Thoma Bravo
Thoma Bravo describes a platform model spanning large, middle-market, and lower-middle-market software and technology companies, alongside growth-oriented investments and private credit.
What stands out about Thoma Bravo
Thoma Bravo publicly focuses on software and technology companies through private equity, growth, and private credit platforms. Its platform structure distinguishes large, middle-market, lower-middle-market, European, and credit activities, while its stated investment approach includes buy-and-build, management partnership, product innovation, operational excellence, and sustainable growth.[1][2][3][4][6][7]
What does Thoma Bravo invest in?
Thoma Bravo identifies itself as a software-focused investment firm and operates private equity and private credit platforms, while also describing a growth-oriented investment strategy for software and technology companies.
As of June 30, 2026, the firm reports approximately $170 billion in assets under management, approximately 80 current portfolio companies, approximately 600 total transactions, and approximately $325 billion of aggregate enterprise value.[1][2][6]
Thoma Bravo describes applying a buy-and-build strategy to the software industry and partnering with management teams to scale companies of different sizes.
Its stated portfolio approach includes product innovation, operational excellence, sustainable growth, and collaboration with management teams.[3][4]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
What should a business owner evaluate before considering a transaction with Thoma Bravo?
An owner evaluating Thoma Bravo can clarify which platform would assess the company, whether the proposed structure would be a control investment, minority growth investment, or debt financing, and which financial and operating criteria would apply. The owner can also clarify management equity rollover, board and decision rights, operating initiatives, potential add-on acquisitions, leverage expectations, valuation methodology, ownership duration, exit assumptions, and the relevant Thoma Bravo legal entity and capital vehicle.[2][3]
Would the proposed structure be a control buyout, minority growth investment, or debt financing
What revenue, EBITDA, growth, recurring-revenue, leverage, and enterprise-value criteria would apply to this platform and transaction
What companies does Thoma Bravo target?
In its Tanda investment announcement, Thoma Bravo cited market leadership, a fiercely loyal customer base, a product-first founding team with deep domain expertise, strong product-market fit, and exceptional operational execution as investment attributes.
The firm also describes platform segmentation by company size: Flagship focuses on large software and technology companies, Discover on middle-market companies, and Explore on lower-middle-market companies.[3][7]
Thoma Bravo’s publicly identified software focus includes application software, infrastructure software, cybersecurity, and technology-enabled services.
Its current portfolio and transaction materials also include software businesses serving workforce management, human capital management, life sciences compliance, logistics, aviation technology, trading technology, healthcare technology, and construction accounting software.[1][5]
Thoma Bravo lists offices in Chicago, Dallas, London, Miami, New York, and San Francisco.
The firm describes its Europe platform as targeting middle- and lower-middle-market European software and technology companies, while its broader buyout activities include North American companies.[1][3]
Thoma Bravo identifies a buy-and-build strategy as part of its software investment model. The cited materials establish the strategy but do not specify universal add-on criteria or terms across all platforms.[3]
Recent official examples include a strategic growth investment in Tanda announced on September 8, 2026; Tanda’s co-founders remained significant shareholders and continued to lead the company, while the investment terms were not disclosed.
Thoma Bravo announced a definitive agreement to acquire Accelerant on August 13, 2026. It agreed to acquire Kneat for C$6.50 cash per share, representing an aggregate equity value of approximately C$650 million, subject to the transaction conditions described in the announcement. Thoma Bravo completed its acquisition of Dayforce on February 4, 2026, in an all-cash transaction valued at approximately US$12.3 billion.[7][8][9][10]
Thoma Bravo announced a strategic growth investment in Tanda on September 8, 2026; the terms were not disclosed.
It announced a definitive agreement to acquire Accelerant on August 13, 2026, and agreed to acquire Kneat for C$6.50 cash per share at an aggregate equity value of approximately C$650 million, subject to the transaction conditions described in the announcement. It completed its acquisition of Dayforce on February 4, 2026, in an all-cash transaction valued at approximately US$12.3 billion.[7][8][9][10]
What is not clear from Thoma Bravo's public investment criteria?
The cited Thoma Bravo Platforms page describes the firm’s platforms and investment strategy but does not state a universal investment holding period, ownership-duration range, or exit timetable.
The same Platforms page describes platform size categories but does not state a universal minimum revenue, EBITDA, enterprise-value, or equity-check threshold applicable across the firm. The cited Tanda transaction announcement states that the terms of Thoma Bravo’s investment were not disclosed.[3][7]
Questions to ask when evaluating Thoma Bravo as a buyer or investment partner
Which Thoma Bravo platform would evaluate the company: Flagship, Discover, Explore, Europe, Growth, or Credit?
Would the proposed structure be a control buyout, minority growth investment, or debt financing?
What revenue, EBITDA, growth, recurring-revenue, leverage, and enterprise-value criteria would apply to this platform and transaction?
How much management equity rollover would be expected, and who would control the board and major decisions?
What operating changes and add-on acquisition plans are contemplated?
What ownership duration, exit assumptions, and reinvestment or rollover mechanics would apply?
Sources & research notes
- Official website / firm overview
- Services / capabilities
- Investment strategy
- Investment approach
- Industry / market focus
- Transaction size / criteria
- Company / investment criteria
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- SEC investment adviser record
- SEC filing / regulatory record
- Structure / regulatory context
- Public Process
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
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