Thoma Bravo Promotes a Pair

Private equity firm Thoma Bravo promoted a pair of its principals to partner positions. Seth Boro and Holden Spaht, who each joined the PE firm in San Francisco in 2005 as vice presidents and were each promoted to principal roles two years later, have been named partner.


SAN FRANCISCO and CHICAGO, Jan. 10, 2011 – Thoma Bravo, LLC, a leading private equity investment firm, has promoted Seth Boro and Holden Spaht to partner.

Both Boro and Spaht joined Thoma Bravo as vice presidents in 2005 in the firm’s San Francisco office, and were promoted to principal in 2007.

“In their more than five years with the firm, Seth and Holden have proven themselves to be excellent investors with judgment, skills and dedication that will contribute greatly to the future success of the funds we manage,” said Carl Thoma, managing partner of Thoma Bravo.

“We are confident that the promotion of Seth Boro and Holden Spaht to partner will enhance our investment capabilities for current and future Funds,” said Orlando Bravo, managing partner of Thoma Bravo. “Both have played important leadership roles in acquiring and growing our successful portfolio of companies, particularly in software and technology sectors.”

Boro’s prior experience includes positions at Summit Partners LP, in Palo Alto, Calif., and with Credit Suisse and First Marathon Securities, both in Toronto. A native of Ottawa, Boro has played a key role in the firm’s acquisition and development of Entrust, Inc.; Flexera Software, Inc.; Hyland Software, Inc.; LANDesk Software, Inc.; SonicWall, Inc.; and Vision Solutions, Inc. Boro joined Thoma Bravo after earning a master’s of business administration from the Stanford Graduate School of Business. He received a Bachelor of Commerce degree from Queen’s University in Kingston, Canada.

Spaht joined Thoma Bravo in 2005 from Morgan Stanley, where he had worked with that firm’s buyout fund in London and its corporate finance team in San Francisco. Spaht’s prior experience also includes positions with Thomas H. Lee Partners in Boston and Morgan Stanley in New York City. At Thoma Bravo, he has played a key role in the firm’s acquisition and development of Embarcadero Technologies, Inc.; Manatron, Inc.; Plato Learning, Inc.; Roadnet Technologies, Inc. and Sirius Computer Solutions, Inc. Spaht earned a master’s of business administration from Harvard Business School, a bachelor’s degree from Dartmouth College and was awarded a Fulbright Scholarship for study in Germany.

About Thoma Bravo, LLC
Thoma Bravo is a leading private equity investment firm that has been providing equity and strategic support to experienced management teams building growing companies for 30 years. The firm originated the concept of industry consolidation investing, which seeks to create value through the strategic use of acquisitions to accelerate business growth. Thoma Bravo applies its investment strategy across multiple industries with a particular focus on the software and services sectors. Since 2006, Thoma Bravo has completed more than 50 acquisitions across 17 platform companies with total annual earnings in excess of $1 billion. For more information on Thoma Bravo, visit