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Software / Cybersecurity — Thoma Bravo

Deal Terms

Entry Year2023

Entry EV$2.3B

Entry Multiple9x

Leverage5x

Debt Amount$1.15B

Risk Metrics

LTV (est.)50%

Debt / EV0.50x

Notes

$2.3B take-private by Thoma Bravo (2023). Identity access management (IAM) software. Part of Thoma Bravo's massive IAM portfolio (Ping Identity, SailPoint, etc.). Consolidating IAM market. Competitive threat from Microsoft Entra ID (bundled with Azure). Thoma Bravo now dominates identity security via PE rollup.

Sponsor

Thoma Bravo$166B AUM