Prior Investments

These descriptions are intended to illustrate business performance that Thoma Bravo believes to be representative of the companies in which it invests. Performance can and does differ within any private equity investment portfolio.

Activant Solutions, Inc.

Livermore, CA

The company is a leading technology provider of business management solutions serving small and medium-sized retail and wholesale distribution businesses in three primary vertical markets: hardlines and lumber; wholesale distribution; and the automotive parts aftermarket. Founded in 1972, Activant provides customers with tailored proprietary software, professional services, content, supply chain connectivity and analytics. Thoma Bravo invested in Activant in 2006. The company’s earnings grew steadily over the next five years and, in 2011, it was acquired by Apax Partners and merged with Epicor Software Corporation (NASDAQ: EPIC) to create one of the largest global providers of enterprise applications focused on the manufacturing, distribution, services and retail sectors.

Blue Coat Systems, Inc.

Sunnyvale, CA

Blue Coat Systems is a leading provider of Web security and WAN optimization solutions. Blue Coat offers solutions that provide the visibility, acceleration and security required to optimize and secure the flow of information to any user, on any network, anywhere. This application intelligence enables enterprises to tightly align network investments with business requirements, speed decision making and secure business applications for long-term competitive advantage. Blue Coat also offers service provider solutions for managed security and WAN optimization, as well as carrier-grade caching solutions to save on bandwidth and enhance the end-user Web experience. After about three years of Thoma Bravo ownership, Blue Coat was sold to Bain Capital in May 2015. During its period of ownership, Thoma Bravo worked closely with the company’s existing management to add additional operational resources; design and execute a plan that substantially reduced the company’s cost structure without negatively impacting top line performance; navigate the largest appliance refresh program in the company’s history; realign the focus of the company’s sales force; improve channel terms and practices; strengthen pricing discipline; and complete four strategic acquisitions in high growth sub-sectors of its markets. As the company’s CEO noted at the time: with Thoma Bravo’s help, “Blue Coat has strengthened and expanded our product portfolio, leading to more value for our customers while positioning the company for the next stage of growth… We have benefitted from Thoma Bravo’s insight and support.”

Bomgar Corporation

Atlanta, GA

Bomgar is a leading provider of Secure Access solutions for business. Bomgar’s secure access solutions enable customers to more easily support people, access and protect endpoints and defend privileged credentials to counter cyber threats and speed business performance. Organizations around the globe use Bomgar to deliver superior support services and reduce threats to valuable data and systems. Bomgar clients include some of the world’s leading IT outsourcers, systems integrators, software vendors, healthcare organizations, government agencies, universities, financial institutions and retailers. Thoma Bravo’s Discover Fund acquired Bomgar from another private equity firm in 2016 and, with management, quickly implemented an operating improvement plan that substantially improved the company’s profit margin. This was followed by a key add-on acquisition that enhanced the company’s security offerings.  Bomgar was subsequently sold to an affiliate of private equity firm Francisco Partners.

Datatel, Inc.

Fairfax, VA

For over 25 years, Datatel has focused exclusively on helping colleges and universities manage their business processes. Datatel today provides fully integrated enterprise information management software solutions to more than 600 colleges, universities and other higher education institutions serving almost 4 million students. Thoma Bravo invested in the company in 2005 and worked closely with the company’s management to improve its operations and enhance its profitability before selling the business about 4.5 years later for a substantial gain.

Deltek, Inc.

Herndon, VA

Deltek is the leading provider of project-focused enterprise software and information solutions for government contractors and professional service firms. The company’s product portfolio includes a comprehensive set of financial management solutions, business organization and program management applications, and business development and customer relationship management solutions.  The company also is the largest provider of government RFP data and information, offering its customers insight into trillions of dollars of government contract opportunities. Thoma Bravo acquired Deltek, then a public company, through a take-private transaction in 2012. Operational improvements and efficiencies were implemented immediately, improving annual earnings by tens of millions of dollars. Working closely together, Thoma Bravo and management (led by the company’s former CFO who was appointed CEO) improved cash flow margins by more than 60% and made six accretive acquisitions. In 2016 the company was acquired by Roper Technologies (NYSE: ROP).

Digital Insight, Inc.

Menlo Park, CA

Digital Insight, formerly the Financial Services division of Intuit, Inc. (NASDAQ: INTU), helps banks and credit unions grow by offering innovative online and mobile banking solutions that make it easier for consumers and businesses to manage their money. Digital Insight provides solutions that help financial institutions achieve higher customer engagement and profitability. Thousands of banks and credit unions use Digital Insight to provide their online banking services. Thoma Bravo acquired the business from Intuit in 2013 and established it as an independent company with its own data center, back office operations and G&A functions and identified a number of cost savings opportunities. Thoma Bravo then received an offer from NCR Corporation (NYSE:NCR) to acquire the business at a price that achieved the return goals for the investment much sooner than had been anticipated. The business was sold to NCR less than six months after the Thoma Bravo investment.

Embarcadero Technologies, Inc.

San Francisco, CA

Embarcadero provides professional grade application performance tools for improving the user experience and database management tools for designing, developing and managing databases and the data they contain. Customers worldwide rely on the company’s cross-platform tools to increase productivity, reduce costs, simplify change management and compliance and accelerate innovation. Thoma Bravo acquired Embarcadero, then a public company, in 2007 through a take-private transaction and sold the company in 2015 to Idera, Inc., a portfolio company of private equity investment firm TA Associates. The CEO of Embarcadero commented at the time that “Embarcadero has matured a great deal since we began our relationship with Thoma Bravo. At the outset, our collaboration faced the challenges of the 2007-2008 crisis. The Thoma Bravo team showcased their faith in Embarcadero’s potential with a patient and deliberate plan to achieve organic growth in the face of difficult economic conditions. Our ability to navigate the global financial crisis, grow our business and have a very successful exit all serve as a testament to the strength of our organization and Thoma Bravo’s patient approach to investing.”

Entrust, Inc.

Dallas, TX

Entrust secures digital identities and information for consumers, enterprises and governments in thousands of organizations spanning more than 60 countries. Leveraging a layered security approach to address growing risks, Entrust solutions help secure the most common digital identity and information protection pain points in an organization, including SSL, authentication, fraud detection, shared data protection and e-mail security. After acquiring the company through a take-private transaction in 2009, Thoma Bravo worked with management to create an appropriate go-to-market strategy, optimum pricing for its offerings and improved renewals, which produced a fast growing, recurring, and consistent subscription business that made a successful transition to a Software-as-a-Service (SaaS) business.  In 2013, Entrust was sold to Datacard Group, a privately owned, global issuer of secure credit and financial cards, passports, national IDs, employee badges, mobile payment applications and other credentials on behalf of financial institutions, government agencies and other enterprises. During Thoma Bravo’s time with Entrust, the company’s revenue and earnings increased substantially.

Flexera Software, Inc. (formerly Acresso Software, Inc.)

Schaumburg, IL

Flexera Software solutions make the business of buying and selling software more profitable, secure and effective and simplify the business relationship between software producers and enterprises. The company’s solutions help software sellers grow recurring revenues and minimize open source risk, and help companies buy only the software and cloud services they need, manage what they have, and reduce compliance and security risk. A Thoma Bravo fund acquired the business unit that is now Flexera from its corporate owner, Macrovision, in 2008 and established the business as an independent entity with its own structure, systems and leadership. With Thoma Bravo’s support, Flexera earnings almost doubled, margins increased about 20% and revenues grew more than 40% over the following three years. Four synegistic acquisitions contributed significantly to this growth and enhanced the Company’s market position and overall product offering. In 2011, Thoma Bravo sold a controlling interest in Flexera to Teachers’ Private Capital, the private investment department of the Ontario Teachers’ Pension Plan. The remaining interest was sold in early 2018 when TA Associates invested in Flexera.

InfoVista S.A.

InfoVista S.A.
Courtaboeuf Cedex (Paris), France; Herndon, Virginia, USA

InfoVista is a Paris-based leading provider of service performance assurance solutions for IP-based network and application services. InfoVista’s unified network performance management and application performance management platform equips about 80% of the world’s largest network operators and many global enterprises to provide a high-quality user experience end-to-end while keeping operational costs as low as possible. During its almost five years of ownership of InfoVista, Thoma Bravo worked closely with the company’s management to improve sales, marketing and research and development efficiency and productivity, all in a manner consistent with applicable French work rule restrictions. Thoma Bravo also assisted the company in making three highly strategic acquisitions that had the effect of substantially increasing revenue and creating future growth opportunities. In 2016 the company was sold to Apax Partners, a leading European private equity investor.

JDA Software Group, Inc.

Scottsdale, AZ

With its acquisition of Manugistics in July 2006, funded by Thoma Bravo, JDA became the global leader in helping more than 5,500 retail, manufacturing and wholesale-distribution customers in more than 60 countries achieve demand chain results. JDA Portfolio software enables high-performance business process optimization and execution from the manufacturer’s plant through distribution to an end customer or a retailer’s shelf. With offices in major cities around the world, JDA employs the industry’s most experienced supply and demand chain experts to develop, deliver and support its solutions. The investment was sold in 2009.


Acquisitions made by JDA Software Group, Inc.:
Manugistics Group, Inc.

LANDESK Software, Inc.

Salt Lake City, UT

LANDESK Software is a leading provider of systems lifecycle management, endpoint security and IT service management solutions for desktops, servers and mobile devices across the enterprise. LANDESK enables IT departments to gain control of end-user computing environments with a single console, light infrastructure, and ITIL solutions that deliver significant value and ROI. Thoma Bravo invested in LANDESK in 2010 by acquiring it from Emerson Electric (NYSE: EMR), where it was an operating division, and establishing it as stand-alone business. Then, working closely with management, Thoma Bravo implemented operational processes, metrics tracking and other best practices to improve cash flow margins by more than 40%, followed by a series of add-on acquisitions. Seven highly complementary technology assets were acquired to broaden the company’s product offering and position it as a fully integrated, end-to-end, user-centered IT management platform. In 2016, LANDESK was sold to Clearlake Capital Group, L.P., which combined it with its portfolio company HEAT Software to create a new business using the name Ivanti.

Manatron, Inc.

Portage, MI

Manatron is a leading provider of integrated, enterprise-level property tax solutions for state and local governments. The company’s software manages the entire property life cycle, which includes deed recording, land records, GIS (Geographic Information System) integration, valuation, assessment administration, personal property, business licenses, cashiering, tax billing and collection, delinquents and tax sales and e-government. Manatron serves customers throughout the United States and in Canada, South Africa and the U.S. Virgin Islands. Over its three-year ownership of the company, through internal growth and six strategic acquisitions, Thoma Bravo was able to help Manatron grow its earnings by a factor of almost 5x, increase its operating margin almost 6x and expand from a local provider of tax software in a few core markets to the leading provider of end-to-end property systems globally. The company was sold in 2011 to Thomson Reuters (NYSE: TRI), a $13B global information services company.

Mediware Information Systems, Inc.

Lenexa, KS

Mediware is a leading provider of specialized healthcare IT solutions for automating and managing complex healthcare processes for a broad spectrum of healthcare customers, including hospitals and alternative and post-acute care treatment facilities. Mediware software systems improve efficiencies and address safety concerns, enabling healthcare organizations to improve care processes while controlling costs. After acquiring the company in 2012, Thoma Bravo and management reduced the cost structure of the business to improve profitability without impacting revenue performance. Thoma Bravo also worked with management to reposition the business from predominantly a provider to the highly competitive hospital acute care market to a leading provider of healthcare IT for areas outside the hospital. Consistent with Thoma Bravo’s buy-and-build strategy, over the 4+ years of Thoma Bravo ownership the company identified and completed six accretive add-on acquisitions that not only increased the scale and scope of the business but also further improved profit margins and added additional, highly attractive recurring revenue. In 2017 Mediware was sold to TPG Capital.

Network Instruments, LLC

Minnetonka, MN

Network Instruments is an industry leader in application and network troubleshooting and analysis. The company’s monitoring and management tools optimize performance and speed problem resolution, helping ensure delivery of critical applications for businesses worldwide. It delivers these benefits through a seamlessly integrated line of software and hardware systems that are precision engineered for exact network monitoring and analysis. After Thoma Bravo acquired Network instruments in 2012, it worked with management to transition the company from a founder owned and operated business to a professionally managed business with improved budgeting processes, formal incentive plans and financial support for sales to build upon the company’s differentiated technology in a growing market.  This led to increased revenues and earnings, accelerated growth in new bookings and attention from larger companies in the sector. In 2014, the company was sold to JDS Uniphase Corporation (NASADAQ:JDSU), a $1.7B public provider of network management solutions.

PowerPlan, Inc.

Atlanta, GA

PowerPlan, Inc. is a leading provider of corporate performance management (CPM) software to companies in asset-intensive industries, including utilities, oil & gas, public sector, telecom and transportation. PowerPlan’s fully integrated cloud-based and on-premise CPM platform provides complete data visibility from forecasting and monitoring to scenario planning and analytics while maintaining financial compliance. Thoma Bravo invested in PowerPlan in February 2015 and helped management develop and utilize more advanced financial management tools in the operation of the business. In addition, sales headcount was doubled to spur growth and the company’s technology was upgraded to set the foundation for a next-generation, cloud-based platform. Revenue grew at a double-digit compound annual rate and EBITDA margins expanded. Thoma Bravo also supported management in executing a highly accretive add-on acquisition of Riva Modeling Systems Inc., a leader in asset management planning and asset investment planning solutions. In June 2018, PowerPlan was acquired by Roper Technologies, a publicly-traded diversified industrial company.

Roadnet Technologies, Inc.

Baltimore, MD

Roadnet (formerly UPS Logistics Technologies, a division of United Parcel Service) provides fleet management solutions for hundreds of thousands of vehicles worldwide and in a variety of industries. Specific fleet management applications provide strategic territory and street-level route plans, real-time wireless dispatch, vehicle telematics and global positioning systems (GPS). The company’s solutions are utilized to improve operational efficiency and driver productivity, saving customers millions of gallons of fuel every year. Thoma Bravo purchased the Roadnet business from UPS in 2010 and established the business as an independent company. During the Thoma Bravo ownership, the management team was supplemented, various operating improvements were made and sales and renewal functions were reorganized, all of which resulted in substantial increases in revenue and profitability. The company was sold in 2013 to Omnitracs, a portfolio company of Vista Equity Partners, who had concluded that Roadnet’s focus on software-based fleet solutions for private fleets was an excellent complement to Omnitracs’ focus on telematics hardware and software solutions for the long-haul transportation market.

Sirius Computer Solutions, Inc.

San Antonio, TX
Sirius is a national integrator of technology-based business solutions that span the enterprise, including data center and business operations. The company provides a wide variety of products and services from the world’s top technology companies, making it the leading value-added reseller (VAR) in the U.S. and IBM’s largest Solution Provider. Thoma Bravo helped the company diversify its revenue stream and dramatically expand its product line and geographic market through acquisitions and strategic initiatives. Five acquisitions added almost one-half billion dollars of revenue to the business and supported the diversification strategy, while continued investment in sales capability strengthened the company’s competitive position even during a major recession. During Thoma Bravo ownership, revenues increased from just over $600 million annually to about $1.6 billion, profitability almost tripled and the number of employees grew more than three-fold. In 2015, Sirius was sold to private equity firm Kelso & Company.

SonicWALL, Inc.

San Jose, CA

SonicWALL is  a leader in advanced network security, secure remote access, email security, backup and recovery, and management and reporting. The company’s advanced intelligent network security and data protection solutions adapt as organizations evolve and as threats evolve. SonicWALL solutions are designed to detect and control applications and protect networks from intrusions and malware attacks through hardware, software and virtual appliance-based solutions. Thoma Bravo led an investment group that acquired SonicWall through a take-private transaction in July 2010. In the following two years, the development and implementation of operational strategies developed by its management and Thoma Bravo positioned the company as a leader in the evolving area of network security and data protection and attracted the attention of larger information technology companies.  In mid-2012 the company was sold to Dell, Inc. (NASDAQ: DELL) and now operates as Dell SonicWALL.

Telestream, Inc.

Nevada City, CA

Telestream provides digital video tools and workflow solutions that allow consumers and businesses to transform video on the desktop and across the enterprise. Many of the world’s best-known media and entertainment companies as well as users in a broad range of other business environments, rely on Telestream products. These products span the entire digital media lifecycle, including video capture and ingest; live and on-demand encoding and transcoding; playout, delivery and live streaming; and management and automation of the entire video workflow. In early 2015, Telestream was sold to Genstar Capital. During Thoma Bravo’s three years of ownership, the company strategically added to its products and services by acquiring companies like captioning leader CPC Computer Prompting & Captioning Co. and launching products like Post Producer, TrafficManager, Switch and Vantage Cloud, and bolstered its executive and sales teams to drive further growth. “Our partnership with Thoma Bravo has been very successful,” said Telestream’s president and CEO. “Their thoughtful strategy and operating expertise has allowed us to position the company for further success, and we’re excited about our next phase of growth.”

The Attachmate Group, Inc.

Seattle, WA

A 2004 investment by Thoma Bravo and two other private equity firms in a relatively small provider of software for accessing and integrating legacy computing applications was the first step in the creation, through a multi-year series of strategic acquisitions, of The Attachmate Group, the world’s largest independent provider of access and integration software for legacy systems. In 2014, Attachmate merged with Micro Focus International plc, a multinational, UK-based software and information technology business that provides software and consultancy services for clients updating legacy systems. As a result of the merger, Thoma Bravo and the other private equity firms became owners of about 40% of the outstanding stock of Micro Focus, which is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The stock was sold over the following two years.

TravelClick, Inc.

New York, NY

TravelClick provides innovative, revenue‐generating, cloud‐based solutions for the global hospitality industry. TravelClick’s solutions for hotels around the globe increase revenue, reduce cost, improve performance and create a stronger brand. The company’s suite of products and services includes: reservations solutions, business intelligence solutions, media solutions, web solutions and guest management, all designed to integrate seamlessly with one another to comprehensively address the needs of hotel operators. Thoma Bravo acquired the company in 2014 from another private equity firm and helped the company add key new management positions, execute strategic add-on acquisitions, and make changes in how its products were marketed. We also invested in updating and enhancing the functionality of a core product. TravelClick was sold in late 2018 to Amadeus IT Group SA, a major publicly traded Spanish provider of software for the global travel and tourism industry.

Tripwire, Inc.

Portland, OR

Tripwire provides automated compliance and security management solutions to enterprises and governments worldwide.  The company’s solutions enable customers to secure highly sensitive data within their IT environments by detecting malicious changes made to hardware and software systems housing the data and remediating the change to ensure IT compliance is maintained. Thousands of customers in 85 countries, including  US government agencies and many of the world’s largest companies, rely on Tripwire daily. Thoma Bravo acquired Tripwire in 2011; subsequently, Tripwire’s revenues increased 70%, profitability improved by 400%, the  company’s market share increased, and it solidified its global leadership position in cybersecurity. In 2015, Tripwire was sold to Belden Inc. (NYSE: BDC) for $710 million in cash. Jim Johnson, Tripwire president and CEO, noted: “Tripwire has been able to strengthen and expand our product portfolio with Thoma Bravo’s assistance, leading to more value for our customers and positioning the company for the next stage of growth with Belden. We are very appreciative of Thoma Bravo’s insight over the last several years.”

Vision Solutions, Inc.

Irvine, CA
Vision Solutions is a premier provider of high availability, disaster recovery and protection, and migration solutions for multiple platforms, including Windows, Linux, IBM’s System i, AIX and Cloud. The firm’s product portfolio delivers near-zero downtime data migrations, shares data in real-time across platforms, and moves, protects and restores data, applications and operating systems of any kind on any combination of physical, virtual or cloud servers. Thoma Bravo acquired the business in 2006 by completing a take-private transaction on the Johannesburg, South Africa, Stock Exchange and immediately began an industry consolidation strategy that resulted in the acquisition of two of the largest companies in the market (iTera and Lakeview Technologies), followed by the take-private acquisition of Double-Take Software, Inc. This greatly strengthened Visions market position, broadened its platform and created the largest provider of cross platform high availability software. After almost ten years of growth Vision was sold to another private equity firm.