In this episode of Behind the Deal, Thoma Bravo Partner Irina Hemmers and Achim Weick, Founder and CEO of EQS Group, dive into the details behind Thoma Bravo's acquisition of EQS Group.
AIR DATE:
March 27, 2025
LENGTH:
26:41
DISCLAIMER:
This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest of any Thoma Bravo fund.
Transcript
ORLANDO BRAVO:
Welcome to Thoma Bravo’s Behind the Deal. I'm Orlando Bravo, Founder and Managing Partner at Thoma Bravo. And that was Achim Weick, Founder and CEO of EQS Group, speaking with Thoma Bravo Partner, Irina Hemmers.
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At Thoma Bravo, we're passionate about partnering with leading software businesses. At this time, the business community is disillusioned with Europe. At Thoma Bravo, we focus on the businesses, not the macro. We find that great software companies are everywhere, great entrepreneurs and leaders are everywhere. And that software is meant to be a global business.
One great place, full of phenomenal software companies, is Europe, and it's these software companies that led us to form a European buyout fund. Today, EQS is well-established as a key player in the European market. a leading provider of governance, risk, and compliance software solutions.
The company was founded in the early 2000s by Achim Weick, after he identified the inefficiencies in the very manual ways listed companies managed their investor relations. Over the years, the business expanded into building software solutions that helped its clients handle key regulatory and compliance requirements, such as EU-mandated whistleblowing solutions.
We recognized the strength of its offering and the high degree of customer satisfaction early on in our discussions with the founder and his team. But what got us really excited was the ambition of the team to evolve from a point-solution provider in select areas of regulation to a comprehensive compliance solution offering.
One year into our investment, we are well on the way. EQS has accelerated its profitable growth through prioritizing its product development roadmap, expanding geographically and executing successfully on some exciting strategic M&A.
In this episode, we'll delve into the story behind our acquisition of EQS, exploring the key factors that drove this successful partnership. We'll hear from Achim, who brings a unique perspective shaped by his early career in banking and a deep-rooted belief in the importance of trust and transparency.
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So today, we’ll uncover everything that went on ‘Behind the Deal’ with Thoma Bravo Partner Irina Hemmers, followed by her conversation with EQS Group Founder and CEO, Achim Weick.
Irina Only Starts Here
IRINA HEMMERS:
Hi, I'm Irina Hammers, a partner at Thoma Bravo. And today on Behind the Deal, we'll be discussing our investment in EQS Group.
So, Thoma Bravo opened the London office two years ago, which is when I joined right at the beginning. And we were really excited about the evolving European software ecosystem, you know the firm had done a few deals over the last 10 years prior to us opening the office. And we really saw some great homegrown European software opportunities, great ambitious management teams we could find here to partner with, and just a growing ecosystem. And that's really what excited us.
Our strategy is very much the same like the strategy we've pursued in the U.S. We back market-leading software businesses that are growing well, and we partner with the existing management. We back market-leading software businesses that are growing 10% - 15 % plus and really help them on their journey to accelerate profitable growth.
EQS fits perfectly into the strategy. It's a scale business today. It's more than a hundred million of revenues. It had a really, really good, strong customer proposition. The customer feedback was immensely positive. So it has this really entrenched market-leading position in GRC software. GRC stands for Governance, Risk, and Compliance but it also had a ton of opportunities that it hadn't been able to pursue in full.
Both organically in terms of accelerating the business, expanding it geographically, expanding the product and workflow solution set it offered to its customers, and then also some exciting acquisition opportunities that, as a listed business, you know it wasn't able to pursue. So it's almost a near perfect fit to our strategy in Europe.
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EQS is a pan-European leader in GRC software, and so think about corporates of all sizes headquartered in European countries in the main. They have all sorts of regulations, governance requirements, risk elements in their business that they need to operate under and deal with. And so EQS is the leading provider of workflow and software solutions, equipping corporates to do that efficiently and effectively.
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Thoma Bravo has a domain expertise in investing in kind of risk and compliance software businesses. We have many great examples in our US business.
Early on, when we started looking more closely at Europe, you know EQS stood out being a real market leader in that space that we knew well with a great team, great scale business. But we also thought, you know, there were opportunities that the business wasn't able to pursue in being a listed business.
So, like any of our US investments, you know we have a very strong operational playbook and value creation strategy in Europe as well.
But there are differences in how we implement that strategy. So if you think about any European software businesses, typically early on in their existence, they outgrow their home market. And so they need to expand internationally, which means a slightly different go-to-market structure that is more localized. You know your R&D functions will sit in different places, so that is really a requirement.
If we think about EQS, a comparable US business of a comparable size would probably be only serving the US market. EQS, when we partnered with this, it already served well over 20 markets, different languages, so language capabilities, local market understanding, slightly different customer regulatory needs in each one of the jurisdictions as well. So those were all kinds of differences we had to take into account when we thought about our joint business plan going forward and our value creation opportunities in the business.
The reason we saw it was the right timing is because Achim had built a business of scale, and he had operated really well as a listed business for many years, scaled it nicely. But it was also a time when, you know, the public markets were quite nervous about software valuations. They were quite nervous about putting more capital into software businesses such as EQS.
And so we felt it was a good time for us to engage because clearly we could offer him a very different ownership and governance model with more value creation opportunity, more growth opportunities at hand, you know, supporting him with capital for really exciting M&A opportunities, helping him build out the business more geographically. So those were all elements that he couldn't really execute on staying as a listed business. So it was a perfect meeting of minds and also meeting of timing, coming in with a very different ownership model as a really kind of strong investor alongside him.
So we identified EQS as a really attractive opportunity, a clear first step was to talk to the key decision maker, and more than talk to, know, really get to know Achim Weick and his team, and also for him to get to know us. You know, we were fairly new in Europe. Thoma Bravo was a brand name he knew, but he didn't really know how we were as an investor, what we could bring to the table. So a lot of our early engagement over several months was really helping him understand how Thoma Bravo operates, how we could help him take his business to the next level of growth and ambition and then put proof points behind that. So that was really early on.
What were the challenges? The business was a listed business. So it was on the stock exchange. You know, it had kind of seen that those market challenges in the two years prior to our first meeting with Achim. And so we needed to navigate all the intricacies of a take private in Germany, know, lots of regulations, lots of rules, things you and cannot do, and so there was a learning curve we went on together with Achim, but ultimately one that culminated in a very successful tech private and an amazing partnership ever since over the last 12 months.
What came next is really aligning on what the vision and the plan for the business going forward was. As I said, he had built a really great business, but at the same time, there were unutilized growth opportunities in the business, geographic expansion, product expansion. And so it was really an intensive period of aligning his and his team's perspectives and vision with what we could contribute, and also, you know, aligning ourselves in terms of where could we support him. And that was really kind of the next phase.
So it was a co-due diligence phase, but really also aligning out all of our perspectives together to one plan that ultimately resulted in, you know, proposing of making a public tender offer for all of the shares of the companies and going through that very technical process, which we fortunately did successfully in the later part of 2023, early 2024 culminating in us becoming the majority owners alongside Achim as a founder in the business.
There's a few takeaways I have from this deal. One is really, you know, making the upfront investment and building this trusted relationship, particularly when you are newer to the market. You know, in the U.S., we've earned our right to be a relevant partner for over 30 years. In Europe, we've done that for a couple of years. So that was an important element, trusted relationship, demonstrating our capabilities to Achim.
So that was kind of from the deal phase, from our partnership in the last 12 months. It's amazing how much we were able to achieve in a very short period of time. There's so many value creation levers to say, know, that's accelerating organic growth, it's pricing, it's repackaging the product, some really exciting M&A opportunities that took us into new product areas, such as sustainability reporting, some geographies we pushed into more aggressively, like the US. So it's been a whirlwind, but what really my takeaway is that you can achieve so much in a short period of time, if you have a very, very aligned vision of what you want to achieve.
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IRINA HEMMERS:
You know, Achim is a CEO and founder. So what are the benefits of working with somebody who has built the business and run it for 25 years? It's really, he's seen it all, right? You start from a very small beginning, you win with your first customers, you kind of get excited about winning the next customers, and then you find yourself having 5,000 customers, 10,000 customers. So very different challenges, requirements, the very different scale. And Achim has really, really strongly grown over those years.
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But he's retained that kind of early day curiosity on how can I make the business better? How can I make the business run faster? How can I evolve the right team? And so that's really still very much present despite, you know, having scaled the business and run it for 25 years. That original curiosity and strive to do better and improve the business, do better for its customers.
So the founder element, he's and has continued to be super passionate about the business, about building the business, about building and growing his team, many of whom have been with him for many, many years, but also delivering the best for his customers. In addition to that, he's restless in a good way. You know, he wants to improve. So he's a great listener. He's always keen to hear best practice. He loves connecting with our other CEOs in our company-wide events, whether they're in the US or Europe, and learn from others, and also contribute. And think that for me, having maintained that for him for 25 years, building this one business, I think that's a really unique capability and we love to see that.
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Up next, my conversation with Achim Weick.
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Interview Section Starts Here
IRINA HEMMERS:
Hi, Achim. It's great to see you. And first of all, thank you very much for taking the time to speak to me and our listeners today.
You've been with EQS Group for over 25 years now as a CEO after founding it in the early 2000s at a, believe, very tender age, you know, leaving a very stable career in banking behind to plunge into entrepreneurship. Tell us what motivated you to do so.
ACHIM WEICK:
Hi Irina and thanks so much for having me here. It's really a great honor. Just 12 months into our partnerships, I'm already here on stage. That's really wonderful. Yeah, I worked in investment banking before. I worked in institutional sales equities and I was traveling around with institutional investors, meeting a lot of companies, a lot of IPO candidates. And I saw that there was a huge lack of understanding within these companies how to communicate with their investors, especially with institutional investors.
And at that point, it was 1998, 1999, we had around 150 IPOs per year in Germany, which was huge and I saw the opportunity to create this B2B Investor Relations platform based on video and audio streaming. The reason behind was that at that point, you know, it was really overwhelming this number of IPOs and portfolio managers that, look, normally I want to see all these managers, the CEOs, these entrepreneurs in person, but it's not possible anymore.
So I thought, well, this is a great opportunity to start this B2B Inversalization platform and stream everything. And yeah, it was quite early and a lot of hiccups and the timing was not perfect.
IRINA HEMMERS:
The “.com” boom at the time, I assume, was also kind of around the area. Obviously, the business has come a long way since then. You know, you took it from investor relations into the compliance space. So, tell us a little bit more of what is EQS today? Explain. What does it do for its customers and markets?
ACHIM WEICK:
Yeah, gladly, we are a GRC software provider. Governance, risk, and compliance, one of the leading ones in the world now with over 13,000 customers, a lot of different countries, regulations in Europe, but also now a strong footprint in the US, serving four corporate departments: Investolations, Compliance and Ethics, Data Privacy and Sustainability Management.
Our strongest footprint is in governance when it comes to making decisions and accountability. Then, of course, the questions come up: What's the basis for the decisions? How about ethics and integrity? And of course, when it comes to accountability, it's all about transparency and reporting.
So when you think about how we started with investolations and, of course, creating transparency for the stock listed companies and then going more and more into the compliance space, into the ethics space, data privacy, and now even sustainability management, you see that in the end it's all about creating trust, creating trusted companies and helping our organizations, our corporates to achieve their goals in making their stakeholders happy and build a long-term sustainable business.
IRINA HEMMERS:
Right. And a lot of the requirements for your customers are regulatory driven, particularly, you know, the EU has been very prolific to launch a lot of regulations that corporates need to adhere to. What key regulations have been put in place that companies need to adhere to? And how do your solutions, EQS solutions, really help them navigate that? I'm thinking — whistle-blowing here —I'm thinking broader compliance. In layman's terms. It can be very complicated, but maybe let's dive a little bit more into that.
ACHIM WEICK:
Yeah. Absolutely. We shouldn't forget there was a time where there was almost no regulation in the space in Europe, but a lot of regulation in the US. When I think about 2001, the Enron scandal, and everything around that, that became a regulation like fair disclosure. There was then the Sarbanes-Oxley Act, with the requirement for stock listed companies to install a helpline or hotline.
So everything kind of happened 20 years earlier than in Europe, and we're talking about the kind of overregulation in Europe but I think in many areas it's just catching up. Of course, for us, the most important regulation was the Whistleblower Directive. The EU Whistleblower Directive that was put in place in order to encourage and protect whistleblowers, and of course, to fight misconduct. And Enron’s scandal was a big misconduct, but we had, of course, a lot of scandals here in Europe also. Wirecard, VW, and so on and so on. So, I think it made a lot of sense, but what was a big surprise to all of us is that you decided to start the regulation with companies from 50 employees on.
So, from—that meant for us a totally new market appeared. 250,000 companies were regulated. They had to install a hotline, and it was not possible to do it like in the olden days in the US, just putting a telephone hotline in place with all the GDPR around it. It meant in the end that you, as a company, had to install a software. On the one hand, a reporting channel and then on the other hand, on the back end, a case management. And this was kind of a breakthrough for us in the field of compliance. We started in the year 2017, and then we saw that this regulation would come. We consolidated the market, and now we are the leading provider in Europe for digital whistleblowing solutions.
IRINA HEMMERS:
Great, but let's give our listener an insight, sneak preview, so to say, into Behind The Deal and into the deal. So let's move on to why partnering with Thoma Bravo, maybe to start off with—you took the company public a few years into founding it when it was, I think, five million of revenues, so fairly small.
ACHIM WEICK:
Exactly.
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IRINA HEMMERS:
Very good run on the stock market for over 15 years. Why private equity? Let's start off with that question. Why did you decide to ultimately take the company private and go down the private equity route?
ACHIM WEICK:
That's a good question because we were stock listed for almost 20 years and for us it made lot of sense because we served the Investor Relations market so we also wanted to be kind of in the same boat and use our products in order to, of course, continuously improve them and prove to our customers that we really understand the sector.
And over a long period of time, we really had a great time. Being stock listed, we were among the top 10 most profitable companies for two years in a row, at least here in Germany. But when we started the compliance business in 2017, we saw this huge window of opportunity for us. And we changed our strategy to just growth, growth, growth. And that worked out for a while.
Until this war started in the Ukraine, and we saw that market expectations changed. Markets moved away from growth towards profitability, and we were in a situation where we said, “Wow, this is going to be very difficult for us” because we wanna grow, we see this huge opportunity to become the number one in Europe or maybe even the number one in the world in our field.
Investors don't have the appetite anymore, not such a risk appetite. And on the other hand, we also had other stakeholders, like the banks on the debt side. And we felt a little bit trapped. And when we started then the conversations with you, we felt that you would offer us a new way out, into, on the one hand, growth, on the other hand, with all your excellence in operations and all the benchmarking, all the data you had, also in profitable growth. And that was something that we couldn't manage alone, and this is now our path, and so far, we had a fantastic last year showing both growth and profitability.
IRINA HEMMERS:
Thanks, Achim. You've partially answered my next question already, but I'll ask it more specifically. Clearly, a number of private equity firms could see that you had built a great business in EQS and were competing to be your partners. What made you choose Thoma Bravo in the end?
ACHIM WEICK:
I think in the end it was a very clear decision because we started the conversation way before we officially started this process and it was really encouraging and fantastic for me and for the whole management team to see that everything you said was very consistent from day one until we decided to work with you.
There was really no over-promising, nothing was prettying up. It was just, you know, this is what we love about your business. You will get our full support. This is where we have to be better, right? Talking about sales efficiency, talking about operational excellence.
And then, as I said, all this benchmarking we did was very, very helpful because then there was no discussion in the management board anymore, should we go in this direction, or how should we do this. It was totally clear that there was this kind of north star, and we were totally aligned. And I think that's the easiest way to run a company. If you have one strong investor and you're totally aligned regarding strategy and how to operate the company, I mean, it's a dream.
IRINA HEMMERS:
You make it sound easy, but I know you and the team had a super busy, super active year. What's different on a daily basis? Look at the last 365 days. What's changed? What's stayed the same on a daily basis for you and the team?
ACHIM WEICK:
Yeah. I mean, when you talk to other companies that work with private equity or start. Then you hear on the one hand, the same kind of stories that the reporting is overwhelming in the beginning, right? And all the weekly catch-ups and the monthly board meetings, something you have to get used to. And a few things around that.
But what was really amazing to us that the whole reporting we set up was really catering to our industry. It was really B2B SaaS. And step by step, we really learned how to use this data and to make better decisions and faster decisions. And what it also made was, you know, we were totally aligned from day one with our operating partners, our investors, and we looked at the same data, and we had the same KPIs, and a clear plan we had from day one, and no misunderstanding or misalignment. And then, of course checking this data regularly helps, of course. If you're going in the wrong direction, you see something is not working out, you can really react much faster.
And this is something that I learned for myself. I think for many, many years, I didn't put enough attention on this, making sure that we have the best reporting system in place. For example, for many years we talked about, kind of a functional P&L, and we only had a national P&L, and it seemed to be overwhelming for our financial department to now offer a national P&L.
But when we first had this national P&L, when we then had the data cube and then the reporting system on top of it, it was really eye-opening.
I think most people don't understand when they, at least in Europe, think about private equity. They have something else in mind, think of course about restructuring a company, and so on and so on. I think here it is totally different when you said you only work with market-leading companies and you want to help them to accelerate their growth and become better and faster. It seemed to make a lot of sense, but now we really see it on a daily basis, and that is the cool thing about it.
IRINA HEMMERS:
Lessons learned from your experience to date that you could share with fellow CEOs and founders.
ACHIM WEICK:
There are many, many lessons learned. One thing is put a lot of focus on Pipeline. Pipeline is important. Then, of course, when I think about the acquisitions, amazing how fast we are now from looking at potential candidates and then going through due diligence and closing the deal. It's really amazing what kind of knowledge there is at Thoma Bravo and how fast we can move.
Also, with financing then on board, there was always a topic for us being stocklisted, thinking about, okay, we have to increase our capital. We have to inform our investors, but we cannot really talk about the deal, right? How should we do this? This is now totally different. We somehow take it for granted that there is financing, then, which gets rid of a lot of headache, of course, and gives us a lot of confidence.
What’s really also great is that there is no discussion regarding a strategy. If the strategy works out, and so far it did, then we all go for it. So a lot of lessons learned, yes, but also a lot of confirmation and a lot of expectations met.
IRINA HEMMERS:
Maybe let's dive a little bit more into the inorganic opportunity, opportunity to accelerate M&A, do accretive acquisitions. There was clearly something early on when we met that was on your mind of the inability to use a great market opportunity. And that's strongly related to more regulation coming down the market. Maybe tell us a little bit more about what regulation excites you? If that's the right word to describe regulation. But I guess for us, it's great business and expansion opportunity. And then how we've built out the product portfolio through innovation, our research and development and our product roadmap, but also through selectively acquiring. I would love to hear a little bit more about that.
ACHIM WEICK:
Yeah. When we first met and we discussed M&A, you said that the most important thing is organic growth for you, and that we developed the company, and that was really refreshing and gave us a lot of confidence that we talked to the right partner. Because that was how we ran the business in the past. We always thought long term and how we could develop the company, invest heavily into our products, and we often, when we acquired a company, kind of threw away the product and rebuilt everything from scratch again, just to have it seamlessly integrated in our platform.
And you supported that strategy. That was great for us. Yeah, when we think about what's coming next, I mean, we saw a lot of regulation in the EU on the one hand, in relation to the so called “the Green Deal”, where it's a lot about sustainability, CSRD reporting, meaning all companies have to publish a sustainability report from a certain size on, and, of course, a lot of topics around supply chain management, supply chain due diligence, human rights violation and environment violation.
These are really important topics that are regulated or will be regulated, and of course, there are also some question marks now when we look at the global trend, of at least in the US, talking a lot about deregulation. There is also pressure on the EU Commission to not, at least, overwhelm the companies. So, from our point of view, we are also not for overregulating. We think regulations have to make a lot of sense also for the companies and they have to really use the software in order to not just check the box, but to be better in what they're doing and when we talk about these regulations, again, it's about building sustainable companies, right, long term.
And there, again, it's all about trust, good corporate governance, transparency, decisions based on ethics, and report on it in order to really have this accountability within the companies that not only the regulators want, but all the stakeholders. Their expectations are higher than ever.
And there's a lack of trust in society, in big corporations, organizations. And I think there's a lot to do in order to close that gap. And that is our main mission, creating trusted companies and that's way beyond regulation.
IRINA HEMMERS:
I think that's a really interesting point actually, and we've seen that when we met you and also over the last kind of 12 to 18 months, and as we've tracked the companies that—the evolution from, okay we just have to do the bare minimum to comply with regulation, to not fall foul of regulation or pay penalties.
It's that reputational element, but it's also that how can I use regulation, risk management, governance to make my business stand out and to actually, you know, as a competitive advantage with customers to have to be trusted provider, whether to consumers or businesses. I think that's a real interesting element. And that also maybe ties into how we think, you know, when we started our discussions, this was very much a vision for creating a pan-European absolute market leader in the European geographies.
Now we've taken the business collectively to be a meaningful provider in the U.S. as well. Tell us a little bit more about that expansion. You know, the acquisition of Convercent and you now have, you know, offices in many more parts of the world, a more distributed team, how is that coming along?
ACHIM WEICK:
Yeah, 2024 was an amazing year for us. It all started with the acquisition of DLD in Paris, that was or is still the leading data privacy company in France. There was great cultural fit, and it expanded our product portfolio into the data privacy area, where we also have a lot of overlap with our compliance and ethics business.
Then, of course, Daato, a Berlin-based startup where we acquired that company just before now, the regulation will kick in and we're talking there about sustainability management, which is a very interesting business, I think, in the upcoming years and a lot of overlap also for example with our Investolations business. We talk about Investolations managers, they tell me that 70 % of their work, at least in Europe, is about ESG communication.
And the latest acquisition, and probably for us, the most transformational, was the Convercent acquisition from OneTrust and the compliance and ethics business. One of the leading providers in this field in the US, also with a strong footprint in Europe. We were really happy that we could act very fast there with Thoma Bravo.
OneTrust decided to carve out this business kind of within a short period of time. And I think alone or being stock listed would not have worked out for us. But here with TB being so fast and aligned, we were very fast. We had this strong commitment and that OneTrust felt that we also provided the best solution for their customers.
And now bringing these two businesses together, it's kind of like a marriage in heaven. It's really amazing because it's exactly the product portfolio we had in place. Not all the features. So we decided to accelerate even our roadmap. So that's why also our product people are so excited to bring both worlds, the best of both worlds, together with all the bells and whistles that the US customers want to have and the European regulation in place, bringing everything in very exciting times.
And I think our customers will love what we will deliver within the next few months on this accelerated roadmap. And this will strengthen, of course, our market position. We will be now the number 2 in whistleblowing, but we will also be one of the leading providers in this space, at least in a G-space, and now moving in GRC, more in risk, and the whole compliance space opens up a totally new world to us.
IRINA HEMMERS:
Great, and talking about New World, you know, I think when you went public in 2004, ‘05, you had about five million of revenues, really nice strong business. You took that to 60, mid-60s revenue in ‘23, in ‘25 we're looking at nearly double the scale. So you've clearly accelerated your scaling up and growth. What's next? What are you excited about? Where does the ambition take us, Achim?
ACHIM WEICK:
Yeah, this is really amazing. Yeah, sometimes I also have to sit back and, you know, think about it for the first, as you mentioned, for the first 23 years, we needed 23 years to generate 60 million revenues. And now, within two years, we will generate the same amount of revenue, so another 60 million.
It's just, yeah, unbelievable. And you know, over time, we strengthened this muscle to integrate companies, and I think we showed last year in 2024 that we can really integrate companies within a kind of short period of time if the culture fit is there and if all kind of the strategy and product strategy is aligned. And that was the case in all of these three acquisitions. So, probably one or two more quarters. And then we are ready to rumble again and look into the space where can we grow further, also through acquisitions, but also focusing on organic growth with our accelerated roadmap. And that's what excites us, of course, also a lot is to then presenting our platform and seeing this great, great reactions, this great feedback from our customers.
IRINA HEMMERS:
Great. We share your excitement and your ambitions. We're fully aligned in the partnership going forward. So, thank you. Thank you very much, Achim.
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ACHIM WEICK:
Thank you so much Irina.
IRINA HEMMERS:
Thanks to Achim for sitting down with us today. To learn more about EQS Group, check out EQS.com.
And if you like this episode, be sure to subscribe to Thoma Bravo's “Behind the Deal”, wherever you get your podcasts. Achim is also going to join me on next week's episode of “Beyond the Deal”, our mini-series where we get to ask him anything.
Catch it on YouTube and in this feed next week. I'm Irina Hemmers. Thanks for joining us.
ORLANDO BRAVO:
Behind the Deal is brought to you by Thoma Bravo in partnership with Audacy’s Pineapple Street Studios. Join us next week for more stories Behind The Deal. Thanks for listening.
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DISCLAIMER:
Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest.
