Thoma Bravo's Behind the Deal Intel 471: From Bootstrapped Cyber Intel to Enterprise Leader
Feb 12, 2026
Jason Passwaters, co-founder and CEO of Intel 471 and former Marine and FBI cyber forensics analyst, built a bootstrapped cyber threat intelligence firm known for actionable, proprietary data. He discusses disciplined, profitable growth, the rigorous diligence that led to partnering with Thoma Bravo, early acquisitions and how AI is reshaping threat detection and analyst workflows.
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Proactive High-Value Threat Intelligence
- Intel 471 provides proactive, highly actionable threat intelligence that lets enterprises prevent and hunt cyber attacks before they happen.
- Their signals are sparse and high-value, typically two to three meaningful indicators per week rather than thousands of low-quality alerts.
Paris Trip During COVID Cemented Conviction
- Thoma Bravo flew to Paris during COVID and timed tests to avoid quarantine just to meet the Intel 471 leadership in person.
- That arduous trip reflected the team's conviction after multiple diligence interactions.
Metrics Revealed True Differentiation
- Intel 471 showed exceptional financial metrics: >90% gross retention and >80% gross margins while being bootstrapped and profitable.
- Those rare micro metrics convinced Thoma Bravo to keep digging despite initial skepticism about threat-intel vendors.