If you thought private equity was on a software spending spree this year, just wait until 2023. Thoma Bravo’s announcement today that it had finished raising money for buyout funds with $32.4 billion in capital commitments is a strong sign that more deals are on the way. This year alone, Thoma Bravo has completed the purchase of identity management software firms Ping Identity and SailPoint, as well as planning software firm Anaplan, for a total of $20 billion. And it has announced other purchases, including that of ForgeRock, another digital identity firm, for $2.3 billion. Other private equity firms, such as Vista Equity Partners, have also been active in the software market. And why not? Prices have plummeted and the antitrust police are limiting competition from other tech firms.
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