Acquisitions
Thoma Bravo has made significant investments in cybersecurity companies, focusing on established businesses with strong market positions.
| Company | Year | Value (USD) | Focus Area |
|---|---|---|---|
| Barracuda Networks | 2018 | $1.6 billion | Email protection, network security |
| Imperva | 2019 | $2.1 billion | Application security, data security |
| Sophos | 2020 | $3.9 billion | Endpoint, network security |
| Proofpoint | 2021 | $12.3 billion | Email security, threat intelligence |
| Ping Identity | 2022 | $2.8 billion | Identity and access management |
| SailPoint | 2022 | $6.9 billion | Identity governance |
| ForgeRock | 2022 | $2.3 billion | Identity management |
| Magnet Forensics | 2023 | $1.3 billion | Digital forensics |
| Darktrace | 2024 | $5.3 billion | AI-based threat detection |
Sales
Thoma Bravo has also executed strategic exits from its cybersecurity investments, typically after operational improvements.
| Company | Year | Value (USD) | Buyer |
|---|---|---|---|
| Barracuda Networks | 2022 | $4.0 billion | KKR |
| Imperva | 2023 | $3.6 billion | Thales Group |
| Venafi Shares | 2024 | $372 million | via CyberArk |
Investment Strategy
Thoma Bravo has established itself as a major player in cybersecurity private equity investments with a clear strategy:
- Focus on established players: Most acquisitions target companies with proven products and market presence.
- Consolidation: Creating synergies by merging complementary businesses (e.g., ForgeRock with Ping Identity).
- Value creation: Operational improvements before strategic exits, as demonstrated by the profitable sale of Barracuda Networks.
- Domain diversification: Investments across various cybersecurity domains including email security, identity management, network security, and threat detection.