Dry Powder: The Private Equity Podcast

When the Dam Breaks on Tech Deals with Thoma Bravo’s Holden Spaht

We ask a leading enterprise software investor why 2024 could be a “significantly better” year for dealmaking.


When the Dam Breaks on Tech Deals with Thoma Bravo’s Holden Spaht

My guest on today’s show is one of Thoma Bravo’s leading enterprise software investors and a rare voice of optimism in the tech space. At a time when growth equity has taken a beating and investors are feeling overexposed to tech more generally, Holden Spaht is refreshingly upbeat.

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“We are optimistic that this is going to be a significantly better year for dealmaking than 2023,” he tells me.

In this episode, I ask Holden how he remains bullish on tech. We also explore how he developed a playbook for profitable growth and why margin expansion is foundational to every one of his deals, regardless of the company’s size.

“We don’t view [profitability] as a detriment to growth; we view that as fueling future growth and investment and acquisitions,” Holden says. “A lot of times we’re getting up to where we can achieve 50% margins and double-digit organic growth.”


The Private Equity Podcast

In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.


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