Thoma Bravo
An internationally renowned US private equity firm, pioneer and specialist in the software sector
Thoma Bravo is an internationally renowned, pioneering American private equity firm specializing in the software sector. The team has developed a highly operational approach to value creation, consisting of an initial phase of rapid margin improvement and a second phase focused on external growth.
Companies
Strategy
Buyout
sectors
Technology and Software
-
regional split
North America
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Europe
-
In the selection universe
In the vintage(s)
1998
year of inception
166 $bn
assets under management
6
offices
220
professionals
Data as of 09/12/2024. Source: public data from company websites and social networks. For the most up-to-date information, we invite our investors to consult the reports available in their own space.
Source: Public data from companies’ websites and social media accounts. For more up-to-date information, we invite our investors to view the report made available on their space.
ThomaBravo is a management company founded by Carl Thoma and Orlando Bravo, with a specialized strategy in the North American software sector.
ThomaBravo today has over 220 employees, including nearly a hundred investment professionals spread between its offices in San Francisco, Miami, Chicago, London, New York and Dubai. Thoma Bravo also has some thirty operational partners dedicated to operational excellence and value creation.
Thoma Bravo manages over $166 billion in assets, spread across its various fund ranges.
Hyper-specialization in a high-potential market
- Thoma Bravo's investment team is highly specialized in 3 sub-sectors infrastructure software, security software and application software. This hyper-specialization enables Thoma Bravo's professionals :
- in-depth knowledge of their investment universe
- maintain an active and regular dialogue with all target companies in their ecosystem
- be well positioned upstream of any sales process
- get to know strategic buyers intimately
- Thesoftware market has been expanding steadily for the past 20 years and offers a wealth of investment opportunities. Thoma Bravo, thanks to its expertise, structured approach, brand strength and ecosystem, is ideally positioned to capitalize on these opportunities.
High-quality but under-managed target assets
- ThomaBravo targets software publishers that are undisputed market leaders, positioned in fragmented market segments with, ideally, the best products, high recurring subscription revenue (SaaS), low churn and high organic growth (10-20%).
- On the other hand, the assets targeted by the firm have low EBITDA margins (~5-10%), which Thoma Bravo is convinced it can improve to around 40%, thanks to its own highly experienced operational resources.
- ThomaBravo XVI will be looking to acquire this type of company, while the Discovery V fund targets smaller buyout operations, around companies typically still run by their founders.
A playbook built on years of experience
- Thoma Bravo's playbook today is based on two main axes: rapid operational improvements and complementary acquisitions.
- Thoma Bravo's extensive track record has been built by constantly applying and refining this playbook, which today makes Thoma Bravo a benchmark player in Software buyout in North America.
- In addition to its operational partners, Thomas Bravo also has an ecosystem of experts and former company directors to call on.
Constantly refined operational excellence
- Discipline and operational excellence are at the heart of Thoma Bravo's approach.
- Robust internal processes, meticulous monitoring through highly structured monthly boards of directors, then at the frequency appropriate to the trajectory of the holdings, and continuous improvements guarantee the stability and performance of investments.
- Thetrack record of operations led by the firm makes it attractive to managers of target companies, who know that with a private equity partner of this quality they'll have a better chance of pulling off an excellent deal.
The differentiating factors presented reflect the opinions of the Altaroc investment team. Past performance is not a reliable guide to future results.
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Odyssey 2024
Thoma Bravo Discover V
Selected fund
Fund(s) under selection
regional split
North America (90%) - Europe (10%)
target sectors
Technology & Software
Diversification
10 - 15 investments
Enterprise value
Between $500 million and $2 billion
Investment ticket
Between $300 and $850 million
Role
Mainly control positioning
regional split
North America (90%) - Europe (10%)
target sectors
Technology & Software
Diversification
10 - 15 investments
Enterprise value
Between $500 million and $2 billion
Investment ticket
Between $300 and $850 million
Role
Mainly control positioning
select
Odyssey 2024
Thoma Bravo XVI
Selected fund
Fund(s) under selection
regional split
North America (85%) - Europe (15%)
target sectors
Technology & Software
Diversification
10 - 15 investments
Enterprise value
Between $2.5 and $13 billion
Investment ticket
Between $900 million and $4 billion
Role
Mostly controlling position
regional split
North America (85%) - Europe (15%)
target sectors
Technology & Software
Diversification
10 - 15 investments
Enterprise value
Between $2.5 and $13 billion
Investment ticket
Between $900 million and $4 billion
Role
Mostly controlling position
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Odyssey 2024
North America
Europe
Technology and Software
