Thoma Bravo
Private equity investor focused on software and tech services.
Available information varies by company and source.
Profile record updated:
Company facts
- Official name
- Thoma Bravo LLC
- Entity type
- COMPANY
- Headquarters
- 110 N. Wacker Drive, 32nd Floor, Chicago, IL 60606
- Company size
- 201–500
- Official website
- thomabravo.com
What Thoma Bravo does
Thoma Bravo operates a private equity fund management model. It raises closed-end investment funds from institutional capital providers, charges recurring management fees on committed or managed capital, and earns carried interest on realised investment gains. Value creation is driven by sourcing software and technology-enabled services assets, executing acquisitions, improving operating performance, supporting product and growth investments, and exiting portfolio companies at higher valuations.
Category differentiation
This company is a private equity investment firm, not a software vendor or advertising platform. It buys and manages investments in technology companies rather than selling enterprise software directly.
Strategic context
AI-supported assessment from the existing company research; distinguish interpretation from sourced facts.
Thoma Bravo LLC is a private equity investment firm focused on software and technology-enabled services. It raises capital from institutional limited partners and deploys that capital into control-oriented investments, buyouts, and strategic acquisitions across enterprise software and adjacent technology sectors. The firm is headquartered in the United States and maintains a significant European footprint, with more than $172 billion in assets under management as of March 31, 2026 according to the provided source data. The company generates revenue through fund management economics rather than software sales. Its customers are institutional investors that commit capital to its funds, while its operating model creates value by acquiring software businesses, supporting growth and operational improvement, and realising returns through exits such as sales, recapitalisations, and public offerings. Its transaction history in the provided data includes Anaplan, Coupa, and Calabrio, reinforcing its software-focused investment strategy.
Company news briefing
Briefing updated:
Following the Medallia equity loss and the appointment of Mike Jerich as Flexera CEO, Thoma Bravo has continued to shape its portfolio through strategic activity, notably via portfolio company Everbridge acquiring Open Measures. Managing Partner A.J. Rohde has further emphasized deep customer relationships in the AI era. Amid these developments, the firm was named to GrowthCap's Top Private Equity Firms of 2026.
Business model & monetisation
The firm monetises through private equity fund economics: recurring management fees on committed capital, carried interest on investment profits, and proceeds associated with realised exits such as company sales, IPOs, and recapitalisations. Its revenue model is primarily service-fee and performance-fee based rather than subscription or transaction software revenue.
- Management fees
- Service Fee
- Carried interest
- Percentage Take-Rate
- Exit-related realised gains and recapitalisation proceeds
- Percentage Take-Rate
Products & capabilities
No products with linked sources are available in this view.
Subsidiaries & acquisitions
- Dayforce
Cloud HCM software for payroll, workforce, talent, and HR.
- Copper
Google Workspace-native CRM for service businesses and sales teams.
- Delinea
Enterprise identity security and privileged access management software.
- Medallia
Enterprise software for experience management and customer insight workflows.
- Dynatrace
Enterprise observability and analytics SaaS for complex cloud environments.
Featured market maps
- Bending Spoons & the New Software Empires
This landscape maps the different playbooks behind acquisition-led software growth.
Recent recorded signals
Dates refer to the source publication. Older entries are historical context, not evidence of a new event.
Irina Hemmers on Bloomberg's 'The Opening Trade'
Recorded impact score: 3/5
Thoma Bravo's Irina Hemmers appeared on Bloomberg's 'The Opening Trade' on September 14, 2026.
Thoma Bravo Announces Strategic Growth Investment in Tanda
Recorded impact score: 3.5/5
Thoma Bravo announces a strategic growth investment in Tanda, a new addition to its portfolio.
Everbridge Acquires Open Measures
Recorded impact score: 3/5
Thoma Bravo portfolio company Everbridge has acquired Open Measures, a provider of open-source intelligence and disinformation tracking solutions.
Thoma Bravo named to GrowthCap's list of Top Private Equity Firms of 2026
Recorded impact score: 3.5/5
Thoma Bravo has been named to GrowthCap's list of Top Private Equity Firms of 2026, as announced on August 27, 2026.
After Debt Deal, Medallia CSO Details Allocation of $500M Investment
Platform · Recorded impact score: 3/5
After a turbulent period with Thoma Bravo, Medallia has completed a recapitalization led by Blackstone, Apollo and FS KKR Capital Corp, reducing debt by over 60% and securing $150 million in new capital. In an exclusive interview, Chief Strategy Officer Sid Banerjee details how the funds will be used: hiring services staff, accelerating engineering for conversational and agentic AI, and investing in governance and security. The company also announced general availability of Frontline-Ready AI capabilities, including Smart Response, Intelligent Summaries, Smart Topic Builder and Root Cause Assist. Banerjee outlined a three-stage AI roadmap: AI-driven insights (live), conversational interfaces (underway), and agentic integrations (funded by the new capital). Medallia also cited strong adoption, with over 40% of top enterprise customers enabling generative AI features within a year.
- Blackstone, Apollo, and FS KKR Capital Corp now control Medallia after recapitalization.
- Medallia reduced its debt by over 60%.
Explore company relationships
Questions about Thoma Bravo
What is Thoma Bravo?
Thoma Bravo is a private equity investment firm focused on software and technology-enabled services companies.
Who uses Thoma Bravo?
Its direct customers are institutional investors and limited partners that allocate capital to private equity funds.
How does Thoma Bravo make money?
It earns management fees on fund capital and carried interest on realised investment profits, alongside gains from exits and recapitalisations.
Sources & coverage
This profile uses public, official and technically observable information. Missing information does not prove that a product or relationship does not exist. The list below does not imply that every profile statement has been verified.
15 publicly documented primary sources and citations linked across the market graph.
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