AIR DATE: March 12, 2026
LENGTH: 12:46
ANDY WATT (00:00):
It was one of those, we need to introduce these guys, what we’re going to see, how we’re going to break the ice here. So cut to AJ who’s sitting… Where were you?
A.J. ROHDE (00:10):
I was in my home office couch because it was COVID.
ANDY WATT (00:12):
It’s COVID.
A.J. ROHDE (00:13):
Yeah. And I had COVID. So I’m sitting there, that’s why I couldn’t be there with you in person.
ANDY WATT (00:18):
Yeah. And behind you, there’s the KISS poster.
A.J. ROHDE (00:21):
No, Rush.
ANDY WATT (00:21):
Rush poster, sorry. Yeah, yeah, yeah. And you just—
A.J. ROHDE (00:24):
Double neck guitars, Neil Peart, like 360 drum set.
ANDY WATT (00:28):
Right. And you’re the least private equity guy, I think, the [inaudible 00:00:31] I’ve ever seen.
ORLANDO BRAVO (00:36):
Welcome to Thoma Bravo’s Beyond the Deal. I’m Orlando Bravo, founder and managing partner at Thoma Bravo. Today, Thoma Bravo’s senior partner, A.J. Rohde, along with Thoma Bravo principal, Peter Hernandez, sit down with the Nearmap CEO, Andy Watt. These three have a great dynamic. Listen along as they talk about Andy’s path from Scotland to Australia and what it’s like building a global tech company from Sydney, and the behind-the-scenes moment that helped our team win the Nearmap team’s hearts and minds. Then it’s time for AJ’s Lightning Round, covering everything from culinary debates to rock bands.
PETER HERNANDEZ (01:29):
Welcome back everybody. We are here with Andy Watt and A.J. Rohde, and this is our episode of Beyond the Deal. And we’re excited to get into it and maybe tell our listeners a little bit more behind the scenes on what we didn’t get to last time.
A.J. ROHDE (01:42):
Andy, thanks for coming in. But we will start this and we’re going to keep this fun, lighthearted. This is sort of the time where we could take the temperature down a little bit. Maybe Peter, I’ll start and then I’ll kick it to you. Coming to Oz from Scotland, you did it for a job. You stayed with your family.
ANDY WATT (02:02):
They stayed with me actually.
A.J. ROHDE (02:03):
They stayed with you. Yeah. Yeah. Congratulations. Tell us about your experience in country and how you’ve seen the country evolve and what do you think the future holds for—
ANDY WATT (02:15):
Australia.
A.J. ROHDE (02:16):
Yeah, for Australia.
ANDY WATT (02:17):
It’s a fascinating country. It really is. Like I say, I fell in love with the people and the lifestyle as soon as I got there. And there are plenty of times and reasons we could have moved elsewhere or gone back to the UK or—we still got family and friends there, obviously. But the place is hypnotic. It grabs you and it shakes you and you become part of it. And that’s what I love about it. It’s a country that’s going through a lot of change as every country is. It’s on the periphery of most things. It’s a long way from everything. It’s an obvious statement to make. Therefore, it tries twice as hard to make itself relevant and to do things well. And I think that’s to its credit. And I think it’s going to be an interesting place. It’s a country that’s evolved around mining and banking and so on, but I think there’s a realization that it needs to expand its horizons and look for new ways to evolve and grow as an organization.
(03:08): And I think Nearmap’s a great example where there’s a thriving technology community over there now that really is beginning to bet—in fact that we’ve got such huge talent in Australia for AI. I think there’s just that—
A.J. ROHDE (03:20):
Good immigration policies too. The country’s open about that.
ANDY WATT (03:23):
It’s opening now. It had pretty closed doors for a long time, but it’s opening its doors now. It’s much more open. Again, it wants to be included as part of the world’s discussion and it’s becoming more relevant, as I say. And I think it’s being deliberate in doing so. It’s been thoughtful in doing so as well. So it’s a fascinating place to be.
PETER HERNANDEZ (03:40):
Well, it’s so fun for us too, to help you build a global company that’s technology-led, technology-focused from Australia, just because there’s not many of them. It really is something that I feel like is rare and special when we go spend time down there. From your perspective, what’s that like to be the head of a global company? Talk about that.
ANDY WATT (03:57):
Yeah. I know. It’s cool. It’s humbling, honestly, is what it is to begin with, but it’s an amazing position we find ourselves in. Now we’ve put a lot of hard work into getting to that position. So we’re incredibly proud and passionate and pleased with the journey we’ve come on. So even though a lot of our critical mass is now here in terms of employee base, through acquisition, through our revenue and so on, we still have very strong roots in Australia. We’re still passionately Australian at our heart. And I think we’ll always have that kind of sense of DNA that ties itself back to Australia. I don’t think we ever want to lose sight of that, and sure we’ll never lose sight of that. So that’s exciting as well. The Australian team are super excited about the growth opportunity for Nearmap as a global organization. I think it’s a feather in the cap, a success story. And I think we’re all just passionate about it. We’re all excited about it.
A.J. ROHDE (04:45):
So how many flights do you take a year? And how many miles do you fly?
ANDY WATT (04:52):
I should know the miles, right? I don’t know. But I’m here five or six times a year. And you said earlier—
A.J. ROHDE (04:58):
But you’re always here for two weeks.
ANDY WATT (05:01):
I’m always here for two weeks.
A.J. ROHDE (05:01):
You guys are here, you’re going across the country, meet with customers, you’re in Jacksonville now with myself.
ANDY WATT (05:05):
Of course. But it works well. It gets four times a year with you guys for board meetings. But then I’d be here anyway talking to, as you say, the employees, out with customers and so on. So it’s time well spent and it’s great. And half our executive team here, half the exec team Australia, it’s a great opportunity for us to connect in person. And I’m still one of those old-fashioned guys that likes to actually talk to people and all that sort of stuff. So yeah, look, it’s a lot of travel and my family are very accommodating about that. I think they actually enjoy it when I go.
A.J. ROHDE (05:33):
I have one of those too.
ANDY WATT (05:38):
Yeah, exactly. But no, it works.
PETER HERNANDEZ (05:38):
One of the things that we love to do is we love to come down to your neck of the woods in Sydney, which we’ve done a couple of times. Actually, we try to do it at least once a year. We do a board meeting down there and we meet the team. I would love actually, Andy, for you to tell our listeners, could you describe the first town hall that we had? And maybe to put AJ on the spot, explain to our listeners—
A.J. ROHDE (05:56):
When you were there in person and I was [inaudible 00:06:00]
PETER HERNANDEZ (06:01):
The start of us winning the hearts and minds.
ANDY WATT (06:03):
It was us winning the hearts. But look, it was a big announcement, right? There’s a few of us knew obviously in advance, and then there was a big announcement that we were going private and Thoma Bravo investing and everyone’s kind of, “Who are these Thoma Bravo guys, private equity douchebags?” What’s going on here? So most of the board came down, which to be fair—and just to come back to the AJ story, you guys, you say, have made a habit of coming across and that is so well received. Because actually knocking out the kind of stigma and whatever might be attached with private equity, having you guys visible and not just visible, accessible to the team is really, really important. It’s not just even in Sydney, you guys attended our kickoff events in the U.S. as well. So having a presence and a profile is really important.
(06:44):
So you’re not just the kind of suits behind the money, behind the deals as it were. So that’s really important. But yes, to your point, Peter, it was one of those, we need to introduce these guys, what are we going to see, how are we going to break the ice here? So cut to AJ who’s sitting… Where were you?
A.J. ROHDE (07:01):
I was in my home office couch because it was COVID.
ANDY WATT (07:03):
It’s COVID. Yeah.
A.J. ROHDE (07:03):
And I had COVID, so I’m sitting there, that’s why I couldn’t be there with you in person.
ANDY WATT (07:08):
Yeah. And behind you, there’s the KISS poster.
A.J. ROHDE (07:11):
No, Rush.
ANDY WATT (07:12):
Rush poster, sorry. And you just—
A.J. ROHDE (07:15):
Double neck guitars, Neil Peart, like 360 drum set.
ANDY WATT (07:18):
And you’re the least private equity guy, I think, the New Yorker I’ve ever seen, but it was great. You talked with passion, you talked with excitement, you were fun, you were engaging. And for that moment, it was kind of what was just—
A.J. ROHDE (07:29):
A lot of fun.
PETER HERNANDEZ (07:30):
I think it was the best juxtaposition to myself and Samir. He was co-lead on this investment as well. Samir and I were there in person and probably we’re wearing the uniform, the blue shirt and the suit jacket. And then I’ll never forget, AJ comes on the screen and it’s probably this big projector in the cafeteria Nearmap room and this massive Rush poster behind him. And I mean, you can just hear everyone in the crowd saying, “This guy’s awesome.”
A.J. ROHDE (07:53):
Exactly. The coolest thing people ever done.
ANDY WATT (07:55):
Yeah, no, that was great.
A.J. ROHDE (07:56):
All right. Can we do the lightning round?
PETER HERNANDEZ (07:58):
Let’s do it.
A.J. ROHDE (07:58):
All right, this is super fun. So every time we do this, we ask some questions and we ask you to choose between two options. Okay?
ANDY WATT (08:04):
Do you have to explain it or just choose?
A.J. ROHDE (08:07):
You just have to choose.
ANDY WATT (08:08):
All right.
A.J. ROHDE (08:08):
Okay.
ANDY WATT (08:08):
Easy.
A.J. ROHDE (08:09):
I’m going to ask you five questions, okay?
ANDY WATT (08:11):
Good, easy.
A.J. ROHDE (08:11):
So sit tight for a sec. All right, ready?
ANDY WATT (08:13):
Yep.
A.J. ROHDE (08:14):
Now, a lot of this is going to play on the theme of Scotland versus Australia. And I’m going to ask you to pick between the countries because you have fondness for both, but I’m asking you to pick between cultural elements of each country. How’s that?
ANDY WATT (08:26):
Let’s do it.
A.J. ROHDE (08:27):
Okay, ready? Highland Games or the AFL Grand Final?
ANDY WATT (08:30):
AFL Grand Final.
A.J. ROHDE (08:32):
And why?
ANDY WATT (08:32):
I have to explain to the audience. Highland Games is very much caber tossing and throwing hammers and wearing kilts. And it’s quite a unique experience. AFL, Aussie Rules football is again, one of these uniquely Australian sports, but it is massive. It is a day out for the ages. And so if you ever get a chance to come down, you got to go to it. But it’s a phenomenal sport and a lot of fun. Both are good.
PETER HERNANDEZ (09:00):
No, I think we’re going to try to do it in October.
ANDY WATT (09:02):
There we go. There we go.
A.J. ROHDE (09:04):
Back to my music theme, AC/DC, Australia, or Simple Minds, Scotland.
ANDY WATT (09:10):
Well, Simple Minds was part of my childhood in growing up, so I would probably say Simple Minds.
A.J. ROHDE (09:15):
Yeah.
ANDY WATT (09:15):
Stick with it.
A.J. ROHDE (09:16):
Yeah. I might agree. I think I’m going to pronounce this right, but if I don’t, let me know. Haggis, neeps and tatties.
ANDY WATT (09:24):
It’s pretty good.
A.J. ROHDE (09:25):
Or versus Vegemite.
ANDY WATT (09:26):
Haggis, neeps and tatties.
A.J. ROHDE (09:27):
So what are haggis, neeps and tatties?
ANDY WATT (09:31):
Haggis is a unique Scottish dish again. It’s the innards of a sheep, sheep offal wrapped with oatmeal, wrapped in a sheep stomach, which you boil and then serve with mashed potatoes—sorry, tatties—and mashed turnips, neeps. And it’s—
A.J. ROHDE (09:51):
Sounds wonderful.
ANDY WATT (09:51):
—served anytime really, but there’s a specific occasion, Burns Night or Robert Burns Night, 25th of January. So I’ve just come from Burns Night and just had haggis, neeps and tatties.
A.J. ROHDE (10:02):
Oh really? Okay.
ANDY WATT (10:02):
It was tremendous.
A.J. ROHDE (10:03):
Is there a Scott expat community that will eat this stuff in—
ANDY WATT (10:06):
There is.
A.J. ROHDE (10:06):
Okay. All right.
ANDY WATT (10:06):
There’s demand for it.
A.J. ROHDE (10:06):
Perfect.
ANDY WATT (10:06):
An acquired taste.
A.J. ROHDE (10:06):
A few lonely…
ANDY WATT (10:11):
When you come down to Australia, I’ll serve it to you.
PETER HERNANDEZ (10:13):
I would jump in and say neither of those. I love the Tim Tams—
ANDY WATT (10:17):
Tim Tams.
PETER HERNANDEZ (10:19):
Those are so great. Every time we show up in Australia, I think Kendra’s got a box for us. We always take them back.
A.J. ROHDE (10:24):
Kangaroo meat, do people eat that?
ANDY WATT (10:25):
They do. It’s not common, but you can. Crocodile.
A.J. ROHDE (10:30):
Yeah.
ANDY WATT (10:30):
There’s a bunch of stuff.
A.J. ROHDE (10:32):
Yeah. Yeah. You guys are hardcore, man.
ANDY WATT (10:33):
We’ll barbecue anything.
A.J. ROHDE (10:33):
Yeah, totally. Okay. Summer in Glasgow or Edinburgh or summer in Queensland?
ANDY WATT (10:41):
Oh, that’s so easy. Summer in Australia all day long. All day long. That is why I’m in Australia. Summer in Glasgow is like winter in—
A.J. ROHDE (10:51):
It’s like summer in San Francisco.
ANDY WATT (10:52):
Yeah, maybe you’re right. No, the climate in Australia is pretty good. So yeah, I’ll take that.
A.J. ROHDE (10:57):
Okay. Last question. The Australian public markets or any other public market venue?
ANDY WATT (11:03):
The Australian public markets. The Australian public markets. It’s a good community down there and they know us well. So I think they’d be interested.
A.J. ROHDE (11:12):
And you have a retail following because people know MapBrowser, they used it. You had a retail following before.
ANDY WATT (11:17):
Right. And I get… Look, I still got so many bankers and investment funds just want to know what’s happening with Nearmap because we were part of that kind of growth journey. We got to the ASX 200 at a point in time and people liked who we were and are just interested to see where we’re going. We disappeared, but they want to know what’s happening. So it’s kind of nice to know we’re still thought of.
PETER HERNANDEZ (11:35):
Well, we were saying before, it’s just such an iconic company in Australia. The fact that even just walking down the street, everybody stops us and they say, “Oh, how do you know Nearmap?” AJ was telling a story earlier. I think that is so special.
ANDY WATT (11:46):
There you go.
A.J. ROHDE (11:47):
Yeah. Any other final comments guys?
PETER HERNANDEZ (11:50):
No, nothing from me other than just to say it has been an absolute pleasure, Andy, to be working with you, be your friend, be your thought partner as you build this big global company that we’ve all just really, really enjoyed the ride. So thank you for entrusting us to be your partner and really picking us from the start to help build it. It’s been absolute joy and we love it.
A.J. ROHDE (12:11):
Thanks for convincing me to buy it. And convincing both of us to do it. Yeah. Pleasure guys.
ANDY WATT (12:18):
Thank you guys. No, I appreciate that. And you said the word friend there. That’s important as well. I think it’s not just a business relationship. This is way more than that. I appreciate it. And that’s what keeps us going, right? Let’s enjoy it. So same, thank you.
A.J. ROHDE (12:29):
Onward, onward. Thank you guys. Appreciate you being here.
ORLANDO BRAVO (12:34):
Listen to Thoma Bravo’s Beyond the Deal, season four on Spotify, Apple Podcasts, YouTube, or wherever you get your podcasts.
