Thoma Bravo Sells Significant Minority Stake in Qlik to ADIA

Thoma Bravo Makes Majority Strategic Investment in Azul

November 18, 2025

Cloud & SaaS

Azul, a Java-focused enterprise software company, entered into a definitive agreement to receive a majority strategic investment from Thoma Bravo. Existing investors Vitruvian Partners and Lead Edge Capital will reinvest and retain minority stakes alongside Azul employees.

Thoma Bravo Acquires Coupa Software

February 28, 2023

Cloud & SaaS

Thoma Bravo agreed to acquire Coupa Software in an all-cash transaction valued at approximately $8.0 billion. The deal also includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The acquisition was later completed, with Coupa stockholders receiving $81.00 per share in cash.

Thoma Bravo Acquires QAD for Approximately $2 Billion

November 5, 2021

Cloud & SaaS

Thoma Bravo entered into a definitive, all-cash agreement to acquire QAD, a cloud-based provider of manufacturing and supply chain solutions, for an equity value of approximately $2 billion (about $87.50 per share). The transaction was subsequently completed, with QAD becoming a private company and its Nasdaq stock delisted.

Thoma Bravo Acquires Majority Stake in Flexera

December 3, 2020

Software

Thoma Bravo has agreed to acquire a majority interest in Flexera, a Chicago-area software company that provides IT asset management and software monetization solutions. Existing investors TA Associates and the Ontario Teachers' Pension Plan will remain meaningful shareholders as Thoma Bravo partners with management to accelerate growth and expand Flexera's SaaS offerings such as Flexera One.

Thoma Bravo Acquires AxiomSL

October 19, 2020

Software

Thoma Bravo has agreed to acquire a controlling interest in AxiomSL, a provider of cloud-enabled risk management and regulatory reporting software for banks, investment managers, broker-dealers and trading firms. Thoma Bravo said it will partner with AxiomSL's management to accelerate product innovation, expand cloud capabilities and grow the company's customer base; the deal closed with financing from several lenders and advisors were Evercore and Weil, Gotshal & Manges for AxiomSL and Kirkland & Ellis for Thoma Bravo.

Thoma Bravo Acquires Majority Ownership of IDS

October 8, 2019

Software

Thoma Bravo, a software-focused private equity firm, has acquired majority ownership in IDS, a Minneapolis-based provider of asset finance software including InfoLease and IDScloud, from SV Investment Partners. The partnership will accelerate IDS' cloud roadmap, support global growth and position IDS as a platform for industry consolidation.