Thoma Bravo
| Thoma Bravo | |
| |
| Founded | 1980 |
|---|---|
| Headquarters | Chicago, Illinois, USA; offices also in Dallas, London, Miami, New York, and San Francisco |
| Key People | Orlando Bravo (Founder and Managing Partner), Carl Thoma (Founder and Managing Partner) |
| Employees | 170+ |
| Products | Private equity, software and technology investment, leveraged buyouts, growth equity, operational consulting |
| @thomabravo | |
| Profile | |
| Website | https://www.thomabravo.com |
| Releases | Company News |
Thoma Bravo is one of the world’s largest private equity investment firms specializing in software and technology, known for pioneering the “buy-and-build” strategy and operating with approximately $184 billion in assets under management as of March 2025.[1]
History[edit]
The origins of Thoma Bravo date back to 1980, when Carl Thoma and Stanley Golder co-founded Golder Thoma & Co. in Chicago, establishing a foundation that would influence the evolution of private equity through a focus on consolidations and growth strategies rather than distressed turnarounds.[2] Over the years, the firm underwent a number of transitions, becoming Golder Thoma Cressey (with the addition of Bryan Cressey), then Golder, Thoma, Cressey, Rauner (GTCR).
In 1998, the group split, leading to the creation of Thoma Cressey Equity Partners, which was ultimately renamed Thoma Bravo in 2008 after Orlando Bravo’s rise to leadership and the departure of Bryan Cressey.[3]
The firm’s modern trajectory began in the early 2000s, when Orlando Bravo shifted strategy toward acquiring well-established, niche enterprise software businesses with strong recurring revenues. Since then, Thoma Bravo has grown rapidly, driven by its disciplined investment approach, sector expertise, and repeated successful exits. By 2025, Thoma Bravo had offices in Chicago, Dallas, London, Miami, New York, and San Francisco, and had acquired or invested in over 535 companies with a combined enterprise value of roughly $275 billion.[4]
Investing in 7RIDGE & Trading Technologies[edit]
In July 2025, Thoma Bravo announced a partnership with 7RIDGE, the owner of Trading Technologies International (TT), to support TT’s next stage of growth following a comprehensive search for suitable investors. This collaboration is designed to combine Thoma Bravo’s strategic and operational expertise with 7RIDGE’s sector knowledge, positioning TT to further accelerate innovation and strengthen its role in capital markets technology.[5] The transaction closed in November of 2025 and Thoma Bravo joined 7RIDGE in ownership of TT.[6]
Products and Services[edit]
Thoma Bravo focuses on leveraged buyouts, growth equity, and private credit, with a principal emphasis on software—including enterprise, cybersecurity, fintech, healthcare technology, and infrastructure.[7]
The firm is known for its collaborative approach, working closely with existing company management teams and supporting growth through strategic investments, operational improvements, and targeted acquisitions (“buy and build”). Thoma Bravo raises flagship funds, such as its $24.3 billion fund in 2022—the largest tech buyout fund at the time—and has also launched specialized vehicles like the Explore fund, which targets lower middle-market opportunities.[8]
Thoma Bravo maintains one of the largest cybersecurity investment portfolios in private equity, representing about $60 billion in enterprise value, along with substantial holdings in infrastructure and application software. Its investment model centers on operational transformation, market consolidation, and value creation, typically by investing in and growing high-quality market leaders rather than conducting distressed turnarounds.[9]
Key People[edit]
The firm is led by founder and managing partner Orlando Bravo, who is credited with shaping Thoma Bravo’s focus on the software sector and its collaborative, value-driven buyout strategy.[10] Carl Thoma, also a founder and managing partner, has played a key role in both the early and ongoing evolution of the business. The leadership team includes managing partners Seth Boro, Scott Crabill, and Holden Spaht.[11] Thoma Bravo’s leadership is further supported by its global team of operating partners, advisors, and experts in technology, finance, and operations.
References[edit]
- ↑ About Us - Private Equity Firm Overview - Thoma Bravo. Thoma Bravo.
- ↑ Thoma Bravo. TrendSpider.
- ↑ Thoma Cressey Bravo to rebrand as Thoma Bravo. Crain's Chicago Business.
- ↑ Thoma Bravo - LinkedIn. LinkedIn.
- ↑ Trading Technologies and 7RIDGE Choose Thoma Bravo to Continue TT’s Growth. Trading Technologies.
- ↑ Trading Technologies Announces Close of Investment from Thoma Bravo. Trading Technologies.
- ↑ Thoma Bravo LLC - Company Profile and News - Bloomberg Markets. Bloomberg.
- ↑ Our Business. Thoma Bravo.
- ↑ How Thoma Bravo creates value through its buyout transactions. Altaroc.
- ↑ Thoma Bravo - Investment Firms - GrowthCap. GrowthCap.
- ↑ Partners Team - Thoma Bravo. Thoma Bravo.