RGo Report 2024

Thoma Bravo is one of the largest software-focused investors, with a 40+ year history and over $184 billion in assets under management² as of March 31, 2025. Through our private equity, growth equity and credit strategies, our firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Our firm has acquired or invested in over 535 software and technology companies, representing approximately $275 billion of value.³ Part of creating value involves the consideration of factors such as regulatory developments, market expectations and reputational and operational risks and opportunities—much of which has been traditionally covered under the umbrella concept of Environmental, Social and Governance ("ESG"). For the software and technology companies in our portfolio, Thoma Bravo has found that these factors converge around five key focus areas: (i) cybersecurity and data privacy, (ii) artificial intelligence, (iii) operations and oversight, (iv) human capital, and (v) sustainability and stewardship. These areas form part of the foundation of how we seek to drive performance, manage risk and build long-term resilience across our portfolio. Thoma Bravo published its first ESG report in 2018. Since then, the ESG landscape has matured, and we have continued to evolve our approach. To better reflect that evolution since our first report in 2018, and in light of the evolving landscape, we are transforming our ESG strategy to Responsible Growth and Governance ("RGo"). We believe this change is not only symbolic but also practical, as it signals a focus beyond a narrower ESG framework to one that better captures the complex, interconnected factors that can shape the performance of software and technology companies and reinforces our view that value creation is inseparable from responsible business practices and strong governance. During the investment cycle, the RGo team collaborates with our investment teams and portfolio companies to identify and improve performance on the factors outlined above:⁴

(1) Statistics included in this report reflect performance metrics of Thoma Bravo’s private, majority-owned portfolio companies as of December 31, 2024 unless otherwise noted. Statistics exclude data on Quorum and SailPoint. (2) “Assets under management” (also may be referred to as “AUM”) is the sum of (i) the investments of a fund at fair value; plus (ii) uncalled commitments; plus (iii) cash; plus (iv) other assets and minus (v) any liabilities of a fund related to a capital call credit facility. Includes AUM of any applicable co-invest funds managed by Thoma Bravo and committed capital of any Equity Funds that have not yet commenced operations. (3) Includes control and non-control investments as of March 31, 2025. (4) References to RGo activities throughout this document represent current initiatives or approaches, which are subject to change. There can be no assurance or guarantee that Thoma Bravo will implement the activities described herein or that such activities will prove beneficial.

REPORT

ENGAGE

BENCHMARK

With assistance from our external advisors and in partnership with the potential portfolio company’s senior management, our investment teams seek to conduct a rigorous due diligence process, document identified opportunities or material risks and determine potential courses of action related to those opportunities or risks, as needed. The RGo team provides training to our investment teams to better assist them in identifying responsible growth and governance factors as part of this due diligence process. We believe the consideration of these factors can enhance our ability to identify value creation opportunities and areas of material risk of an investment.

Thoma Bravo’s Purpose and Responsible Growth and Governance Strategy

2024

Responsible Growth and Governance Report

Case Study: Thoma Bravo

Cybersecurity and Data Privacy

RGo DASHBOARD

THOMA BRAVO’S PURPOSE AND RESPONSIBLE GROWTH AND GOVERNANCE STRATEGY

2024 RGo Report

RGo DASHBOARD

Case Study: Calabrio

Artificial Intelligence

Case Study: Hyland

Human Capital

Sustainability and Stewardship

Case Study: EQS

Operations and Oversight

Diligence

After a company has been acquired by Thoma Bravo, we work to benchmark their responsible growth and governance programs, policies and performance against our RGo key performance indicators. To do so, we conduct an annual RGo survey of our majority-owned portfolio companies and subsequently issue portfolio company-specific benchmarking reports. We encourage year-over-year growth on the responsible growth and governance factors that may be material to each specific company. We also encourage our portfolio companies to use these reports as a tool to guide annual board conversations about responsible growth and governance factors.

Benchmark

BENCHMARK

We have created a number of programs and tools to support our portfolio companies in their RGo journeys. We offer portfolio-wide presentations on emerging topics, organize small working groups, provide individual portfolio company support as needed, offer a library of common policy templates and maintain a preferred vendor list with special pricing for Thoma Bravo portfolio companies.

Engage

ENGAGE

In an effort to share Thoma Bravo and portfolio company RGo metrics transparently, we publish an annual report and participate in the United Nations Principles for Responsible Investment ("UN PRI"), among other industry disclosures.

Report

REPORT

Cybersecurity and Data Privacy

Data Privacy Policy

Operating Partners Technology Group

Annual Summits

Artificial Intelligence ("AI")

AI Guidelines

AI Steering Committee

Operations and Oversight

Responsible Growth and Governance Policy

Code of Ethics

Anti-Harassment and Discrimination Policy

Health and Safety Policy

Human Capital

Community involvement program

Employee engagement survey

Employee wellness programs

of junior and senior employees participating in investment and operations mentorship programs

Sustainability and Stewardship

Cybersecurity and Data Privacy

Two Summits Held in 2024

As investors in cybersecurity since 2009, we strive to implement and model cybersecurity best practices. Thoma Bravo’s cybersecurity governance practices include, but are not limited to, Cyber Incident Response and Information Security policies, training for new hires, randomized simulated phishing tests, multi-factor authentication, tabletop incident response planning sessions, and penetration tests and vulnerability scans. We also regularly conduct vendor security assessments. Additionally, Thoma Bravo supports an Operating Partners Technology Group to provide connections and learning opportunities for our portfolio companies. In 2024, the group hosted Chief Technology Officers and Chief Information Security Officers from across our portfolio companies for two separate summits in Chicago. During these events, roughly 59 leaders across 34 companies met to foster deeper connections and share best practices across our portfolio.

At Thoma Bravo

Across the Portfolio

of our reporting portfolio companies align their cybersecurity programs to at least one cybersecurity standard such as ISO 27001, ISO 27002 and NIST CSF

Thoma Bravo has one of the largest cybersecurity portfolios in private equity, representing approximately $58 billion in total enterprise value as of December 31, 2024. Our cybersecurity portfolio companies provide cyber solutions that help customers securely transition to the digital age, a key priority for businesses today across industries. The firm invests in companies across cybersecurity verticals, including identity and authentication, access management, threat intelligence, digital forensics, endpoint and network security, and "Zero Trust." As of the end of 2024, Thoma Bravo’s cyber portfolio companies employed approximately 19,000 people and generated combined total annual revenue of over $6.5 billion. As a leader in the cybersecurity space, our portfolio companies are expected to model cybersecurity governance best practices in their own operations. As of December 31, 2024, 100% of our reporting portfolio companies align their cybersecurity programs to at least one cybersecurity standard, such as ISO 27001, ISO 27002 and NIST CSF, and 100% of our reporting portfolio companies provide their employees with cybersecurity training. Further, 100% of our reporting portfolio companies review cybersecurity policies and procedures with their boards at least annually, highlighting the elevation of cybersecurity to a boardroom topic.⁸

Case Study

The Intersection of Cyber and AI: Balancing Growth and Governance

In a special episode of Thoma Bravo’s Behind the Deal podcast taped live in Miami at Thoma Bravo’s Annual Meeting in March 2025, Thoma Bravo Managing Partner Seth Boro welcomed two prominent leaders in the cybersecurity industry: Jill Popelka, CEO of Darktrace, and Joe Levy, CEO of Sophos. They shared insights on how AI is reshaping the cybersecurity landscape and how cybersecurity companies are adapting to protect their companies and customers. Both leaders agreed that while AI offers powerful new tools for defenders, it also empowers attackers—making vigilance, innovation and governance critical components of modern cybersecurity strategies.

Your employees, your users, they're going to adopt AI on their own. A governance framework is absolutely essential so that you can understand how [AI is] being used within your environment and how it's being used to interact with your data and your customer's data.

Monthly phishing tests for all active users

Annual penetration testing

100+

mtCO2e greenhouse gas (GHG) footprint measurement⁵

12,652

Cybersecurity and Data Privacy

provide cybersecurity training to employees

abide by or are aligned with one or more recognized cybersecurity standards

are reviewing cybersecurity policies and procedures at least annually with their Board⁷

Artificial Intelligence ("AI")

Operations and Oversight

Human Capital

Sustainability and Stewardship

measure their GHG footprint

42%

100%

have or are working on a generative AI policy or equivalent

100%

have a Code of Ethics

100%

have a Non-Discrimination and / or Harassment Policy

93%

have a Health and Safety Policy and / or training

82%

offer their employees some type of community involvement program

conduct an employee engagement survey at least annually

100%

offer their employees some type of employee wellness program

91%

(5) Calculated by Watershed in line with the GHG protocol and includes Scope 1, 2, 3.6, 3.7. Scope 2 measurement is market-based. Does not include portfolio company emissions. (6) Survey percentages throughout this report are based on the responses gathered from Thoma Bravo’s majority-owned, active, non-public software and technology-enabled services portfolio companies through Thoma Bravo’s annual RGo survey. The survey was distributed to Thoma Bravo portfolio companies held on December 31, 2024. Unless otherwise stated, survey percentages represent survey responses regarding practices during the 2024 calendar year. Some data points are not tracked by all portfolio companies. Accordingly, some portfolio companies did not provide a response for some data points. Statistics do not reflect or represent the entirety of Thoma Bravo’s portfolio. (7) Statistic reflects practices as of July 28, 2025 of Thoma Bravo’s majority-owned, active, non-public software and technology-enabled services portfolio companies that were held by Thoma Bravo as of December 31, 2024. Some data points are not tracked by all portfolio companies. Accordingly, some portfolio companies did not provide a response for some data points. Statistics do not reflect or represent the entirety of Thoma Bravo’s portfolio.

Diligence

Click here for the full conversation

– Joe Levy, CEO, Sophos

Artificial Intelligence

At Thoma Bravo

Established a Cross-Functional AI Steering Committee

We see AI and generative AI as part of the next phase of the software and technology industry’s growth. We believe that Thoma Bravo and our portfolio companies are at the forefront of managing the risks and opportunities posed by AI because:

Across the Portfolio

of our reporting portfolio companies have or are developing AI or generative AI policies or the equivalent

Many of our portfolio companies have been leveraging traditional AI for years to bring innovative products to market while building and maintaining customer trust. As incumbent software investors, we believe that our portfolio companies are well-positioned to take advantage of the evolving abilities of AI and generative AI because of their proprietary data, existing distribution channels and mission-critical positions. Understanding the importance of good AI governance, we are proud of the strong programs our portfolio companies have put in place. A hundred percent of our reporting portfolio companies report having or working on AI or generative AI policies—or include AI or generative AI guidance within a wider policy. Many of our portfolio companies have or are building AI governance programs aligned to a market-leading framework, including but not limited to NIST AI Risk Management Framework, OECD Principles on Artificial Intelligence, ISO 42001 or EU Ethics Guidelines for Trustworthy AI.

Case Study

A Strategic Approach to AI Governance and Customer Trust

In 2021, Thoma Bravo invested in Calabrio, a leader in workforce and conversation intelligence software that has embraced the AI revolution from the start. With the strategic acquisitions of AI specialists Wysdom.ai and EchoAI in 2024, Calabrio products deploy a suite of tools that leverage AI technology to improve functions across the modern contact center. AI-powered products automate quality management, analyze bot and live agent interactions to provide recommendations for improvement, and discern trending topics to provide real-time business intelligence, among other capabilities. Innovation, particularly in an area as new as AI, comes with risk, and Calabrio has taken care to partner with customers as they navigate the developing regulatory and cybersecurity environment. Calabrio began by defining the core tenets that govern its use of AI:

Experience matters

As specialists investing extensively in software and technology-enabled services for the past 20+ years, we have navigated multiple technological and business model shifts, and we believe generative AI is the next part of this evolution. Thoma Bravo and our portfolio companies have also been using AI and implementing systems for managing data responsibly for years.

Incumbents have a massive data advantage

Our portfolio companies have proprietary access to clean, structured data, which we believe gives them a competitive advantage and the ability to offer unique insights.

Trust is paramount

A key to building a competitive advantage with AI is using the right data the right way and making customers feel comfortable with the policies, processes and products. We view our portfolio companies as trusted incumbents in this space, and we believe that continuing to earn and keep customer trust will drive value creation.

As demonstrated by the above, we believe that a key to building a winning strategy with AI is strong AI governance. In May 2024 in Miami, Thoma Bravo hosted a summit focused on AI, bringing together Thoma Bravo senior leaders, portfolio company executives and industry experts to discuss how AI can help grow software companies while maintaining appropriate governance measures. Topics included the high-level opportunities and potential implications of AI, as well as AI case studies, with a focus on the balance of innovation and risk.

Calabrio published its "AI Principles" internally and on the company’s public Trust Center. These AI Principles have been accessed hundreds of times across these platforms and are distributed to customers and prospects to lay the groundwork for the AI conversation. The AI Principles are further incorporated into Calabrio’s contractual obligations, reflecting Calabrio’s commitment to work to consistently uphold AI governance standards across its customer interactions. The AI Principles sit in front of a larger AI governance framework. Calabrio established an AI Governance Committee (the “Committee”) composed of Product, Marketing, Legal and Human Resources team members. The Committee published an AI Acceptable Use Policy, establishing the policies and procedures necessary for the inclusion of AI tools in Calabrio’s products and providing guidance for the use of AI tooling by Calabrio employees. The Committee meets regularly, collects input from across the business, and coordinates with specialist counsel on major product innovations. The company's dedication to transparency and accountability extends to its product features as well. Calabrio is actively working to clearly label AI-generated outputs and provide customers with the option to toggle AI capabilities on or off, catering to those who may not yet be ready to fully leverage AI in their tech stack. Finally, Calabrio understands that we live in a world of trust-but-verify. In that regard, Calabrio is working with an external auditor to obtain ISO 42001 certification. Calabrio’s commitment to meeting this rigorous audit standard underscores the company’s commitment to responsible AI development and usage.

The customer owns their own data

Security is non-negotiable

Regulatory compliance is paramount

Generative AI models must be selected with care and diligence to minimize the risks of bias and hallucination

Operations and Oversight

Leading companies partner with Thoma Bravo to leverage our firm’s deep sector knowledge, demonstrated track record, partnership-oriented approach, and strategic and operational expertise. A commitment to good governance has been a cornerstone of our firm’s ethos since its founding and can be key to unlocking value. Our dedicated RGo team has both formal touchpoints and ad hoc meetings with our portfolio companies to help strengthen their cultures of trust and transparency. Portfolio companies are encouraged to share the strengths, learnings and next steps discussed during the RGo engagement process with their boards of directors to help tie in these RGo metrics to the broader strategy and growth of the portfolio company. We are proud of the work Thoma Bravo and our portfolio companies completed on RGo topics in 2024, and we look forward to continuing this work in 2025.

Human Capital

At Thoma Bravo

of junior and senior employees participate in investment and operations mentorship programs

We believe that our people are our most valuable assets. As such, we work to offer longer-term career growth opportunities, challenging work and a supportive environment throughout all levels of the organization. One way we support our colleagues is through mentorship programs—both formal and informal. The firm’s senior leaders have an open-door policy, and team members are expected to teach, develop and mentor those junior to them. Our investment team and newly launched operating team mentorship programs have connected over 100 junior and senior employees firm-wide. Mentor-mentee pairs are encouraged to meet regularly to discuss a wide variety of topics, including:

Both mentors and mentees agreed with a survey response that the mentorship programs have helped build valuable and long-term professional relationships and learning opportunities within Thoma Bravo. We believe that people working well together has a significant positive impact on firm culture, and we continue to focus on advancing our dynamic culture and developing young talent into future leaders.

Across the Portfolio

of our reporting portfolio companies administer an employee engagement survey

We also believe that talent is key to building and growing strong software and technology companies. Our portfolio companies work to support their people and have implemented programs that seek to build community and to measure that impact on metrics such as employee well-being, employee retention, productivity and workplace culture. Health and wellness programs, counseling services, and the provision of free or subsidized meals are among the most common benefits and programs within our reporting portfolio companies. Our portfolio companies have been committed to collaborative growth, with 91% of our reporting portfolio companies administering an employee engagement survey to help develop a dialogue between leadership and employees. In addition to engaging with employees, many of our portfolio companies also partner with local community organizations. Across our portfolio, over 82% of reporting portfolio companies create opportunities for their employees to engage in community volunteer projects.

Case Study

Creating Engagement and Value through Community Impact

At Hyland, employee experience is a long-term investment—one that shapes how people connect, grow and find purpose in their work. From four-week paid sabbaticals to lifestyle spending accounts that support wellbeing, Hyland creates a workplace culture where employees can thrive both personally and professionally. One of the most powerful drivers of that culture is the company's deep-rooted commitment to community service. Since 1991, Hyland has grown from a small startup to a global enterprise with almost 4,000 employees. Through every stage of growth, giving back has remained a defining part of its identity. From the beginning, employees have been encouraged to support causes they care about—a tradition that continues today with Hylanders making a difference in their communities around the world. That spirit of service comes to life through Hyland’s robust community engagement program, which empowers employees to give back in flexible and meaningful ways. Each employee receives 24 hours of Volunteer Time Off ("VTO") annually to support service projects of their choice. Hyland also organizes team-based service opportunities—from packing meals at its Ohio headquarters to mentoring students in India—that strengthen connection and collaboration while driving local impact. For those seeking deeper involvement, participating in Tech Outreach or the Hyland Fund, a grant program run by Hyland, offers the chance to lead coding workshops and review charitable grant proposals. These initiatives directly support Hyland’s philanthropic mission to build and inspire careers in technology, creating a deeper sense of shared purpose. Employee feedback clearly shows how meaningful engagement enhances the overall experience at Hyland. In 2024, 98% of employees completed the annual workplace survey, underscoring the value placed on employee input. That feedback actively shapes workplace programs and priorities, helping Hyland stay aligned with what matters most to its people. The results? Hyland exceeded industry benchmarks across all five key performance indicators: Engagement, Experience vs. Expectations, Intent to Stay, Inclusion and Wellbeing. Most compellingly, employees who participated in at least three engagement programs—such as volunteering—scored 15–20% higher across all five indicators compared to those who did not. These employees reported stronger engagement and a greater intention to stay with the organization, highlighting the powerful connection between program participation and positive workplace outcomes. In other words, when employees are engaged in meaningful programs, they feel a deeper sense of connection— to their work, to each other and to a greater purpose. That sense of belonging fuels a stronger employee experience, leading to greater energy, collaboration and commitment in their day-to-day work. By cultivating a culture of shared purpose and belonging, Hyland empowers its employees to reach their full potential—so together, they achieve more.

Professional growth

Skill development

Goal setting

Deal experience

100%

91%

Sustainability and Stewardship

At Thoma Bravo

2024 Annual GHG Footprint

For the third year in a row, Thoma Bravo calculated its annual greenhouse gas emissions footprint, which was 12,652 mtCO2e in 2024.⁹ We partner with a third-party SaaS provider to measure our GHG footprint annually, and we hope that our efforts to identify, capture and manage our carbon footprint serve as an example to our portfolio companies.

12,652

Across the Portfolio

of our reporting portfolio companies measured their greenhouse gas emissions in 2024

42%

Thoma Bravo portfolio companies have developed environmental programs to meet customer requests, compliance obligations and employee expectations. In 2024, approximately 42% of our reporting portfolio companies measured their greenhouse gas emissions—about a nine percentage point increase from 2023. To support the adoption of environmental best practices across the portfolio, Thoma Bravo offers strategic support, education and training, and connection to third-party service providers to build programs that help mitigate operational risks and help drive a lasting environmental impact.

Case Study

A Leader in ESG and Corporate Compliance

In 2024, Thoma Bravo acquired EQS Group, a leading international software provider in corporate compliance, investor relations, data privacy and ESG. The company’s products aim to simplify this complex regulatory landscape into streamlined digital workflows. Sustainability is not only central to EQS’s business model but also a guiding principle in its operations; EQS sees it as its duty to serve as a role model for sustainable business practices. The company began measuring its GHG emissions footprint in 2021, and its annual GHG inventory serves as the foundation for the company’s work to reduce emissions and increase transparency. EQS has implemented several emissions reduction initiatives, including but not limited to:

100%

Sourcing 100% renewable electricity in its Munich HQ and several other offices.

In an effort to share its carbon accounting journey, EQS released its fourth annual GHG report in 2024. This report was verified by TÜV SÜD and aligned with ISO 14064-1 and the GHG Protocol. EQS supports its customers’ ESG journeys through its EQS Sustainability Cockpit. The platform simplifies the complex reality sustainability managers face today—from a fast-evolving regulatory landscape to fragmented data. It turns manual processes into streamlined workflows for accurate, audit-ready ESG reporting. Tasks like double materiality assessments and emissions tracking are guided step by step, with built-in checks and real-time dashboards. With one central system and intuitive collaboration tools, sustainability managers save time, gain confidence in their data and focus on advancing their company’s sustainability strategy rather than simply reporting on it. As good ESG governance becomes increasingly important, EQS is proud to offer this wide assortment of flexible products and model best practices for its customers and stakeholders.

mtCO2e

⁹

30%

Reducing total office energy consumption by 30% and cutting energy intensity per employee by over 30% since 2022.

59%

Implementing a business travel policy to minimize air travel. In 2024, the company was proud to report that 59% of business trips were by train and only 33% by plane.

IMPORTANT INFORMATION This Responsible Growth and Governance Report (this “Report”) is for informational purposes only and is not an offer of Thoma Bravo’s investment advisory services and does not include any endorsement or testimonial for which Thoma Bravo has provided compensation. Any offer or solicitation regarding Thoma Bravo’s investment advisory services will be made only pursuant to a fund’s confidential private placement memorandum (as may be amended or supplemented, a “PPM”) and such fund’s agreement of limited partnership (“LPA”) and subscription documents, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. Certain information contained in this Report constitutes “forward-looking statements” that can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “project,” “target,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Any such “forward-looking statements” are based upon certain assumptions that will likely change over time. Actual events are difficult to project and often depend upon factors that are beyond the control of Thoma Bravo. Thoma Bravo does not undertake any obligation to update or revise information contained herein to reflect events or circumstances occurring after the date of this Report, which information is current as of December 31, 2024 unless otherwise indicated. This Report contains certain information that has been obtained from published and non-published third-party sources (including, without limitation, market forecasts, internal and external surveys, government reports, market research and industry publications, data provided by portfolio companies or third-party advisors) that has not been independently verified by Thoma Bravo and in certain cases has not been updated as of the date hereof and may be incomplete, inaccurate or out of date. Although Thoma Bravo believes that such information is accurate and that the sources from which it has been obtained are reliable, Thoma Bravo (i) has not investigated the accuracy of such information, (ii) has not independently verified the assumptions on which such information is based and (iii) does not assume any responsibility for the accuracy, completeness or fitness for use of such information. This Report includes information on Thoma Bravo's program for incorporating RGo considerations across Thoma Bravo's operations and investments. Such program is subject to Thoma Bravo’s fiduciary or similar duties and applicable legal, regulatory and contractual requirements and is expected to change over time. Additionally, the act of selecting and evaluating RGo factors is subjective by nature, and there is no guarantee that the criteria used or judgment exercised by Thoma Bravo or a third-party advisor will reflect the views, internal policies or preferred practices of any particular investor or other asset manager or reflect market trends. While Thoma Bravo intends to include RGo as a component of its investment process, as described herein, there can be no assurance that Thoma Bravo’s RGo initiatives, policies and procedures as described herein will be applied to a particular investment. Thoma Bravo is permitted to determine in its discretion, taking into account any applicable contractual commitments or regulatory requirements, that it is not feasible or practical to implement or complete certain of its RGo initiatives, policies and procedures based on cost, timing or other considerations. Statements about RGo practices related to portfolio companies also do not apply in every instance and depend on factors including, but not limited to, the relevance or implementation status of an RGo initiative to or within the portfolio company; the nature and/or extent of investment in, ownership of, or control or influence exercised by Thoma Bravo with respect to the portfolio company; and other factors as determined by investment and operation teams and/or portfolio company teams on a case-by-case basis. Although Thoma Bravo views the consideration of RGo factors to be an opportunity to mitigate risk, Thoma Bravo cannot guarantee that its RGo program, which depends in part on qualitative judgments, will impact the performance of any individual investment or fund as a whole. Additionally, there can be no assurance that Thoma Bravo or its investments will be able to achieve any RGo-related objectives, that their actions will not result in outcomes that could be viewed as having a negative effect, or that any historical trends will continue to occur. Actual results may be significantly different from the forward-looking statements herein. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. There is no guarantee that Thoma Bravo will remain a signatory, supporter, or member of any ESG initiatives or other similar industry frameworks. Case studies presented herein have been selected in order to provide illustrative examples of Thoma Bravo’s application of its RGo program. Descriptions of any RGo achievements or improved practices or outcomes are not necessarily intended to indicate that Thoma Bravo has substantially or directly contributed to such achievements, practices or outcomes. For instance, Thoma Bravo’s RGo efforts may have been one of many factors—including such other factors as engagement by portfolio company management, advisors, and other third parties—contributing to the success described in each of the selected case studies. References to these particular portfolio companies should not be considered a recommendation of any particular security, investment or portfolio company or be used as an indication of the current or future performance of Thoma Bravo’s investments.

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(9) Calculated by Watershed in line with the GHG protocol and includes Scope 1, 2, 3.6, 3.7. Scope 2 measurement is market-based. Does not include portfolio company emissions.

100%

100+

At Thoma Bravo

ACROSS REPORTING PORTFOLIO COMPANIES

⁶

(8) Statistic reflects practices as of July 28, 2025 of Thoma Bravo’s majority-owned, active, non-public software and technology-enabled services portfolio companies that were held by Thoma Bravo as of December 31, 2024. Some data points are not tracked by all portfolio companies. Accordingly, some portfolio companies did not provide a response for some data points. Statistics do not reflect or represent the entirety of Thoma Bravo’s portfolio.

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