In this episode, Thoma Bravo Partner Adam Solomon and SVP Chandler Gay break down the firm’s investment in Intel 471, a bootstrapped, founder-led cyber threat intelligence company trusted by many of the world’s largest enterprises. They revisit the rigorous diligence process — including moments when the deal nearly fell apart — and explain what ultimately set the business apart: proprietary, highly actionable intelligence, exceptional retention, and disciplined, profitable growth. Adam then sits down with CEO and Co-Founder Jason Passwaters, a former Marine and FBI cybercrime investigator, to discuss building Intel 471 without outside capital, partnering with Thoma Bravo to strengthen and expand the company, executing its first acquisitions, and how AI is reshaping the cyber threat landscape. 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 Intel 471: https://www.intel471.com/ Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund. Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.

Intel 471: From Bootstrapped Cyber Intel to Enterprise Leader

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Thoma Bravo’s Behind the Deal podcast takes you behind the scenes of one of the largest software investors in the world. You'll hear the strategies and stories behind building Thoma Bravo’s portfolio of innovative, industry-leading software and technology companies. Presented by Orlando Bravo, “Wall Street’s best dealmaker” (Forbes), each episode offers a first-person account from the deal leads and CEOs that forged some of the largest software acquisitions at Thoma Bravo to date, and how they partnered together to innovate and grow those companies. Go ‘behind the deal’ to learn how these deals came together, gaining insight on how Thoma Bravo helps great companies do even greater things. Head to www.thomabravo.com/behindthedeal for information on the podcast, show notes, and more.

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