Thoma Bravo Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Thoma Bravo has acquired 28 companies. It has also invested in 12 others.

Thoma Bravo’s most common sectors for investment aresoftware (43%) and information technology (26%) . The Firm’s most common investment types include going private (29%) and secondary buyout (23%). In total, Thoma Bravo has invested in 27 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 26 companies. The Firm’s most common exit type is trade sale (46%). 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 Activity217
    • M&A Buy Activity138
    • M&A Sell Activity79
  • Total Sectors Invested 15
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 84
  • M&A Advisors 36

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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (10.2/yr) # 87 11 19 12 6 3 138
vol $35.9B $13.6B $32.3B $33.2B $3.6B $6.5B $125.1B
Sell (6.4/yr) # 47 6 9 6 6 5 79
vol $14.5B $12.7B $2.3B $6.2B $15.4B $1.5B $52.5B
  217

Most Recent M&A

Company Date Value Type
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
Zipari, Inc. 2024-09-12 - Trade Sale
Brooklyn, New York · www.zipari.com
Veriforce LLC 2024-08-28 - Secondary Sale
The Woodlands, Texas · www.veriforce.com
Trader Corp. 2024-08-16 - Trade Sale
Etobicoke, Ontario · www.tradercorporation.com
Venafi, Inc. 2024-05-20 1.5B USD Trade Sale
Salt Lake City, Utah · www.venafi.com
Darktrace plc 2024-04-26 5.0B USD Going Private
Cambridge, United Kingdom · www.darktrace.com
Everbridge, Inc. 2024-02-05 1.5B USD Going Private
Burlington, Massachusetts · www.everbridge.com
BlueMatrix LLC 2023-12-14 - Growth Capital
Durham, North Carolina · www.bluematrix.com
Hypergene AB 2023-12-14 - Secondary Buyout
Malmo, Sweden · www.hypergene.se
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
Kennesaw, 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
Flexera Software, Inc. 2020-12-03 Snow Software 2023-11-28 1
Itasca, Illinois · www.flexera.com Solna, Sweden · www.snowsoftware.com
Sophos Ltd. 2019-10-14 ActiveState Software, Inc. 2023-11-07 1
Abingdon, United Kingdom · www.sophos.com Vancouver, British Columbia · www.activestate.com
J.D. Power and Associates, Inc. 2019-07-30 Autovista Group 2023-09-12 8
Westlake Village, California · www.jdpower.com London, United Kingdom · www.autovistagroup.com
Ping Identity Holding Corp. 2022-08-03 ForgeRock, Inc. 2023-08-23 1
Denver, Colorado · www.pingidentity.com San Francisco, California · www.forgerock.com
QAD, Inc. 2021-06-28 RedZone Robotics, Inc. 2023-02-01 3
Santa Barbara, California · www.qad.com Warrendale, Pennsylvania · www.redzone.com

M&A by Sector

Sector Current # Value All-time # Value
Software 27 (44%) 25.0B (27%) 59 (43%) 42.7B (34%)
Information Technology 16 (26%) 17.1B (18%) 35 (25%) 24.9B (20%)
Internet Software and Services 14 (23%) 51.8B (55%) 27 (20%) 55.5B (44%)
Financial Services - - 3 (2%) 1.0B (1%)
Business Services 1 (2%) - 3 (2%) -
Information Services 1 (2%) - 2 (1%) 930M (1%)
Staffing 1 (2%) 60M (< 1%) 1 (1%) 60M (< 1%)
Education - - 1 (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 61 $94.0B 138 $125.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 48 (79%) 82.1B (87%) 119 (86%) 108.4B (88%)
  California 11 (18%) 31.9B (34%) 31 (22%) 47.4B (38%)
  Texas 8 (13%) 23.7B (25%) 18 (13%) 28.3B (23%)
  Massachusetts 4 (7%) 2.0B (2%) 7 (5%) 3.0B (2%)
  Pennsylvania 2 (3%) 3.0B (3%) 7 (5%) 3.0B (2%)
  Illinois 2 (3%) 2.9B (3%) 6 (4%) 3.1B (2%)
  Colorado 3 (5%) 2.8B (3%) 4 (3%) 2.8B (2%)
  Georgia 3 (5%) - 4 (3%) -
  Utah 1 (2%) 2.0B (2%) 4 (3%) 2.0B (2%)
  Virginia 1 (2%) - 4 (3%) 1.1B (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 (9%)
  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%)
  Alabama 1 (2%) - 1 (1%) -
  Kansas - - 1 (1%) 195M (< 1%)
  Oregon - - 1 (1%) -
  Mississippi - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Connecticut - - 1 (1%) -
Canada 5 (8%) 1.4B (1%) 8 (6%) 2.6B (2%)
  Ontario 3 (5%) 1.4B (1%) 5 (4%) 2.6B (2%)
  Alberta 1 (2%) - 2 (1%) -
  British Columbia 1 (2%) - 1 (1%) -
United Kingdom 2 (3%) 8.9B (9%) 3 (2%) 8.9B (7%)
Germany 2 (3%) 451M (< 1%) 2 (1%) 451M (< 1%)
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 48 (79%) 82.1B (87%) 119 (86%) 108.4B (88%)
Cross-border 13 (21%) 11.8B (13%) 19 (14%) 15.4B (12%)
Total 61 $94.0B 138 $123.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Going Private 21 (34%) 81.9B (89%) 39 (28%) 103.8B (85%)
Secondary Buyout 9 (15%) 2.9B (3%) 31 (22%) 8.7B (7%)
Buyout (LBO, MBO, MBI) 9 (15%) 751M (1%) 27 (20%) 751M (1%)
Growth Capital 13 (21%) - 17 (12%) -
Divestiture 1 (2%) 60M (< 1%) 13 (9%) 2.2B (2%)
Venture 4 (7%) - 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 61 $92.0B 138 $121.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 23 (29%) 7.6B (15%)
Trade Sale - Public Company 22 (28%) 44.9B (85%)
Trade Sale 14 (18%) -
Merger 12 (15%) -
IPO 4 (5%) -
Sold to Management 2 (3%) -
Bankruptcy 1 (1%) -
Recapitalization 1 (1%) -
Total 79 $52.5B

Top M&A Advisors

Financial Deals
Jefferies
 9
Goldman Sachs
 8
Credit Suisse Investment Banking
 6
Legal Deals
Kirkland & Ellis
 92
Goodwin Procter
 9
McMillan
 3

Deal Values

buy # Total
> $1B 31 $118.4B
$100M to $1B 14 $6.6B
< $100M 2 $126M
TOTAL $125.1B
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)
22%
31 (22%)
Strategic(s)
9%
13 (9%)
Exited to
Investor(s)
29%
23 (29%)
Strategic(s)
57%
45 (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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