Thoma Bravo

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Thoma Bravo, LLC
Private Ownership, Limited liability company
Industry Private Equity
Predecessors Golder Thoma & Co.
Golder Thoma Cressey Rauner (GTCR)
Thoma Cressey Equity Partners
Thoma Cressey Bravo
Founded 2008; 9 years ago (2008)
Founders Carl Thoma
Orlando Bravo
Lee Mitchell
Scott Crabill
Headquarters Chicago, Illinois
San Francisco, California
Products Investments, private equity funds
AUM $17.3 billion[1]
Number of employees
60
Website thomabravo.com
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 $17 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 approximately 140 software and technology-enabled business service acquisitions since 2003 representing about $30 billion in enterprise value.[3]

History[edit]

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]

Operations[edit]

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.[14]

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.[15]

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 seven private equity funds.[16]

Fund Founded Committed Capital ($m)
Fund XII 2016 $7,600[17]
Discover Fund 2015 $1,074[18]
Special Opportunities Fund II 2015 $1,065[19]
Fund XI 2014 $3,650[20]
Special Opportunities Fund 2013 $ 418.4[21]
Fund X 2011 $1,250[22]
Fund IX 2008 $ 822.5[23]

Transactions[edit]

Infogix, Inc. 2015 Provider of transaction controls monitoring and predictive analytics.[24]
Qlik 2016 Provider of visual analytics.[25]
Elemica 2016 Supply chain operating network for the process industries.[26]
Bomgar 2016 Provider of secure access solutions.[27]
TRADER Corporation 2016 Canadian digital automotive marketplace and software solutions provider.[28]
Imprivata 2016 Provider of security software for the healthcare industry.[29]
T2 Systems 2016 Provider of parking management technology.[30]
Lexmark Enterprise Software 2017 Provider of imaging software technologies[31]
Symantec Identity Services 2017 Provider of website security certificates[32]
Barracuda

Networks

2017  industry-leading network security products for data storage & disaster recovery, content security, and networking & application delivery [33]

References[edit]

  1. ^ SEC form ADV
  2. ^ "Healthcare Supply Chain Leader GHX Receives Investment From Temasek". www.supplychainmarket.com. Retrieved 2017-06-29. 
  3. ^ "Thoma Bravo adds partner and two VPs to team". PE Hub. 2016-08-17. Retrieved 2017-06-29. 
  4. ^ "A Brief History of Private Equity - Financial Poise". Financial Poise. 2013-07-01. Retrieved 2017-06-29. 
  5. ^ "Company Information". www.massinvestordatabase.com. Retrieved 2017-06-29. 
  6. ^ "Flexera Software Awarded Illinois Venture Capital Association's 2012 Private Equity Portfolio Company of the Year". www.flexerasoftware.com. 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". www.businesswire.com. 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. ^ "https://www.bizjournals.com/philadelphia/news/2017/08/04/saas-product-provider-frontline-thoma-bravo-insigh.html". www.bizjournals.com. Retrieved 2017-09-28.  External link in |title= (help)
  14. ^ "Team Members | Thoma Bravo". thomabravo.com. Retrieved 2017-06-29. 
  15. ^ "Thoma Bravo, LLC: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-06-29. 
  16. ^ 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. 
  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 Hires Smith as Partner on $1B Discover Fund | FINalternatives". www.finalternatives.com. Retrieved 2017-06-29. 
  19. ^ "Thoma Bravo raises over $1 bln for second special opportunities fund - PE Hub". PE Hub. 2015-04-16. Retrieved 2017-06-29. 
  20. ^ "Thoma Bravo closes $1.065B fund, eyes software companies". RCR Wireless News. 2015-04-17. Retrieved 2017-06-29. 
  21. ^ "Exclusive: Thoma Bravo seeks top-up fund amid tech LBO bonanza". Reuters. 20 February 2015. Retrieved 2017-06-29. 
  22. ^ Primack, Dan. "Thoma Bravo Co-Founder Talks Debt and That Giant New Fund". Fortune. Retrieved 2017-06-29. 
  23. ^ Marek, Lynne (28 February 2012). "Thoma Bravo raises $1.25 billion private equity fund". Pensions & Investments. Retrieved 29 June 2017. 
  24. ^ Dorbian, Iris (5 January 2016). "H.I.G. sells Infogix to Thoma Bravo". PE HUB Network. Retrieved 5 July 2017. 
  25. ^ Team, Trevis (31 August 2016). "Qlik Stock Withdrawn As Thoma Bravo Completes Acquisition". Forbes. Retrieved 5 July 2017. 
  26. ^ Blumenthal, Jeff (7 July 2016). "Chesco company formed by chemical industry giants bought by private equity firm". Philadelphia Business Journal. Retrieved 5 July 2017. 
  27. ^ "Thoma Bravo Acquires Bomgar from TA Associates". Finsmes. 23 June 2016. Retrieved 5 July 2017. 
  28. ^ Vishaka, George (1 July 2016). "Apax Partners to sell Trader Corp to Thoma Bravo for C$1.57 billion". Reuters. Retrieved 5 July 2017. 
  29. ^ Hufford, Austen (13 July 2016). "Imprivata to Be Acquired by PE Firm Thoma Bravo for $544 Million". Wall Street Journal. Retrieved 5 July 2017. 
  30. ^ "T2 SYSTEMS HAS BEEN ACQUIRED BY THOMA BRAVO". William Blair. 29 September 2016. Retrieved 5 July 2017. 
  31. ^ "Thoma Bravo Completes the Acquisition of Lexmark Enterprise Software | Kofax". www.kofax.com. Retrieved 2017-08-03. 
  32. ^ Reuters. "Symantec Plans to Sell This Business for Nearly $1 Billion". Fortune. Retrieved 2017-08-03. 
  33. ^ Roof, Katie. "Security business Barracuda Networks acquired for $1.6 billion". TechCrunch. Retrieved 2017-11-28. 

External links[edit]