Thoma Bravo's Behind the Deal
Thoma Bravo’s Behind the Deal podcast takes you behind the scenes of one of the largest software investors in the world. You'll hear the strategies and stories behind building Thoma Bravo’s portfolio of innovative, industry-leading software and technology companies. Presented by Orlando Bravo, “Wall Street’s best dealmaker” (Forbes), each episode offers a first-person account from the deal leads and CEOs that forged some of the largest software acquisitions at Thoma Bravo to date, and how they partnered together to innovate and grow those companies. Go ‘behind the deal’ to learn how these deals came together, gaining insight on how Thoma Bravo helps great companies do even greater things. Head to www.thomabravo.com/behindthedeal for information on the podcast, show notes, and more. Head to https://survey3.medallia.com/?podcast&version=GA to fill out our short survey.
Episodes
July 24, 2025 • 21 mins
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.
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July 17, 2025 • 34 mins
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.
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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/behindthedealLearn more about Thoma Bravo: https://www.thom...
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July 3, 2025 • 55 mins
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 Hea...
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June 26, 2025 • 14 mins
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.
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June 18, 2025 • 52 mins
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.
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June 12, 2025 • 14 mins
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 ...
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June 5, 2025 • 57 mins
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 bi...
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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.
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May 22, 2025 • 41 mins
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 appli...
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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 busin...
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May 8, 2025 • 53 mins
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 worl...
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May 1, 2025 • 38 mins
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...
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April 24, 2025 • 14 mins
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.
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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...
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April 10, 2025 • 51 mins
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, integr...
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April 3, 2025 • 20 mins
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.
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March 27, 2025 • 40 mins
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 solutio...
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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.
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March 13, 2025 • 40 mins
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 Brav...
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