Keep pulling the thread on Orlando Bravo.
Thoma Bravo's investment strategy is to acquire the number one market leader in a given software segment, such as cybersecurity or process automation.
Orlando Bravo believes software companies with deep, non-replicable domain expertise are more valuable than ever and hold the key to AI adoption for their customers.
Thoma Bravo's portfolio companies are currently accepting 40% of their code from machine-generation tools.
Orlando Bravo predicts that the percentage of machine-generated code accepted by software companies will increase from 40% to 50% and eventually to 100%.
Thoma Bravo considers it too early to invest in AI-native companies because their business models, monetization strategies, and cost of inference are not yet well-established.
The combined portfolio of Thoma Bravo's cybersecurity companies would constitute the second-largest cybersecurity company in the world.
The proliferation of AI agents creates a significant barrier to enterprise AI adoption due to the massive cybersecurity challenges of managing agent identity, permissions, and data access.
Orlando Bravo predicts the cybersecurity industry will experience a significant boom due to the new developments and risks introduced by AI.
Thoma Bravo is likely the largest owner of enterprise software companies in the world.
Orlando Bravo believes the current market is the wrong time to buy a mediocre software company, even at a bargain price.
A key component of Thoma Bravo's investment thesis is that target companies must have an existing management team with deep domain expertise.
Thoma Bravo's investment criteria requires that target companies are showing significant momentum in AI acceleration.