Profile

Thoma Bravo is one of the largest software investors in the world, with more than US$160 billion in assets under management as of June 30, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in more than 490 companies representing over US$265 billion in enterprise value*. The firm has offices in Chicago, London, Miami, New York and San Francisco.

*including control and non-control investments as of June 30, 2024

thomabravo.com

Awards

2024 Top Private Equity Firms

2023 Top Growth Equity Firms

2023 Top 40 Under 40 Growth Investors, Ross Devor

2023 Top Private Debt Firms

2023 Top Software Investors, Hudson Smith

2023 Top Private Equity Firms

2023 Top Women Leaders in Growth Investing, Christine Kang

2022 Top 40 Under 40 Growth Investors, Andrew Almeida

2022 Top 25 Software Investors, Brian Jaffee

2022 Top 25 Private Equity Firms

2022 Top Women Leaders in Growth Investing, Christine Kang

2021 Top 25 Growth Equity Firms

2021 Top 40 Under 40 Growth Investors, Carl Press

2021 Top 25 Software Investors, Robert (Tre) Sayle

2021 Top 25 Private Equity Firms for Growth Companies

2020 Top 25 Software Investors, A.J. Rohde

2019 Top 25 Software Investors, Scott Crabill

Key People

Orlando Bravo, Founder and Managing Partne

Orlando Bravo is a Founder and Managing Partner of Thoma Bravo. He led Thoma Bravo’s early entry into software buyouts and built the firm into one of the top private equity firms in the world. Today, Orlando directs the firm’s strategy and investment decisions in accordance with its principles of partnership, innovation, and performance. Orlando graduated Phi Beta Kappa with a bachelor’s degree in economics and political science from Brown University in 1992 and earned a JD from Stanford Law School and an MBA from the Stanford Graduate School of Business in 1998. He is also the Founder and Chairman of the Bravo Family Foundation, which provides access and opportunities to young adults in Puerto Rico.

Carl Thoma, Founder and Managing Partner

Carl D. Thoma is a Founder and Managing Partner at Thoma Bravo. He was a Co-Founder and Managing Director at Golder, Thoma, Cressey, Rauner and its predecessor funds since 1980. He began his career at First Chicago Equity Group where he helped build one of the largest and most active private equity firms in the country. Carl received an MBA from the Stanford Graduate School of Business and a BS degree in Accounting and Agriculture Economics from Oklahoma State University.

Holden Spaht, Managing Partner

Holden Spaht is a Managing Partner at Thoma Bravo. He is responsible for finding and executing new deals, monitoring and growing the portfolio as an active board member, and helping to manage the firm. Holden was a Fulbright Scholar and earned his BA degree in Economics at Dartmouth and his MBA at Harvard Business School.

Seth Bor, Managing Partner

Seth Boro is a Managing Partner at Thoma Bravo. He leads the firm’s infrastructure software and cybersecurity strategy, and he is responsible for finding and executing new deals, growing portfolio companies as an active board member, and helping to manage the firm. Seth earned his MBA from Stanford University and his Bachelor of Commerce degree from Queen’s University School of Business.

Scott Crabill, Managing Partner

Scott Crabill is a Managing Partner at Thoma Bravo. He joined the firm in 2002 to help develop its investment strategy in the software industry. He is responsible for identifying and executing new deals, working closely with portfolio companies as an active board member, and helping to manage the firm. Scott earned a BS degree in Industrial Engineering from Stanford University and an MBA degree from the Stanford Graduate School of Business.

Jennifer James, Managing Partner

Jennifer James is Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing at Thoma Bravo. Jennifer leads Thoma Bravo’s business operations strategy, efforts to serve the needs of new and existing investors, and the firm’s industry communications programs. She earned her MBA from Northwestern University and her AB degree in History from Bowdoin College.

Funds Raised

Thoma Bravo has experienced exceptional growth over the past 20+ years, from less than $5 billion in capital commitments in 2012 to more than $160 billion in assets under management as of June 30, 2024. Today, the firm’s software portfolio includes approximately 80 companies that generate over $28 billion of annual revenue and employ over 92,000 people worldwide.* 

In December 2022, Thoma Bravo announced the close of its largest fundraise ever, and one of the largest ever in private equity history, having raised more than $32.4 billion in capital commitments for its three buyout funds. One of these funds, Thoma Bravo Fund XV, represents the largest tech-focused buyout fund ever raised.** Investments in the funds will advance Thoma Bravo’s established strategy and partnership-driven approach of applying operational and sector expertise to investments across healthcare IT, cybersecurity, financial technology, infrastructure and applications. These results are also reflected in the firm’s rankings in Private Equity International’s “PEI 300,” which ranks the world’s largest private equity firms by capital raised. In 2020, Thoma Bravo was ranked #15. In 2023, Thoma Bravo was included at #4.

*includes control and non-control investments

**according to data from Preqin and PitchBook

Key Investments

Everbridge: Invested July 2, 2024
Category: Software

Global leader in critical event management and national public warning solutions

EQS: Invested February 2, 2024
Category: Software

A German-based cloud provider in the fields of corporate compliance, investor relations and ESG

BlueMatrix: Invested January 4, 2024
Category: Software

Leading end-to-end content creation and distribution platform for investment research providers.

Exostar: Exited November 20, 2023
Category: Software

Leading cloud-based secure business collaboration software provider serving highly regulated industries including aerospace and defense, healthcare and life sciences, and banking, financial services and insurance.

Adenza: Exited November 1, 2023
Category: Software

Provider of mission-critical risk management, regulatory reporting and capital markets software to the financial services industry.

Syntellis Performance Solutions: Exited August 8, 2023
Category: Software

Leading provider of enterprise performance management (EPM) software, data and intelligence solutions.

Imperva: Exited December 4, 2023
Category: Software

Leading global provider of best-in-class cybersecurity solutions on-premises, in the cloud and across hybrid environments.

Capital Responsibility

Thoma Bravo has a longstanding commitment to corporate stewardship and takes its commitment to ESG seriously, championing diversity of thought and background, promoting inclusion, and celebrating entrepreneurship. Anchored by its core tenets of partnership and innovation, Thoma Bravo works with their portfolio companies to help strategize how the components of sustainable business practices can mitigate risks and positively impact value creation. Since Thoma Bravo’s initial ESG policy launch in 2014, the firm has been reporting on progress in specific ESG areas since 2017. Thoma Bravo seeks to be an example to their portfolio companies with strong governance and transparency practices within our firm. Thoma Bravo is also a signatory to the ILPA Diversity in Action initiative and the United Nations Principles for Responsible Investment (UNPRI). Additionally, since joining in 2022, Thoma Bravo’s Head of ESG Donna Riley Bebb has helped create a more robust ESG framework and served as an adviser on Thoma Bravo’s portfolio companies’ ESG practices. She regularly provides thought leadership on ESG at industry events, including the PEI Responsible Investment Forum and the Women’s Private Equity Summit. 

Thoma Bravo also prides itself on its responsible approach to investing, and we view GenAI and its integration and use at our portfolio companies as another evolution in the software and tech industry that warrants a disciplined approach. In 2023, Thoma Bravo launched a responsible AI learning cohort to help our portfolio companies monitor this rapidly evolving landscape, provide education and share best practices. Through this cohort, we collaborate with our portfolio companies to encourage innovation through AI while also seeking to build safeguards to protect against potential risks. 

Thoma Bravo has a strong culture of philanthropy and volunteerism. Employees regularly come together to give back to their communities, giving their time for in-office and local volunteer events (environmental clean-ups, women’s shelters, cancer research, etc.), utilizing the firm’s charitable giving program, and supporting special donation campaigns (i.e. natural disasters) among other charitable efforts.