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Mid-Market Corporate Buyout Equity · Private Equity, VC & Investor

Thoma Bravo

Private equity investor focused on software and tech services.

Available information varies by company and source.

Profile record updated:

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Company facts

Official name
Thoma Bravo LLC
Entity type
COMPANY
Headquarters
110 N. Wacker Drive, 32nd Floor, Chicago, IL 60606
Company size
201–500
Market cluster / sector
Mid-Market Corporate Buyout Equity
Market role
Private Equity, VC & Investor
Official website
thomabravo.com
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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

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Competitors & alternatives

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Side-by-side comparisons

Subsidiaries & acquisitions

  • SailPoint

    Enterprise identity security and governance software for large organisations.

  • JD Power

    Automotive data, analytics and CX software for enterprise buyers.

  • PROS

    Airline retailing and pricing software for revenue optimisation.

  • Qlik

    Enterprise analytics and data integration software for organisations.

  • RealPage

    Property management software and analytics for real-estate operators.

View acquisition history

Featured market maps

  • Bending Spoons & the New Software Empires

    Comparative portfolio map of software buyout holdings and permanent-capital acquirers (2026), profiling Bending Spoons, Constellation Software, Thoma Bravo, Vista Equity Partners, Novacap, and saas.group across consumer apps, AdTech, cybersecurity, and vertical B2B SaaS.

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Recent recorded signals

Dates refer to the source publication. Older entries are historical context, not evidence of a new event.

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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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