The AI boom has weighed heavily on listed software companies, Bravo said, with key players down about 30% year-on-year and free cash flow multiples falling sharply. He warned that AI could disrupt many software businesses, particularly those with technical core offerings. Despite the risks, Bravo said Thoma Bravo remains committed to enterprise software and sees AI as 'transformational'. Technology companies account for roughly 80% of the firm's portfolio, and Thoma Bravo manages about $180bn in assets. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today.
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