Why Thoma Bravo Plans to Triple Down on Identity ProtectionChip Virnig on Facilitating Shift From On-Premises Licenses to Cloud Subscriptions
Thoma Bravo has agreed to spend $12 billion on three high-profile identity acquisitions to help with the transition from on-premises licenses to cloud-based subscriptions.
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As identity tools increasingly are being obtained through ongoing SaaS subscriptions that can be canceled at any time rather than a one-time license, vendors in the market must expand their customer success organization and adjust incentives for their salesforce, said Partner Chip Virnig. But being publicly traded didn't provide identity vendors with the flexibility needed to radically transform their business, which made a sale to Thoma Bravo more appealing (see: CEO Durand on What Thoma Bravo's Buy Means for Ping Identity).
"With our experience across software, we've really been able to help companies accelerate their SaaS transformation by adopting the right org structures and the right sales practices," Virnig said. "We also help dictate their investments to facilitate and push their cloud products to grow faster."
In this video interview with Information Security Media Group at RSA Conference 2023, Virnig also discusses:
- The perks of having identity plays in both governance and access management;
- Why Thoma Bravo likes to keep its portfolio companies separate and not merge them;
- Why "take private" cyber deals have been appealing to Thoma Bravo in recent years.
Virnig has been instrumental in growing Thoma Bravo's infrastructure and cybersecurity practices. Previously, he worked in investment banking at Merrill Lynch & Co.