
Thoma Bravo's Behind the Deal
Thoma Bravo’s Behind the Deal podcast takes you behind the scenes of one of the largest software investors in the world. You'll hear the strategies and stories behind building Thoma Bravo’s portfolio of innovative, industry-leading software and technology companies. Presented by Orlando Bravo, “Wall Street’s best dealmaker” (Forbes), each episode offers a first-person account from the deal leads and CEOs that forged some of the largest software acquisitions at Thoma Bravo to date, and how they partnered together to innovate and grow those companies.Go ‘behind the deal’ to learn how these deals came together, gaining insight on how Thoma Bravo helps great companies do even greater things.Head to www.thomabravo.com/behindthedeal for information on the podcast, show notes, and more.Head to https://survey3.medallia.com/?podcast&version=GA to fill out our short survey.
Latest episodes

Jul 10, 2025 • 20min
Beyond Building NextGen Healthcare’s Successful Remote-First Company and Culture with David Sides
In the Beyond the Deal mini-sode with Thoma Bravo’s A.J. Rohde and Peter Hernandez, hear NextGen Healthcare CEO David Sides explain his approach to leadership, inspired by his family’s medical roots, and how NextGen Healthcare grew into one of the most trustworthy companies in America.
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedealLearn more about Thoma Bravo: https://www.thomabravo.com/Visit NextGen Healthcare's website: https://bit.ly/3TN6i7s To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Jul 3, 2025 • 56min
How NextGen Healthcare Aims to Achieve Better Healthcare Outcomes for All
In this episode, Thoma Bravo Senior Partner A.J. Rohde sits down with Peter Hernandez, a Senior Vice President on our Discover team, to detail the strategic take-private of NextGen Healthcare, a leading provider of innovative, cloud-based healthcare technology solutions. They are joined in the studio by NextGen Healthcare CEO David Sides and discuss their bold vision for the future of healthcare IT. Hear perspectives on NextGen Healthcare’s exciting new chapter, marked by a recent investment by Madison Dearborn Partners, to further accelerate the company’s growth.
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedealLearn more about Thoma Bravo: https://www.thomabravo.com/Visit NextGen Healthcare's website: https://bit.ly/3TN6i7s To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Jun 26, 2025 • 15min
Beyond the Classroom: Shaping the Future of Learning with Steve Daly
In this Beyond the Deal minisode, hear Instructure CEO Steve Daly share how his past experiences informed his mission to create a results-oriented, customer-centric company and a culture where people genuinely enjoy coming to work. Thoma Bravo Managing Partner, Holden Spaht, and Partner, Brian Jaffee, speak with Steve Daly about his leadership philosophy and building a company culture that emphasizes collaboration.
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit Instructure's website: https://www.instructure.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Jun 18, 2025 • 52min
How Instructure Grew into a Leading EdTech for K-12, Higher Ed, and Professionals
Instructure’s Canvas, the learning management system used by over 4,000 school districts and 2,500 higher education institutions, became a lifeline during the pandemic. On this episode of Behind the Deal, Thoma Bravo Managing Partner Holden Spaht and Partner Brian Jaffee sit down with Instructure CEO Steve Daly to discuss how they worked together to refocus Instructure to grow into a leading EdTech platform.
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit Instructure's website: https://www.instructure.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Jun 12, 2025 • 14min
Beyond Performance: Building a “10-10” Company Culture with Andre Durand
Ping Identity Founder & CEO, Andre Durand, explains that in a 10-10 culture, “the how matters as much as the what.” Over time, through his experience as a multi-time founder, he has come to resonate with one simple cultural north star that he refers to as “10-10” to strike a balance between performance and attitude. In this Beyond the Deal minisode, Andre Durand sits down with Thoma Bravo’s Orlando Bravo and Chip Virnig to discuss some of the pivotal moments that shaped his journey as an entrepreneur and what guides his leadership style today.
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit Ping's website: https://www.pingidentity.com/en.html To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Jun 5, 2025 • 57min
How Ping Identity Mastered Identity Security for Global Enterprises
Ping Identity helps some of the largest enterprises in the world secure the logins of their employees and customers, helping to keep systems secure, prevent fraud, and decrease friction as companies undergo their digital transformation. In this episode of Behind the Deal, Thoma Bravo Founder and Managing Partner, Orlando Bravo, and Partner, Chip Virnig, sit down with Ping Identity Founder & CEO, Andre Durand, to discuss the $2.8 billion take-private transaction and the strategic rationale behind combining Ping with ForgeRock to create a leading identity security platform for some of the world’s largest organizations
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit Ping's website: https://www.pingidentity.com/en.html To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

May 29, 2025 • 21min
How Applitools is Using AI to Improve Speed, Scalability, and Accuracy with Adam Carmi and Alex Berry
In this Beyond the Deal mini-sode, Applitools Co-Founder and CTO, Adam Carmi, and CEO, Alex Berry, speak with Thoma Bravo Partner, Carl Press, about the evolution of Applitools from its early days to a leader in AI-enabled test automation. Adam discusses the initial problem he and co-founder Moshe Milman sought to solve and Alex shares his perspective as CEO and how he embraces the founders’ vision.
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit Applitools's website: https://applitools.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

May 22, 2025 • 42min
How Applitools Uses AI to Revolutionize Test Automation
Hear the story behind Thoma Bravo’s investment in Applitools with Partner Carl Press in conversation with Alex Berry, CEO of Applitools, and Adam Carmi, Co-Founder and CTO of Applitools. The company’s all-in-one, AI-powered testing platform revolutionizes the way businesses approach quality assurance and test automation. Carl, Alex and Adam discuss the evolution of the business, the market trends driving the adoption of AI in application testing, and why thousands of companies worldwide trust Applitools’ technology to elevate their testing processes and improve digital experiences for their customers.
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit Applitools's website: https://applitools.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

May 15, 2025 • 23min
Beyond the Friend Zone: Building Mailgun into a Leading Technology Company with Will Conway and Josh Odom
In this Beyond the Deal mini-sode, former Mailgun CEO and CTO, Will Conway and Josh Odom, join Thoma Bravo Partner Hudson Smith to share their experiences of leading a growing technology company starting as college friends turned business partners. They highlight the critical role of a strong, supportive team culture, how their friendship strategically plays to their individual talents and strengths, and how that impacted the business.
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit Mailgun's website: https://www.mailgun.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

May 8, 2025 • 53min
How Mailgun Quickly Evolved into a Leading Email API Provider
Mailgun enables over 150,000 companies to send, track, test, and optimize more than 250 billion emails per year effortlessly for marketing and business communication to their customers. Thoma Bravo Partner Hudson Smith sits down on Behind the Deal with former Mailgun CEO Will Conway and CTO Josh Odom as they dive into Mailgun’s journey from a spin out from Rackspace to a leading email delivery service for businesses around the world.
For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Visit Maligun's website: https://www.mailgun.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices