Thoma Bravo's Behind the Deal

Noah Glass, founder and CEO of Olo, the restaurant tech leader behind digital ordering for 750+ brands. He recounts Olo’s rise from text-based ordering and why structured order data creates a durable moat. He discusses networked guest identities, why restaurants are data poor, and practical AI uses reshaping guest experience and operations.

Andy Watt, CEO of Nearmap, talks about moving from Scotland to Sydney and leading a technology-driven global company rooted in Australia. He discusses scaling a global team from Down Under and the importance of in-person leadership and customer travel. The conversation also touches on the partnership with investors and a playful lightning round on culture and preferences.

Andy Watt, CEO of Nearmap — a leader who transformed aerial imagery into a global property intelligence platform. He discusses strategy, AI investments, scaling from $40M to $300M+, and international expansion. Short takes cover M&A and integrating data into insurance, construction and government workflows. The conversation touches on organizational shifts and building high‑talent AI teams.

Brian Jaffee, a private equity professional with prior roles at Merrill Lynch and Veritas, reflects on his path into Thoma Bravo. Conversation highlights quick early responsibility, building a dedicated software practice, and a culture rooted in mentorship and entrepreneurial spirit. Stories include cold outreach, intense deal work, and the relationships that shaped long-term performance.

Holden Spaht, Managing Partner at Thoma Bravo who led the Ellie Mae investment and transformation, shares the story behind turning a $3.7B take-private into an $11B sale. He covers the hunt for the opportunity, rapid post-close operational overhaul, pricing and packaging shifts, M&A plays, and the rare reverse re-trade that bumped the deal value.

Jason Passwaters, CEO and co-founder of Intel 471 and a U.S. Marine Corps veteran, shares how military service shaped his leadership and company culture. He discusses moving from infantry to counterintelligence, bootstrapping a cybersecurity firm while raising a family, building global teams, and the role of humility, resourcefulness, and mission-first thinking in leading a company.

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.

Leagh Turner, CEO of Coupa, leads spend-management with massive transactional data and AI agents. Charles Gottdiener, CEO of Anaplan, builds planning platforms with embedded AI and role-based agents. They discuss how AI boosts productivity and engineering, governance and data safety, pricing AI agents, proprietary data moats, and early-stage enterprise adoption driving real ROI.

Arvind Krishna, IBM CEO known for leading IBM’s shift to hybrid cloud and AI and for the Red Hat acquisition, joins a live fireside chat. He explains why AI is good for software. He recounts the Red Hat deal and its hybrid cloud strategy. He predicts agents on systems of record, champions smaller domain models, and stresses deliberate scaling of AI.

What separates good CEOs from great ones? According to Proofpoint CEO Sumit Dhawan, it’s the ability to build belief. In this episode of Beyond the Deal, Thoma Bravo Managing Partner Seth Boro sits down with Sumit to discuss the leadership principles behind scaling a high-performing, human-centric cybersecurity company. From growing up in Delhi and learning the value of hard work and ownership, to leading a global public company, Sumit reflects on how transparency, storytelling, discipline, and mentorship build trust and unlock the best work from teams—and why building belief may be the most underrated skill in leadership 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/ Learn more about Proofpoint: https://www.proofpoint.com/us Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund. Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.