Thoma Bravo, LP
TypePrivately-held limited partnership
IndustryPrivate equity
Predecessors
  • Golder Thoma & Co.
  • Golder Thoma Cressey Rauner (GTCR)
  • Thoma Cressey Equity Partners
  • Thoma Cressey Bravo
Founded2008 (2008)
Founders
HeadquartersChicago, Illinois
Number of locations
5
Key people
  • Jennifer James (Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing)[1]
  • Jerry Nowak (Managing Director, General Counsel and Chief Administrative Officer)[2]
  • Amy Coleman Redenbaugh (Managing Director, Chief Financial Officer) [3]
ProductsInvestments, private equity funds, private credit funds
AUMUS$130 billion (2023)[4]
Number of employees
212 (2023)[5]
Websitethomabravo.com
Thoma Cressey Equity Partners logo in use before 2007 when the firm changed its name

Thoma Bravo, LP, is an American private equity and growth capital firm based in Chicago.[6] It is known for being particularly active in acquiring enterprise software companies[7] and has over $130 billion in assets under management as of 2023.[4] The size and software-focus of Thoma Bravo has led it to be referred to as one of the "Big 3" technology private equity firms along with Silver Lake and Vista Equity Partners.[8]

It is the successor to the firm Golder Thoma & Co., which was established 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.[9] It has additional offices in San Francisco, New York City, London and Miami.[10]

The company focuses on the application, infrastructure and cybersecurity software and technology-enabled business service sectors, and uses a "consolidation" or "buy and build" investment strategy.[11][12]

Investments

The company has done over 440 software deals[13] since 2003 and oversees a portfolio of over 70 software companies.[14][15]

Software investments

Thoma Cressey Equity Partners began investing in the enterprise software sector in 2002 with the acquisition of Prophet21, a provider of software for durable goods distributors.[16]

In 2014, the company acquired Riverbed Technology for $3.6 billion.[17] Riverbed later filed for Chapter 11 Bankruptcy in December 2021.[18]

After the purchase of edtech company Instructure in 2020, the purchase was accused of being "rushed" and "riddled by conflicts of interest" by a large shareholder at the time.[19]

In October 2021, Thomas Bravo took enterprise software company Medallia private for $6.4 billion.[20][21]

In March 2022, Thoma Bravo acquired the enterprise cloud software company Anaplan for $10.7 billion (€9.6bn).[22] The acquisition completed in June 2022 following Thoma Bravo cutting the takeover offer down to $10.4 billion after alleging that the company had violated the acquisition terms by overpaying new hires.[23][24]

In August 2022, the company agreed to buy Nearmap, its first Australian acquisition, for A$1.06 billion (US$730 million).[25] it has done over 300 software deals[26] since 2003 and oversees a portfolio of over 40 software companies.

In December 2022, the company outbid Vista Equity Partners to announce its acquisition of Coupa Software for $6.15 billion in cash, and a total enterprise value of $8 billion.[27][28]

In September 2023, it was announced Thoma Bravo had sold the Herndon, Virginia-headquartered software company, Exostar to the private equity firm, Arlington Capital for an undisclosed amount.[29]

In November 2023, the company acquired health-records software company NextGen Healthcare for a total enterprise value of $1.8 billion.[30][31]

Security investments

In 2018, Thoma Bravo took cloud-first security provider Barracuda Networks private for $1.6 billion. In April 2022, it sold Barracuda to KKR for about $4 billion.[32]

In January 2019, Thoma Bravo acquired Imperva for $2.1 billion.[33] In July 2023, it then sold the company to Thales Group for $3.6 billion.[34]

In March 2020, Thoma Bravo completed its $3.9 billion acquisition of Sophos.[35]

In 2022, Thoma Bravo made a series of security related investments.[36] In April, it announced the acquisition of identity security company SailPoint for $6.9 billion with financing from private lenders.[37][38] In August, it agreed to buy Ping Identity for $2.8 billion in an all-cash transaction.[39] In October, it agreed to buy ForgeRock for $2.3 billion.[36]

Fintech investments

In May 2022, Thoma Bravo acquired Bottomline Technologies for $2.6 billion.[40]

In June 2023, Thoma Bravo agreed to divest Adenza to Nasdaq, Inc. for $10.5 billion in a cash-and-stock deal. As part of the deal, it would get a 15 percent stake in Nasdaq.[41]

In June 2021, Thoma Bravo invested $125 million into FTX.[42][43]

History

Assets under management (USD billions) [19][44][45] [46]

In 1980 Stanley Golder and Carl Thoma established Golder Thoma & Co,[47] a company that has been credited as creating the “consolidation” or “buy and build” investment strategy.[48][49] In 1984, Bryan Cressey was recruited to join the firm from First Chicago, and the firm's name was changed to Golder Thoma Cressey. With the promotion of Bruce Rauner to partner, it became Golder, Thoma, Cressey, Rauner, Inc. (GTCR).[50]

In 1998, the firm split into two firms: GTCR Golder Rauner and Thoma Cressey Equity Partners.[51]

In 2008, Thoma Cressey Bravo became Thoma Bravo after Bryan Cressey left the company.[52][53]

The firm closed its 12th fund in September 2016, with $7.6 billion.[54] Thoma Bravo raised $12.6 billion for its 13th fund, which was announced in January 2019.[55]

The company moved its operations to Miami, Florida at the end of 2020.[56]

In June 2023, Private Equity International placed Thoma Bravo fourth on the PEI 300 ranking of the largest private equity firms.[57]

See also

References

  1. ↑ "Thoma Bravo: Best Fundraising Firm – Mid-Cap Buyout (fund size above USD10bn)". Private Equity Wire. 2021-11-19. Retrieved 2022-10-06.
  2. ↑ "Kirkland Lawyers Flock to Posts at Private Equity Companies". Bloomberg Law. Retrieved 2022-10-06.
  3. ↑ "Bravo! Thoma Bravo's software SPAC Thoma Bravo Advantage files for a $900 million IPO". Renaissance Capital. 28 December 2020. Retrieved 2022-10-06.
  4. 1 2 Weil, Dan (2023-09-08). "Tennis, Anyone? A Former Star Applies Lessons From the Sport to Private Equity". Institutional Investor.
  5. ↑ Form ADV (PDF) (Report). U.S. Securities and Exchange Commission. 2023-03-31. p. 11.
  6. ↑ Armental, Maria (2022-12-07). "Thoma Bravo Bags $32.4 Billion Including Largest Technology Buyout Fund". The Wall Street Journal.
  7. ↑ Savitz, Eric J. (2023-01-20). "He Might Be Tech's Last Bull. Here's Why the Founder of Thoma Bravo Is Still Buying". Barron's.
  8. ↑ "Technology Private Equity: Top Firms, Deals, Recruiting". 2023-05-17. Retrieved 2023-11-22.
  9. ↑ "Team Members | Thoma Bravo". thomabravo.com. Retrieved 2017-06-29.
  10. ↑ "Thoma Bravo Contact". Thoma Bravo. Retrieved 2023-10-18.
  11. ↑ "Thoma Bravo, LLC: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-06-29.
  12. ↑ Shabong, Yadarisa (2019-10-14). "Buyout firm Thoma Bravo adds Sophos to its cybersecurity chest with $3.8 billion deal". Reuters.
  13. ↑ St. Anthony, Neal (2021-03-23). "Thoma Bravo will buy Minneapolis-based Calabrio from KKR". Star Tribune.
  14. ↑ Marek, Lynne (2020-10-26). "Thoma Bravo raises $22.8 billion". Crain's Chicago Business.
  15. ↑ Lynn, Alex (2020-10-13). "Performance watch: Thoma Bravo's PE funds". Private Equity International.
  16. ↑ "Thoma Cressey Equity Partners and LLR Partners Announce Sale of Prophet 21 Inc. to Activant Solutions Inc". www.businesswire.com. 17 August 2005. Retrieved 2017-06-29.
  17. ↑ Thoma Bravo. "Riverbed to be Acquired by Thoma Bravo for $21.00 Per Share in Cash". www.thomabravo.com. Retrieved 2022-12-02.
  18. ↑ Chutchian, Maria (2021-12-03). "Riverbed Technology nets approval of $1bn debt-cutting plan". Reuters. Retrieved 2022-12-02.
  19. 1 2 Gara, Antoine (2021-12-07). "Buyout firm Thoma Bravo goes from niche to big league". Financial Times. Retrieved 2022-12-02.
  20. ↑ Mehta, Chavi (2021-07-26). "Thoma Bravo to take software firm Medallia private for $6.4 bln". Reuters.
  21. ↑ Jain, Shweta (2021-12-08). "Mubadala invests in US enterprise software company Medallia". The National.
  22. ↑ "Anaplan acquired by Thoma Bravo in $10.7bn deal". www.channelweb.co.uk. 2022-03-21. Retrieved 2022-03-21.
  23. ↑ Primack, Dan (2022-06-22). "Thoma Bravo's big tech repricing". Axios.
  24. ↑ Indap, Sujeet (2022-06-12). "Thoma Bravo seizes on pay issue to lower Anaplan buyout price". Financial Times. Retrieved 2022-12-02.
  25. ↑ Fildes, Nic (22 August 2022). "Thoma Bravo agrees $730mn takeover of Australia mapping company". Financial Times.
  26. ↑ St. Anthony, Neal (2021-03-23). "Thoma Bravo will buy Minneapolis-based Calabrio from KKR". Star Tribune.
  27. ↑ Malik, Yuvraj (2022-12-12). "Thoma Bravo to buy Coupa Software for $6.15 bln amid tech slump". Reuters.
  28. ↑ Hammond, Ed; Davis, Michelle F; Deveau, Scott (2022-12-12). "Thoma Bravo Wins Battle for Coupa in $6.2 Billion Deal". Bloomberg News.
  29. ↑ Group, Satellite Evolution (2023-09-26). "Arlington Capital partners to acquire Exostar from Thoma Bravo". Satellite Evolution. Retrieved 2023-09-26.
  30. ↑ "Private-equity firm Thoma Bravo to take NextGen Healthcare private". Reuters. 6 September 2023.
  31. ↑ Brock E.W. Turner (November 10, 2023). "Thoma Bravo closes $1.8B acquisition of NextGen Healthcare". Modern Healthcare. Retrieved November 19, 2023.
  32. ↑ Baker, Liana; Tse, Crystal (2022-04-12). "KKR Agrees to Buy Thoma-Backed Cybersecurity Company Barracuda". Bloomberg News. Retrieved 2022-04-13.
  33. ↑ Baumer, Lilach (2019-01-19). "Thoma Bravo Completes Acquisition of Imperva". Calcalist.
  34. ↑ Hepher, Tim; Rosemain, Mathieu (2023-07-25). "France's Thales to buy Imperva in $3.6 bln cybersecurity deal". Reuters.
  35. ↑ Miller, Ron (2022-12-12). "Thoma Bravo completes $3.9B Sophos acquisition". TechCrunch.
  36. 1 2 Miller, Ron (2022-10-11). "Thoma Bravo buys third identity company this year with $2.3B ForgeRock acquisition". TechCrunch. Retrieved 2022-10-11.
  37. ↑ "Thoma Bravo to take identity security company SailPoint private for $6.9B". TechCrunch. Retrieved 2022-04-13.
  38. ↑ "Thoma Bravo agrees $6.9bn deal for cyber security group SailPoint". Financial Times. 2022-04-11. Retrieved 2022-12-02.
  39. ↑ Prakash, Prarthana (2022-08-03). "Ping Identity Surges After Thoma Bravo Deal Announced". Bloomberg News. Archived from the original on 2022-08-03.
  40. ↑ Rica Dela Cruz (2022-05-13). "Thoma Bravo completes $2.6B acquisition of Bottomline". S&P Global.
  41. ↑ Gara, Antoine; Hughes, Jennifer; Paolo Mancini, Donato (June 12, 2023). "Nasdaq to buy Adenza for $10.5bn in US exchange operator's biggest deal". Financial Times.
  42. ↑ "How Sam Bankman-Fried seduced blue-chip investors". Financial Times. 2022-11-11. Archived from the original on 2022-11-11. Retrieved 2022-11-12.
  43. ↑ "Sam Bankman-Fried's crypto empire 'was run by a gang of kids in the Bahamas'". Fortune. Archived from the original on 2022-11-12. Retrieved 2022-11-12.
  44. ↑ "PEI 300". Private Equity International, June 1, 2022.
  45. ↑ "PEI 300 | The Largest Private Equity Firms in the World". Private Equity International. 2023-06-01. Retrieved 2023-06-02.
  46. ↑ Thoma Bravo. "Nearmap - Results of Scheme Meeting". www.thomabravo.com. Retrieved 2022-12-02.
  47. ↑ "A Brief History of Private Equity - Financial Poise". Financial Poise. 2013-07-01. Retrieved 2017-06-29.
  48. ↑ "Company Information". www.massinvestordatabase.com. Retrieved 2017-06-29.
  49. ↑ "Flexera Software Awarded Illinois Venture Capital Association's 2012 Private Equity Portfolio Company of the Year". www.flexerasoftware.com. Retrieved 2017-06-29.
  50. ↑ "Just Who Is Bruce Rauner?". Chicago magazine. Retrieved 2017-06-29.
  51. ↑ "Chicago Buyout Firm to Split Into 2 Investment Groups". American Banker. Retrieved 2017-06-29.
  52. ↑ "Dealmakers' boot camp; Golder Thoma: A buyout industry proving ground", Crain's Chicago Business, September, 2004 by Steve Daniels
  53. ↑ "Personality Profile: Cressey Takes Specialization To The Next Level." Buyouts, June 23, 2008
  54. ↑ de la Merced, Michael J. (12 September 2016). "Thoma Bravo Raises $7.6 Billion Fund to Pursue More Tech Deals". Deal B%k: NYTimes. Retrieved 29 June 2017.
  55. ↑ "Thoma Bravo raises $12.6 billion for latest private equity fund". Reuters. 2019-01-29. Retrieved 2019-03-15.
  56. ↑ "Bravo Family Foundation dona $250,000 para apoyar a Surfside". CB en Español (in Spanish). 2021-06-28. Retrieved 2021-07-09.
  57. ↑ "PEI 300 | The Largest Private Equity Firms in the World". Private Equity International. 2023-06-01. Retrieved 2023-06-02.
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