Thoma Bravo Becomes Giant Tech Investor, Steers Clear of Blockchain

Thoma Bravo Founder and Managing Partner Orlando Bravo said Thursday (Sept. 5) that while blockchain technology has promise, he and his firm are steering clear of companies and products in that space.

Bravo said this about three years after his private equity investment firm helped lead a $900 million investment in cryptocurrency exchange FTX, which later went bankrupt and whose founder, Sam Bankman-Fried, is now in prison, CNBC reported Thursday.

“Personally, I’m a believer in blockchain. I think it’s a powerful way of doing many things and for many use cases, and I’ve always believed that,” Bravo told CNBC’s “Squawk on the Street” Thursday. “From an investment standpoint, after you make a mistake, you kind of move on.”

Other than that failed investment, Thoma Bravo has become a giant investor in the tech industry, according to the report.

The company has orchestrated acquisitions of Proofpoint, RealPage, Anaplan and Coupa; made exits with the sales of Imperva and Barracuda Networks; and returned about $13 billion to its investors in 2023, per the report.

Thoma Bravo sold Imperva, a cybersecurity firm, to French multinational Thales in July 2023 for $3.6 billion after acquiring the firm in 2018 in a deal valued at $2.1 billion.

Thales Chairman and CEO Patrice Caine said at the time in a press release: “With this acquisition, we are seizing a unique opportunity to accelerate our cybersecurity capabilities and are taking an important step towards our ambition to build a world-class global cybersecurity integrated player, providing a comprehensive portfolio of products and services. We have tremendous respect for Imperva’s innovative application and data security offerings.”

Thoma Bravo bought Coupa, a business spend management firm, in December 2022 for $8 billion, making Coupa a privately held company.

Holden Spaht, a managing partner at Thoma Bravo, said at the time in a press release: “Coupa has created and led the large and growing business spend management category. We’ve followed the company’s success for many years and have been impressed by its consistent track record of delivering high levels of value for its global customer base.”

The terms of the Coupa deal reflected underlying demand for this niche corner of cost savings, PYMNTS reported in December 2022.