Thoma Bravo

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Thoma Bravo, LLC
Private Ownership, Limited liability company
IndustryPrivate Equity
PredecessorsGolder Thoma & Co.
Golder Thoma Cressey Rauner (GTCR)
Thoma Cressey Equity Partners
Thoma Cressey Bravo
Founded2008; 11 years ago (2008)
FoundersCarl Thoma
Orlando Bravo
Lee Mitchell
Scott Crabill
HeadquartersChicago, Illinois
San Francisco, California
ProductsInvestments, private equity funds
AUM$17.3 billion[1]
Number of employees
Thoma Cressey Equity Partners logo in use prior to 2007 when the firm changed its name

Thoma Bravo, LLC, is an American private equity and growth capital firm with offices in Chicago and San Francisco. Thoma Bravo currently manages private equity funds representing over $30 billion in equity commitments.[2] Thoma Bravo is the successor to the firm Golder Thoma & Co., which was established in 1980 by Stanley Golder and Carl Thoma.

Thoma Bravo, along with predecessor firms Thoma Cressey Bravo and Thoma Cressey Equity Partners, has completed more than 200 software and technology acquisitions (over 60 platform companies and over 140 add-ons) representing an aggregate value of about $57 billion in enterprise value.[3]


In 1980 Stanley Golder and Carl Thoma established Golder Thoma & Co.[4] Golder Thoma & Co. has been credited as creating the “consolidation” or “buy and build” investment strategy.[5][6] In 1984, after recruiting Bryan Cressey to join the firm from 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).[7]

In 1998 the firm became two firms: GTCR Golder Rauner to raise larger funds and pursue larger investments; and Thoma Cressey Equity Partners, to continue the firm’s longstanding focus on the “middle market.[8]

Thoma Cressey Equity Partners began investing in the enterprise software sector in 2002 with the acquisition of Prophet21, a provider of software solutions for durable goods distributors.[9]

In 2008, Bryan Cressey established a separate healthcare services fund, forming Cressey & Co., a small healthcare-focused private equity firm.[10][11]

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 was established as a successor to Thoma Cressey Bravo. The firm closed its 12th fund in September 2016, with $7.6 billion.[12] In August 2017,Thoma Bravo acquired Malvern-based Frontline education.[13] Thoma Bravo raised $12.6 billion for its 13th flagship fund, which was announced in January 2019.[14]


Thoma Bravo is led by managing partners Carl Thoma, Orlando Bravo, Lee Mitchell, Scott Crabill and Holden Spaht, along with a team of approximately 35 investment professionals and 70 total employees.[15]

Thoma Bravo focuses on application and infrastructure software and technology-enabled business service sectors. It employs a “consolidation” or “buy and build” investment strategy. It works with its portfolio companies’ management teams to implement best practices, invest in growth initiatives, and make accretive acquisitions.[16]

Key managing partners[edit]

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

Investment funds[edit]

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 13 flagship private equity funds[17][18] and its second Discover midmarket focused fund.[19]

Fund Founded Committed Capital ($m)
Fund XII 2016 $7,600[20]
Discover Fund 2015 $1,074[21]
Special Opportunities Fund II 2015 $1,065[22]
Fund XI 2014 $3,650[23]
Special Opportunities Fund 2013 $ 418.4[24]
Fund X 2011 $1,250[25]
Fund IX 2008 $ 822.5[26]


Embarcadero Technologies 2007 Provider of application performance tools.[27]
Hyland 2007 Provider of enterprise content management.[28]
Infogix, Inc. 2015 Provider of transaction controls monitoring and predictive analytics.[29]
Riverbed 2015 Provider of application performance infrastructure.[30]
Qlik 2016 Provider of visual analytics.[31]
Elemica 2016 Supply chain operating network for the process industries.[32]
Bomgar 2016 Provider of secure access solutions.[33]
TRADER Corporation 2016 Canadian digital automotive marketplace and software solutions provider.[34]
Imprivata 2016 Provider of security software for the healthcare industry.[35]
T2 Systems 2016 Provider of parking management technology.[36]
Lexmark Enterprise Software 2017 Provider of imaging software technologies[37]
Kofax 2017 Provider of document capture software.[38]
Symantec Identity Services 2017 Provider of website security certificates[39]
ABC Financial Services, Inc. 2017 Nations leading software and billing provider for the health and fitness industry.[40]
Motus, LLC 2018 Thoma Bravo merged Motus with Runzheimer, creating the leading provider of mileage reimbursement technologies serving the nation's most complex transportation companies.[41]
Quorum Software 2018 Provider of Oil and Gas Software[42]
Barracuda Networks 2018 Provider of network security products for data storage & disaster recovery, content security, and networking & application delivery [43]
MeridianLink and CRIF Lending 2018 Rollup of bank and credit union lending software providers [44]
Imperva 2018 Provider of cybersecurity solutions[45]
Veracode 2018 Provider of application security testing[46]
Idaptive 2018 Provider of identity-as-a-service (IDaaS) and advanced access management technologies.[47]
Apttus 2018 Provider of quote-to-cash and other revenue management systems for Salesforce CRM.[48]
Aucerna 2019 Provider of Economic Oil and gas Software[49]
Connectwise 2019 Software maker for managed services providers[50]
Elie Mae 2019 Provider of cloud-based mortgage finance solutions.[51]


  1. ^ SEC form ADV
  2. ^ "Thoma Bravo Fund XIII raises $12.6 bln". Retrieved 2019-01-29.
  3. ^ "Private Equity Firm Thoma Bravo raises $12.6B for enterprise software acquisitions". Channel E2E. 2019-01-29.
  4. ^ "A Brief History of Private Equity - Financial Poise". Financial Poise. 2013-07-01. Retrieved 2017-06-29.
  5. ^ "Company Information". Retrieved 2017-06-29.
  6. ^ "Flexera Software Awarded Illinois Venture Capital Association's 2012 Private Equity Portfolio Company of the Year". Retrieved 2017-06-29.
  7. ^ "Just Who Is Bruce Rauner?". Chicago magazine. Retrieved 2017-06-29.
  8. ^ "Chicago Buyout Firm to Split Into 2 Investment Groups". American Banker. Retrieved 2017-06-29.
  9. ^ "Thoma Cressey Equity Partners and LLR Partners Announce Sale of Prophet 21 Inc. to Activant Solutions Inc". Retrieved 2017-06-29.
  10. ^ "Dealmakers' boot camp; Golder Thoma: A buyout industry proving ground", Crain's Chicago Business, September, 2004 by Steve Daniels
  11. ^ "Personality Profile: Cressey Takes Specialization To The Next Level." Buyouts, June 23, 2008
  12. ^ 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.
  13. ^ "Malvern-based Frontline education acquired by private equity firm Thoma Bravo". Retrieved 2017-09-28.
  14. ^ "Thoma Bravo raises $12.6 billion for latest private equity fund". Reuters. 2019-01-29. Retrieved 2019-03-15.
  15. ^ "Team Members | Thoma Bravo". Retrieved 2017-06-29.
  16. ^ "Thoma Bravo, LLC: Private Company Information - Bloomberg". Retrieved 2017-06-29.
  17. ^ Merced, Michael J. De La (2016-09-12). "Thoma Bravo Raises $7.6 Billion Fund to Pursue More Tech Deals". The New York Times. ISSN 0362-4331. Retrieved 2017-06-29.
  18. ^ "Thoma Bravo raises $12.6B as PE continues tech investing push | PitchBook". Retrieved 2019-03-15.
  19. ^ Comtois, James; Comtois, James (2018-04-26). "Thoma Bravo closes second Discover fund at $2.4 billion hard cap". Pensions & Investments. Retrieved 2019-03-15.
  20. ^ Merced, Michael J. De La (2016-09-12). "Thoma Bravo Raises $7.6 Billion Fund to Pursue More Tech Deals". The New York Times. ISSN 0362-4331. Retrieved 2017-06-29.
  21. ^ "Thoma Bravo Hires Smith as Partner on $1B Discover Fund | FINalternatives". Retrieved 2017-06-29.
  22. ^ "Thoma Bravo raises over $1 bln for second special opportunities fund - PE Hub". PE Hub. 2015-04-16. Retrieved 2017-06-29.
  23. ^ "Thoma Bravo closes $1.065B fund, eyes software companies". RCR Wireless News. 2015-04-17. Retrieved 2017-06-29.
  24. ^ "Exclusive: Thoma Bravo seeks top-up fund amid tech LBO bonanza". Reuters. 20 February 2015. Retrieved 2017-06-29.
  25. ^ Primack, Dan. "Thoma Bravo Co-Founder Talks Debt and That Giant New Fund". Fortune. Retrieved 2017-06-29.
  26. ^ Marek, Lynne (28 February 2012). "Thoma Bravo raises $1.25 billion private equity fund". Pensions & Investments. Retrieved 29 June 2017.
  27. ^ "Thoma Bravo | Companies". Retrieved 2019-06-26.
  28. ^ "Thoma Bravo | Companies". Retrieved 2019-06-26.
  29. ^ Dorbian, Iris (5 January 2016). "H.I.G. sells Infogix to Thoma Bravo". PE HUB Network. Retrieved 5 July 2017.
  30. ^ "Thoma Bravo | Companies". Retrieved 2019-06-26.
  31. ^ Team, Trevis (31 August 2016). "Qlik Stock Withdrawn As Thoma Bravo Completes Acquisition". Forbes. Retrieved 5 July 2017.
  32. ^ Blumenthal, Jeff (7 July 2016). "Chesco company formed by chemical industry giants bought by private equity firm". Philadelphia Business Journal. Retrieved 5 July 2017.
  33. ^ "Thoma Bravo Acquires Bomgar from TA Associates". Finsmes. 23 June 2016. Retrieved 5 July 2017.
  34. ^ Vishaka, George (1 July 2016). "Apax Partners to sell Trader Corp to Thoma Bravo for C$1.57 billion". Reuters. Retrieved 5 July 2017.
  35. ^ Hufford, Austen (13 July 2016). "Imprivata to Be Acquired by PE Firm Thoma Bravo for $544 Million". Wall Street Journal. Retrieved 5 July 2017.
  36. ^ "T2 SYSTEMS HAS BEEN ACQUIRED BY THOMA BRAVO". William Blair. 29 September 2016. Retrieved 5 July 2017.
  37. ^ "Thoma Bravo Completes the Acquisition of Lexmark Enterprise Software | Kofax". Retrieved 2017-08-03.
  38. ^ "Thoma Bravo | Companies". Retrieved 2019-06-26.
  39. ^ Reuters. "Symantec Plans to Sell This Business for Nearly $1 Billion". Fortune. Retrieved 2017-08-03.
  40. ^ Gorton, Matthew. "Thoma Bravo Completes Acquisition of ABC Financial". Hiltzik Strategies. Retrieved January 2, 2018.
  41. ^ LLC, Thoma Bravo,. "Thoma Bravo Acquires and Merges Motus and Runzheimer to Create Market Leading Vehicle Management Platform". Retrieved 2018-03-15.
  42. ^ "Thoma Bravo to Acquire Quorum Software | Thoma Bravo". Retrieved 2019-02-08.
  43. ^ Roof, Katie. "Security business Barracuda Networks acquired for $1.6 billion". TechCrunch. Retrieved 2017-11-28.
  44. ^ Gorton, Matthew. "Thoma Bravo Acquires and Merges MeridianLink and CRIF Lending Solutions to Create Market Leading Financial Services Software Platform". MeridianLink. Retrieved 2018-09-28.
  45. ^ "Imperva Announces Agreement to Be Acquired by Thoma Bravo". Thoma Bravo. 2018-10-10.
  46. ^ "Thoma Bravo to Acquire Veracode Software from Broadcom Inc". Thoma Bravo. 2018-11-05.
  47. ^ "Thoma Bravo | Companies". Retrieved 2019-06-26.
  48. ^ "Thoma Bravo buys majority stake in Apttus in unexpected ending". TechCrunch. Retrieved 2019-07-02.
  49. ^ "Thoma Bravo to Acquire Aucerna". Thoma Bravo. 2019-02-07.
  50. ^ "Thoma Bravo to Acquire Connectwise". Thoma Bravo. 2019-02-07.
  51. ^ "Thoma Bravo | Companies". Retrieved 2019-06-26.

External links[edit]