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Thoma Bravo's Behind the Deal

Thoma Bravo's Behind the Deal

Thoma Bravo 82 Episodes Apr 30, 2026

Thoma Bravo's Behind the Deal podcast offers an inside look at one of the world's largest software investors. Hosted by Orlando Bravo, each episode features first-person accounts from deal leads and CEOs about major software acquisitions. Listeners learn how these deals were structured and how Thoma Bravo partners with companies to drive innovation and growth. The show provides practical insights into the world of private equity and technology investing.

Episodes

From $1M to $2B+ in Revenue: David Ossip on Leadership and Scaling Dayforce
From $1M to $2B+ in Revenue: David Ossip on Leadership and Scaling Dayforce Apr 30, 2026 474 In the final episode of Season 4, Orlando Bravo sits down with Dayforce Founder and CEO David Ossip for a deep dive into what it takes to scale a company without losing its edge. From transforming Ceridian into Dayforce to building a business that has surpassed $2 billion in revenue, David shares the leadership philosophy behind that growth—including a standout year with 43% sales expansion. At t
The Dayforce Deal: AI, Scale and the Future of Workforce Software
The Dayforce Deal: AI, Scale and the Future of Workforce Software Apr 23, 2026 2276 In this episode of Behind the Deal, Thoma Bravo Founder and Managing Partner Orlando Bravo sits down with Partner Tara Gadgil and Dayforce Founder & CEO David Ossip to unpack one of the firm’s most significant investments—a $12.3 billion acquisition of Dayforce. They explore what set Dayforce apart in the human capital management space, from its single data architecture to its ability to replace
REVISITING: How Carl Thoma and Orlando Bravo Built the World’s Largest Software-Focused Investment Firm
REVISITING: How Carl Thoma and Orlando Bravo Built the World’s Largest Software-Focused Investment Firm Apr 16, 2026 2263 In this special re-release of Behind the Deal—now brought to life in video—Orlando Bravo sits down with Thoma Bravo co-founder Carl Thoma for a conversation on the origins of modern private equity. Widely regarded as one of the pioneers of the industry, Carl shares how he developed the “buy and build” strategy, why discipline around risk and valuation matters more than ever and how mentorship sha
Beyond the Deal: Building the Explore Platform
Beyond the Deal: Building the Explore Platform Apr 9, 2026 1350 In this episode of Beyond the Deal, Thoma Bravo Partner Carl Press is joined by Adam Kinalski and Sam Yules to tell the inside story of building the Explore platform from the ground up. What started as a blank slate in 2019 has grown into a high-velocity investment platform focused on emerging enterprise software leaders. The team shares how Explore was created to stay true to Thoma Bravo’s middl
Exostar: The Explore Platform's First Investment
Exostar: The Explore Platform's First Investment Apr 2, 2026 3507 In this episode of Behind the Deal, Thoma Bravo Partner Carl Press and Principal Adam Kinalski are joined by Exostar CEO Richard Addi to tell the story behind one of the firm’s most hard-fought investments. Exostar, a mission-critical platform serving the aerospace and defense industry, wasn’t for sale. What followed was a multi-year effort to build trust with six joint venture shareholders, navi
The Future of Restaurants in an AI World: Hudson Smith with Olo Founder Noah Glass
The Future of Restaurants in an AI World: Hudson Smith with Olo Founder Noah Glass Mar 26, 2026 2187 At Thoma Bravo’s 2025 AI Summit, Partner Hudson Smith sits down with Olo Founder and CEO Noah Glass to unpack one of the firm’s most compelling recent investments. From its early days as a text-based ordering tool to becoming a category leader powering digital experiences for over 750 restaurant brands, Olo has spent two decades shaping how consumers interact with restaurants. In this conversatio
From Scotland to Sydney: Andy Watt on Leading Nearmap’s Global Growth
From Scotland to Sydney: Andy Watt on Leading Nearmap’s Global Growth Mar 19, 2026 766 In this episode of Beyond the Deal, Thoma Bravo Senior Partner A.J. Rohde and Principal Peter Hernandez sit down with Nearmap CEO Andy Watt for a candid conversation about leadership, culture and building a global technology company from Australia. Andy shares the story of how a move from Scotland to Sydney turned into a decades-long journey with a leading Australian technology company. The group
Nearmap: Building a Global Property Intelligence Platform
Nearmap: Building a Global Property Intelligence Platform Mar 12, 2026 3198 In this episode of Thoma Bravo’s Behind the Deal, Senior Partner A.J. Rohde and Principal Peter Hernandez sit down with Nearmap CEO Andy Watt to unpack Thoma Bravo’s investment in Nearmap and the company’s evolution from an aerial imagery provider into a global property intelligence platform. They discuss how the deal originated, what made Nearmap stand out, the complexities of taking an Australi
Inside Thoma Bravo: Holden Spaht & Brian Jaffee on Building Performance Through Mentorship & Entrepreneurial Spirit
Inside Thoma Bravo: Holden Spaht & Brian Jaffee on Building Performance Through Mentorship & Entrepreneurial Spirit Mar 5, 2026 1198 This week on Thoma Bravo's Beyond the Deal, the spotlight turns inward. Managing Partner Holden Spaht and Partner Brian Jaffee share their origin stories at Thoma Bravo — what the firm looked like in its early days, how responsibility comes fast, and why mentorship and entrepreneurialism sit at the center of the culture. From cold outreach and the firm’s early focus on software to leading exits a
Ellie Mae: The $3.7B Take-Private That Became an $11B Exit
Ellie Mae: The $3.7B Take-Private That Became an $11B Exit Feb 26, 2026 2679 In this episode of Thoma Bravo’s Behind the Deal, Managing Partner Holden Spaht and Partner Brian Jaffee revisit the take-private and sale of Ellie Mae — a leading U.S. mortgage loan origination system — and how a $3.7B investment became an $11B exit to Intercontinental Exchange (ICE) just over a year later. They break down the original investment thesis, the operational playbook, pricing and pack
From Infantry to Intelligence: Grit, Discipline, and the Making of a Founder
From Infantry to Intelligence: Grit, Discipline, and the Making of a Founder Feb 19, 2026 704 In this episode of Beyond the Deal, Intel 471 CEO and Co-Founder Jason Passwaters joins Thoma Bravo Partner Adam Solomon for a candid conversation about the experiences that shaped him as a leader. Passwaters reflects on his early years in the U.S. Marines — from infantry to counterintelligence — and the lessons he carried into building a global cybersecurity company. He shares how resourcefulnes
Intel 471: From Bootstrapped Cyber Intel to Enterprise Leader
Intel 471: From Bootstrapped Cyber Intel to Enterprise Leader Feb 12, 2026 2095 In this episode, Thoma Bravo Partner Adam Solomon and SVP Chandler Gay break down the firm’s investment in Intel 471, a bootstrapped, founder-led cyber threat intelligence company trusted by many of the world’s largest enterprises. They revisit the rigorous diligence process — including moments when the deal nearly fell apart — and explain what ultimately set the business apart: proprietary, high

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