Thoma Bravo
One of the largest software-focused PE firms. Known for aggressive cost-cutting and 'buy-and-build' strategies in cybersecurity and fintech
Brands Owned by Thoma Bravo (10)
Barracuda Networks
Software & SaaS · 0 locations
Thoma Bravo acquired Barracuda Networks, an email and network security company, for $1.6B in 2017. Sold to KKR in 2022 for $4B. During Thoma Bravo ownership, the company transitioned customers from perpetual licenses to subscriptions, raising costs for many SMBs.
ConnectWise
Software & SaaS · 0 locations
Thoma Bravo acquired ConnectWise, a business management platform for MSPs (managed service providers), in 2019. Post-acquisition the company rapidly raised prices, angered its MSP customer base, and acquired several competitors. MSP forums document widespread dissatisfaction with support quality declines.
Entrust
Software & SaaS · 0 locations
Thoma Bravo acquired Entrust Datacard (digital identity and credential issuance) in 2018. The company was rebranded Entrust and expanded into digital certificates and passwordless authentication. Thoma Bravo sold it in 2023.
Imperva
Software & SaaS · 0 locations
Thoma Bravo acquired Imperva, a cybersecurity company specializing in data and application security, for $2.1B in 2019. Shortly after acquisition, Imperva disclosed a data breach affecting 100M+ customer records — the company had failed to update security certificates.
Ping Identity
Software & SaaS · 0 locations
Thoma Bravo acquired Ping Identity, an enterprise identity platform, for $2.8B in 2022 and merged it with ForgeRock. Combined entity serves large enterprises and government agencies for identity and access management.
Proofpoint
Software & SaaS · 0 locations
Thoma Bravo acquired Proofpoint, an enterprise cybersecurity and compliance company, for $12.3B in 2021 — one of the largest software buyouts ever. Post-acquisition, Proofpoint laid off hundreds of employees and significantly raised prices on enterprise email security products.
RealPage
Software & SaaS · 0 locations
Thoma Bravo acquired RealPage, apartment management and revenue management software, for $10.2B in 2021. RealPage's YieldStar algorithm has been at the center of a major DOJ antitrust investigation and class-action lawsuits alleging landlords used the software to coordinate rent increases — driving up rents across U.S. apartment markets.
SailPoint
Software & SaaS · 0 locations
Thoma Bravo acquired SailPoint, an enterprise identity security company, for $6.9B in 2022 — taking it private from NYSE. SailPoint re-IPO'd in 2025.
SolarWinds
Software & SaaS · 0 locations
Thoma Bravo and Silver Lake took SolarWinds private for $4.5B in 2016. In 2020, SolarWinds was the victim of the most significant supply-chain cyberattack in U.S. history — the Orion hack compromised 18,000+ organizations including U.S. government agencies. The SEC later charged SolarWinds with fraud for misleading investors about its security practices.
Sophos
Software & SaaS · 0 locations
Thoma Bravo acquired Sophos, a UK-based cybersecurity company, for $3.9B in 2019. Post-acquisition restructuring included significant layoffs and pricing increases for managed threat response products.