Thoma Bravo interview process

1. Step 1

   First round

   A phone screen, then 1-on-1 interviews with an Associate, VP, and Principal in one reported process; senior investors lead later rounds.

   • Most rounds blend fit, behavioral, and technical or investing questions.
   • Interviewers check real familiarity with the firm's sector focus and its buy-and-build strategy.
   • Junior candidates face a cold-calling-style exercise reflecting the sourcing work associates do.
   • “Walk me through an M&A deal that you worked on.”
   • “What is your view on the current software market?”
   • “In this paper LBO, how do returns change if interest rates move?”

2. Step 2

   Case or modeling test

   A case study appearing in nearly every process: an investment recommendation with a model, reported once as a brief IC memo presented and defended, sometimes paired with a high-level LBO test.

   • Every technical discussion is grounded in software economics, since the firm invests exclusively in application, infrastructure, and cybersecurity software.
   • You are expected to defend the recommendation on software-market dynamics, not just present correct mechanics.
   • The case can be a real deal the firm looked at, and the right answer can be to pass when the risk-return is unfavorable.
   • “Prepare a brief IC memo with a model and defend whether to invest or pass.”

Share of the 6 Thoma Bravo questions in our bank by topic. Each topic links to a worked example.

1. Accretion and dilution67%
2. Behavioral questions33%

• Software-specific investment judgment: a defensible invest-or-pass call grounded in software-market dynamics, not generic mechanics.
• Sourcing and relationship-building instinct at the junior level, tested directly through a cold-calling-style exercise.
• Real familiarity with Thoma Bravo's buy-and-build strategy and its Flagship, Discover, Explore, Europe, and Credit platform structure.
• Sector conviction within application, infrastructure, or cybersecurity software specifically.

Real questions from the set. Open one to answer it with grading.

• Source-based IC challenge: procurement platform expansionAccretion and dilution|Advanced
• Update the thesis: customer interviews changing the assumed cross-sell opportunityBehavioral questions|Advanced
• Commission commercial diligence: gross retention, module adoption, implementation capacity, andAccretion and dilution|Advanced
• Challenge the deal team: the operating case embeds add-on synergies beforeBehavioral questions|Advanced
• Test an add-on: a construction-software module with a different customerAccretion and dilution|Advanced

• If you have any cold-calling, sourcing, or origination experience, foreground it explicitly; junior candidates are tested on this instinct directly, not just modeling.
• Come with a real point of view on the buy-and-build playbook and how it would apply to a specific software category, not a generic 'consolidation is smart' answer.
• Meet current employees before interviewing if you can. Interviewers reportedly value candidates who have already done this.
• Pick one software vertical, application, infrastructure, or cybersecurity, to go deep on rather than showing broad but shallow software knowledge.
• Be willing to recommend passing. One reported case was a real past deal where declining on unfavorable risk-return was the correct answer.