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Thoma Bravo Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Thoma Bravo has acquired 22 companies. It has also invested in 5 others.

Thoma Bravo’s most common sectors for investment aresoftware (45%) and information technology (26%) . The Firm’s most common investment types include going private (28%) and secondary buyout (24%). In total, Thoma Bravo has invested in 28 US states and 9 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Proofpoint for $12.3B.

In the last 3 years, Thoma Bravo has exited 21 companies. The Firm’s most common exit type is trade sale (44%). Thoma Bravo’s largest (disclosed) exit occurred in 2020 when it sold Ellie Mae for $11.0B.

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M&A Summary

  • M&A Total Activity227
    • M&A Buy Activity144
    • M&A Sell Activity83
  • Total Sectors Invested 15
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 92
  • M&A Advisors 38

Thoma Bravo

Thoma Bravo, L.P.

110 N. Wacker Drive,
Chicago, Illinois 60606
United States
(312) 254-3300
www.thomabravo.com

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Distribution, Education, Financial Services, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Marketing, Media, Safety/Security, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom, Western Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 20 -
Investment Size 100 750
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (9.2/yr) # 98 19 12 6 5 4 144
vol $49.5B $32.3B $33.2B $3.6B $6.5B $10.6B $135.7B
Sell (6.0/yr) # 53 9 6 8 5 2 83
vol $27.1B $2.3B $6.2B $15.4B $1.5B $52.5B
  227

Most Recent M&A

Company Date Value Type
HubSync Co. 2025-05-05 - Growth Capital
Franklin, Tennessee · www.hubsync.com
Boeing - Digital Aviation Solutions 2025-04-22 10.6B USD Divestiture
Arlington, Virginia
PCMI LLC 2025-03-17 - Secondary Buyout
Park Ridge, Illinois · www.pcmicorp.com
Quorum Business Solutions, Inc. 2025-03-04 - Secondary Sale
Houston, Texas · www.quorumsoftware.com
SailPoint, Inc. 2025-02-13 - IPO
Austin, Texas · www.sailpoint.com
AINS LLC 2025-01-27 - Secondary Buyout
Washington, District of Columbia · www.opexustech.com
USU Product Business 2024-12-04 - Buyout (LBO, MBO, MBI)
, Germany
CompTIA, Inc. 2024-11-04 - Buyout (LBO, MBO, MBI)
Downers Grove, Illinois · www.comptia.org
Decision Systems, Inc. 2024-10-09 - Secondary Sale
Minneapolis, Minnesota · www.solifi.com
USU Software AG 2024-10-01 - Stake Purchase
Moglingen, Germany · www.usu.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Proofpoint, Inc. 2021-04-26 Hornetsecurity GmbH 2025-05-15 5
Sunnyvale, California · www.proofpoint.com Hannover, Germany · www.hornetsecurity.com
Bottomline Technologies, Inc. 2021-12-17 Bottomline - Legal Spend Management Business 2025-02-20 1
Portsmouth, New Hampshire · www.bottomline.com Portsmouth, New Hampshire
Flexera Software, Inc. 2020-12-03 NetApp - FinOps Business 2025-01-15 2
Itasca, Illinois · www.flexera.com San Jose, California
Greenphire, Inc. 2021-05-26 Suvoda LLC 2025-01-13 2
King of Prussia, Pennsylvania · www.greenphire.com Conshohocken, Pennsylvania · www.suvoda.com
Bluesight, Inc. 2023-07-17 Protenus, Inc. 2025-01-09 3
Alexandria, Virginia · www.bluesight.com Baltimore, Maryland · www.protenus.com
Auctane, Inc. 2021-07-09 Shipsi, Inc. 2024-09-24 1
Austin, Texas · www.auctane.com Venice, California · www.shipsi.com
ConnectWise LLC 2019-02-25 Efolder, Inc. 2024-09-10 7
Tampa, Florida · www.connectwise.com Denver, Colorado · www.axcient.com
Anaplan, Inc. 2022-03-20 Fluence Technologies 2024-04-26 1
Miami, Florida · www.anaplan.com Toronto, Ontario · www.fluencetech.com
Riskonnect, Inc. 2017-06-07 Ventiv Technology, Inc. 2024-01-11 8
Atlanta, Georgia · www.riskonnect.com Atlanta, Georgia · www.ventivtech.com
Nintex Global Ltd. 2018-02-09 Skuid, Inc. 2023-12-12 6
Bellevue, Washington · www.nintex.com Chattanooga, Tennessee · www.skuid.com

M&A by Sector

Sector Current # Value All-time # Value
Software 30 (48%) 35.6B (36%) 64 (44%) 53.2B (39%)
Information Technology 15 (24%) 10.2B (10%) 37 (26%) 25.7B (19%)
Internet Software and Services 14 (22%) 51.8B (53%) 26 (18%) 54.8B (40%)
Financial Services - - 3 (2%) 1.0B (1%)
Information Services 1 (2%) - 2 (1%) 930M (1%)
Business Services - - 2 (1%) -
Education 1 (2%) - 2 (1%) -
Staffing 1 (2%) 60M (< 1%) 1 (1%) 60M (< 1%)
Healthcare Services - - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Medical Products 1 (2%) - 1 (1%) -
Retail - - 1 (1%) -
Safety/Security - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Total 63 $97.6B 144 $135.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 50 (79%) 85.8B (88%) 125 (87%) 118.9B (89%)
  California 10 (16%) 31.9B (33%) 31 (22%) 47.4B (35%)
  Texas 6 (10%) 16.8B (17%) 18 (13%) 28.3B (21%)
  Illinois 4 (6%) 2.9B (3%) 8 (6%) 3.1B (2%)
  Massachusetts 4 (6%) 2.0B (2%) 7 (5%) 3.0B (2%)
  Pennsylvania 2 (3%) 3.0B (3%) 7 (5%) 3.0B (2%)
  Colorado 4 (6%) 2.8B (3%) 5 (3%) 2.8B (2%)
  Virginia 2 (3%) 10.6B (11%) 5 (3%) 11.7B (9%)
  Georgia 2 (3%) - 5 (3%) -
  Utah 1 (2%) 2.0B (2%) 4 (3%) 2.0B (1%)
  Minnesota 1 (2%) - 4 (3%) 143M (< 1%)
  New York - - 4 (3%) 930M (1%)
  Arizona 2 (3%) - 3 (2%) -
  New Jersey 1 (2%) 594M (1%) 3 (2%) 594M (< 1%)
  Florida 2 (3%) 10.7B (11%) 2 (1%) 10.7B (8%)
  Ohio 2 (3%) - 2 (1%) -
  North Carolina 2 (3%) - 2 (1%) -
  Washington 1 (2%) - 2 (1%) -
  Michigan - - 2 (1%) 2.6B (2%)
  Indiana - - 2 (1%) -
  New Hampshire 1 (2%) 2.6B (3%) 1 (1%) 2.6B (2%)
  Tennessee 1 (2%) - 1 (1%) -
  District of Columbia 1 (2%) - 1 (1%) -
  Alabama 1 (2%) - 1 (1%) -
  Kansas - - 1 (1%) 195M (< 1%)
  Oregon - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Connecticut - - 1 (1%) -
Canada 4 (6%) 1.4B (1%) 7 (5%) 2.6B (2%)
  Ontario 3 (5%) 1.4B (1%) 5 (3%) 2.6B (2%)
  Alberta 1 (2%) - 2 (1%) -
Germany 3 (5%) 451M (< 1%) 3 (2%) 451M (< 1%)
United Kingdom 2 (3%) 8.9B (9%) 3 (2%) 8.9B (7%)
France - - 2 (1%) 2.4B (2%)
Australia 1 (2%) 751M (1%) 1 (1%) 751M (1%)
Norway 1 (2%) 383M (< 1%) 1 (1%) 383M (< 1%)
Israel 1 (2%) - 1 (1%) -
Sweden 1 (2%) - 1 (1%) -
Domestic 50 (79%) 85.8B (88%) 125 (87%) 118.9B (89%)
Cross-border 13 (21%) 11.8B (12%) 19 (13%) 15.4B (11%)
Total 63 $97.6B 144 $134.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Going Private 20 (32%) 75.0B (78%) 39 (27%) 103.8B (78%)
Secondary Buyout 10 (16%) 2.9B (3%) 34 (24%) 8.7B (7%)
Buyout (LBO, MBO, MBI) 11 (17%) 751M (1%) 28 (19%) 751M (1%)
Growth Capital 12 (19%) - 18 (13%) -
Divestiture 2 (3%) 10.6B (11%) 14 (10%) 12.8B (10%)
Venture 4 (6%) - 4 (3%) -
Acquisition Financing 1 (2%) - 2 (1%) -
Consolidation 1 (2%) - 2 (1%) -
Add-on Acquisition 1 (2%) 6.4B (7%) 1 (1%) 6.4B (5%)
Recapitalization - - 1 (1%) -
Stake Purchase 1 (2%) - 1 (1%) -
Total 63 $95.6B 144 $132.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 24 (29%) 7.6B (15%)
Trade Sale - Public Company 22 (27%) 44.9B (85%)
Merger 14 (17%) -
Trade Sale 14 (17%) -
IPO 5 (6%) -
Sold to Management 2 (2%) -
Bankruptcy 1 (1%) -
Recapitalization 1 (1%) -
Total 83 $52.5B

Top M&A Advisors

Financial Deals
Jefferies
 9
Goldman Sachs
 8
Credit Suisse Investment Banking
 6
Legal Deals
Kirkland & Ellis
 95
Goodwin Procter
 9
McMillan
 3

Deal Values

buy # Total
> $1B 32 $129.0B
$100M to $1B 14 $6.6B
< $100M 2 $126M
TOTAL $135.7B
Largest Proofpoint, Inc.
$12.3B (2021-04-26)
sell # Total
> $1B 16 $49.9B
$100M to $1B 6 $2.5B
< $100M 1 $70M
TOTAL $52.5B
Largest Ellie Mae, Inc.
$11.0B (2020-08-06)

M&A Connections

Deals
Acquired from
Investor(s)
24%
34 (24%)
Strategic(s)
10%
14 (10%)
Exited to
Investor(s)
29%
24 (29%)
Strategic(s)
57%
47 (57%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

127.0B USD

Established

1980

Specialist/Generalist

Generalist

Leadership

Carl Thoma

Founder & Managing Partner

Orlando Bravo

Founder & Managing Partner

Donna Riley Bebb

Head of ESG

Erwin Mock

Managing Director & Head of Capital Markets

Matt Gilbert

Managing Director, Capital Markets

FAQ

When was Thoma Bravo founded?

Thoma Bravo was founded in 1980.

What type of investor is Thoma Bravo?

Thoma Bravo is a private equity firm.

Where is Thoma Bravo headquartered?

Thoma Bravo is headquartered in Chicago, Illinois.

How much capital does Thoma Bravo have under management?

Thoma Bravo has 127.0B USD under management.

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