Special report - Thoma Bravo

How the private equity firm Thoma Bravo has established itself as a global leader in private equity specializing in software and enterprise technologies.  

While software company acquisitions account for nearly 30% of global private equity transactions—up from 2% in 2000—the technology sector has emerged as a key driver of digital transformation. With more than $166 billion in assets under management and a portfolio of 90 technology companies, Thoma Bravo operates a business model characterized by gross margins of nearly 90% and recurring revenue from the SaaS model.  

The document details the strategy for acquisitions, operational optimization, and sector consolidation as applied to software companies.  

In particular, the document presents:

• The financial fundamentals of software acquisitions and the integration of artificial intelligence as a growth driver for established software publishers;  
• An exclusive interview with Orlando Bravo on the “Buy and Build” approach, operational governance, and the dynamics of divestitures to strategic buyers;  
• Case studies of major acquisitions such as Compuware and Dynatrace, as well as Axiom and Calypso—which became Adenza (sold to Nasdaq for $11 billion);  
• An interview with Mike Capone, CEO of Qlik, on the transition to the cloud and the tripling of the company's market value.  

This report is intended for investors, wealth management professionals, executives, and financial analysts who wish to analyze the factors driving performance in technology private equity. This study provides a concise and fact-based overview of the mechanisms that create value in the global software sector.

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