We made our first software investment shortly after the dot-com bubble crash of the early 2000s as we saw the significant investment opportunity that software offered. We understood how to identify companies that were being irrationally discounted despite having strong fundamentals. Then came the Global Financial Crisis of 2008. Again, we saw opportunity, and it was during this period that we made the pivotal decision to invest exclusively in software and technology companies. That decision, combined with our ability to identify under-valued, under-managed or under-financed companies, brought us to where we are today.<\/p>\n
Having confronted several economic cycles over the last two decades, we are confident that we know what it takes to manage assets through bear markets. We believe our discipline, operational excellence and differentiated skillset set us apart. We are optimistic about the opportunity ahead because we have confidence that our approach works as effectively in down cycles as in up cycles, and that software is a sector that can thrive irrespective of broader macroeconomic conditions.<\/p>\n
This theme of resiliency has continued to drive our deal activity, particularly from the public markets. While technology stocks took a large hit in 2022, the public market downturn has created a significant opportunity for our operational playbook. Even during times of deceleration, we see the immense value these innovative companies have to offer and the accompanying growth potential that can drive strong returns.<\/p>\n
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We believe that the time to buy a great software company is when we can. We understand how to help companies create earnings and increase EBITDA margins, which are fundamental to our strategy. We continue to see the resilience of software, both as a business model and in terms of corporate spending and priorities.<\/p>\n
The market dislocation in 2022 presented an opportunity to acquire high-quality businesses at attractive valuations. Last year, we closed 11 new buyout fund platform acquisitions, 6 of which were take-private transactions. We also made 10 minority growth investments, and the credit platform invested $800 million across 22 distinct borrowers.<\/p>\n
We had an active year in terms of realizations, as well. We exited a number of companies, including Barracuda, Frontline, Kofax and Veracode. Sales transactions and other liquidity events across the Thoma Bravo equity platform amounted to over $11 billion in 2022.<\/p>\n
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Adding to this positive momentum, we announced the close of four of our equity funds, raising about $35 billion across our Flagship, Discover, Explore and Growth Fund products, as well as $3.3 billion in total available capital, including leverage, for Thoma Bravo Credit Fund II. 2022 was not only a record-breaking fundraising year at our firm, but Thoma Bravo Fund XV also represented the largest tech-focused buyout fund ever raised.<\/p>\n
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Europe is a critical market for the growth of Thoma Bravo. In September, we announced that we are expanding our presence with the opening of a London office, which will serve as a hub for European investments. While Thoma Bravo has been making investments in Europe since 2011, a physical presence in London will deepen our footprint and help us to further access the region\u2019s rich ecosystem of innovative and fast-growing software and technology companies.<\/p>\n
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Our culture of performance, collaboration and open-mindedness has resulted in strong performance throughout investing cycles. Our goal today, as always, is to continue delivering on this commitment to our investors. We are excited for this next chapter of growth at Thoma Bravo and all the great work we will continue to achieve together in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
2022 was a record-making year at Thoma Bravo. We acquired several leading companies, had strong portfolio exits and completed fundraising that totaled about $35 billion, including closing the single largest tech-focused buyout fund ever. These achievements occurred in a year that saw a dramatic market downturn, which impacted software and technology companies like almost every […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"templates\/home.php","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-8","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\n