SAN FRANCISCO, January 15, 2026 — Thoma Bravo, the world’s largest software-focused investment firm, today announced that its award-winning business podcast, Thoma Bravo’s Behind the Deal, will return for a fourth season. Building on three highly successful seasons, season four goes further inside the strategy and leadership of some of the industry’s largest and most innovative acquisitions and reveals how market-leading software companies are built.
Season four brings listeners to the forefront of the software and AI landscape, once again spotlighting Thoma Bravo’s experienced investment partners in conversations with portfolio company CEOs. Episodes will provide firsthand accounts of the art of dealmaking, unpacking the strategic thinking, decision-making and execution behind each deal and exploring Thoma Bravo’s strategies for driving growth and innovation to position these businesses for success. This season offers in-depth examinations of major acquisitions – including Proofpoint, Intel 471 and Ellie Mae – as well as thought-provoking sessions with the CEOs of Anaplan and Coupa on navigating AI-driven transformation.
For the first time, Thoma Bravo’s Behind the Deal is also going outside the portfolio and featuring timely conversations on AI and innovation with top technology CEOs. Among the highlights, season four includes a rare and candid discussion between Thoma Bravo Founder and Managing Partner Orlando Bravo and IBM CEO Arvind Krishna on the future of AI.
We are excited about the continued success of Thoma Bravo’s Behind the Deal. It’s very special for us to share the stories, lessons learned and achievements across our portfolio. Season four goes deeper than ever in showcasing the strength of our relationships with our outstanding portfolio management teams, how we work hand-in-hand to drive growth, and the trends shaping software and technology today.
- Orlando Bravo, a Founder and Managing Partner at Thoma Bravo
Thoma Bravo’s Behind the Deal has received an extraordinary audience response since launching, attracting a growing community of investors, founders, business leaders and young professionals, with 1,150,000+ episode downloads and 50,000+ LinkedIn newsletter subscribers to date. In its inaugural season, the podcast soared to #1 on Apple US Business and Apple US Management charts and peaked at #6 on Apple US Top 10 charts among all categories, placing it in the top 1% of all podcasts. The show’s impact and production quality are reflected in its lively audience engagement and critical acclaim, including ten MarCom Awards (platinum and gold) and a bronze Signal Award in 2025 that cement its reputation as one of the most innovative and influential audio series in the industry.
Season four’s first episode, available now, features Proofpoint CEO Sumit Dhawan, Thoma Bravo Managing Partner Seth Boro and Partner Andrew Almeida, discussing how AI is reshaping cybersecurity and what it takes to lead at scale in an increasingly complex threat environment. Stream the trailer here and first episode here, and follow Thoma Bravo’s Behind the Deal on Apple Podcasts, Spotify, YouTube,Amazon Music or wherever you listen to podcasts. New episodes will air every Thursday, alternating between Behind the Deal episodes and bonus content from our Beyond the Deal series.
About Thoma Bravo
Thoma Bravo is the world’s largest software-focused investment firm, with more than $181 billion in assets under management as of September 30, 2025. Partnering with some of the world’s most sophisticated investors, the firm has developed a well-earned reputation in private equity and credit, known for its disciplined approach, deep sector expertise and continuity in leadership. Over the past 20-plus years, Thoma Bravo has acquired or invested in over 565 software and technology companies, representing approximately $285 billion of aggregate value (including control and non-control investments, as well as add-on acquisitions). Learn more at thomabravo.com and on LinkedIn.