma Bravo primarily invests in application, infrastructure, and cybersecurity software, as well as technology-enabled business services.

What size companies does Thoma Bravo acquire?

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

What is Thoma Bravo's typical investment size?

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

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

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

What should I prepare before engaging with Thoma Bravo?

Prepare detailed SaaS metrics including ARR/MRR growth, net revenue retention, gross margins, and customer lifetime value. Demonstrate strong competitive positioning and technology differentiation.

How does Thoma Bravo work with portfolio companies?

Thoma Bravo takes an active partnership approach with deep software expertise. They work 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.