William Blair acted as financial advisor to Thoma Bravo in connection with its pending strategic growth investment in padoa, alongside it’s co-founders and existing shareholders, Five Arrows and Kamet Ventures. The transaction is expected to close in the second half of 2026.
About the Companies
Thoma Bravo is the world’s largest software-focused investment firm, with more than $172 billion in assets under management as of March 31, 2026. Partnering with some of the world’s most sophisticated investors, Thoma Bravo’s private equity and private credit platforms reflect a focused investment strategy, supported by disciplined execution, deep sector expertise and leadership continuity. Over the past 20-plus years, Thoma Bravo has acquired or invested in approximately 590 software and technology companies, representing approximately $320 billion of aggregate enterprise value (including control and non-control investments, as well as add-on acquisitions). Learn more at Thoma Bravo’s website and on LinkedIn.
Founded in 2016, padoa is a leading occupational health technology platform in France, serving occupational health services, healthcare professionals, employers, and employees through a fully integrated digital ecosystem. The company’s mission is to equip occupational health professionals with the best technology, enabling better prevention, improved care pathways, and healthier workplaces. Today, padoa supports millions of employees and thousands of healthcare professionals, helping transform occupational health through innovation, efficiency, and collaboration. Guided by a strong purpose and values-driven culture, padoa is committed to shaping the future of occupational health in France and across Europe. Learn more at padoa’s website.
Five Arrows is the alternative assets arm of Rothschild & Co and has €33 billion in assets under management, with offices in Paris, London, New York, Los Angeles, San Francisco, and Luxembourg. With €13 billion in assets under management, the corporate private equity business of Five Arrows is focused on investing in companies with strong management teams; business models with high visibility of organic unit volume growth and strong unit economics; and multiple operational levers that can be used to unlock latent value. Sectors are limited to healthcare, data and software, and technology-enabled business services. For more information, please visit Rothschild & Company’s website.
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