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{{Infobox company
{{Infobox company
|name = Thoma Bravo
| name = Thoma Bravo LLP
| logo = http://photos.prnewswire.com/prn/20160706/386960LOGO/thoma-bravo-Logo
|logo = [[File:Thoma Cresseylogo.png|250px|Thoma Cressey Bravo]]
| type = Private
|type = [[Private Company|Private]] Ownership, [[Limited liability company]]
| predecessor = Golder Thoma & Co.
|foundation = 1998
|founder = Carl Thoma, Bryan Cressey
|location = [[Chicago]], [[Illinois]], [[United States]]<br>[[San Francisco]], [[California]], United States
|industry = [[Private Equity]]
|products = [[Investments]], [[private equity fund]]s
|assets = $1.5 billion
|homepage = [http://www.tcb.com/ www.tcb.com]
|num_employees = 20+|
}}


Golder Thoma Cressey Rauner (GTCR)
[[File:Thoma Cressey historical logo.png|thumb|Thoma Cressey Equity Partners logo in use prior to 2007 when the firm changed its name]]


Thoma Cressey Equity Partners
'''Thoma Bravo''', formerly '''Thoma Cressey Bravo''' and '''Thoma Cressey Equity Partners''', is an American [[private equity]] and [[growth capital]] firm based in [[Chicago]] and [[San Francisco]]. {{As of|2008}}, the firm has raised more than $1.5 billion in investor commitments.


Thoma Cressey Bravo
The firm principally invests in high-growth industries, including [[health care]] and [[software]].
| industry = Private Equity
| products = Private Equity
| equity = Greater than $17 billion
| founders = Carl Thoma

Orlando Bravo

Lee Mitchell

Scott Crabill
| homepage = www.thomabravo.com
| foundation = 2008
| location = Chicago, Illinois

San Francisco, California
}}


'''Thoma Bravo''' is an American [[private equity firm]] with offices in Chicago and San Francisco. The firm sponsors and manages private equity investment funds, specializing in investments in application and infrastructure software and technology-enabled business services. Thoma Bravo currently manages a series of private equity funds representing more than $17 billion of equity commitments.
Thoma Bravo invests through a series of private [[limited partnerships]] and its investors include a variety of [[pension funds]], [[Financial endowment|endowments]] and other [[institutional investors]]. Following its separation from [[GTCR]] (discussed below), Thoma Cressey raised three [[private equity fund]]s:
* 1998 — Fund VI, ($450 million)
* 2001 — Fund VII ($555 million)
* 2006 — Fund VIII ($765 million)
* 2016 - Fund XII ($7.6 billion)<ref>https://thomabravo.com/2016/09/12/thoma-bravo-announces-final-close-for-flagship-fund-xii/</ref>


Thoma Bravo, along with predecessor firms Thoma Cressey Bravo and Thoma Cressey Equity Partners, has completed approximately 140 software and technology-enabled business services acquisitions since 2002 representing about $30 billion in enterprise value.<ref>{{Cite web|url=http://chicagoinno.streetwise.co/2016/09/12/private-equity-firm-thoma-bravo-closes-7-6-billion-fund-to-target-software-and-tech-sectors/|title=Private Equity Firm Thoma Bravo Closes $7.6B Fund to Target Software, Tech Sectors|website=Chicago Inno|access-date=2017-01-26}}</ref>
==History==
Thoma Cressey Equity Partners, which was renamed Thoma Cressey Bravo to reflect the growing role of partner Orlando Bravo, was founded in 1998 following the separation of [[GTCR|Golder Thoma Cressey Rauner]] (GTCR), a large Chicago-based private equity firm.


== History ==
The firm's earliest predecessor Golder Thoma & Co. was founded in 1980 by [[Stanley Golder]] and Carl Thoma. In the 1970s, Golder built the private equity program at [[First Chicago Bank|First Chicago Corp.]]<ref>Today part of [[JPMorgan Chase]] through its acquisition of [[BankOne]]</ref> where he is noted primarily for backing [[FedEx|Federal Express]] and for efforts as chairman of the [[National Venture Capital Association]] and the National Association of [[Small Business Administration|Small Business Investment Companies]] to change federal laws allowing pensions to invest in private equity.<ref>In 1978, the US Labor Department relaxed certain of the ERISA restrictions, under the "prudent man rule," a fiduciary responsibility of investment managers under ERISA. Under the original application, each investment was expected to adhere to risk standards on its own merits, limiting the ability of investment managers to make any investments deemed potentially risky. Under the revised 1978 interpretation, the concept of portfolio diversification of risk, measuring risk at the aggregate portfolio level rather than the investment level to satisfy fiduciary standards would also be accepted.</ref><ref>[http://www.buyoutsnews.com/story.asp?storycode=23408 Private Equity Pioneer Golder Dies]. Buyouts, January 24, 2000. A cached version of the article can be found [http://web.archive.org/web/20090726094114/http://www.buyoutsnews.com/story.asp?storycode=23408 here.]</ref> Golder Thoma received much of its initial funding from [[William M. Blair]] and upon leaving First Chicago, Golder was replaced by [[John Canning, Jr.]] who would go on to found rival Chicago private equity firm [[Madison Dearborn]].


Thoma Bravo is a successor to the firm of Golder Thoma & Co., which was established in 1980 by Stanley Golder and Carl Thoma.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2016-09-12/thoma-bravo-raises-7-6-billion-for-software-technology-buyouts|title=Thoma Bravo Raises $7.6 Billion for Software, Technology Buyouts|date=2016-09-12|newspaper=Bloomberg.com|access-date=2017-01-26}}</ref> Golder Thoma & Co. has been credited as originating the “consolidation” or “buy and build” investment strategy.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/1995-05-07/buy-em-out-then-build-em-up|title=Buy `Em Out, Then Build `Em Up|date=1995-05-08|newspaper=Bloomberg.com|access-date=2017-01-26}}</ref> In this strategy, an investment is made in a “platform” business in a fragmented industry. The investor then works with a company’s management team to transform the company into a larger and more profitable business through internal growth and a series of industry consolidating acquisitions.<ref>{{Cite web|url=http://www.businesswire.com/news/home/20090316005344/en/Thoma-Bravo-Completes-Fundraising|title=Thoma Bravo Completes Fundraising {{!}} Business Wire|website=www.businesswire.com|language=en|access-date=2017-01-26}}</ref>
In 1984, after recruiting Bryan Cressey to join the firm from [[First Chicago Bank|First Chicago]], the firm's name was changed to Golder Thoma Cressey and with the promotion of [[Bruce Rauner]] to partner the firm would come to be known as Golder, Thoma, Cressey, Rauner, Inc. (GTCR), although it would still often be referred to as Golder Thoma.<ref name=donor>[http://www.business.uiuc.edu/annual/annual96/golder.html Stanley C. Golder], a donor profile at the [[UIUC]] website</ref>


Golder, Thoma & Co. was subsequently renamed Golder Thoma Cressey Rauner (GTCR) and in 1998, became two firms: GTCR Golder Rauner, to raise larger funds and pursue larger investments; and Thoma Cressey Equity Partners, to continue the firm’s traditional concentration on the “middle market”.<ref>{{Cite web|url=http://fortune.com/2011/02/22/exclusive-chicago-private-equity-firm-raises-billions-in-short-order/|title=Exclusive: Chicago private equity firm raises billions in short order|website=Fortune|access-date=2017-01-26}}</ref> Thoma Cressey Equity Partners began investing in the enterprise software sector in 2003 with the acquisition of Prophet21, a provider of software solutions for durable goods distributors.
In 1998, disagreements between the senior partners led Golder, Thoma, Cressey, Rauner, Inc. split into two private equity firms. Both firms continue to invest primarily through consolidations of specific industries, referred to as [[Rollup|roll-ups]]:


The firm subsequently became [[Thoma Cressey Bravo]] in 2008 whenBryan Cressey established a separate healthcare services fund, and Thoma Bravo, led by managing partners Carl Thoma, Orlando Bravo, Lee Mitchell and Scott Crabill, was established as a successor to Thoma Cressey Bravo.<ref>{{Cite news|url=http://www.pionline.com/article/20071129/ONLINE/71129015/thoma-cressey-bravo-to-split-up.%20Thoma%20Bravo%20then%20raised%20Thoma%20Bravo%20IX,%20a%20$822.5M%20pool%20of%20capital%20focused%20exclusively%20on%20enterprise%20software%20and%20tech%20enabled%20services%20companies.|title=Thoma Cressey Bravo to split up|last=Investments|first=Pensions &|date=2007-11-29|newspaper=Pensions & Investments|language=en-US|access-date=2017-01-26}}</ref>
* '''Thoma Cressey Equity Partners''', (Carl Thoma and Bryan Cressey) based in [[Chicago]] and [[San Francisco]]. Thoma Cressey would be renamed Thoma Chressey Bravo to reflect the growing role of partner Orlando Bravo.
*'''[[GTCR Golder Rauner]]''', ([[Stanley Golder]] and [[Bruce Rauner]]), the $8 billion private equity firm, based in [[Chicago]], commonly referred to as GTCR. GTCR founder [[Stanley Golder]] died in 2000 and today the firm is led by Bruce Rauner along with several partners (David Donnini, Ned Jannotta, et al.).


== Operations and Investment Funds ==
In 2008, Bryan Cressey left Thoma Cressey Bravo with several investment professionals to form Cressey & Co. a small healthcare focused private equity firm.<ref>[http://findarticles.com/p/articles/mi_hb5253/is_200409/ai_n20197853 "Dealmakers' boot camp; Golder Thoma: A buyout industry proving ground"], ''[[Crain's Chicago Business]]'', September, 2004 by Steve Daniels</ref><ref>"[http://web.archive.org/web/20080123122008/http://www.buyoutsnews.com/story.asp Personality Profile: Cressey Takes Specialization To The Next Level]." Buyouts, June 23, 2008</ref>
Thoma Bravo is led by managing partners Carl Thoma, Orlando Bravo, Lee Mitchell and Scott Crabill, along with a team of approximately 30 investment professionals and 60 total employees.


Thoma Bravo has become principally known for its investment experience in application and infrastructure software and technology-enabled business services sectors<ref>{{Cite web|url=https://thomabravo.com/2014/10/03/thoma-bravo-featured-in-san-francisco-business-times-on-the-growth-of-the-firm/|title=Thoma Bravo Featured in San Francisco Business Times on the Growth of the Firm {{!}} Thoma Bravo|access-date=2017-01-26}}</ref> and employs a “consolidation” or “buy and build” investment strategy in which it works with its portfolio companies’ management teams to implement operating best practices, invest in growth initiatives and make accretive acquisitions.<ref>{{Cite news|url=http://www.networkworld.com/article/3069311/leadership-management/solarwinds-ceo-reflects-on-his-company-s-decision-to-join-the-ranks-of-tech-companies-that-have-gon.html|title=Analyzing the trend of tech companies going private|last=Dix|first=John|newspaper=Network World|language=en|access-date=2017-01-27}}</ref> Thoma Bravo invests through a series of private [[limited partnerships]], and its investors include a variety of [[pension funds]], [[Financial endowment|endowments]] and other [[institutional investors]]. Since Thoma Bravo’s establishment in 2008, it has raised seven [[Private equity fund|private equity funds]].
Thoma Cressey Bravo became Thoma Bravo after Cressey’s departure, led by managing partners Carl Thoma, Orlando Bravo, Lee Mitchell and Scott Crabill. The firm closed its 9th fund in March 2009 with $822.5 million.<ref>[http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=EMBT%3AUS&sid=aYrzb3.yTZSQ "Thoma Bravo Completes Fundraising"] Bloomberg, March 16, 2009</ref>
{| class="wikitable"
!Fund
!Vintage Year
!Committed Capital ($m)
!Ref.
|-
|Fund XII
|2016
|$7,600
|<ref>{{Cite web|url=http://www.prnewswire.com/news-releases/thoma-bravo-announces-final-close-for-flagship-fund-xii-76-billion-to-target-software-and-technology-sectors-300326130.html|title=Thoma Bravo Announces Final Close for Flagship Fund XII; $7.6 Billion to Target Software and Technology Sectors|last=LLC|first=Thoma Bravo,|website=www.prnewswire.com|language=en|access-date=2017-01-27}}</ref>
|-
|Discover Fund
|2015
|$1,074
|<ref>{{Cite web|url=http://www.themiddlemarket.com/news/tech_telecom/thoma-bravos-discover-fund-will-focus-on-middle-market-software-companies-259934-1.html|title=Thoma Bravo Closes Discover Fund, Focusing on Lower Middle-Market Software Developers|website=Mergers & Acquisitions, Latest News|access-date=2017-01-27}}</ref>
|-
|Special Opportunities Fund II
|2015
|$1,065
|<ref>{{Cite web|url=https://thomabravo.com/2015/04/16/thoma-bravo-completes-fundraising-for-special-opportunities-fund-ii/|title=Thoma Bravo completes fundraising for Special Opportunities Fund II {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Fund XI
|2014
|$3,650
|<ref>{{Cite web|url=https://thomabravo.com/2014/05/05/thoma-bravo-closes-fund-xi/|title=Thoma Bravo Closes Fund XI {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Special Opportunities Fund
|2013
|$418.4
|<ref>{{Cite news|url=https://www.pehub.com/2015/04/thoma-bravo-raises-over-1-bln-for-second-special-opportunities-fund/|title=Thoma Bravo raises over $1 bln for second special opportunities fund - PE Hub|date=2015-04-16|newspaper=PE Hub|language=en-US|access-date=2017-01-27}}</ref>
|-
|Fund X
|2011
|$1,250
|<ref>{{Cite web|url=https://thomabravo.com/2012/02/29/thoma-bravo-raises-1-25b-for-fund-x/|title=Thoma Bravo Raises $1.25B for Fund X {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Fund IX
|2008
|$822.5
|<ref>http://thomabravo.com/sites/default/files/Thoma%20Bravo%20Raises%20Ninth%20Fund.pdf</ref>
|}


== Notable Employees: Managing Partners of Thoma Bravo ==
==External links==
* Seth Boro
*[http://www.tcb.com/ Thoma Cressey Bravo] (official website)
* Orlando Bravo
*[http://www.thomabravo.com/ Thoma Bravo] (official website)
* Scott Crabill
* Lee Mitchell
* Holden Spaht
* Carl D. Thoma


== Thoma Bravo Investment Transactions ==
==References==
Below is a list of many of the platform investment transactions of funds managed by Thoma Bravo since its establishment in 2008:
{{reflist}}
{| class="wikitable"
!Investment
!Year
!Company Description
!Ref.
|-
|Flexera Software
|2008
|Provider of software entitlement management and installation solutions.    
|<ref>{{Cite web|url=http://www.flexerasoftware.com/producer/company/news-center/press-releases/Thoma-Bravo-Completes-Acquisition-Macrovision-Software-Business.html|title=Thoma Bravo Completes Acquisition of Macrovision's Software Business Unit|website=www.flexerasoftware.com|language=en|access-date=2017-01-27}}</ref>
|-
|Entrust
|2009
|Provider of cybersecurity solutions.
|<ref>{{Cite web|url=https://thomabravo.com/2009/07/29/thoma-bravo-completes-124m-acquisition-of-entrust/|title=Thoma Bravo Completes $124M Acquisition Of Entrust {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Local Media of America
|2009
|Operator of radio stations serving the San Diego market.
|<ref>{{Cite web|url=https://thomabravo.com/2010/01/07/thoma-bravo-backed-local-media-of-america-acquires-finest-city-broadcasting/|title=Thoma Bravo-Backed Local Media of America Acquires Finest City Broadcasting {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|PLATO Learning
|2010
|Provider of instructional technology.
|<ref>{{Cite web|url=https://thomabravo.com/2010/05/25/thoma-bravo-completes-acquisition-of-plato-learning/|title=Thoma Bravo Completes Acquisition of PLATO Learning {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|SonicWALL
|2010
|Provider of IT security and data backup and recovery solutions.
|<ref>{{Cite web|url=https://thomabravo.com/2010/07/23/thoma-bravo-and-ontario-teachers-pension-plan-acquire-sonicwall/|title=Thoma Bravo and Ontario Teachers’ Pension Plan Acquire SonicWALL {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|LANDESK
|2010
|Systems lifecycle management, endpoint security and IT service management service.
|<ref>{{Cite web|url=https://thomabravo.com/2010/09/29/thoma-bravo-completes-acquisition-of-landesk/|title=Thoma Bravo Completes Acquisition of LANDesk {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Roadnet Technologies (formerly known as UPS Logistics Technologies)
|2010
|High-tech transportation routing and fleet management system.
|<ref>{{Cite web|url=https://thomabravo.com/2010/12/31/thoma-bravo-completes-acquisition-of-roadnet-technologies-inc/|title=Thoma Bravo Completes Acquisition of Roadnet Technologies Inc. {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|TripWire
|2011
|IT security and compliance automations platform vendor.
|<ref>{{Cite web|url=https://thomabravo.com/2011/05/23/thoma-bravo-completes-acquisition-of-tripwire-inc/|title=Thoma Bravo Completes Acquisition of Tripwire, Inc. {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|InfoVista
|2011
|Provider of service performance assurance.
|<ref>{{Cite web|url=https://thomabravo.com/2012/04/04/thoma-bravo-completes-acquisition-of-infovista/|title=Thoma Bravo Completes Acquisition of InfoVista {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Telestream
|2012
|Provider of transcoding and digital media software.
|<ref>{{Cite web|url=https://thomabravo.com/2012/01/09/thoma-bravo-completes-acquisition-of-telestream/|title=Thoma Bravo Completes Acquisition of Telestream {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Blue Coat Systems
|2012
|Provider of web security and WAN optimization.
|<ref>{{Cite web|url=https://thomabravo.com/2012/02/15/thoma-bravo-completes-acquisition-of-blue-coat-systems/|title=Thoma Bravo Completes $1.3 Billion Acquisition of Blue Coat Systems {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Network Instruments
|2012
|Provider of network and application performance management.
|<ref>{{Cite web|url=https://thomabravo.com/2012/05/01/thoma-bravo-completes-investment-in-network-instruments/|title=Thoma Bravo Completes Investment in Network Instruments {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Deltek, Inc.
|2012
|Provider of enterprise software and information services for professional services firms and government contractors.
|<ref>{{Cite web|url=https://thomabravo.com/2012/10/10/1943/|title=Thoma Bravo Completes Take-Private Acquisition of Deltek, Inc. {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Crossbeam Systems
|2012
|Provider of network security solutions.
|<ref>{{Cite web|url=https://thomabravo.com/2012/11/09/thoma-bravo-acquires-crossbeam-systems-inc/%20-%20https://www.bluecoat.com/statement-crossbeam-acquisition|title=Page not found {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Mediware Information Systems, Inc.
|2012
|Provider of clinical software solutions.
|<ref>{{Cite web|url=https://thomabravo.com/2012/11/09/thoma-bravo-completes-take-private-acquisition-of-mediware-information-systems-inc/|title=Thoma Bravo Completes Take-Private Acquisition of Mediware Information Systems {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|SRS Software LLC
|2012
|Provider of electronic health record technology and services.
|<ref>{{Cite web|url=https://thomabravo.com/2013/01/02/thoma-bravo-acquires-majority-stake-in-srs-software-llc/|title=Thoma Bravo Makes Substantial Investment in SRS Software LLC {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Digital Insight (formerly Intuit Financial Services)
|2013
|Provider of digital banking and payments capabilities to financial institutions.
|<ref>{{Cite web|url=https://thomabravo.com/2013/08/01/thoma-bravo-completes-acquisition-of-digital-insight/|title=Thoma Bravo Completes Acquisition of Digital Insight {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Keynote Systems, Inc.
|2013
|Provider of internet and mobile cloud testing and monitoring.
|<ref>{{Cite web|url=https://thomabravo.com/2013/08/22/thoma-bravo-completes-take-private-acquisition-of-keynote/%20-%20http://www.cloudcomputingintelligence.com/news/item/2208-keynote-and-dynatrace-merge|title=Page not found {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Empirix
|2013
|Provider of end-to-end network testing, monitoring and analytics solutions.
|<ref>{{Cite web|url=https://thomabravo.com/2013/11/04/thoma-bravo-completes-the-acquisition-of-empirix/|title=Thoma Bravo Completes the Acquisition of Empirix {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Segall Bryant & Hamill
|2013
|Independent, employee-owned investment management firm.
|<ref>{{Cite web|url=https://thomabravo.com/2014/02/03/thoma-bravo-completes-investment-in-segall-bryant-hamill/|title=Thoma Bravo Completes Investment in Segall Bryant & Hamill {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Global Healthcare Exchange, LLC (GHX)
|2014
|Provider of connected, intelligent healthcare supply chains.
|<ref>{{Cite web|url=https://thomabravo.com/2014/03/11/thoma-bravo-completes-acquisition-of-global-healthcare-exchange/|title=Thoma Bravo Completes Acquisition of Global Healthcare Exchange {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|TravelClick
|2014
|Provider of revenue-generating
|<ref>{{Cite web|url=https://thomabravo.com/2014/05/12/thoma-bravo-completes-acquisition-of-portfolio-company-travelclick/|title=Thoma Bravo Completes Acquisition of TravelClick {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Sparta Systems, Inc.
|2014
|Provider of enterprise quality management solutions.
|<ref>{{Cite web|url=https://thomabravo.com/2014/07/28/thoma-bravo-completes-acquisition-of-sparta-systems/|title=Thoma Bravo Completes Acquisition of Sparta Systems {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|SailPoint
|2014
|Provider of identity and access management solutions.
|<ref>{{Cite web|url=https://thomabravo.com/2014/09/08/thoma-bravo-closes-majority-investment-in-sailpoint-adds-to-growing-portfolio-of-security-software-cos/|title=Thoma Bravo Closes Majority Investment in SailPoint, Adds to Growing Portfolio of Security Software Cos. {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Compuware Corporation
|2014
|Provider of application performance and mainframe productivity tools.
|<ref>{{Cite web|url=https://thomabravo.com/2014/12/15/thoma-bravo-completes-take-private-acquisition-of-compuware-corporation-in-2-4b-deal/|title=Thoma Bravo Completes Take-Private Acquisition of Compuware Corporation in $2.4b Deal {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|Riverbed Technology
|2015
|Provider of application performance infrastructure.
|<ref>{{Cite web|url=https://thomabravo.com/2015/04/24/thoma-bravo-completes-acquisition-of-riverbed-technology/|title=Thoma Bravo completes acquisition of Riverbed Technology {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|PowerPlan
|2015
|Provider of accounting, tax and capital budgeting optimization solutions.
|<ref>{{Cite web|url=https://thomabravo.com/2015/02/23/thoma-bravo-acquires-powerplan/|title=Thoma Bravo Acquires PowerPlan {{!}} Thoma Bravo|access-date=2017-01-27}}</ref>
|-
|iPipeline
|2015
|Provider of cloud-based software solutions to the life insurance industry.
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{{Private equity firms}}


__DISAMBIG__
[[Category:Private equity firms of the United States]]

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Thoma Bravo LLP
Company typePrivate
IndustryPrivate Equity
PredecessorGolder Thoma & Co.

Golder Thoma Cressey Rauner (GTCR)

Thoma Cressey Equity Partners

Thoma Cressey Bravo
Founded2008
FoundersCarl Thoma

Orlando Bravo

Lee Mitchell

Scott Crabill
HeadquartersChicago, Illinois San Francisco, California
ProductsPrivate Equity
Total equityGreater than $17 billion
Websitewww.thomabravo.com

Thoma Bravo is an American private equity firm with offices in Chicago and San Francisco. The firm sponsors and manages private equity investment funds, specializing in investments in application and infrastructure software and technology-enabled business services. Thoma Bravo currently manages a series of private equity funds representing more than $17 billion of equity commitments.

Thoma Bravo, along with predecessor firms Thoma Cressey Bravo and Thoma Cressey Equity Partners, has completed approximately 140 software and technology-enabled business services acquisitions since 2002 representing about $30 billion in enterprise value.[1]

History

Thoma Bravo is a successor to the firm of Golder Thoma & Co., which was established in 1980 by Stanley Golder and Carl Thoma.[2] Golder Thoma & Co. has been credited as originating the “consolidation” or “buy and build” investment strategy.[3] In this strategy, an investment is made in a “platform” business in a fragmented industry. The investor then works with a company’s management team to transform the company into a larger and more profitable business through internal growth and a series of industry consolidating acquisitions.[4]

Golder, Thoma & Co. was subsequently renamed Golder Thoma Cressey Rauner (GTCR) and in 1998, became two firms: GTCR Golder Rauner, to raise larger funds and pursue larger investments; and Thoma Cressey Equity Partners, to continue the firm’s traditional concentration on the “middle market”.[5] Thoma Cressey Equity Partners began investing in the enterprise software sector in 2003 with the acquisition of Prophet21, a provider of software solutions for durable goods distributors.

The firm subsequently became Thoma Cressey Bravo in 2008 whenBryan Cressey established a separate healthcare services fund, and Thoma Bravo, led by managing partners Carl Thoma, Orlando Bravo, Lee Mitchell and Scott Crabill, was established as a successor to Thoma Cressey Bravo.[6]

Operations and Investment Funds

Thoma Bravo is led by managing partners Carl Thoma, Orlando Bravo, Lee Mitchell and Scott Crabill, along with a team of approximately 30 investment professionals and 60 total employees.

Thoma Bravo has become principally known for its investment experience in application and infrastructure software and technology-enabled business services sectors[7] and employs a “consolidation” or “buy and build” investment strategy in which it works with its portfolio companies’ management teams to implement operating best practices, invest in growth initiatives and make accretive acquisitions.[8] Thoma Bravo invests through a series of private limited partnerships, and its investors include a variety of pension funds, endowments and other institutional investors. Since Thoma Bravo’s establishment in 2008, it has raised seven private equity funds.

Fund Vintage Year Committed Capital ($m) Ref.
Fund XII 2016 $7,600 [9]
Discover Fund 2015 $1,074 [10]
Special Opportunities Fund II 2015 $1,065 [11]
Fund XI 2014 $3,650 [12]
Special Opportunities Fund 2013 $418.4 [13]
Fund X 2011 $1,250 [14]
Fund IX 2008 $822.5 [15]

Notable Employees: Managing Partners of Thoma Bravo

  • Seth Boro
  • Orlando Bravo
  • Scott Crabill
  • Lee Mitchell
  • Holden Spaht
  • Carl D. Thoma

Thoma Bravo Investment Transactions

Below is a list of many of the platform investment transactions of funds managed by Thoma Bravo since its establishment in 2008:

Investment Year Company Description Ref.
Flexera Software 2008 Provider of software entitlement management and installation solutions.     [16]
Entrust 2009 Provider of cybersecurity solutions. [17]
Local Media of America 2009 Operator of radio stations serving the San Diego market. [18]
PLATO Learning 2010 Provider of instructional technology. [19]
SonicWALL 2010 Provider of IT security and data backup and recovery solutions. [20]
LANDESK 2010 Systems lifecycle management, endpoint security and IT service management service. [21]
Roadnet Technologies (formerly known as UPS Logistics Technologies) 2010 High-tech transportation routing and fleet management system. [22]
TripWire 2011 IT security and compliance automations platform vendor. [23]
InfoVista 2011 Provider of service performance assurance. [24]
Telestream 2012 Provider of transcoding and digital media software. [25]
Blue Coat Systems 2012 Provider of web security and WAN optimization. [26]
Network Instruments 2012 Provider of network and application performance management. [27]
Deltek, Inc. 2012 Provider of enterprise software and information services for professional services firms and government contractors. [28]
Crossbeam Systems 2012 Provider of network security solutions. [29]
Mediware Information Systems, Inc. 2012 Provider of clinical software solutions. [30]
SRS Software LLC 2012 Provider of electronic health record technology and services. [31]
Digital Insight (formerly Intuit Financial Services) 2013 Provider of digital banking and payments capabilities to financial institutions. [32]
Keynote Systems, Inc. 2013 Provider of internet and mobile cloud testing and monitoring. [33]
Empirix 2013 Provider of end-to-end network testing, monitoring and analytics solutions. [34]
Segall Bryant & Hamill 2013 Independent, employee-owned investment management firm. [35]
Global Healthcare Exchange, LLC (GHX) 2014 Provider of connected, intelligent healthcare supply chains. [36]
TravelClick 2014 Provider of revenue-generating [37]
Sparta Systems, Inc. 2014 Provider of enterprise quality management solutions. [38]
SailPoint 2014 Provider of identity and access management solutions. [39]
Compuware Corporation 2014 Provider of application performance and mainframe productivity tools. [40]
Riverbed Technology 2015 Provider of application performance infrastructure. [41]
PowerPlan 2015 Provider of accounting, tax and capital budgeting optimization solutions. [42]
iPipeline 2015 Provider of cloud-based software solutions to the life insurance industry.


  1. ^ "Private Equity Firm Thoma Bravo Closes $7.6B Fund to Target Software, Tech Sectors". Chicago Inno. Retrieved 2017-01-26.
  2. ^ "Thoma Bravo Raises $7.6 Billion for Software, Technology Buyouts". Bloomberg.com. 2016-09-12. Retrieved 2017-01-26.
  3. ^ "Buy `Em Out, Then Build `Em Up". Bloomberg.com. 1995-05-08. Retrieved 2017-01-26.
  4. ^ "Thoma Bravo Completes Fundraising | Business Wire". www.businesswire.com. Retrieved 2017-01-26.
  5. ^ "Exclusive: Chicago private equity firm raises billions in short order". Fortune. Retrieved 2017-01-26.
  6. ^ Investments, Pensions & (2007-11-29). "Thoma Cressey Bravo to split up". Pensions & Investments. Retrieved 2017-01-26.
  7. ^ "Thoma Bravo Featured in San Francisco Business Times on the Growth of the Firm | Thoma Bravo". Retrieved 2017-01-26.
  8. ^ Dix, John. "Analyzing the trend of tech companies going private". Network World. Retrieved 2017-01-27.
  9. ^ LLC, Thoma Bravo,. "Thoma Bravo Announces Final Close for Flagship Fund XII; $7.6 Billion to Target Software and Technology Sectors". www.prnewswire.com. Retrieved 2017-01-27.{{cite web}}: CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link)
  10. ^ "Thoma Bravo Closes Discover Fund, Focusing on Lower Middle-Market Software Developers". Mergers & Acquisitions, Latest News. Retrieved 2017-01-27.
  11. ^ "Thoma Bravo completes fundraising for Special Opportunities Fund II | Thoma Bravo". Retrieved 2017-01-27.
  12. ^ "Thoma Bravo Closes Fund XI | Thoma Bravo". Retrieved 2017-01-27.
  13. ^ "Thoma Bravo raises over $1 bln for second special opportunities fund - PE Hub". PE Hub. 2015-04-16. Retrieved 2017-01-27.
  14. ^ "Thoma Bravo Raises $1.25B for Fund X | Thoma Bravo". Retrieved 2017-01-27.
  15. ^ http://thomabravo.com/sites/default/files/Thoma%20Bravo%20Raises%20Ninth%20Fund.pdf
  16. ^ "Thoma Bravo Completes Acquisition of Macrovision's Software Business Unit". www.flexerasoftware.com. Retrieved 2017-01-27.
  17. ^ "Thoma Bravo Completes $124M Acquisition Of Entrust | Thoma Bravo". Retrieved 2017-01-27.
  18. ^ "Thoma Bravo-Backed Local Media of America Acquires Finest City Broadcasting | Thoma Bravo". Retrieved 2017-01-27.
  19. ^ "Thoma Bravo Completes Acquisition of PLATO Learning | Thoma Bravo". Retrieved 2017-01-27.
  20. ^ "Thoma Bravo and Ontario Teachers' Pension Plan Acquire SonicWALL | Thoma Bravo". Retrieved 2017-01-27.
  21. ^ "Thoma Bravo Completes Acquisition of LANDesk | Thoma Bravo". Retrieved 2017-01-27.
  22. ^ "Thoma Bravo Completes Acquisition of Roadnet Technologies Inc. | Thoma Bravo". Retrieved 2017-01-27.
  23. ^ "Thoma Bravo Completes Acquisition of Tripwire, Inc. | Thoma Bravo". Retrieved 2017-01-27.
  24. ^ "Thoma Bravo Completes Acquisition of InfoVista | Thoma Bravo". Retrieved 2017-01-27.
  25. ^ "Thoma Bravo Completes Acquisition of Telestream | Thoma Bravo". Retrieved 2017-01-27.
  26. ^ "Thoma Bravo Completes $1.3 Billion Acquisition of Blue Coat Systems | Thoma Bravo". Retrieved 2017-01-27.
  27. ^ "Thoma Bravo Completes Investment in Network Instruments | Thoma Bravo". Retrieved 2017-01-27.
  28. ^ "Thoma Bravo Completes Take-Private Acquisition of Deltek, Inc. | Thoma Bravo". Retrieved 2017-01-27.
  29. ^ "Page not found | Thoma Bravo". Retrieved 2017-01-27. {{cite web}}: Cite uses generic title (help)
  30. ^ "Thoma Bravo Completes Take-Private Acquisition of Mediware Information Systems | Thoma Bravo". Retrieved 2017-01-27.
  31. ^ "Thoma Bravo Makes Substantial Investment in SRS Software LLC | Thoma Bravo". Retrieved 2017-01-27.
  32. ^ "Thoma Bravo Completes Acquisition of Digital Insight | Thoma Bravo". Retrieved 2017-01-27.
  33. ^ "Page not found | Thoma Bravo". Retrieved 2017-01-27. {{cite web}}: Cite uses generic title (help)
  34. ^ "Thoma Bravo Completes the Acquisition of Empirix | Thoma Bravo". Retrieved 2017-01-27.
  35. ^ "Thoma Bravo Completes Investment in Segall Bryant & Hamill | Thoma Bravo". Retrieved 2017-01-27.
  36. ^ "Thoma Bravo Completes Acquisition of Global Healthcare Exchange | Thoma Bravo". Retrieved 2017-01-27.
  37. ^ "Thoma Bravo Completes Acquisition of TravelClick | Thoma Bravo". Retrieved 2017-01-27.
  38. ^ "Thoma Bravo Completes Acquisition of Sparta Systems | Thoma Bravo". Retrieved 2017-01-27.
  39. ^ "Thoma Bravo Closes Majority Investment in SailPoint, Adds to Growing Portfolio of Security Software Cos. | Thoma Bravo". Retrieved 2017-01-27.
  40. ^ "Thoma Bravo Completes Take-Private Acquisition of Compuware Corporation in $2.4b Deal | Thoma Bravo". Retrieved 2017-01-27.
  41. ^ "Thoma Bravo completes acquisition of Riverbed Technology | Thoma Bravo". Retrieved 2017-01-27.
  42. ^ "Thoma Bravo Acquires PowerPlan | Thoma Bravo". Retrieved 2017-01-27.
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