On the record · Investment firm
Thoma Bravo
One of the largest software-focused PE firms. Known for aggressive cost-cutting and 'buy-and-build' strategies in cybersecurity and fintech
Research depth
Transactions sourced
At least one recorded transaction has a public source.
Record updated Sept. 27, 2026
Current ownership
Current owner not established
This record does not identify a current owner. That absence is a gap in the record, not a conclusion about ownership.
Ownership and transaction history
Chronology from recorded ownership periods, transactions and reviewed outcome events. Event order does not imply causation.
Aug. 22, 2017
Acquirer: New Mountain Capital · Target: Sparta Systems, Inc. · Sponsor: New Mountain Capital
Recorded history
Jan. 9, 2012
Leveraged buyout · Completed · Recorded transaction
April 2, 2018
Leveraged buyout · Completed · Recorded transaction
Oct. 11, 2018
Leveraged buyout · Completed · Recorded transaction
July 7, 2020
Other · Completed · Recorded transaction
Aug. 31, 2020
Foundation Software / Thoma Bravo
Leveraged buyout · Completed · Recorded transaction
Dec. 31, 2020
Minority investment · Completed · Recorded transaction
April 19, 2021
Leveraged buyout · Completed · Recorded transaction
May 5, 2021
Minority investment · Completed · Recorded transaction
July 1, 2021
Leveraged buyout · Completed · Recorded transaction
Sept. 27, 2021
Minority investment · Completed · Recorded transaction
June 21, 2022
Leveraged buyout · Completed · Recorded transaction
Aug. 16, 2022
Thoma Bravo acquires SailPoint Technologies
Leveraged buyout · Completed · Recorded transaction
Feb. 28, 2023
Thoma Bravo acquires Coupa Software
Leveraged buyout · Completed · Recorded transaction
Jan. 4, 2024
Minority investment · Completed · Recorded transaction
June 2, 2016
Leveraged buyout · Announced · Recorded transaction
Aug. 4, 2017
Frontline Education / Thoma Bravo
Leveraged buyout · Announced · Recorded transaction
Nov. 27, 2017
Barracuda Networks, Inc. / Thoma Bravo, LLC
Take-private · Announced · Recorded transaction
Aug. 13, 2018
Quorum Software / Thoma Bravo, LLC
Leveraged buyout · Announced · Recorded transaction
Feb. 25, 2019
ConnectWise / Thoma Bravo, LLC
Leveraged buyout · Announced · Recorded transaction
Nov. 10, 2020
Planview / TA Associates, TPG Capital
Leveraged buyout · Announced · Recorded transaction
June 28, 2021
Take-private · Announced · Recorded transaction
July 26, 2021
Take-private · Announced · Recorded transaction
March 15, 2022
Minority investment · Announced · Recorded transaction
April 12, 2022
Leveraged buyout · Announced · Recorded transaction
Aug. 28, 2024
Leveraged buyout · Announced · Recorded transaction
March 17, 2025
Minority investment · Announced · Recorded transaction
May 5, 2025
Unknown · Announced · Recorded transaction
Aug. 4, 2026
Command Alkon / Francisco Partners
Leveraged buyout · Announced · Recorded transaction
Date not recorded
Riskonnect, Inc. / Thoma Bravo LLC
Leveraged buyout · Announced · Recorded transaction
Sources and evidence
Recorded transaction sources
These support a recorded transaction row. They have not passed the separate evidence-review process.
- R1Telestream Acquisition by Thoma Bravo Complete | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 19, 2026
Supports: Recorded transaction
- R2New Mountain Capital Completes Investment in Sparta Systems | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 13, 2026
Supports: Recorded transaction
- R3New Mountain Capital to Acquire Sparta Systems from Thoma Bravo | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 13, 2026
Supports: Recorded transaction
- R4Nintex Announces Agreement with Thoma Bravo as New Lead Investor
Updata Partners · Company announcement · Feb. 9, 2018
Supports: Recorded transaction
- R5Thoma Bravo Completes Majority Investment in Nintex
Updata Partners · Company announcement · April 3, 2018
Supports: Recorded transaction
- R6Thoma Bravo to Acquire Majority Interest in Apttus | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 13, 2026
Supports: Recorded transaction
- R7Thoma Bravo Completes Majority Investment in Apttus | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 13, 2026
Supports: Recorded transaction
- R8Thoma Bravo Announces Completion of Strategic Growth Investment in Exostar®
Exostar · Company announcement · Retrieved Sept. 9, 2026
Supports: Recorded transaction
- R9Thoma Bravo Announces Strategic Growth Investment in Exostar®
Exostar · Company announcement · Retrieved Sept. 9, 2026
Supports: Recorded transaction
- R10Thoma Bravo Announces Completion of Strategic Growth Investment in Foundation Software
Foundation Software · Company announcement · Retrieved Sept. 9, 2026
Supports: Recorded transaction
- R11Thoma Bravo Announces Strategic Growth Investment in Foundation Software
Foundation Software · Company announcement · Retrieved Sept. 9, 2026
Supports: Recorded transaction
- R12Thoma Bravo Announces Completion of Strategic Growth Investment in Venafi | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 16, 2026
Supports: Recorded transaction
- R13Thoma Bravo Announces Strategic Growth Investment in Venafi | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 16, 2026
Supports: Recorded transaction
- R14Thoma Bravo Completes Acquisition of Calabrio | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 9, 2026
Supports: Recorded transaction
- R15Thoma Bravo Announces Strategic Acquisition of Calabrio to Accelerate Company's Cloud-first Customer Experience Growth | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 9, 2026
Supports: Recorded transaction
- R16Thoma Bravo Makes Strategic Investment in Applitools | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 11, 2026
Supports: Recorded transaction
- R17Thoma Bravo Announces Completion of Strategic Growth Investment in Applitools | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 11, 2026
Supports: Recorded transaction
- R18iOFFICE Announces Strategic Growth Investment from Thoma Bravo | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 16, 2026
Supports: Recorded transaction
- R19Thoma Bravo Completes Strategic Investment in Intel 471 | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 8, 2026
Supports: Recorded transaction
- R20Thoma Bravo Makes Strategic Investment in Intel 471 | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 8, 2026
Supports: Recorded transaction
- R21Thoma Bravo Completes Acquisition of Anaplan
Thoma Bravo · Company announcement · June 21, 2022
Supports: Recorded transaction
- R22Thoma Bravo Completes Acquisition of SailPoint
Thoma Bravo · Company announcement · Aug. 16, 2022
Supports: Recorded transaction
- R23Thoma Bravo Completes Acquisition of Coupa Software
Thoma Bravo · Company announcement · Feb. 28, 2023
Supports: Recorded transaction
- R24Thoma Bravo Makes Strategic Investment in BlueMatrix | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 7, 2026
Supports: Recorded transaction
- R25Thoma Bravo Completes Strategic Investment in BlueMatrix | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 7, 2026
Supports: Recorded transaction
- R26Thoma Bravo to Acquire Qlik | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 14, 2026
Supports: Recorded transaction
- R27Thoma Bravo to Acquire Frontline Education | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 13, 2026
Supports: Recorded transaction
- R28Barracuda Agrees To Be Acquired By Thoma Bravo For $1.6 Billion | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 13, 2026
Supports: Recorded transaction
- R29Thoma Bravo to Acquire Quorum Software
Quorum Software · Company announcement · Aug. 13, 2018
Supports: Recorded transaction
- R30ConnectWise Announces Pending Acquisition by Thoma Bravo | ConnectWise
ConnectWise · Company announcement · Retrieved Sept. 11, 2026
Supports: Recorded transaction
- R31TPG and TA Associates to Acquire Planview from Thoma Bravo for $1.6 Billion | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 9, 2026
Supports: Recorded transaction
- R32QAD Inc. to be Acquired by Thoma Bravo for $2 Billion | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 8, 2026
Supports: Recorded transaction
- R33Medallia to be Acquired by Thoma Bravo for $6.4 Billion – Medallia
Medallia · Company announcement · Retrieved Sept. 8, 2026
Supports: Recorded transaction
- R34Medallia to be Acquired by Thoma Bravo for $6.4 Billion | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 8, 2026
Supports: Recorded transaction
- R35Veracode Announces Significant Growth Investment from TA Associates | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 8, 2026
Supports: Recorded transaction
- R36KKR to Acquire Barracuda Networks | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 8, 2026
Supports: Recorded transaction
- R37Apax Funds to acquire Veriforce from Thoma Bravo | Apax Partners
Apax · Company announcement · Retrieved Sept. 6, 2026
Supports: Recorded transaction
- R38Apax Funds to Acquire Veriforce from Thoma Bravo | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 6, 2026
Supports: Recorded transaction
- R39Thoma Bravo Makes Strategic Growth Investment in PCMI | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 6, 2026
Supports: Recorded transaction
- R40HubSync | Thoma Bravo
Thoma Bravo · Investment-firm portfolio page · July 17, 2025
Supports: Recorded transaction
- R41Thoma Bravo Announces Strategic Growth Investment in HubSync | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 6, 2026
Supports: Recorded transaction
- R42Command Alkon Announces Acquisition by Francisco Partners | Media | Francisco Partners
Francisco Partners · Company announcement · Retrieved Sept. 1, 2026
Supports: Recorded transaction
- R43Thoma Bravo to sell Command Alkon to Francisco Partners | Thoma Bravo
Thoma Bravo · Company announcement · Retrieved Sept. 1, 2026
Supports: Recorded transaction
- R44Thoma Bravo Announces Strategic Growth Investment with Acquisition of Riskonnect
Riskonnect · Company announcement · June 7, 2017
Supports: Recorded transaction
What we do not know
These are gaps in the public record, not findings about the organization.
- The organization's operating status has not been researched.
- No current public ownership assessment has been published.
Help improve this record
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