Thoma Bravo is the world's largest software-focused private equity firm, pioneering the "buy-and-build" strategy in enterprise software since 1980. The firm targets mission-critical software companies with strong recurring revenue, pursuing operational improvements through their proprietary "TB Ops" playbook—driving margin expansion via pricing optimization, R&D efficiency, and sales force productivity.
Core competency in software consolidation (150+ add-on acquisitions), with particular strength in cybersecurity, infrastructure software, and vertical SaaS. Known for conservative leverage (avg 4.5x EBITDA) and long-term LP relationships with 78% re-up rate across flagship funds.
Fund XVI Final Close: $32.4B
Largest software-focused buyout fund ever raised. 28% above target.
Acquired NextGen Healthcare ($1.8B)
Take-private of healthcare software provider. 6th healthcare deal.
SailPoint + Ping Identity Merger
Combined entity valued at $8.4B. Created identity security leader.
Opened London Office
European expansion with 25-person team. Focus on UK software buyouts.
Fund XV First Close: $22.8B
Record-breaking initial close in 6 weeks. Strong LP demand.