Thoma Bravo's Behind the Deal

The Future of Restaurants in an AI World: Hudson Smith with Olo Founder Noah Glass Mar 26, 2026

At Thoma Bravo’s 2025 AI Summit, Partner Hudson Smith sits down with Olo Founder and CEO Noah Glass to unpack one of the firm’s most compelling recent investments.

From its early days as a text-based ordering tool to becoming a category leader powering digital experiences for over 750 restaurant brands, Olo has spent two decades shaping how consumers interact with restaurants. In this conversation, Noah shares the origin story behind the company, the strategic thinking behind taking Olo private in 2025, and how data, network effects and AI are redefining hospitality at scale.

They also explore what makes restaurant technology uniquely complex, why structured data helps create a durable moat, and how AI is expected tol transform both the guest experience and restaurant operations in the years ahead.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Olo: https://www.olo.com/

Disclaimer:

This podcast may contain forward looking statements reflecting current views regarding market conditions, technological evolution, and anticipated developments, which are based on current expectations and assumptions, involve risks and uncertainties that could cause actual results to differ materially, and speak only as of the date of recording with no obligation to update.

This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

From Scotland to Sydney: Andy Watt on Leading Nearmap’s Global Growth Mar 19, 2026

In this episode of Beyond the Deal, Thoma Bravo Senior Partner A.J. Rohde and Principal Peter Hernandez sit down with Nearmap CEO Andy Watt for a candid conversation about leadership, culture and building a global technology company from Australia.

Andy shares the story of how a move from Scotland to Sydney turned into a decades-long journey with a leading Australian technology company. The group reflects on Nearmap’s growth, the experience of scaling a global company from Australia and the behind-the-scenes moments that helped Thoma Bravo win the trust of the Nearmap team.

The episode closes with A.J.’s lightning round — covering everything from Scottish traditions and Australian sports to rock bands and Vegemite.

It’s a lighter look at the relationships, personalities and moments that happen beyond the deal.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Nearmap: https://www.nearmap.com/

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Nearmap: Building a Global Property Intelligence Platform Mar 12, 2026

In this episode of Thoma Bravo’s Behind the Deal, Senior Partner A.J. Rohde and Principal Peter Hernandez sit down with Nearmap CEO Andy Watt to unpack Thoma Bravo’s investment in Nearmap and the company’s evolution from an aerial imagery provider into a global property intelligence platform.

They discuss how the deal originated, what made Nearmap stand out, the complexities of taking an Australian public company private and how the business has expanded through AI, software and strategic acquisitions. Andy also shares his journey from Scotland to Australia, how Nearmap scaled from roughly $40 million in revenue to more than $300 million and why the company sees a long runway ahead across insurance, construction, government and beyond.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Nearmap: https://www.nearmap.com/

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Inside Thoma Bravo: Holden Spaht & Brian Jaffee on Building Performance Through Mentorship & Entrepreneurial Spirit Mar 05, 2026

This week on Thoma Bravo's Beyond the Deal, the spotlight turns inward. Managing Partner Holden Spaht and Partner Brian Jaffee share their origin stories at Thoma Bravo — what the firm looked like in its early days, how responsibility comes fast, and why mentorship and entrepreneurialism sit at the center of the culture.

From cold outreach and the firm’s early focus on software to leading exits and mentoring the next generation, this episode offers an inside look at how performance is built — and sustained — over decades.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Ellie Mae: The $3.7B Take-Private That Became an $11B Exit Feb 26, 2026

In this episode of Thoma Bravo’s Behind the Deal, Managing Partner Holden Spaht and Partner Brian Jaffee revisit the take-private and sale of Ellie Mae — a leading U.S. mortgage loan origination system — and how a $3.7B investment became an $11B exit to Intercontinental Exchange (ICE) just over a year later.
They break down the original investment thesis, the operational playbook, pricing and packaging strategy, and the M&A decisions that drove one of the firm’s landmark exits — including the rare “reverse re-trade” that moved the final agreement from $10B to $11B.
For more information on Thoma Bravo’s Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Learn more about Ellie Mae (now ICE Mortgage Technology): https://mortgagetech.ice.com/

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

From Infantry to Intelligence: Grit, Discipline, and the Making of a Founder Feb 19, 2026

In this episode of Beyond the Deal, Intel 471 CEO and Co-Founder Jason Passwaters joins Thoma Bravo Partner Adam Solomon for a candid conversation about the experiences that shaped him as a leader.

Passwaters reflects on his early years in the U.S. Marines — from infantry to counterintelligence — and the lessons he carried into building a global cybersecurity company. He shares how resourcefulness, team camaraderie, and mission-first thinking became foundational to Intel 471’s culture, as well as the personal commitment required to bootstrap a business while raising a family.

The discussion also explores leadership beyond titles: earning trust through action, building aligned teams across borders, and why humility and self-awareness may be the most underrated traits of a CEO.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Intel 471: https://www.intel471.com

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Intel 471: From Bootstrapped Cyber Intel to Enterprise Leader Feb 12, 2026

In this episode, Thoma Bravo Partner Adam Solomon and SVP Chandler Gay break down the firm’s investment in Intel 471, a bootstrapped, founder-led cyber threat intelligence company trusted by many of the world’s largest enterprises.

They revisit the rigorous diligence process — including moments when the deal nearly fell apart — and explain what ultimately set the business apart: proprietary, highly actionable intelligence, exceptional retention, and disciplined, profitable growth.

Adam then sits down with CEO and Co-Founder Jason Passwaters, a former Marine and FBI cybercrime investigator, to discuss building Intel 471 without outside capital, partnering with Thoma Bravo to strengthen and expand the company, executing its first acquisitions, and how AI is reshaping the cyber threat landscape.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Intel 471: https://www.intel471.com/

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Scaling Enterprise Software with AI: Holden Spaht with Anaplan CEO Charles Gottdiener and Coupa CEO Leagh Turner Feb 05, 2026

In this episode of Thoma Bravo’s Behind the Deal, Managing Partner Holden Spaht sits down with Charles Gottdiener, CEO of Anaplan, and Leagh Turner, CEO of Coupa, to discuss how enterprise software leaders are turning AI innovation into real business impact.

Drawing on their experience as both builders and users of AI, they share how AI is driving productivity, reshaping operating models, and expanding operating leverage—while highlighting the importance of governance, disciplined pricing, and domain expertise as AI adoption accelerates.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Anaplan: https://www.anaplan.com/

Learn more about Coupa: https://www.coupa.com/

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Orlando Bravo and IBM CEO Arvind Krishna on AI, the Future of Software, and IBM’s $34B Red Hat Deal Jan 29, 2026

Recorded live at Thoma Bravo’s 2025 AI Summit, this episode features a fireside chat between Thoma Bravo Founder and Managing Partner Orlando Bravo and IBM CEO Arvind Krishna. Krishna shares an operator’s view on why AI is unequivocally good for software—boosting developer productivity, expanding entry-level hiring, and unlocking billions in back-office automation that IBM has reinvested into software R&D and growth.

The conversation also explores IBM’s $34 billion acquisition of Red Hat, including the strategic investment in hybrid cloud and OpenShift, how the deal scaled beyond expectations, and why conviction was critical despite initial market skepticism.

Looking ahead, Krishna outlines what’s next for enterprise AI: agents layered on systems of record, smaller purpose-built models, and why companies that scale AI deliberately will pull ahead.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about IBM: https://www.ibm.com/case-studies/ibm-client-zero?lnk=hpls1us

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Building Belief at Scale: Proofpoint CEO Sumit Dhawan on Leadership, Transparency, and Performance Jan 22, 2026

What separates good CEOs from great ones? According to Proofpoint CEO Sumit Dhawan, it’s the ability to build belief. In this episode of Beyond the Deal, Thoma Bravo Managing Partner Seth Boro sits down with Sumit to discuss the leadership principles behind scaling a high-performing, human-centric cybersecurity company. From growing up in Delhi and learning the value of hard work and ownership, to leading a global public company, Sumit reflects on how transparency, storytelling, discipline, and mentorship build trust and unlock the best work from teams—and why building belief may be the most underrated skill in leadership today.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Proofpoint: https://www.proofpoint.com/us

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Proofpoint: The $12B Deal Behind an AI-Driven Cybersecurity Leader Jan 15, 2026

Season 4 of Behind the Deal kicks off with a deep dive into Proofpoint, a key investment within Thoma Bravo’s cybersecurity portfolio. Seth Boro and Andrew Almeida reflect on the conviction behind the firm’s largest software buyout at the time, while Proofpoint CEO Sumit Dhawan shares how the company has scaled, evolved its platform, and stayed ahead of rapidly growing cyber threats in an AI-driven world.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Proofpoint: https://www.proofpoint.com/us

Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Thoma Bravo’s Behind the Deal is back for Season 4 Jan 13, 2026

Thoma Bravo returns with Season 4 of Behind the Deal—the chart-topping, award-winning podcast that goes inside the strategy, leadership, and conviction behind the world’s largest software-focused investment firm.

This season brings listeners to the forefront of the software and AI landscape. Hear from Proofpoint’s CEO on how AI is reshaping cybersecurity and what it takes to lead at scale in an increasingly complex threat environment; gain a rare perspective on the future of AI in a candid conversation between Thoma Bravo Founder and Managing Partner Orlando Bravo and IBM CEO Arvind Krishna; and learn how the CEOs of Anaplan and Coupa are navigating AI-driven transformation.

Season 4 also features in-depth examinations of major acquisitions, including Intel 471 and Ellie Mae, unpacking the strategic thinking, decision-making, and execution behind each deal. Featuring some of Thoma Bravo’s most senior voices and most timely insights yet, Thoma Bravo’s Behind the Deal offers a look at how leading software companies are built.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

View From The Top: Orlando Bravo on His Journey to Building Thoma Bravo Jan 08, 2026

In this bonus episode, Thoma Bravo founder and managing partner, Orlando Bravo joins View From The Top from Stanford GSB for a candid conversation on his nonlinear journey—from leaving a small town in Puerto Rico to building one of the world’s leading software investment firms.

Orlando opens up about early career setbacks—including rejection, failed deals, and the mentors who shaped his investing and leadership philosophy. He shares why discipline, humility, strong partnerships, and “doing your own thing” became the foundation of Thoma Bravo’s approach, as well as his long-term commitment to entrepreneurship and impact in Puerto Rico.

This conversation offers rare insights on leadership, resilience, mentorship, and what it really takes to build enduring software companies.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about View From the Top: https://www.gsb.stanford.edu/business-podcasts/view-top-podcast

Beyond Constraints: From Starting Lean to Scaling Up Jul 24, 2025

Inspired by the book Getting Real, HubSync Founder and CEO John McGowan explains to Thoma Bravo Partner Ross Devor how operating under tight timelines and budgets with a lean team forced HubSync to focus on an engineer-first approach, providing a foundation for a company that was able to scale.

How HubSync Became the Tax Automation Platform for Top 25 CPA Firms Jul 17, 2025

HubSync started as a bootstrapped idea from John McGowan, a former Big Four tax professional who saw the tech gap in mid-sized CPA firms. In this episode of ‘Behind the Deal,’ Thoma Bravo Partner Ross Devor talks with John about how he turned early consulting work into a profitable SaaS business, the strategy behind landing over 40% of the top 25 accounting firms, and how product market fit shaped every decision.

Beyond Building NextGen Healthcare’s Successful Remote-First Company and Culture with David Sides Jul 10, 2025

In the Beyond the Deal mini-sode with Thoma Bravo’s A.J. Rohde and Peter Hernandez, hear NextGen Healthcare CEO David Sides explain his approach to leadership, inspired by his family’s medical roots, and how NextGen Healthcare grew into one of the most trustworthy companies in America.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit NextGen Healthcare's website: https://bit.ly/3TN6i7s

How NextGen Healthcare Aims to Achieve Better Healthcare Outcomes for All Jul 03, 2025

In this episode, Thoma Bravo Senior Partner A.J. Rohde sits down with Peter Hernandez, a Senior Vice President on our Discover team, to detail the strategic take-private of NextGen Healthcare, a leading provider of innovative, cloud-based healthcare technology solutions. They are joined in the studio by NextGen Healthcare CEO David Sides and discuss their bold vision for the future of healthcare IT. Hear perspectives on NextGen Healthcare’s exciting new chapter, marked by a recent investment by Madison Dearborn Partners, to further accelerate the company’s growth.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit NextGen Healthcare's website: https://bit.ly/3TN6i7s

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Beyond the Classroom: Shaping the Future of Learning with Steve Daly Jun 26, 2025

In this Beyond the Deal minisode, hear Instructure CEO Steve Daly share how his past experiences informed his mission to create a results-oriented, customer-centric company and a culture where people genuinely enjoy coming to work. Thoma Bravo Managing Partner, Holden Spaht, and Partner, Brian Jaffee, speak with Steve Daly about his leadership philosophy and building a company culture that emphasizes collaboration.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Instructure's website: https://www.instructure.com/

How Instructure Grew into a Leading EdTech for K-12, Higher Ed, and Professionals Jun 18, 2025

Instructure’s Canvas, the learning management system used by over 4,000 school districts and 2,500 higher education institutions, became a lifeline during the pandemic. On this episode of Behind the Deal, Thoma Bravo Managing Partner Holden Spaht and Partner Brian Jaffee sit down with Instructure CEO Steve Daly to discuss how they worked together to refocus Instructure to grow into a leading EdTech platform.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Instructure's website: https://www.instructure.com/

Beyond Performance: Building a “10-10” Company Culture with Andre Durand Jun 12, 2025

Ping Identity Founder & CEO, Andre Durand, explains that in a 10-10 culture, “the how matters as much as the what.” Over time, through his experience as a multi-time founder, he has come to resonate with one simple cultural north star that he refers to as “10-10” to strike a balance between performance and attitude. In this Beyond the Deal minisode, Andre Durand sits down with Thoma Bravo’s Orlando Bravo and Chip Virnig to discuss some of the pivotal moments that shaped his journey as an entrepreneur and what guides his leadership style today.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Ping's website: https://www.pingidentity.com/en.html

How Ping Identity Mastered Identity Security for Global Enterprises Jun 05, 2025

Ping Identity helps some of the largest enterprises in the world secure the logins of their employees and customers, helping to keep systems secure, prevent fraud, and decrease friction as companies undergo their digital transformation. In this episode of Behind the Deal, Thoma Bravo Founder and Managing Partner, Orlando Bravo, and Partner, Chip Virnig, sit down with Ping Identity Founder & CEO, Andre Durand, to discuss the $2.8 billion take-private transaction and the strategic rationale behind combining Ping with ForgeRock to create a leading identity security platform for some of the world’s largest organizations

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Ping's website: https://www.pingidentity.com/en.html

How Applitools is Using AI to Improve Speed, Scalability, and Accuracy with Adam Carmi and Alex Berry May 29, 2025

In this Beyond the Deal mini-sode, Applitools Co-Founder and CTO, Adam Carmi, and CEO, Alex Berry, speak with Thoma Bravo Partner, Carl Press, about the evolution of Applitools from its early days to a leader in AI-enabled test automation. Adam discusses the initial problem he and co-founder Moshe Milman sought to solve and Alex shares his perspective as CEO and how he embraces the founders’ vision.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Applitools's website: https://applitools.com/

How Applitools Uses AI to Revolutionize Test Automation May 22, 2025

Hear the story behind Thoma Bravo’s investment in Applitools with Partner Carl Press in conversation with Alex Berry, CEO of Applitools, and Adam Carmi, Co-Founder and CTO of Applitools. The company’s all-in-one, AI-powered testing platform revolutionizes the way businesses approach quality assurance and test automation. Carl, Alex and Adam discuss the evolution of the business, the market trends driving the adoption of AI in application testing, and why thousands of companies worldwide trust Applitools’ technology to elevate their testing processes and improve digital experiences for their customers.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Applitools's website: https://applitools.com/

Beyond the Friend Zone: Building Mailgun into a Leading Technology Company with Will Conway and Josh Odom May 15, 2025

In this Beyond the Deal mini-sode, former Mailgun CEO and CTO, Will Conway and Josh Odom, join Thoma Bravo Partner Hudson Smith to share their experiences of leading a growing technology company starting as college friends turned business partners. They highlight the critical role of a strong, supportive team culture, how their friendship strategically plays to their individual talents and strengths, and how that impacted the business.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Mailgun's website: https://www.mailgun.com/

How Mailgun Quickly Evolved into a Leading Email API Provider May 08, 2025

Mailgun enables over 150,000 companies to send, track, test, and optimize more than 250 billion emails per year effortlessly for marketing and business communication to their customers. Thoma Bravo Partner Hudson Smith sits down on Behind the Deal with former Mailgun CEO Will Conway and CTO Josh Odom as they dive into Mailgun’s journey from a spin out from Rackspace to a leading email delivery service for businesses around the world.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Maligun's website: https://www.mailgun.com/

How Innovation is Driving the Future of Cybersecurity May 01, 2025

In a special episode of Behind the Deal live from Miami at Thoma Bravo’s Annual Meeting in March 2025, Thoma Bravo Managing Partner Seth Boro welcomes two prominent leaders in the cybersecurity industry: Jill Popelka, CEO of Darktrace, and Joe Levy, CEO of Sophos. Cybersecurity has been a focus of Thoma Bravo's investment strategy since 2008, driven by the growing complexities of an increasingly digital world. Jill Popelka shares a perspective on Darktrace's pioneering use of AI in cybersecurity and the evolution of AI-driven software. Joe Levy of Sophos provides insights on scaling cybersecurity solutions and the future of the industry. Together, the leaders shared insights on how their companies are leading the cyber industry to protect their customers from advanced zero-day cyber threats.

Beyond Leadership: Career Lessons from Chess with Todd Dauchy and Adam Solomon Apr 24, 2025

In this Beyond the Deal mini-sode, Todd Dauchy, CEO of SMA Technologies, speaks with Thoma Bravo Partner, Adam Solomon, about how he’s navigated his career with the lessons he learned from chess. He also details his focus on strategic thinking, anticipating future trends in the market, and building strong interpersonal relationships within the company.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit SMA Technologies's website: https://smatechnologies.com/

How SMA Technologies Uses Automation to Accelerate Digital Transformation at Financial Institutions Apr 17, 2025

Hear the story behind Thoma Bravo’s acquisition of SMA Technologies with Thoma Bravo Partner Adam Solomon and CEO of SMA Technologies, Todd Dauchy. SMA Technologies provides workload automation and orchestration software solutions for banks, credit unions, and other financial services businesses. Adam and Todd discuss how they transformed a “sleepy” business into a high-performing company by focusing on people, customers, and their flagship product to achieve growth while boosting profitability.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit SMA Technologies's website: https://smatechnologies.com/

How Bluesight and Thoma Bravo Turned Vision Into Value - Featured from Best But Never Final Apr 10, 2025

In this featured episode, we’re excited to share a conversation from Best But Never Final, featuring Thoma Bravo Partner Carl Press and Kevin MacDonald, CEO of Thoma Bravo portfolio company Bluesight. Listen to them share a behind-the-scenes look at scaling a software company from a bootstrap startup to a private equity-backed category leader. They discuss the importance of alignment between CEOs and private equity partners, integrating acquisitions, and managing growth with clarity and focus.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Bluesight: https://bluesight.com/

Listen to Best But Never Final: https://bestbutneverfinal.buzzsprout.com

Beyond Trust: Building the Cultural Fabric at EQS Group with Achim Weick and Irina Hemmers Apr 03, 2025

In this Beyond the Deal mini-sode, Thoma Bravo Partner Irina Hemmers and EQS Group Founder and CEO Achim Weick discuss the crucial role of culture in EQS Group's journey. Achim shares his experience founding a company culture centered on trust. Hear how his focus has driven EQS Group's success as a leading European software company and some lessons he’s learned along the way.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit EQS Group's website: https://www.eqs.com/

How EQS Group’s Digital Solutions Create Trusted Companies in Europe and Beyond Mar 27, 2025

Hear Thoma Bravo Partner Irina Hemmers and Achim Weick, Founder and CEO of EQS Group, dive into the details behind the acquisition of EQS Group. In this episode, they discuss EQS Group's journey of becoming a leading GRC (Governance, Risk, and Compliance) software provider. Achim Weick shares his story of founding the company, why EQS Group chose private equity after 20 years, and how EQS Group is helping its customers find solutions for key regulations. Irina and Achim explain how Thoma Bravo and EQS Group aligned in their vision to scale the business into a global industry leader.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit EQS Group's website: https://www.eqs.com/

Beyond Hurdles: Navigating Career Challenges and Driving Growth with Fran Rosch and Scott Crabill Mar 20, 2025

Fran Rosch, CEO of Imprivata, joins Managing Partner Scott Crabill on this Beyond the Deal mini-sode to discuss his career journey and leadership philosophy. Rosch shares his belief in open communication, setting ambitious goals, and the importance of continuous learning. He also provides advice on navigating career challenges and emphasizes the significance of having the right people to drive results and achieve success.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Imprivata’s website: https://www.imprivata.com/

How Imprivata is Redefining Healthcare Security Mar 13, 2025

In this episode of Behind the Deal, Imprivata CEO Fran Rosch shares how the company is revolutionizing access to critical healthcare systems with its cutting-edge security solutions. As a leader in cybersecurity for hospitals and health systems, Imprivata specializes in Access Management for shared device ecosystems, as well as streamlining and securing access for professionals in critical environments (like Healthcare). Thoma Bravo Managing Partner Scott Crabill and Imprivata CEO Fran Rosch delve into the challenges in the cybersecurity space, future milestones Imprivata has its eyes on, and its mission to enhance protection for its customers worldwide — making access to critical information simple, secure, and seamless.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Imprivata’s website: https://www.imprivata.com/

How CEO Leagh Turner Fostered Trust and Teamwork to Drive Coupa’s Growth Mar 06, 2025

In this Beyond the Deal mini-sode, Thoma Bravo Managing Partner Holden Spaht sits down with Coupa CEO Leagh Turner to discuss her career journey and the significance of mentorship. They also delve into the future of AI and its implications for businesses. Learn about Coupa’s approach to AI governance, aiming to ensure it is utilized safely and responsibly to establish a new industry standard.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Coupa’s website: https://www.coupa.com/

How Coupa is Utilizing AI to Revolutionize Business Spend Management Feb 27, 2025

Coupa has helped businesses better manage direct and indirect spend through its community-generated AI and industry-leading total spend management platform for almost 20 years. Coupa AI is informed by over $7 trillion of spend data across a global network of 10 million+ suppliers and buyers. Coupa aims to empower its customers with the ability to predict, prescribe, and automate smarter, more profitable business decisions to help companies improve operating margins. Thoma Bravo Managing Partner Holden Spaht speaks with Leagh Turner, CEO at Coupa, about the company’s journey and how Coupa helps simplify spending for customers of all sizes.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Coupa’s website: https://www.coupa.com/

Beyond Transformation: Growth, Leadership and Innovation at HCSS with A.J. Rohde, George Jaber, and Steve McGough Feb 20, 2025

In this Beyond the Deal mini-sode, Thoma Bravo Senior Partner A.J. Rohde and Principal George Jaber discuss with HCSS President and CEO Steve McGough the company’s strong employee relationships, the true essence of leadership, the core values he took with him from his time at Texas A&M, and how the impact of treating every customer with care and respect has led them to build a reputation for award-winning service.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit HCSS’s website: https://www.hcss.com/

How HCSS is a Leader in the Construction Industry's Digital Transformation Feb 13, 2025

For nearly 40 years, HCSS has been a driving force in construction software, helping companies streamline operations and achieve success. In this episode of Behind the Deal, Thoma Bravo’s A.J. Rohde and George Jaber sit down with HCSS President and CEO Steve McGough to explore the company’s journey—from its beginnings in the late ‘80s to creating HeavyBid, an industry-leading estimating software for heavy civil contractors. They also discuss how HCSS is preparing for the future, positioning itself as a leader in the construction industry’s digital transformation.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit HCSS’s website: https://www.hcss.com/

Beyond Qlik’s AI Revolution: A Conversation with Seth Boro and Mike Capone Feb 06, 2025

In this Beyond the Deal mini-sode, Thoma Bravo Managing Partner Seth Boro and Qlik CEO Mike Capone discuss Qlik’s growth since its 2018 acquisition by Thoma Bravo, including its global expansion from Sweden, how the company stays ahead of AI’s rapid evolution to drive ongoing business transformation and how Mike’s leadership style of “leading from the front” has helped Qlik cultivate a culture that employees deeply cherish.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Qlik’s website: https://www.qlik.com/us

How Qlik is Transforming Companies with AI-Powered Solutions Jan 30, 2025

Season three of Thoma Bravo's award-winning podcast kicks off with a conversation between Thoma Bravo Managing Partner Seth Boro & Mike Capone, CEO of Qlik. Together, they explore Qlik's growth from a visual analytics company to an industry leader in data integration, analytics, and AI solutions for businesses. Listen as they explore Qlik’s differentiated vision for end-to-end AI driven solutions and how its partnership with Thoma Bravo is transforming the way companies harness their data to redefine success.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Qlik’s website: https://www.qlik.com/us

Behind the Deal Returns for Season 3 Jan 29, 2025

We’re back with season 3 of Thoma Bravo’s Behind the Deal! Our chart-topping and award-winning podcast offers a glimpse into the world of the largest tech-focused buyout firm. This season, hear CEOs from Qlik, HCSS, Coupa, and more share untold stories of some of Thoma Bravo's biggest and most dynamic acquisitions. New episodes drop every Thursday!

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

How AI is Fueling Software's Growth - Live from Miami Apr 25, 2024

In a special episode of Behind the Deal live from Thoma Bravo’s Annual Meeting in March 2024, Managing Partner Seth Boro welcomes Sumit Dhawan, CEO at Proofpoint, Mike Capone, CEO at Qlik, and Charlie Gottdiener, CEO at Anaplan, to the stage to discuss how their companies are leveraging the power of artificial intelligence. The CEOs share perspectives on generative AI and its impact on cybersecurity, what AI means for the future of IP and how businesses can channel AI into actionable solutions for their customers.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Learn more about Proofpoint: https://www.proofpoint.com/us

Learn more about Qlik: https://www.qlik.com/us

Learn more about Anaplan: https://www.anaplan.com/

Beyond the Partnership Between Carl Thoma and Orlando Bravo Apr 18, 2024

In this special Beyond the Deal mini-sode, Thoma Bravo Co-Founders and Managing Partners Carl Thoma and Orlando Bravo go beyond their long, storied and industry-shaping partnership to discuss the importance of fostering relationships, focusing on performance and staying humble while building a successful firm. Carl also shares his insights on the value of finding the right mentor and discusses one of the proudest moments of his life.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

How Carl Thoma and Orlando Bravo Built the Largest Tech Buyout Firm Apr 11, 2024

On the season finale of Behind the Deal, Co-Founders and Managing Partners Orlando Bravo and Carl Thoma sit down to discuss how they built Thoma Bravo into the world’s largest tech-focused buyout firm. Orlando interviews his mentor, Carl, to get his perspective on the evolution of private equity over his nearly 50-year career in the industry. The Co-Founders discuss their partnership and relive the moments, strategies, successes (and a few failures) that made their firm and their relationship one of the best deals both have ever done.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Beyond the SailPoint Partnership with Seth Boro, Mark McClain and Matt Mills Apr 04, 2024

In this Beyond the Deal mini-sode, Thoma Bravo Managing Partner Seth Boro sits down with SailPoint’s CEO and Founder Mark McClain and President of Worldwide Field Operations Matt Mills to talk about the effects of AI on identity security, being acquired by Thoma Bravo not once but twice, and what it was like to ring the opening bell at the New York Stock Exchange.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit SailPoint’s website: https://www.sailpoint.com/

Revisiting How Thoma Bravo Took Sailpoint Public and Then Private Again Mar 28, 2024

SailPoint Co-Founder and CEO Mark McClain speaks with Thoma Bravo Managing Partner Seth Boro about forging a relationship that led to Thoma Bravo’s first ever IPO of a portfolio company, and then a second acquisition of SailPoint just a few years later. The conversation covers the cutting edge work SailPoint is doing in identity security, as well as the inside experience of partnering with a Private Equity firm. Behind the Deal is rereleasing this favorite from the archives alongside a brand new episode of Beyond the Deal next week with Mark, Seth, and SailPoint’s President of Worldwide Field Operations Matt Mills.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit SailPoint’s website: https://www.sailpoint.com/

Beyond the Bottomline Partnership with Brian Jaffee and Craig Saks Mar 21, 2024

In this Beyond the Deal mini-sode, Thoma Bravo Partner Brian Jaffee sits down with Bottomline CEO Craig Saks to talk about resiliency, the importance of bringing diverse voices into the room, and the surprising things you learn as a South African running an American company (besides just which side of the road to drive on).

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Bottomline’s website: https://www.bottomline.com/us

How a Take-Private is Empowering Bottomline to Further Revolutionize B2B Payments Mar 14, 2024

Thoma Bravo Partner Brian Jaffee takes listeners inside the years of waiting and watching that eventually turned into a quick make-or-break opportunity to acquire Bottomline. With thirty years of history, a management shakeup, activist investors and plenty of competition, the Bottomline take-private wasn’t easy but it was worth the work. Brian is joined by Bottomline CEO Craig Saks who talks about his unique experience transitioning to CEO, the importance of optimizing cash flow, where the fintech world is headed, and how eliminating paper checks can lead to higher GDP.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Bottomline’s website: https://www.bottomline.com/us

Beyond the Foundation Software Partnership with Carl Press and Mike Ode Mar 07, 2024

In this Beyond the Deal mini-sode, Thoma Bravo Partner Carl Press sits down with Foundation Software President and CEO Mike Ode to talk about mentorship, the importance of asking questions, and how some of the best deals get done at times when you least expect it.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Foundation Software's website: https://www.foundationsoft.com/

How Thoma Bravo Took Foundation Software From a Family-Run Business to Private Equity-Owned Feb 29, 2024

Thoma Bravo Partner Carl Press takes listeners behind the deal with Foundation Software, a leader in the world of construction subcontracting software. Family-owned and operated for over thirty years, Foundation decided to partner with Thoma Bravo in 2020 after many offers from investor groups, becoming the firm’s first fully remote deal. Carl is joined by Foundation Software President and CEO Mike Ode to talk about partnering with private equity, the construction industry’s digital transformation and what that means for the future of the business.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Foundation's website: https://www.foundationsoft.com/

Beyond the Raptor Technologies Partnership with Adam Solomon and Gray Hall Feb 22, 2024

In this Beyond the Deal mini-sode, Thoma Bravo partner Adam Solomon sits down with Raptor CEO Gray Hall to talk about the most rewarding parts of being a CEO, how to craft a leadership style employees (and customers) will want to follow, and the personal side of running a business that keeps kids safe at school.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Raptor’s website: https://raptortech.com/

How Raptor Technologies Transforms School Safety Through Software Feb 15, 2024

Thoma Bravo Partner Adam Solomon walks listeners through the challenges of landing a transatlantic deal with Raptor Technologies, a cutting-edge school safety software company, at a time when schools were shut down all over the world due to COVID. Adam is joined by Raptor CEO Gray Hall, and together they discuss the importance of alignment on company culture, organic vs. inorganic growth, and the power of supercharging results with a mission-driven approach.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Raptor's website: https://raptortech.com/

Beyond the Nasdaq Partnership with Holden Spaht and Adena Friedman Feb 08, 2024

In this Beyond the Deal mini-sode, Nasdaq Chair and CEO Adena Friedman and Thoma Bravo Managing Partner and Nasdaq Board Member Holden Spaht discuss Adena’s thirty-year career at Nasdaq, how changing jobs can develop your management style, and how you can literally look for luck in the world around you.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Nasdaq’s website: https://www.nasdaq.com/

How Nasdaq's Acquisition of Adenza is Disrupting Fintech and Modernizing Markets Feb 01, 2024

Thoma Bravo Managing Partner Holden Spaht and Nasdaq's Chair and CEO Adena Friedman take listeners behind Nasdaq’s multi-billion dollar acquisition of Adenza, a provider of mission-critical risk management and regulatory software to the financial services industry. Holden shares Thoma Bravo's approach to building Adenza by merging and integrating two market leaders, Calypso Technology and AxiomSL, at the height of the pandemic.

Holden and Adena also discuss how the acquisition of Adenza is positioned to accelerate Nasdaq's transformation and strategic vision to become the trusted fabric of the world’s financial system.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Nasdaq's website: https://www.nasdaq.com/

Beyond the Dynatrace Partnership with Chip Virnig and John Van Siclen Jan 25, 2024

In this Beyond the Deal mini-sode, Thoma Bravo Partner Chip Virnig and former CEO of Dynatrace John Van Siclen talk about some of the more rewarding challenges they’ve faced, the long steady process of learning patience, the excitement that comes with an IPO, and how to know when it’s time to step away.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Dynatrace’s website: https://www.dynatrace.com/

How a Complex Carveout Led to Dynatrace Disrupting Itself and Then an Entire Industry Jan 18, 2024

Thoma Bravo Partner Chip Virnig goes behind the deal with Dynatrace: how it started, the complexities of the transaction, and the areas of value creation the Thoma Bravo team focused on throughout the partnership. From the initial carve-out to an IPO that saw Thoma Bravo’s team ringing the bell at the New York Stock Exchange, the Dynatrace deal was never easy. Joining Chip in the studio, former Dynatrace CEO John Van Siclen gives his perspective on the growth in enterprise software as a 40-year industry veteran.

Dynatrace first stood out as a leader in SaaS when the Thoma Bravo team realized the massive potential of cloud infrastructure, and successfully predicted an industry-wide disruptive shift in that direction. The acquisition became a fascinating case study, borrowing multiple strategies from the Thoma Bravo playbook - such as operational improvements on day one, backing existing management, and transforming the business to a SaaS-based model - and deploying them all on the same deal.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Dynatrace's website: https://www.dynatrace.com/

Beyond the Alma Deal with Ross Devor and Dr. Harry Ritter Jan 11, 2024

In this Beyond the Deal mini-sode, Thoma Bravo Partner Ross Devor and Alma founder and CEO Dr. Harry Ritter discuss the glaring need for quality, affordable mental healthcare, learning to enjoy the journey while building a business, and the pros and cons of being a “renaissance man.”

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Alma’s website: https://www.helloalma.com/

How Thoma Bravo Partnered with Alma to Provide Accessible Mental Health Care Solutions Across the U.S. Jan 04, 2024

Ross Devor, a partner at Thoma Bravo and co-head of the firm's Growth platform, discusses collaborating with Alma's management team to improve their technology roadmap and connect their platform with therapists across all fifty states. Despite a market meltdown, Thoma Bravo saw an exciting opportunity to be a part of behavioral health care’s digital transformation and to guide Alma on crossing the path to profitability.

Alma is a platform that improves access to quality, affordable mental health care by giving providers the tools they need to build thriving in-network private practices. In this episode, Ross sits down with Alma CEO Dr. Harry Ritter to discuss the importance of a robust management structure, a focus on responsible growth, and having values that align with your business partners. The two also discuss their own mental health journeys, and how investing in people’s mental wellbeing — and your own — might now be more important than ever.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Alma's website: https://www.helloalma.com/

Beyond the Flexera Partnership with Seth Boro and Jim Ryan Dec 21, 2023

In this Beyond the Deal mini-sode, Thoma Bravo Managing Partner Seth Boro and Flexera President and CEO Jim Ryan discuss stepping into the big role as chief executive, share memories from one of their beloved mentors, and deliberate about what they would’ve done if technology wasn’t their calling.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Flexera's website: https://www.flexera.com/

How the Flexera Carve-Out Revolutionized IT Management Dec 14, 2023

Thoma Bravo Managing Partner Seth Boro gives an inside look at how the firm can hit the ground running after a platform carve-out investment. Thoma Bravo helped build out Flexera back in 2008, exited in 2011, and is now back for more with a controlling stake as of 2020.

Flexera is a company that provides customers with the ability to map their IT spend to better optimize their IT estate. In this episode, Thoma Bravo Managing Partner Seth Boro sits down with Flexera CEO Jim Ryan to talk through the initial carveout, surviving the Great Recession of 2008, and where Flexera goes from here.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Flexera's website: https://www.flexera.com/

Beyond the ConnectWise Transformation with Mike Hoffmann and Jason Magee Dec 07, 2023

In this Beyond the Deal mini-sode, Thoma Bravo Partner Mike Hoffmann and ConnectWise CEO Jason Magee sit down, and go beyond their business partnership. They chat about their top business role models, their first jobs, and what they’re reading.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit ConnectWise's website: https://www.connectwise.com/

How Thoma Bravo Partnered with Founder-Led ConnectWise to Transform the MSP Industry Nov 30, 2023

ConnectWise is an industry-leading robust platform of software built for technology solutions providers (TSPs) to run their entire as-a-service business. Their solutions help managed service providers (MSPs) outsource their help desk, billing, and other IT services to small and medium-sized businesses so that they can focus on their products, not IT problems.

Thoma Bravo Partner Mike Hoffmann sits down with ConnectWise CEO Jason Magee to discuss their partnership and the importance of a shared vision when taking a founder-led business to the next level.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit ConnectWise's website: https://www.connectwise.com/

Beyond the J.D. Power Transformation, with Scott Crabill and David Habiger Nov 22, 2023

In this Beyond the Deal mini-sode, Thoma Bravo Managing Partner Scott Crabill and J.D. Power President and CEO David Habiger’s conversation goes deeper than just their business partnership. The two give insight into their career paths, what failure has taught them, and where they might be today if they weren’t in business together.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit J.D. Power's website: https://www.jdpower.com/

How J.D. Power Uses Data to Drive the Auto Industry Forward Nov 16, 2023

J.D. Power has nearly 80% name recognition for its awards, but its data business is the real hidden gem. In this episode, Thoma Bravo Managing Partner Scott Crabill sits down with J.D. Power’s CEO David Habiger to discuss how the company is bringing together the fragmented auto industry, and how Thoma Bravo has partnered with J.D. Power on acquisition strategy, merging two world-class companies, and flattening organizational structure.

The conversation then broadens to include what it was like to navigate a merger during a global pandemic and how to put the right people in the right leadership positions. You’ll also hear insights on the latest auto trends, including electric and autonomous vehicles, connected cars, and shifting retail models.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit J.D. Power's website: https://www.jdpower.com/

Beyond the Syntellis Carve Out, with A.J. Rohde and Flint Brenton Nov 09, 2023

In this Beyond the Deal mini-sode, Thoma Bravo Senior Partner A.J. Rohde and Syntellis CEO Flint Brenton’s conversation continues outside the bounds of their partnership. The two discuss tough customer calls, their favorite software sectors, and who they’re rooting for this season in the NBA.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Syntellis's website: https://www.syntellis.com

How Syntellis Grew from a Software Carveout to a Successful Standalone Company Nov 02, 2023

In the Season Two premiere, a behind-the-scenes journey with Thoma Bravo Senior Partner A.J. Rohde to discuss our deal to acquire and carve out Syntellis, a performance management software business, from its parent company, Kaufman Hall Software. By partnering with Madison Dearborn, Thoma Bravo crafted a strategic business plan to carve out Syntellis into a standalone company.

A.J. speaks with Syntellis CEO Flint Brenton, a five-time successful software CEO, about how Flint ultimately became the leader of Syntellis after a breakfast meetup in a small Californian diner, and how their shared Midwestern sensibility has led to a successful partnership, ultimately selling Syntellis to Roper Technologies in 2023. This episode underlines the significance of forming strategic partnerships, fostering a robust company culture, and even picking the right headquarters in the middle of the Covid pandemic.

For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal

Learn more about Thoma Bravo: https://www.thomabravo.com/

Visit Syntellis's website: https://www.syntellis.com

Behind the Deal is Back for Season 2 Nov 02, 2023

For even more inside looks at some of the firm’s biggest deals, Thoma Bravo’s Behind the Deal returns for Season 2. This season, Thoma Bravo partners will sit down with portfolio company CEOs from acquisitions like J.D. Power, ConnectWise, and Syntellis to give a behind the scenes look at some of the carve outs, acquisitions and mergers that have helped make Thoma Bravo the world’s largest tech-buyout firm.

How Orlando Bravo Helped Build the World’s Largest Software Buyout Firm Jul 13, 2023

In the Season One finale of Thoma Bravo’s Behind The Deal, Thoma Bravo Partner Andrew Almeida connects with Thoma Bravo Founder and Managing Partner Orlando Bravo who shares his stories of success and trial and error in building Thoma Bravo. In the interview, Andrew helps listeners get to know Orlando beyond the dealmaking, as he shares inspiring stories about his mentors Carl Thoma and Marcel Bernard, tactics for staying positive and pragmatic in the face of problems, and how he applies the lessons from being a parent to his professional career.

How AppOmni Seized the SaaS Security Market Opportunity Jun 29, 2023

AppOmni is a leader in securing SaaS applications. In this episode, Thoma Bravo Partner Tre Sayle talks with AppOmni Co-founder and CEO Brendan O’Connor about how AppOmni has tripled in size in the year since their partnership with the Thoma Bravo Growth team began.

How a Merger Helped Veriforce Grow to Five Times Its Size Jun 15, 2023

Veriforce is a global provider of contract management software for industrial markets. In this episode, Thoma Bravo Partner Hudson Smith speaks with Veriforce CEO Colby Lane about how Veriforce expanded to almost five times its original size in under five years by an acquisition process that brought Veriforce together with PEC Safety.

How Circle CVI - a Niche Category Leader in Healthcare - Has Grown with Private Equity Jun 01, 2023

Circle CVI is the global leader in cardiac imaging solutions used by some of the world’s leading hospitals and physicians. In this episode, Thoma Bravo Partner Carl Press speaks with Co-Founder and CEO Greg Ogrodnick about how Thoma Bravo backed Circle CVI, a category leader in a small but very growing category of healthcare, and how their one year partnership has flourished as a result.

How Quorum Overcame Adversity Through Private Equity May 18, 2023

Quorum’s suite of software solutions for the oil, gas, and renewable energy sectors is designed to cover each area of their business - from planning, operations, accounting, measurement, transportation, and logistics. Thoma Bravo Partner Tara Gadgil speaks with former Quorum CEO Gene Austin about their partnership and how they weathered the storm of the global pandemic by continuing to invest in their product and serve it’s customers effectively in a difficult time.

How Leadership Transformed the Culture of Conga May 04, 2023

Thoma Bravo Managing Partner Holden Spaht tells the story of how CEO Noel Goggin turned Conga into a market leader for commercial operations transformation by focusing on company culture and customers.

How Majesco Brings the Speed of Private Equity to Transform the Insurance Business Apr 20, 2023

Majesco is a leader in providing technology and software solutions for the life, property, and casualty insurance business. In this episode, Thoma Bravo Senior Partner AJ Rohde speaks with Majesco CEO Adam Elster about how the company partnered with Thoma Bravo to use the speed of private equity to expedite the digitization of the insurance industry.

How Apryse Achieves Fast Growth and High Margins Apr 06, 2023

Apryse is a leading provider of document processing technology for developers and enterprises. On this episode of Thoma Bravo’s Behind The Deal, Apryse CEO Cassidy Smirnow and Thoma Bravo Operating Partner Kristin Weston reflect on how Cassidy has led the company through a total rebrand and has achieved accelerated growth with high margins as a result.

How SailPoint Keeps Business Identities Safe Mar 23, 2023

SailPoint Co-Founder and CEO Mark McClain speaks with Thoma Bravo Managing Partner Seth Boro about how they forged a relationship that led to Thoma Bravo’s first ever IPO of a portfolio company, and eventually acquiring SailPoint twice over the course of a decade.

How ABC Fitness Keeps Your Gym Running Mar 09, 2023

Thoma Bravo Managing Partner Scott Crabill details how ABC Fitness quadrupled their client base after Thoma Bravo acquired the fitness technology company in 2018, and then discusses how ABC’s go-to-market strategy was transformed and taken to the next level with ABC Fitness CEO Bill Davis.

Welcome To Thoma Bravo’s Behind the Deal Mar 09, 2023

Join Orlando Bravo, founder and managing partner of Thoma Bravo - one of the largest software investors in the world - for stories behind some of its biggest and most dynamic acquisitions.

From Orlando Bravo:

“At Thoma Bravo, we partner with great technology companies to help them do even greater things. Over the past 20 years, the firm has acquired or invested in more than 420 companies, and behind every one of these deals is a unique story, and that’s what this podcast is all about.”

Every episode, listeners will be introduced to top CEOs in its portfolio, along with the deal lead at Thoma Bravo to hear their first-hand account of the challenges and wins behind their partnership. From working collaboratively with existing management teams to driving innovation and growth, listeners will get a unique perspective on what really happens behind the scenes of private equity investing.

If you would like to learn more about Thoma Bravo, head to www.thomabravo.com.

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