Thoma Bravo Review: Software & Technology Private Equity Investment Focus

In-depth review of Thoma Bravo: their software and technology investment thesis, portfolio companies, typical deal sizes, and how to prepare for investment.

Key Takeaways

  • •Headquarters: Chicago, Illinois
  • •Founded: 2008, AUM: $183 billion (2026)
  • •Sectors: Application, infrastructure and cybersecurity software and technology-enabled business services
  • •Investment thesis: "Consolidation" or "buy and build" strategy
  • •Notable portfolio: Prophet 21, Riverbed Technology, ConnectWise, Instructure, Medallia, Anaplan, NextGen Healthcare, Barracuda, Sophos, Imperva

Firm Overview

Thoma Bravo is one of the largest and most prominent software-focused private equity firms in the world. Headquartered in Chicago with offices in San Francisco and Boston, the firm has grown its assets under management to $183B as of 2026, making it one of the largest PE firms globally.

Founded in 2008, Thoma Bravo has established itself as the go-to partner for software companies seeking capital to scale through acquisitions and operational improvements. The firm's scale and software expertise make it uniquely positioned to support portfolio companies through significant growth phases.

Investment Strategy

Thoma Bravo employs a "consolidation" or "buy and build" strategy in software. This involves identifying fragmented software markets and consolidating them through add-on acquisitions, creating platform companies with broader product offerings and enhanced competitive positions.

Notable Portfolio Companies

Thoma Bravo has built an extensive portfolio of software and technology companies.

What Thoma Bravo Looks For

Based on Thoma Bravo's software-focused investment approach, the firm evaluates opportunities based on:

  • Recurring revenue — Strong SaaS metrics and subscription models
  • Market leadership — Strong competitive positions in growing markets
  • Growth potential — Significant opportunity for expansion through M&A
  • Technology differentiation — Proprietary technology and IP
  • Fragmented markets — Opportunities for consolidation

Pro Tip

Thoma Bravo brings deep software expertise and operational experience. They look for companies with strong SaaS metrics and clear paths to growth through their buy-and-build strategy.

How to Connect With Thoma Bravo

Approaching Thoma Bravo requires demonstrating software leadership and growth potential:

  • Showcase SaaS Metrics — Present ARR/MRR growth, net revenue retention, and gross margins.
  • Demonstrate Market Position — Show competitive landscape, market share, and differentiation.
  • Present Consolidation Opportunity — Highlight fragmented markets where add-on acquisitions could accelerate growth.
  • Leverage Technology Networks — Many deals come through technology industry advisors or existing portfolio companies.

PE firms like Thoma Bravo expect detailed financial information for software companies:

  • SaaS Metrics: ARR and MRR growth, Net revenue retention, Customer acquisition cost, Customer lifetime value
  • Financial Data: Gross margins, Rule of 40 analysis, Churn rates, Path to profitability

How Eagle Rock Helps

We help software companies prepare for PE investment by building detailed financial models, SaaS metric dashboards, and investor-ready presentations. Our fractional CFO services ensure your company is ready for due diligence.

Pro Tip

Prepare detailed financial projections and operational metrics before initial meetings.

Frequently Asked Questions

What industries does Thoma Bravo focus on?

Thoma Bravo invests exclusively in software and technology companies, including application software, infrastructure software, cybersecurity, and technology-enabled business services.

What size companies does Thoma Bravo acquire?

Thoma Bravo typically invests $100M-$2B+ in equity, targeting established software companies with proven product-market fit and growth trajectories.

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 with over $183B in AUM.

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 through their dedicated operating team.

Ready to Connect With Thoma Bravo?

Prepare your business for private equity investment with expert financial guidance. Our fractional CFO team helps you build the financial infrastructure PE firms expect.

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