Podcasts about Thoma Bravo

When Thoma Bravo took a majority stake in Casepoint in January 2025 and merged it with the government-software company OPEXUS, it set the e-discovery pioneer on a broader course — deeper into the government market and squarely into FOIA and case management. Now the company has a new leader to see that course through: Paul Colangelo, a 25-year veteran of government and enterprise software, who was named Casepoint's CEO this week. In this episode, recorded just before the announcement, Colangelo joins host Bob Ambrogi for his first podcast interview in the role. He talks about the mandate he's been handed 18 months into the Thoma Bravo era, why he believes mission-critical government software is "DOGE-proof, recession-proof, pandemic-proof," and how Casepoint intends to stand apart in a crowded e-discovery field on security and governance.  He also discusses the company's investment in agentic AI and the need to keep a "human in the loop," the customer tension between AI's promise and unpredictable token-based pricing, and why he expects bolt-on acquisitions ahead. Along the way, he reflects on the founders who built Casepoint and the culture he hopes to shape as he takes the helm.   Thank You To Our Sponsors This episode of LawNext is generously made possible by our sponsors. We appreciate their support and hope you will check them out. Paradigm, home to the practice management platforms PracticePanther, Bill4Time, MerusCase and LollyLaw; the e-payments platform Headnote; and the legal accounting software TrustBooks. Briefpoint, eliminating routine discovery response and request drafting tasks so you can focus on drafting what matters (or just make it home for dinner).   If you enjoy listening to LawNext, please leave us a review wherever you listen to podcasts.  

Victor Lopez on Fixing Broken MSP Financial Plumbing with AI Todd interviews Victor Lopez, a former attorney and private credit professional at Blue Owl Capital who co-founded Flexpoint after seeing how clunky MSP financial tools were. Victor traces his "aha" back to Blue Owl financing Thoma Bravo's 2018 acquisition of ConnectWise, which led him to question why PSAs mix ticketing/project work with invoicing while still requiring separate accounting software. They discuss how most AI talk in the MSP industry centers on service delivery, but Victor argues owners should also apply AI to operations like accounts receivable/payable, collecting and making payments, payroll, and other non-revenue tasks that often fall on owner-operators (especially in sub-$1M MSPs).  Victor describes AI agents, including voice AI for overdue invoice calls, and emphasizes human-in-the-loop controls, segmenting which customers are contacted, and escalation to a human to protect relationships while improving efficiency and owner quality of life. This episode is brought to you by Opsleader Pro. A place for MSP owners and managers to get the systems and tools they need to build a stable and growing MSP. Part group coaching, part peer group, everything you need to run a successful MSP. 00:00 Meet Victor Lopez 01:20 From Law to Flexpoint 02:02 ConnectWise Deal Spark 02:57 Why PSA Billing Exists 05:35 AI Beyond Tickets 08:13 Operational AI Wins 14:09 Agentic AI for AR 16:50 Join Opsleader 17:26 Controls and Oversight 22:09 Voice Agents Calling Clients 28:27 Owner Time and Quality 32:20 Wrap Up and Takeaways

In this episode, we kick things off with a major legal victory for shippers facing liability exposure in Texas. Just one day after Alabama's Supreme Court expanded broker liability in safety incidents, the Texas Supreme Court ruled that Home Depot cannot be held liable for a fatal crash involving Werner Enterprises. The court determined that simply hiring an independent contractor to haul freight does not create tort liability for the shipper, effectively blocking sweeping safety claims untethered from control or conduct. Next, we explore a blockbuster consolidation reshaping how small and midsize businesses access freight capacity. Dallas-based WWEX Group and shipping software provider Auctane have completed their merger to create ShipStation Global, a new logistics powerhouse serving over three million customers. Backed by private equity firm Thoma Bravo, the combined entity handles over three billion shipments annually and connects parcel, LTL, truckload and international services through a single technology platform. Finally, we head across the Atlantic to examine how FedEx is investing heavily in European ground infrastructure to support its premium air cargo ambitions. The express giant is pouring fifty-four million dollars into expanding a major trucking hub in the Netherlands, increasing palletized freight capacity by over fifty percent. This strategic expansion supports FedEx's truck-fly-truck delivery model and its aggressive push to capture a larger share of the ninety billion dollar deferred air cargo market. Follow the FreightWaves NOW Podcast Other FreightWaves Shows Learn more about your ad choices. Visit megaphone.fm/adchoices

What happens when a $6.4 billion PE buyout becomes a cautionary tale for every SaaS operator, investor, and board member? In this episode, Dave "CAC" Kellogg and Ray "Growth" Rike break down Private Credit: what it is, how it works, and why it is showing up everywhere from venture rounds to leveraged buyouts. Then they walk through the Medallia deal step by step to show exactly how the model breaks.What we covered:Private credit 101: from venture debt to leveraged buyoutsPrivate credit is non-bank lending done by funds instead of banks, with a repayment-first mindset rather than a returns mindset. Capital deployment hit nearly $600 billion in 2024, up 78% from 2023, with 22 to 25% of that concentration in SaaS companies. Ray and Dave explain the difference between venture debt (lending to startups post-round) and direct lending (providing the "L" in LBO transactions), and why these structures have moved from niche to standard in software finance.How debt is priced and why it costs what it costsPrivate credit loans are floating-rate instruments priced at SOFR plus 500 to 800 basis points. In the zero-rate era that meant 6 to 9% all-in. Today it means 10 to 13%. Dave explains warrants as the "sweetener" (typically 5 to 15% of the loan amount, translating to under 2% equity ownership) and why the real economic driver is repayment, not upside. Ray frames the contrast with VC math: a lender who loses principal on one deal has no portfolio-level offset.The terms that matter: PIK, bullets, and covenantsPay-in-kind interest defers cash pain today by adding to the principal balance tomorrow. A $100M loan PIK-ing at 10% annually becomes $121M in two years and $133M in three. Bullet loans put the entire principal due at maturity, which for most companies means refinancing or a sale event. Dave's strongest language is reserved for covenants, which he calls the "third rail": liquidity, EBITDA, ARR growth, and coverage ratio thresholds that give lenders the right to call the loan if tripped. He argues these belong on page one of every board dashboard, every time.The Medallia case study: when all the assumptions move against youThoma Bravo acquired Medallia in 2021 for $6.4 billion at 9x revenue, with roughly $1.8 billion of debt backed by Blackstone, Apollo, and KKR. The deal was underwritten on continued growth and margin expansion toward 25% free cash flow. Instead, growth slowed, base rates rose more than 400 basis points, PIK interest compounded the balance from $1.8B to $2.2B, and EBITDA of $200M fell below annual interest expense of $300M. Interest coverage dropped below 1x. Thoma Bravo's $5 billion equity investment went to zero. Lenders took the keys via debt-for-equity conversion.Why these structures can look stable and then break fastThe Medallia deal was not unusual at entry. The problem was that PIK, rising rates, and slowing growth are individually manageable and jointly lethal. By March 2026, Blackstone was marking its first-lien Medallia debt at 60 cents on the dollar. Ray notes that between 2015 and 2025, more than 1,900 software companies were acquired by PE in deals worth over $440 billion, and 20 to 25% of all private credit went to SaaS. The exposure across the sector is large.The lesson Rory O'Driscoll would underlineDave closes with a line from Rory O'Driscoll: as soon as something becomes a formula, the play is probably over. Private credit for SaaS worked reliably for nearly a decade. The combination of higher rates, compressed multiples, and closed IPO and M&A windows revealed that the formula was underwriting a world that no longer existed. Senior debt gets paid first. When the debt is impaired, the equity is gone. The math does not negotiate.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Scott Wapner speaks to some of the biggest names on Wall Street live at the Sohn Conference in New York City. We bring you one-on-one interviews with famed short-seller Jim Chanos, Greenlight's David Einhorn, Avenue Capital's Mark Lasry and the great software investor Orlando Bravo of Thoma Bravo. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This episode of Inside the Network is unique because it is our very first show recorded live on the RSAC 2026 stage in front of security leaders, startup founders, and identity experts. For this episode, we had the privilege of sitting down with one of the most accomplished founders in cybersecurity, founder and CEO of SailPoint, Mark McClain.Cybersecurity is not an easy market to take a company public, and only the most successful founders have the opportunity to take a company public just once. Mark on the other hand has taken the same company public twice. He created the identity governance category from scratch, grew the company into a global identity security leader with more than $1 billion in ARR, over 3,000 employees, and customers across nearly half of the Fortune 500, took it public in 2017, private again with Thoma Bravo in a multi-billion-dollar transaction, and then back to the public markets in 2025.This episode explores one of the biggest questions in cybersecurity today: how do incumbents survive and win in the age of AI? Mark shares how large cybersecurity companies think about innovation, disruption, and adaptation in a world that's changing faster than ever before. We discuss whether incumbents can turn scale, distribution, and customer trust into long-term advantages, or whether AI creates the perfect opening for a new generation of startups to challenge established leaders. Throughout the conversation, Mark reflects on the evolution of identity security from compliance tooling into one of the most critical security control planes in the enterprise. We dive into the rise of non-human and agentic identities, why traditional governance models are breaking under the speed of AI, and how companies like SailPoint are adapting to a world where identities can be ephemeral, autonomous, and operating at machine speed.We also talk about building startups in Austin versus Silicon Valley, lessons from taking the same company public twice, the realities of operating as both a public-company CEO and a founder, and what early-stage founders continue to underestimate about enterprise cybersecurity markets. In closing, Mark shares candid advice for founders building in cybersecurity today: where startups still have a real edge, what markets are ripe for disruption, and why listening to customers remains the ultimate competitive advantage.You can watch the full video recording of this conversation on-stage at the RSAC 2026 Conference here: Inside the Network Live: Winning as an Incumbent in the Age of AI.

"HCSS fills the missing middle where plans become production."That's how Usman described the $2.4B Nemetschek + HCSS deal on this week's Bricks & Bytes.We sat down with Yves (CEO, Nemetschek Group) and Usman (Build Segment) to unpack the strategy behind one of the biggest construction tech deals of the year.Tune in to find out about:✅ Why Nemetschek structured this as a partnership with Thoma Bravo (28% rolled stake) instead of a clean buyout✅ How HCSS slots in alongside Bluebeam, GoCanvas, SiteDocs and Nevaris✅ The real prize — 40 years of proprietary heavy civil lifecycle data and what it means for vertical AI✅ Usman's blunt advice to founders right now (hint: not "PowerPoint or vibe-coded apps")

AGENDA: 00:00 $45B Floods into Anthropic from Google & Amazon 05:10 OpenAI Misses Growth Targets — Is This a Real Problem? 08:40 The Rise of AI Agents: Why Humans No Longer Pick Models 12:05 "Compute ≠ Revenue": The First Crack in the AI Business Model 20:30 China Blocks $2B Manus Deal — AI Cold War Escalates 34:10 Why Google May Be the Biggest Winner in AI Infrastructure 41:50 The Death of SaaS? Agents Replace Apps Like Jira & Canva 46:20 Thoma Bravo Hands Medallia to Creditors — $5B Wiped Out 52:10 The Collapse of Private Equity Exit Routes in VC  

In this episode of Tank Talks, Matt Cohen and John Ruffolo break down one of the biggest economic policy announcements in Canada's innovation economy: Mark Carney's proposed $25 billion Canada Strong Fund, a sovereign wealth fund designed to invest in nation-building projects, strategic industries, Canadian technology companies, and long-term economic sovereignty. John, who previously argued for this type of fund in his Substack piece Canada's Missing Pot of Gold, explains why Canada's biggest structural problem is undercapitalization and why relying on foreign direct investment for critical industries creates serious sovereignty risks.Matt and John dig into the hard questions behind the fund: Where does the money come from? Can Canada borrow at low rates and invest for long-term returns? How should the fund be governed so it does not become a political slush fund? And can this vehicle finally force a more serious conversation around Canadian pension funds, domestic capital formation, and backing companies like Cohere, Kepler, and Xanadu before they are pushed toward foreign capital markets?The episode also covers Cohere's acquisition of German AI firm Aleph Alpha, the rise of sovereign AI alternatives outside the U.S. and China, Xanadu's volatile post-SPAC quantum stock run, SpaceX's reported Cursor acquisition talks, Meta's 8,000-person AI-driven workforce reduction, and Thoma Bravo's massive Medallia equity wipeout. From sovereign wealth and AI infrastructure to quantum financing and private equity pain, this episode asks the real question: can Canada build the capital systems needed to own its future?Canada Strong Fund: Carney's $25B sovereign wealth fund announcement (00:31)Matt opens the episode by laying out the breaking news: Mark Carney has launched the proposed Canada Strong Fund, a $25 billion sovereign wealth fund aimed at giving Canadians a stake in strategic national projects and critical industries.Why John Ruffolo says Canada is dangerously undercapitalized (01:22)John argues that Canada's core economic problem is not a lack of ideas, talent, or companies, but a lack of domestic capital formation. He explains why foreign-controlled capital in sovereign industries is a bad idea and why Canada needs its own funding mechanism.The biggest risk: governance or political slush fund? (03:14)John explains that the Canada Strong Fund will only work if it is independently governed, similar to CPPIB or CDPQ. Without strong governance, he warns, the fund could collapse into politically motivated pet projects.Can Canada borrow at 3.5% and earn 7% long term? (04:59)John breaks down the financial logic behind using Canada's strong credit rating to borrow at lower rates and invest through a professionally managed fund targeting long-term returns similar to major pension funds.Why the fund fails if returns do not materialize (08:15)Matt raises concerns about launching a sovereign wealth fund during a deficit environment. John says the idea only works if the fund is independently managed and capable of generating real long-term returns.No more grants: John's blunt plan for government funding (14:02)John calls for Canada to stop giving grants, especially to foreign-based companies, and instead convert government support into equity investments that create long-term ownership and capital recycling for the country.Cohere acquires Aleph Alpha and makes a sovereign AI play (16:12)Matt breaks down Cohere's acquisition of German AI firm Aleph Alpha, the new Berlin European headquarters, and the reported $600 million financing commitment from Schwarz Group as part of a broader sovereign AI strategy.Xanadu's quantum stock surge and post-SPAC volatility (19:59)Matt explains Xanadu's post-SPAC trading action, including its sharp rise, options activity, and SEC filing registering nearly 300 million Class B shares for sale after the lockup period expires.SpaceX, Cursor, and peak AI paper-deal froth (24:25)Matt and John react to reports that SpaceX could acquire AI coding startup Cursor for $60 billion, with John arguing that SpaceX shareholders should be furious about the growing complexity and governance concerns.Meta layoffs and the real cost of AI capital spending (27:56)Matt highlights Meta's reported 10% workforce reduction tied to massive AI capital spending. John argues the “AI efficiency” explanation often masks bad capital allocation and failed strategic bets.Thoma Bravo's $5.1B Medallia equity wipeout (29:55)The episode closes with Thoma Bravo handing Medallia back to creditors after a major private equity software deal collapses, raising questions about SaaS valuations, debt structures, and exit assumptions in the AI era.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

West Suburban Medical Center began reopening under pressure after surprise shutdown as Springfield weighs tougher rules on hospital closures. Crain's contributor Jon Asplund talks with host Amy Guth about the medical center and other local hospital headwinds. Plus: Former ComEd CEO and lobbyist granted new trials in Madigan bribery case, Thoma Bravo signs multiyear deal with Google for AI adoption, logistics firm RJW extends suburban warehouse leasing tear and city seeks to shut down Ford City Mall over ‘imminent' health and safety threat. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Show DescriptionJoe Levy is the CEO of Sophos and a 30-year cybersecurity veteran who has held technical and executive roles across some of the industry's most recognizable brands. In this episode, we dig into a stat that should reframe how the entire industry thinks about its mission: out of roughly 359 million businesses worldwide, fewer than 32,000 have a CISO. That's less than one in 10,000 organizations with a security strategy leader — and it's a number Joe worked with Cybersecurity Ventures to quantify for the first time.We explore what that structural gap means for how vendors build products, why the cybersecurity market is a 40-year-old market failure where spending goes up every year but outcomes don't improve, and how Sophos is betting that agentic AI can deliver CISO-level intuition to the hundreds of millions of organizations that could never conceive of hiring one. Joe breaks down where AI is genuinely delivering in security operations — and where the industry is overselling — drawing from Sophos's experience running the world's largest MDR service with 36,000 customers.We also get into Sophos's Pacific Rim disclosure, a five-year engagement with a Chinese nation-state actor targeting their firewalls that Joe calls the highest form of threat intelligence sharing. He walks through the calculus of going public with that story, including the kernel-level monitoring they deployed on a handful of devices to stay one step ahead of the attacker. Plus, we discuss the SecureWorks acquisition, the CTO-to-CEO transition, competing with hyperscalers like Microsoft, and what the next chapter looks like for a billion-dollar PE-backed security company approaching maturity with Thoma Bravo.Show NotesThe cybersecurity poverty line quantified: out of 359 million businesses worldwide, fewer than 32,000 have a CISO — less than one in 10,000 — and this leadership gap compounds with the skills shortage and what Joe calls an "AI-enhanced market for lemons" where information asymmetry between buyers and vendors is getting worseThe real problem isn't missing technology — most organizations already have endpoints and firewalls — it's misconfigurations, ignored alerts, undeployed agents, and no SOC to respond, which is why secure-by-default design and hybrid product-service models like MDR create more predictable outcomes than tools aloneAI in the SOC is overhyped but not hype: Sophos runs 36,000 MDR customers and says the vast majority of Tier 1 (triage, false positive management) and Tier 2 (investigation, response) can now be performed by agents — but the industry lacks standard vocabulary for metrics like MTTR, letting vendors be "intentionally opaque" about what "response" actually meansJoe introduces the concept of "humans as the accountability API" in an agentic world — AI can approximate analyst intuition, but someone still needs to be held accountable for remediation decisions, and a fully autonomous SOC may just be "a protection product with a very long data pipeline"The Pacific Rim story: Sophos spent five years engaged with a Chinese nation-state actor targeting their firewalls, deployed a kernel implant on fewer than a handful of attacker-controlled devices to observe exploit development in real time, and concealed targeted fixes among 150 other patches to avoid tipping off the adversarySophos's CISO Advantage program aims to deliver the intuitions of a skilled security leader to the hundreds of millions of organizations that could never hire one — Joe calls it fixing a 40-year-old market failure and says they're shipping it this year

Nvidia shareholder Ellen Hazen joins the show to discuss takeaways from Nvidia's GTC so far. Brent crude is back above $100 per barrel.  And Leslie Picker joins to recap her sit-down with Thoma Bravo's Orlando Bravo. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week Andrew talks with Olo founder & CEO Noah Glass. Olo is a company you most likely have interacted with (but probably don't realize it). That's because Olo is a restaurant technology company that works behind-the-scenes to power the orders, payments, & engagement for over 800+ restaurant brands across 90,000+ locations. This conversation is the story of how Noah & a small but scrappy team turned an idea into a $2 billion company that impacts millions of people. You'll hear important ideas on creativity, discipline, & building something from the ground up — even in the face of uncertainty & adversity. ** Follow Andrew **Instagram: @AndrewMoses123X: @andrewhmosesSign up for e-mails to keep up with the podcast at everybodypullsthetarp.com/newsletterDISCLAIMER: This podcast is solely for educational & entertainment purposes. It is not intended to be a substitute for the advice of a physician, psychotherapist, or other qualified professional.

Miles Clements is a Partner @ Accel where he helps to lead their growth fund. At Accel, Miles has led or invested in Atlassian, Cursor, Linear, and more.  AGENDA:  03:38 Where is True Alpha and Value in a World of AI  05:10 Why it is Total BS that Cursor is Dead 07:55 Why Cursor Were Not Wrong to Build Their Own Models 09:38 What is the Upside When Investing in Cursor at $27BN? 15:12 Do Sub $10BN Outcomes Even Matter to a Fund the Size of Accel? 17:07 Losing ServiceTitan: Investing Lesson Learned… 19:55 Missing Rippling: What We Learned 27:20 What is Accel's Win Rate 30:22 How VCs Approach Ownership Has Changed 35:09 Does Miles Feel Happier or Sadder to be an Anthropic Investor Post Pentagon Debacle 36:45 What Happens to Companies Like Miro and Snyk with High Prices to Live Upto? 38:05 Why it is a Great Time to Be Thoma Bravo and Vista  38:36 Why Founder-Led Companies Are Always Better 41:12 Why Would Any Founder Go Public Today 43:48 When is the Right Time to Take Chips Off The Table? 45:24 Should VC Firms Have Evergreen Funds and Be Responsible for Public Positions 50:28 You Can Pick Any VC to Join Accel, Who Does Miles Choose…     

The AI shopping revolution is here — but who actually controls it? In this week's Watson Weekly, Rick Watson breaks down four stories reshaping the future of e-commerce.The Watson Weekly is sponsored by Avalara. For more information on Avalara visit - https://www.avalara.watsonweekly.com/

The Security Weekly 25 index and the NASDAQ diverge. Funding and acquisitions continue shift to AI. Are security stocks out of favor? Netskope enters the index, but does not replace CyberArk, as Thoma Bravo buys Verint. We'll dig into all of this and more! The index is now made up of the following 25 stocks: SAIL Sailpoint Inc PANW Palo Alto Networks Inc CHKP Check Point Software Technologies Ltd RBRK Rubrik Inc GEN Gen Digital Inc FTNT Fortinet Inc AKAM Akamai Technologies Inc FFIV F5 Inc ZS Zscaler Inc OSPN Onespan Inc LDOS Leidos Holdings Inc QLYS Qualys Inc NTSK Netskope Inc CYBR Cyberark Software Ltd TENB Tenable Holdings Inc OKTA Okta Inc S SentinelOne Inc NET Cloudflare Inc CRWD Crowdstrike Holdings Inc NTCT NetScout Systems Inc VRNS Varonis Systems Inc RPD Rapid7 Inc FSLY Fastly Inc RDWR Radware Ltd ATEN A10 Networks Inc Visit https://www.securityweekly.com/bsw for all the latest episodes! Show Notes: https://securityweekly.com/bsw-435

The Security Weekly 25 index and the NASDAQ diverge. Funding and acquisitions continue shift to AI. Are security stocks out of favor? Netskope enters the index, but does not replace CyberArk, as Thoma Bravo buys Verint. We'll dig into all of this and more! The index is now made up of the following 25 stocks: SAIL Sailpoint Inc PANW Palo Alto Networks Inc CHKP Check Point Software Technologies Ltd RBRK Rubrik Inc GEN Gen Digital Inc FTNT Fortinet Inc AKAM Akamai Technologies Inc FFIV F5 Inc ZS Zscaler Inc OSPN Onespan Inc LDOS Leidos Holdings Inc QLYS Qualys Inc NTSK Netskope Inc CYBR Cyberark Software Ltd TENB Tenable Holdings Inc OKTA Okta Inc S SentinelOne Inc NET Cloudflare Inc CRWD Crowdstrike Holdings Inc NTCT NetScout Systems Inc VRNS Varonis Systems Inc RPD Rapid7 Inc FSLY Fastly Inc RDWR Radware Ltd ATEN A10 Networks Inc Show Notes: https://securityweekly.com/bsw-435

The Security Weekly 25 index and the NASDAQ diverge. Funding and acquisitions continue shift to AI. Are security stocks out of favor? Netskope enters the index, but does not replace CyberArk, as Thoma Bravo buys Verint. We'll dig into all of this and more! The index is now made up of the following 25 stocks: SAIL Sailpoint Inc PANW Palo Alto Networks Inc CHKP Check Point Software Technologies Ltd RBRK Rubrik Inc GEN Gen Digital Inc FTNT Fortinet Inc AKAM Akamai Technologies Inc FFIV F5 Inc ZS Zscaler Inc OSPN Onespan Inc LDOS Leidos Holdings Inc QLYS Qualys Inc NTSK Netskope Inc CYBR Cyberark Software Ltd TENB Tenable Holdings Inc OKTA Okta Inc S SentinelOne Inc NET Cloudflare Inc CRWD Crowdstrike Holdings Inc NTCT NetScout Systems Inc VRNS Varonis Systems Inc RPD Rapid7 Inc FSLY Fastly Inc RDWR Radware Ltd ATEN A10 Networks Inc Visit https://www.securityweekly.com/bsw for all the latest episodes! Show Notes: https://securityweekly.com/bsw-435

The Security Weekly 25 index and the NASDAQ diverge. Funding and acquisitions continue shift to AI. Are security stocks out of favor? Netskope enters the index, but does not replace CyberArk, as Thoma Bravo buys Verint. We'll dig into all of this and more! The index is now made up of the following 25 stocks: SAIL Sailpoint Inc PANW Palo Alto Networks Inc CHKP Check Point Software Technologies Ltd RBRK Rubrik Inc GEN Gen Digital Inc FTNT Fortinet Inc AKAM Akamai Technologies Inc FFIV F5 Inc ZS Zscaler Inc OSPN Onespan Inc LDOS Leidos Holdings Inc QLYS Qualys Inc NTSK Netskope Inc CYBR Cyberark Software Ltd TENB Tenable Holdings Inc OKTA Okta Inc S SentinelOne Inc NET Cloudflare Inc CRWD Crowdstrike Holdings Inc NTCT NetScout Systems Inc VRNS Varonis Systems Inc RPD Rapid7 Inc FSLY Fastly Inc RDWR Radware Ltd ATEN A10 Networks Inc Show Notes: https://securityweekly.com/bsw-435

With me in this episode is Henry Comfort, Co-founder and CEO of Geordie. Geordie is an AI observability and risk management platform designed to help organizations confidently and securely deploy AI models and agents. They raised a $6.5 million seed round last fall from General Catalyst and 1011 and were just announced as a finalist in the RSA Innovation Sandbox competition. Before Geordie, Henry worked as an executive at Darktrace, which was acquired by Thoma Bravo for over $5 billion in 2024. His career before Darktrace is even more unique. In the episode we discuss everything from security analogies for toxic gases in coal mines, enabling vs. controlling AI, the AI security buyer profile today, and more.https://www.geordie.ai/

In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack the ripple effects of Y Combinator's decision to exclude Canadian startups from their investment portfolio unless they're incorporated in the U.S. or other tax-friendly jurisdictions. This move has sent shockwaves through the Canadian tech ecosystem, and Matt and John break down exactly why this matters for founders and investors alike.The conversation explores the myth of U.S. incorporation being the golden ticket for capital-raising and the rise of a narrative that Canadian entrepreneurs must leave their home country to achieve success. Matt and John challenge this narrative head-on, providing deep insights into why Canadian tech companies can still thrive domestically and refuting the data that YC used to justify their decision.Y Combinator Shakes Up Canadian Startups (01:09)YC has revised its investment criteria to exclude Canadian companies unless they're incorporated in the U.S. or certain tax havens. The duo debates the implications of this shift and how it impacts Canadian founders who are now questioning their incorporation choices.The False Narrative of U.S. Incorporation (03:09)John breaks down the myth that U.S.-incorporated companies raise more capital than their Canadian counterparts, calling out misleading data points used by YC's Garry Tan to justify the shift. The conversation digs into why this narrative is misleading and what Canadian entrepreneurs can do to counter it.Why YC's Data Doesn't Tell the Full Story (05:35)John explains how some of Canada's most successful tech companies didn't follow the YC path and still thrived, refuting the idea that incorporation in the U.S. is always the best move for Canadian startups.The Ripple Effect on Early-Stage Founders (06:25)The discussion turns to the younger generation of founders who now believe they must incorporate in the U.S. to succeed, potentially setting them up for unnecessary challenges.The Shift from PE to VC: Innovator's Dilemma (14:07)Matt and John shift gears to discuss private equity's struggle with legacy enterprise software companies in the wake of AI disruption. They explore how PE firms are transforming into venture funds to keep up with market changes, creating a new kind of investment landscape.The AI Crisis for Private Equity (15:10)As AI-native startups disrupt traditional software models, private equity firms face extended hold periods on their investments. Matt and John explore how firms like Thoma Bravo are adjusting their strategies to deal with these changes.CGI Partners with OpenAI: The Changing Consulting Landscape (18:54)The episode wraps up with a discussion on CGI's new global alliance with OpenAI. This partnership marks a major shift in the IT consulting world, with CGI aiming to integrate AI at scale. Matt and John speculate on the future of AI in enterprise consulting and what this means for legacy players like CGI.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Carl Quintanilla, Sara Eisen, and David Faber kicked off the hour with reaction to President Trump's latest remarks at Davos - as stocks jumped on new comments around Greenland. Citadel's Ken Griffin (at Davos for the first time in over a decade) gave his first reaction on the backside - along with his take on the macro, geopolitics and more. Plus: Sara also checked in with one of tech's biggest dealmakers in Davos - Thoma Bravo's Orlando Bravo - about why the recent software sell-off could be a buying opportunity.  Also in focus: the key movers of the day, from Netflix slumping post-results to big gains for the chips. What's driving those moves, this hour.  Squawk on the Street Disclaimer  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this bonus episode, Thoma Bravo founder and managing partner, Orlando Bravo joins View From The Top from Stanford GSB for a candid conversation on his nonlinear journey—from leaving a small town in Puerto Rico to building one of the world's leading software investment firms. Orlando opens up about early career setbacks—including rejection, failed deals, and the mentors who shaped his investing and leadership philosophy. He shares why discipline, humility, strong partnerships, and “doing your own thing” became the foundation of Thoma Bravo's approach, as well as his long-term commitment to entrepreneurship and impact in Puerto Rico. This conversation offers rare insights on leadership, resilience, mentorship, and what it really takes to build enduring software companies. For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal Learn more about Thoma Bravo: https://www.thomabravo.com/ Learn more about View From the Top: https://www.gsb.stanford.edu/business-podcasts/view-top-podcast

In this episode of the Investing in Integrity podcast, Ross Overline, CEO and co-founder of Scholars of Finance, welcomes Jennifer James, Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing at Thoma Bravo, to uncover how one of the world's largest software-focused private equity firms grew from $8B to over $180B in AUM while staying true to its core values. Jennifer shares how trust, transparency, and culture form the foundation of Thoma Bravo's enduring success, from nurturing long-term LP relationships to leading through market volatility. She reveals the firm's people-first principles, including the “Four Eyes in the Room” approach to authentic connection, and how disciplined, values-driven leadership shapes lasting impact. Listeners gain actionable insights on scaling without losing integrity, building cohesive teams, and redefining work-life balance through seasons rather than perfection. Meet Jennifer James:Jennifer James is Managing Director, Chief Operating Officer, and Head of Investor Relations & Marketing at Thoma Bravo, based in San Francisco. With over two decades of experience in private equity and venture capital, she leads the firm's global operations, investor relations, and industry communications programs. Recognised by The Wall Street Journal and San Francisco Business Times for her leadership in fundraising and influence, Jennifer previously held senior roles at Sofinnova Ventures and Alta Partners. She holds an MBA from Northwestern and an AB in History from Bowdoin College.

This week, we discuss AWS re:Invent announcements, Agentic Development, and OpenAI's Code Red. Plus, a Digital ID field test and more on silverware sorting. Watch the YouTube Live Recording of Episode (https://www.youtube.com/live/Xl7lVVTd4DM?si=APR633y2hmXPHHdb) 549 (https://www.youtube.com/live/Xl7lVVTd4DM?si=APR633y2hmXPHHdb) Runner-up Titles Did you order the Code Red? In the year 2000 Jane go swiftly Another day in the coal mine Goal Driven Development I want to believe Prove me wrong AI's going to dig this hole faster Tornado of Innovation Revenue times Story Rundown SiteAngel - bonus press quote from Brandon (https://www.nextgov.com/digital-government/2000/10/angel-watches-over-web-sites/243841/) AWS Amazon announces $50B investment to expand AI and supercomputing capabilities for US government (https://siliconangle.com/2025/11/24/amazon-announces-50b-investment-expand-ai-supercomputing-capabilities-us-government/) Top announcements of AWS re:Invent 2025 (https://aws.amazon.com/blogs/aws/top-announcements-of-aws-reinvent-2025/) All the biggest news from AWS' big tech show re:Invent 2025 (https://techcrunch.com/2025/12/02/all-the-biggest-news-from-aws-big-tech-show-reinvent-2025/) AWS announces preview of AWS Interconnect - multicloud (https://aws.amazon.com/about-aws/whats-new/2025/11/preview-aws-interconnect-multicloud/) The Future of AWS CodeCommit | Amazon Web Services (https://aws.amazon.com/blogs/devops/aws-codecommit-returns-to-general-availability/) Nova Act (https://aws.amazon.com/blogs/aws/build-reliable-ai-agents-for-ui-workflow-automation-with-amazon-nova-act-now-generally-available/) Code Red OpenAI CEO declares “code red” as Gemini gains 20 0 million users in 3 months (https://arstechnica.com/ai/2025/12/openai-ceo-declares-code-red-as-gemini-gains-200-million-users-in-3-months/) Anthropic reportedly preparing for one of the largest IPOs ever in race with OpenAI: FT (https://www.cnbc.com/2025/12/03/anthropic-claude-reportedly-preparing-ipo-race-openai-chatgpt-ft-wilson-sonsini-goodrich-rosati.html) Microsoft stock sinks on report AI product sales are missing growth goals (https://www.cnbc.com/2025/12/03/microsoft-stock-ai-foundry-sales.html) AI & Cloud Trends for November 2025 (https://www.thecloudcast.net/2025/12/ai-cloud-trends-for-november-2025.html) Relevant to your Interests Under My Roof Home Inventory + App - App Store (https://apps.apple.com/us/app/under-my-roof-home-inventory/id1524335878) Thoma Bravo invests in Azul (https://www.finextra.com/pressarticle/108009/thoma-bravo-invests-in-azul) Streamline Development with the Google Workspace Extension (https://allen.hutchison.org/2025/11/19/bringing-the-office-to-the-terminal/) As its voice dictation app takes off, Wispr secures $25M from Notable Capital | TechCrunch (https://techcrunch.com/2025/11/20/as-its-voice-dectation-app-takes-off-wispr-secures-25m-from-notable-capital/) Valve makes almost $50 million per employee (https://www.tomshardware.com/video-games/pc-gaming/valve-makes-almost-usd50-million-per-employee-raking-in-more-cash-per-person-than-google-amazon-or-microsoft-gaming-giants-350-employees-on-track-to-generate-usd17-billion-this-year) HelixGuar (https://helixguard.ai/blog/malicious-sha1hulud-2025-11-24)d (https://helixguard.ai/blog/malicious-sha1hulud-2025-11-24) What to know about a recent Mixpanel security incident (https://openai.com/index/mixpanel-incident/) ServiceNow to Expand Security Portfolio With Acquisition of Veza's Leading AI-native Identity Security Platform (https://www.businesswire.com/news/home/20251201652471/en/ServiceNow-to-Expand-Security-[…]tion-of-Vezas-Leading-AI-native-Identity-Security-Platform) Vista-Backed LogicMonitor Buys Monitoring Startup Catchpoint (https://www.bloomberg.com/news/articles/2025-12-02/vista-backed-logicmonitor-buys-mon[…]ing-startup-catchpoint?srnd=phx-deals&embedded-checkout=true) Google releases Nano Banana Pro, its latest image generation model (https://techcrunch.com/2025/11/20/google-releases-nano-banana-pro-its-latest-image-generation-model/) Years of JSONFormatter and CodeBeautify Leaks Expose Thousands of Passwords and API Keys (https://thehackernews.com/2025/11/years-of-jsonformatter-and-codebeautify.html) Netflix kills casting from phones (https://www.theverge.com/news/834655/netflix-phone-casting-chromecast-support-killed) Nonsense Victorian Name Generator (https://codebeautify.org/victorian-name-generator) Conferences cfgmgmtcamp 2026 (https://cfgmgmtcamp.org/ghent2026/), February 2nd to 4th, Ghent, BE. Coté speaking and doing live SDI with John Willis. DevOpsDayLA at SCALE23x (https://www.socallinuxexpo.org/scale/23x), March 6th, Pasadena, CA Use code: DEVOP for 50% off. CFP open until Dec. 1st. Devnexus 2026 (https://devnexus.com), March 4th to 6th, Atlanta, GA. SDT News & Community Join our Slack community (https://softwaredefinedtalk.slack.com/join/shared_invite/zt-1hn55iv5d-UTfN7mVX1D9D5ExRt3ZJYQ#/shared-invite/email) Email the show: questions@softwaredefinedtalk.com (mailto:questions@softwaredefinedtalk.com) Free stickers: Email your address to stickers@softwaredefinedtalk.com (mailto:stickers@softwaredefinedtalk.com) Follow us on social media: Twitter (https://twitter.com/softwaredeftalk), Threads (https://www.threads.net/@softwaredefinedtalk), Mastodon (https://hachyderm.io/@softwaredefinedtalk), LinkedIn (https://www.linkedin.com/company/software-defined-talk/), BlueSky (https://bsky.app/profile/softwaredefinedtalk.com) Watch us on: Twitch (https://www.twitch.tv/sdtpodcast), YouTube (https://www.youtube.com/channel/UCi3OJPV6h9tp-hbsGBLGsDQ/featured), Instagram (https://www.instagram.com/softwaredefinedtalk/), TikTok (https://www.tiktok.com/@softwaredefinedtalk) Book offer: Use code SDT for $20 off "Digital WTF" by Coté (https://leanpub.com/digitalwtf/c/sdt) Sponsor the show (https://www.softwaredefinedtalk.com/ads): ads@softwaredefinedtalk.com (mailto:ads@softwaredefinedtalk.com) Recommendations Brandon: Dampf Good BBQ (https://guide.michelin.com/us/en/north-carolina/cary_2986745/restaurant/dampf-good-bbq) Matt: UmamiPapi (https://umamipapi.com.au/) chilli oil Coté: Anta (https://anta-keelpastilles.nl/smaken/classic/), slightly more in English (https://www.dutchexpatshop.com/en/anta-flu-classic.html). Also XdgBaseDirs (https://cote.io/2025/12/02/an-xdg-library-for-java.html). Photo Credits Header (https://unsplash.com/photos/a-wooden-block-spelling-the-word-website-on-a-table-Vagh0KcwvwQ)

Crain's residential real estate reporter Dennis Rodkin talks with host Amy Guth about the dual markets in the Chicago area, with one soaring as the other stays flat.Plus: CTU to turn over financial audits to congressional committee, Medicare negotiates discounts on two AbbVie drugs, Thoma Bravo's Realpage settles DOJ rental collusion case and Abbott to replace glucose monitors after deaths possibly linked to false readings. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

At 30, Orlando Bravo, JD/MBA '97, thought his private equity career might be over. “I did three deals and when the dot-com bubble burst two out of the three went to zero,” he tells Gintare Zukauskaite, MBA '26. “It was an absolute disaster.” Mentor and firm principal Carl Thoma, MBA '73, gave him one more chance. Bravo pitched software buyouts, and five years later — “one deal at a time” — he'd become a named partner at the firm, Thoma Bravo, which today manages about $180 billion. “Find the [risks] that are meant for you to take,” Bravo advises. “Do the work, focus on your business, focus on you, and do your thing. That will pay huge, huge dividends, and will make everything very, very clear.”This conversation was recorded on October 21, 2025.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, Chetna explains how new automation strategies are evolving not only productivity, but the role of the CIO. Chetna emphasizes the importance of data quality and security when scaling a fast-growing company, as well as transparency and partnership in vendor relationships. About the Guest: Chetna is an award winning CIO, board member, and VC advisor with over 25 years of experience working in the Fortune 100 and serving as a 3X CIO for hyper-growth SaaS businesses. Chetna currently serves as CIO of Webflow, a hyper-growth Website Experience Platform SaaS company. Previously, she served as CDIO at Amplitude and ZoomInfo.Chetna is an advisor to prominent VC firms including Sequoia Capital, Accel, Ridge Ventures, and Mayfield and serves on the Customer Advisory Board (CAB) at Veza and, Productiv and was formerly at Snowflake and Google Cloud Platform CAB. She served on the Tech Committee with Carlyle and Thoma Bravo, and on the Advisory Board of Ninja Focus and Women & AI.She was a finalist and nominee for the Bay Area ORBIE, CIO award, a finalist for “2019 Markie's Cultivator Award for Best Lead Management Program,” a recipient of the Delta Dental Women in Business Stevie Award of Excellence in Healthcare Transformation, and a Boeing Spirit of Excellence Award recipient. Outside of work, she enjoys traveling, hiking, and skiing and has a passion for exploring different cultures.Timestamps:01:41 - About Chetna04:53 - Automation as a starting point07:16 - Employee productivity and the CIO11:25 - Discovering new AI tools13:44 - Evolving revenue systems22:47 - How will the CIO role evolve?28:37 - Lightning roundGuest Highlight:“ AI has really taken productivity at a whole different level now. It has really helped us drive the pace in productivity we couldn't have fathomed before the event of the content generation. It's not just content generation anymore. It's way beyond that. The velocity at which we are innovating on the product is huge.”Get Connected:Chetna Mahajan on LinkedInYousuf Kahn on LinkedInIan Faison on LinkedInHungry for more tech talk? Check out past episodes at ciopod.com: Ep 62 - Running IT Like a Growth EngineEp 61 - What Manufacturing Can Teach You About Scaling Enterprise AIEp 60 - Why the Smartest CIOs Are Becoming Business StrategistsLearn more about Caspian Studios: caspianstudios.comOur Sponsor:This episode was brought to you by Blitzy, the Enterprise Autonomous Software Development Platform with Infinite Code Context.Blitzy uses thousands of specialized AI agents that think for hours to understand enterprise scale codebases with millions of lines of code. Enterprise Engineering leaders start every development sprint with the Blitzy platform, bringing in their development requirements. The Blitzy platform provides a plan, then generates and pre-compiles code for each task. Blitzy delivers 80%+ of the development work autonomously, while providing a guide for the final 20% of human development work required to complete the sprint.Public companies are achieving a 5x engineering velocity increase when incorporating Blitzy as their Pre-IDE development tool, pairing it with their coding co-pilot of choice to bring an AI-Native SDLC into their org.Visit Blitzy.com and press book demo to learn how Blitzy transforms your SDLC from AI Assisted to AI Native. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Michelle is the Founder and Managing Partner of Clearhaven Partners, which she founded in 2019 to build a private equity firm grounded in focus and shared values. She sets the firm's strategy and direction and chairs Clearhaven's Investment Committee. Under her leadership, Clearhaven manages more than $1 billion in AUM across multiple funds, investing in growth-oriented software and technology businesses. Michelle is responsible for firm leadership, investment origination, execution, and portfolio management.   Prior to founding Clearhaven, Michelle was a member of the investment teams at Thoma Bravo and Riverside Partners; at Riverside she served as a General Partner and member of the Investment Committee. She began her career in investment banking at Morgan Stanley. Michelle holds an MBA, with distinction, from Harvard Business School and a BBA, magna cum laude, from the University of Notre Dame. She also studied at l'Université Catholique de l'Ouest in Angers, France, and taught at Erakommertzkolledz in Tallinn, Estonia. Michelle has been recognized by The Wall Street Journalas one of private equity's most influential women and by Buyouts as one of ten “Rock Stars of Private Equity's Future.” She serves on the Advisory Board of 51 Vets.   Michelle lives in the Greater Boston area with her husband, two children, and their golden retriever. Michelle is a Christian, a music lover, and a proud alumna of the St. Charles, Illinois state champion dance team (go Saints!). She's also a novice fly fisher, having recently discovered an unexpected passion for the sport.  

Thoma Bravo general counsel Steven Schwab discusses the appeal of being an in-house lawyer, the differences between working at a trading firm and a PE sponsor and the issues he's thinking about now.

(0:00) Introducing Orlando Bravo (1:53) Orlando's history, Puerto Rico origins, how he got into private equity (7:10) How he runs Thoma Bravo: small team, outward facing, mentorship, patience in fundraising (9:01) Role of PE in the American economy, public perception, underwriting AI risks (15:23) Deal pricing philosophy, acquiring Boeing's avionics business (19:24) Thoma Bravo's operating playbook after acquiring a company (26:16) Thoughts on taking Thoma Bravo public Thanks to our partners for making this happen! Solana - Solana is the high performance network powering internet capital markets, payments, and crypto applications. Connect with investors, crypto founders, and entrepreneurs at Solana's global flagship event during Abu Dhabi Finance Week & F1: https://solana.com/breakpoint OKX - The new way to build your crypto portfolio and use it in daily life. We call it the new money app. https://www.okx.com/ Google Cloud - The next generation of unicorns is building on Google Cloud's industry-leading, fully integrated AI stack: infrastructure, platform, models, agents, and data. https://cloud.google.com/ IREN - IREN AI Cloud, powered by NVIDIA GPUs, provides the scale, performance, and reliability to accelerate your AI journey. https://iren.com/ Oracle - Step into the future of enterprise productivity at Oracle AI Experience Live. https://www.oracle.com/artificial-intelligence/data-ai-events/ Circle - The America-based company behind USDC — a fully-reserved, enterprise-grade stablecoin at the core of the emerging internet financial system. https://www.circle.com/ BVNK - Building stablecoin-powered financial infrastructure that helps businesses send, store, and spend value instantly, anywhere in the world. https://www.bvnk.com/ Polymarket - The world's largest prediction market. https://www.polymarket.com/ Follow Orlando Bravo: https://x.com/orlandobravotb Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg

Thoma Bravo Co-Founder and Managing Partner Orlando Bravo speaks with Bloomberg’s Dani Burger about the future of private markets and the shakeout in private equity at the LAVCA Week Conference in New York.See omnystudio.com/listener for privacy information.

Every Board, investor, and potential acquirer is asking the same question: How are AI initiatives driving revenue? In episode #315, Ben Murray shares insights from his research into public tech companies and how they're defining and disclosing AI ARR (Annual Recurring Revenue). Using Verint as a case study, Ben explains how companies are leveraging AI-driven ARR, tying it to measurable outcomes, and communicating adoption in a way that resonates with both Wall Street and buyers. You'll also hear how these disclosures may have supported Verint's recent multibillion-dollar acquisition by Thoma Bravo. If you're a SaaS or AI operator, this episode will help you define AI ARR, communicate adoption signals, and position your business model for higher valuation. What You'll Learn What AI ARR is and how to calculate it. Why public companies like Verint are breaking out AI ARR from total ARR. The mechanics: how finance teams identify AI-influenced products and SKUs. Quantitative + qualitative adoption signals (e.g., number of users leveraging AI features). Why AI ARR disclosures matter for investor metrics and exit valuations. How Thoma Bravo's acquisition of Verint shows the value of communicating AI initiatives. Why It Matters For SaaS & AI Leaders: Properly defining AI ARR helps show investors where new growth is coming from. For Finance Teams: Accurate reporting requires collaboration across accounting, product, and FP&A. For Investors: AI ARR signals measurable adoption and future revenue growth. For Valuation: Tying AI initiatives to financial outcomes increases credibility in fundraising and exit scenarios. Resources Mentioned Blog Post: How to Define AI ARR: https://www.thesaascfo.com/ai-arr-vs-saas-arr-how-to-define-and-calculate/ The SaaS Metrics Academy: https://www.thesaasacademy.com/ Quote from Ben “Don't just say you're building AI into your product — show investors how much ARR it's driving and what outcomes it's creating.”

In this episode of Inside the Network, we sit down with Sumit Dhawan, CEO of Proofpoint, one of the largest private cybersecurity companies in the world. With over $2 billion in ARR, Proofpoint protects 85 of the Fortune 100 and is on a bold path toward $5 billion in revenue by 2030.Sumit's journey is a masterclass in modern leadership. Having graduated with degrees in engineering and business from IIT Roorkee, the University of Minnesota, and the University of Florida, Sumit led major business lines at Citrix and VMware, including overseeing VMware's $70 billion divestiture to Broadcom, before making the leap to cybersecurity. In 2023, he joined Proofpoint as CEO and began executing an ambitious strategy: consolidate the sprawl of human-centric security, go deep instead of broad, and prepare the company for its next chapter of growth.In our conversation, Sumit shares why he believes empathy is the most underrated CEO trait, how acting like a founder, even inside large enterprises, shaped his leadership, and what it means to have “Apple Watch governance” under Thoma Bravo. He explains how Proofpoint has evolved from email security leader to a broader platform for human and data protection, including its acquisitions of Tessian (AI-native email protection), Hornetsecurity (MSP-focused email security), and Normalyze (DSPM).Sumit also pulls back the curtain on the AI threat landscape, including how prompt injection attacks are already targeting copilots and agents, why AI is both supercharging attackers and empowering defenders, and how Proofpoint built intent-based detection models to defend against sophisticated zero-link phishing. Finally, he lays out three categories of viable cybersecurity startups today: gap-fillers, AI defenders, and category disruptors, and why the last two are more likely to be successful.Whether you're scaling a cyber startup, selling into the enterprise, or navigating PE-backed growth, this episode is full of hard-earned wisdom from a leader who's operated at every level of the stack.

Welcome back to another jam-packed episode of Tank Talks! Host Matt Cohen is joined by John Ruffolo to break down the biggest headlines shaping Canada's business, tech, and financial future. From the $12.3B privatization of Dayforce, to the Canadian government's long-overdue embrace of AI startups, and the urgent debate over stablecoins and financial sovereignty, this episode dives deep into the forces reshaping Canada's economy.Whether you're a founder, investor, or policy watcher, you don't want to miss this candid conversation on where Canada is winning and where we risk falling dangerously behind.Dayforce Acquired in $12.3B Mega Sale (01:15)Matt and John unpack Thoma Bravo's $12.3 billion acquisition of Dayforce, Canada's largest private tech buyout in history. They discuss why HR software has become a hot consolidation market, the risks of Canadian management talent shifting south, and what this deal signals for the future of SaaS valuations.The Rise of Tender Offers & Canva's $42B Valuation (06:01)With Canva's latest employee tender round oversubscribed, John and Matt explore why private markets remain so frothy, how valuation gaps compare to IPOs like Figma's, and what it means for Canadian scale-ups eyeing liquidity.AI Funding Frenzy: Cohere's $500M Raise & Government Partnership (07:30)Canadian AI champion Cohere announced a $500M round at a $6.8B valuation and a landmark MOU with the federal government. John and Matt debate whether government procurement can finally support Canadian AI companies and if AI cost curves are sustainable as token prices plummet.The AI Economics Debate: Infrastructure vs. Applications (10:05)With LLM costs dropping and cloud providers cashing in, John and Matt analyze whether the money in AI will flow to infrastructure giants like Nvidia and Microsoft, or to niche application-layer startups battling against the incumbents.Google's AI Energy Report & The Sustainability Question (13:24)Google claims its Gemini models are 33x more efficient than last year. John questions whether those numbers hold up at scale and what AI's true carbon footprint means for global adoption.China's Stablecoin Push & The Threat to Canadian Sovereignty (15:14)China moves toward approving yuan-backed stablecoins, while the US doubles down on dollar-backed alternatives. John warns that Canada's silence on stablecoin policy risks losing monetary sovereignty, while Matt predicts US dollar stablecoins could eclipse the Canadian dollar within a decade.Why Canadian Entrepreneurs Need “Team Canada” Capital (21:06)Drawing from his recent Substack essay, Chasing the Tornado, John argues that Canada's biggest risk is capital providers sitting on the sidelines. He calls for pensions, banks, and family offices to invest in sovereign businesses before Canada loses control of key industries.Walking Again with AI-Powered Robotics (23:47)On a personal note, John shares his inspiring first steps in a robotic exoskeleton built by Human in Motion Robotics. He describes how AI-driven rehab tech could transform mobility for millions and why this Canadian innovation deserves global attention.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Is your career site delivering the conversion you need? Dalia's plug-and-play tech turns any employer career site into a high-performance candidate conversion engine — no replatforming required, live in days.Visit dalia.co to learn more. AND by jobcase, Jobcase is an online community where workers of all kinds – like hourly employees, tradespeople and healthcare technicians – access jobs, make connections, and support each other in any aspect of their work life.Visit jobcase.com/hire and tap into their 120 million strong  job seeker network Alright rec techies…..here's what's happening this week. We have a ton of funding announcements to share. First up…Dayforce, (NYSE:DAY) (TSX:DAY), a global leader in human capital management (HCM) technology, today announced that it has entered into a definitive agreement with Thoma Bravo, a leading software investment firm, to become a privately held company in an all-cash transaction with an enterprise value of US$12.3 billion. https://hrtechfeed.com/dayforce-going-private/ Deel, the leading global payroll and HR platform, today announced its AI Workforce, an integrated hub to launch, manage and create AI agents and workflows, hosted on the Deel platform. Deel AI Workforce will allow businesses to easily add AI agents to a company's workflow, surfacing information fromIt is launching in Beta now. https://hrtechfeed.com/deel-launches-ai-workforce/ Upwork Inc. (Nasdaq: UPWK), today announced the launch of Lifted, a wholly owned subsidiary purpose-built to serve enterprise clients with a unified solution that combines talent sourcing, c https://hrtechfeed.com/upwork-launches-contingent-workforce-solution-for-enterprise/  G-P (Globalization Partners), recognized as the undisputed leader in global employment by industry analysts, today announced the next generation of G-P Employer of Record (EOR) to deliver a compliant global employment solution that enables HR teams to effortlessly expand globally with autonomy and efficiency. Built on a serverless, event-driven platform and advanced agentic AI, G-P EOR delivers frictionless self-service compliant global employment in more than 180 countries https://hrtechfeed.com/g-p-introduces-new-agentic-ai-powered-g-p-employer-of-record-eor-platform/ Workday, one of the largest providers of human resources technology, has confirmed a data breach that allowed hackers to steal personal information from one of its third-party customer relationship databases. https://hrtechfeed.com/data-breach-at-workday/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Novo Nordisk (NVO) jumped higher after the FDA approved the company's Wegovy drug as a liver disease treatment. Dayforce (DAY) rallied more than 25% off reports that Thoma Bravo is looking to acquire the company. Nvidia (NVDA) has more bullish momentum heading into next week's earnings thanks to price target hikes from Morgan Stanley and Cantor Fitzgerald. Sam Vadas explains the biggest market movers starting the trading week.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

In the Beyond the Deal mini-sode with Thoma Bravo's A.J. Rohde and Peter Hernandez, hear NextGen Healthcare CEO David Sides explain his approach to leadership, inspired by his family's medical roots, and how NextGen Healthcare grew into one of the most trustworthy companies in America. For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedealLearn more about Thoma Bravo: https://www.thomabravo.com/Visit NextGen Healthcare's website: https://bit.ly/3TN6i7s To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Plus: Airbus, Mistral and others request a delay in European AI regulation. And buyout firm Thoma Bravo snaps up restaurant-tech platform Olo. Katie Deighton hosts. Programming note: Starting next week, Tech News Briefing episodes will be released on Tuesdays and Fridays, and the TNB Tech Minute will be released twice on weekdays, in the morning and afternoon. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Thoma Bravo Senior Partner A.J. Rhode sits down with Peter Hernandez, a Senior Vice President on our Discover team, to detail the strategic take-private of NextGen Healthcare, a leading provider of innovative, cloud-based healthcare technology solutions. They are joined in the studio by NextGen Healthcare CEO David Sides and discuss their bold vision for the future of healthcare IT. Hear perspectives on NextGen Healthcare's exciting new chapter, marked by a recent investment by Madison Dearborn Partners, to further accelerate the company's growth. For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedealLearn more about Thoma Bravo: https://www.thomabravo.com/Visit NextGen Healthcare's website: https://bit.ly/3TN6i7s To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

In this Beyond the Deal minisode, hear Instructure CEO Steve Daly share how his past experiences informed his mission to create a results-oriented, customer-centric company and a culture where people genuinely enjoy coming to work. Thoma Bravo Managing Partner, Holden Spaht, and Partner, Brian Jaffee, speak with Steve Daly about his leadership philosophy and building a company culture that emphasizes collaboration. For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal Learn more about Thoma Bravo: https://www.thomabravo.com/ Visit Instructure's website: https://www.instructure.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Instructure's Canvas, the learning management system used by over 4,000 school districts and 2,500 higher education institutions, became a lifeline during the pandemic. On this episode of Behind the Deal, Thoma Bravo Managing Partner Holden Spaht and Partner Brian Jaffee sit down with Instructure CEO Steve Daly to discuss how they worked together to refocus Instructure to grow into a leading EdTech platform. For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal Learn more about Thoma Bravo: https://www.thomabravo.com/ Visit Instructure's website: https://www.instructure.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Ping Identity Founder & CEO, Andre Durand, explains that in a 10-10 culture, “the how matters as much as the what.” Over time, through his experience as a multi-time founder, he has come to resonate with one simple cultural north star that he refers to as “10-10” to strike a balance between performance and attitude. In this Beyond the Deal minisode, Andre Durand sits down with Thoma Bravo's Orlando Bravo and Chip Virnig to discuss some of the pivotal moments that shaped his journey as an entrepreneur and what guides his leadership style today. For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal Learn more about Thoma Bravo: https://www.thomabravo.com/ Visit Ping's website: https://www.pingidentity.com/en.html To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Agenda: 00:00 – The Most Unfiltered Episode Ever Begins 03:30 – Does OpenAI Even Matter? Sam Lessin Says Maybe Not. 05:45 – TVPI Is Bullshit?  09:20 – Asset Gatherers vs Real Investors: Who Actually Wins? 12:15 – The Death of the Billion-Dollar VC Fund? 16:00 – Mid-Tier VC Funds Are Getting Annihilated 21:00 – Chime: Great Exit or Missed Opportunity? 27:00 – The War on Relevance: What Companies Truly Matter? 33:00 – If You're Not a Billion-Dollar Company, Do You Even Count? 37:10 – Mary Meeker's AI Report: What Everyone Missed 39:50 – $600B in AI CapEx—Where Is the Revenue?! 43:40 – What Could Trigger the First AI Crash? 51:10 – The Existential Dread Missing in Most B2B Startups 58:30 – Will AI Reduce Your Startup to Just a Pipe? 01:01:10 – IPO Market Is Back: What Actually Matters Now? 01:06:50 – YC Startups at $60M Valuations: How Should You Play It? 01:10:00 – Why 3% Ownership Could Still Work—Maybe 01:11:30 – Will Elon Still Be Tesla CEO by 2027? Place Your Bets 01:14:10 – Will Meta Release a Closed AI Model? And Does It Even Matter? 01:17:30 – The Real Challenge of Managing 11 Companies and 58 Kids Please read the offering circular and related risks at invest.modemobile.com. This is a paid advertisement for Mode Mobile's Regulation A+ Offering. Past performance is no guarantee of future results. Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.    

Ping Identity helps some of the largest enterprises in the world secure the logins of their employees and customers, helping to keep systems secure, prevent fraud, and decrease friction as companies undergo their digital transformation. In this episode of Behind the Deal, Thoma Bravo Founder and Managing Partner, Orlando Bravo, and Partner, Chip Virnig, sit down with Ping Identity Founder & CEO, Andre Durand, to discuss the $2.8 billion take-private transaction and the strategic rationale behind combining Ping with ForgeRock to create a leading identity security platform for some of the world's largest organizations For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal Learn more about Thoma Bravo: https://www.thomabravo.com/ Visit Ping's website: https://www.pingidentity.com/en.html To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

In this Beyond the Deal mini-sode, Applitools Co-Founder and CTO, Adam Carmi, and CEO, Alex Berry, speak with Thoma Bravo Partner, Carl Press, about the evolution of Applitools from its early days to a leader in AI-enabled test automation. Adam discusses the initial problem he and co-founder Moshe Milman sought to solve and Alex shares his perspective as CEO and how he embraces the founders' vision. For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal Learn more about Thoma Bravo: https://www.thomabravo.com/ Visit Applitools's website: https://applitools.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Hear the story behind Thoma Bravo's investment in Applitools with Partner Carl Press in conversation with Alex Berry, CEO of Applitools, and Adam Carmi, Co-Founder and CTO of Applitools. The company's all-in-one, AI-powered testing platform revolutionizes the way businesses approach quality assurance and test automation. Carl, Alex and Adam discuss the evolution of the business, the market trends driving the adoption of AI in application testing, and why thousands of companies worldwide trust Applitools' technology to elevate their testing processes and improve digital experiences for their customers. For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal Learn more about Thoma Bravo: https://www.thomabravo.com/ Visit Applitools's website: https://applitools.com/ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

A report from the Seattle Aerospace Bash, Boeing's strategic divestments, Avelo Airlines' controversial charter flights, Electra's innovative aircraft technology, Lockheed Martin's future fighter jet developments, and Boeing's reacquisition of Spirit AeroSystems. Seattle Aerospace Bash The Seattle Aerospace Bash (Formerly BBQ) was held April 5th, 2025, at the Museum of Flight View Room, in Seattle, Washington. Aerospace enthusiasts and geeks gathered to celebrate the year ahead in aviation and space. In addition to food, activities included an aerospace swap meet, a sticker/freebie table, Isaac Alexander's aerospace trivia contest, and an aerospace raffle with various prizes. Isaac Alexander and participants at the Seattle Aerospace Bash. Brian Coleman spoke with organizer Isaac Alexander about the Seattle Aerospace Bash. Isaac is known as Jet City Star on many social media platforms, and he's the Chief Content Officer at the Hype Aerospace Insights service. Brian also had a conversation with Brian Wiklem about aerospace memorabilia and the aviation documentaries he produces as a hobby. Find avgeektv on YouTube and at avgeektv.com. Freebies at the Seattle Aerospace Bash. Aviation News Boeing to Sell Portions of Digital Aviation Solutions to Thoma Bravo for $10.55 Billion Boeing has entered into a definitive agreement with software investment firm Thoma Bravo to sell portions of its Digital Aviation Solutions business. The all-cash transaction is valued at $10.55 billion. Thoma Bravo would acquire the assets of Jeppesen, ForeFlight, AerData, and OzRunways. Jeppesen provides flight planning tools, and navigation charts. It was acquired by Boeing in 2000. ForeFlight offers an electronic flight bag and was acquired in 2019. AerData specializes in lease management, engine fleet planning, and records management. It was acquired 2014. OzRunways produces an electronic flight bag and maps for drone operators in Australia. That company was acquired 2024. Boeing will retain Digital Aviation Solutions' fleet maintenance, diagnostics, and repair service elements. That organization currently employs approximately 3,900 people worldwide. Subject to regulatory approval, the transaction is expected to close by the end of 2025. Thoma Bravo has over US$179 billion in assets under management as of December 31, 2024. North Bay activists call for boycott of Avelo Airlines as it plans for ICE deportation flights Avelo Airlines previously announced it would operate deportation charter flights for the Department of Homeland Security. This sparked protests against the airline at Charles M. Schulz Sonoma County Airport in California, at Daytona Beach International Airport in Florida, and near Wilmington Airport in Delaware. Avelo Airlines generates profit by leveraging its ultra-low-cost carrier model. Key strategies include low operating costs, ancillary revenue, efficient fleet utilization, use of secondary airports, and lean staffing. Avelo's Cost per Available Seat Mile (CASM), excluding fuel, is only 6.6 cents. CASM = Total Operating Costs / Available Seat Miles (ASM)  ASM is the number of available seats times the distance flown.  Typical CASM for different airline business models: 6-8 cents for ULCC 8-10 cents for LCC 13-17 cents for legacy carriers Electra raises $115m for ultra-short take-off and landing aircraft Electra.aero is developing the eight-engine hybrid-electric EL9 Ultra Short, a 9-passenger, high-wing aircraft. The company claims a 150-foot ground roll, 75 dBA at 300 feet, and 40% lower fuel burn. The target market is regional aircraft. The Ultra Short technology demonstrator is undergoing flight testing. The first eSTOL flight was May 16, 2024. Video: Electra First eSTOL Flight May 2024 https://youtu.be/esTykmreHuQ?si=1dRhyc5CSsWihtL2 John Langford is the founder and CEO of Electra.aero. He is a member of the National Academy of Engineer...

Carl Quintanilla, Jim Cramer and David Faber explored stocks recouping most of their losses from Monday's sell-off, which put the Dow on track for its worst April since the Great Depression. Jim weighed in on President Trump's criticism of Fed Chair Powell and its impact on the markets. The anchors also discussed earnings from the likes of Verizon, GE Aerospace and 3M -- which saw its shares jump despite the addition of "tariff sensitivity" to its guidance. Also in focus: Warren Buffett's timely Apple stock sale, what Goldman Sachs CEO David Solomon told CNBC about tariffs, Boeing sells some of its digital aviation assets to Thoma Bravo for $10.55 billion, International Monetary Fund slashes its 2025 U.S. growth forecast. Squawk on the Street Disclaimer