Overview

Thoma Bravo is a software-focused investment firm with approximately $170 billion in assets under management as of June 30, 2026. It invests through Flagship, Discover, Explore, Europe and Credit platforms, covering large-cap, middle-market and lower-middle-market software and technology companies as well as senior-secured credit. Its investment approach emphasizes recurring-revenue, mission-critical businesses and a buy-and-build strategy, with particular depth in application software, infrastructure software and cybersecurity.

Investment focus

Sectors
Software, Application Software, Infrastructure Software, Cybersecurity
Stages
Large-cap buyout, Middle-market buyout, Lower middle-market buyout, Growth equity, Private credit
Regions
North America, Europe

How they work with companies

Thoma Bravo works alongside management teams on product innovation, operational excellence and sustainable growth. Its operating partners advise portfolio companies on operational improvements and strategic initiatives, including add-on acquisitions. The firm also works with portfolio companies on areas such as governance, cybersecurity, workforce practices and AI governance through its Responsible Growth and Governance initiatives.Read more

Thoma Bravo works alongside management teams on product innovation, operational excellence and sustainable growth. Its operating partners advise portfolio companies on operational improvements and strategic initiatives, including add-on acquisitions. The firm also works with portfolio companies on areas such as governance, cybersecurity, workforce practices and AI governance through its Responsible Growth and Governance initiatives.

Key people

6 people
Orlando BravoFounder and Managing PartnerView bio

Orlando Bravo is a founder and managing partner of Thoma Bravo. He led the firm's early move into software buyouts and today directs its strategy and investment decisions. He joined Carl Thoma's organization after graduating from Stanford and has overseen hundreds of software and technology transactions.

Profile
Carl D. ThomaFounder and Managing PartnerView bio

Carl D. Thoma is a founder and managing partner of Thoma Bravo and a longtime private equity investor. He previously co-founded Golder, Thoma, Cressey, Rauner and its predecessor funds and is recognized by the firm as a pioneer of the buy-and-build investment strategy that underpins Thoma Bravo's approach.

Profile
Seth BoroManaging PartnerView bio

Seth Boro is a managing partner at Thoma Bravo. He joined the firm in 2005 and leads its infrastructure software and cybersecurity strategy. He has held more than 30 portfolio-company board seats and has played a major role in developing the firm's cybersecurity investment portfolio.

Profile
Scott CrabillManaging PartnerView bio

Scott Crabill is a managing partner at Thoma Bravo. Since joining in 2002, he has helped shape the firm's growth as a software investor and co-leads its application software investing efforts. He has served on more than 25 portfolio-company boards and led numerous investment exits.

Profile
View all 6 people
Holden SpahtManaging PartnerView bio

Holden Spaht is a managing partner at Thoma Bravo. He joined the firm in 2005 and is responsible for its application software strategy. He has led a number of significant software investments and has held more than two dozen portfolio-company board seats during his tenure.

Profile
Lee M. MitchellManaging PartnerView bio

Lee M. Mitchell is a managing partner at Thoma Bravo. Based in Chicago, he participated in forming the firm in 1998 and has helped guide its investment strategy for more than 25 years. He was previously a partner in predecessor firm Golder, Thoma, Cressey, Rauner.

Profile

Companies curated by Ovii

A selection of companies associated with Thoma Bravo that Ovii curates for job seekers.

3 companies