Thoma Bravo 正在闯出一条摆脱“SaaS 行业大劫难”（SaaSpocalypse）的道路，在此之前，该板块在今年早些时候几乎被投资者视为死路一条。
Thoma Bravo has been forging a path out of the SaaSpocalypse, after the sector was virtually left for dead by investors earlier this year.
据知情人士透露，这家私募股权公司正在出售网络安全软件公司 Imprivata 价值 15 亿美元的股权，这是对这家估值 50 亿美元的公司进行资本重组计划的一部分。摩根大通和 Evercore 正在牵头此次出售流程。十年前，Thoma 将该公司私有化，当时的交易对该公司的估值约为 5 亿美元。
The private equity firm is selling a $1.5 billion stake in cybersecurity-software company Imprivata, as part of a plan to recapitalize the $5 billion company, said people familiar with the matter. JPMorgan and Evercore are leading the sale process. Thoma took the company private a decade ago in a deal that valued the company at around half a billion dollars.
英国网络安全与软件公司 Sophos 是 Thoma 的另一家投资企业，该公司在与现有贷款机构达成交易或从私募信贷公司进行再融资遇到困难后，最近也以基准利率加上 5 个百分点的溢价（即综合利率约为 9%）为其一笔贷款定价。
British cybersecurity and software company Sophos, another Thoma venture, also recently priced a loan at 5 percentage points over its benchmark rate, or around 9% all in, after struggling to strike a deal with existing lenders or refinance with private credit firms.
以这样的利率借款过去曾被认为成本高昂，尤其是在流动性市场中，但在软件公司债务市场陷入停滞的背景下，现在这被视为具有竞争力。Thoma Bravo 拒绝就此事发表评论。
Borrowing at such a rate used to be considered expensive, especially in the liquid market, but is now seen as competitive amid an otherwise stuck market for software company debt. Thoma Bravo declined to comment for this story.
今年早些时候，投资者纷纷撤出软件服务公司，担心能够编写定制程序的智能体人工智能（agentic AI）将使这些公司遭到淘汰。
Investors pulled out of software services companies earlier this year fearing that agentic artificial intelligence, which can code bespoke programs, would render the companies obsolete.
所谓的“SaaS 行业大劫难”随之而来。除了公开上市软件公司股价遭遇抛售外，将私募投资集中于软件领域的投资公司也遭遇了持仓损失和投资者资金外流。
The so-called SaaSpocalypse ensued, and in addition to a selloff in shares of public software companies, investment firms that concentrated private investments in software suffered losses on their holdings and investor withdrawals.
在最初的恐慌过后，投资者认识到 AI 的普及速度一直很慢，事实证明，大型企业工作流程中的某些关键任务功能更难被取代。
After an initial panic, investors recognized that AI adoption has been slow, and some mission-critical functions are proving tougher to displace inside big corporate workflows.
有关模型开发放缓的言论似乎也为传统软件供应商争取到了更多的时间。Thoma 曾经历过多次周期，如今成为了首家勇敢闯入恐慌后市场的机构。
Talk of a slowdown in model development also appears to have lengthened the runway for legacy software providers. Thoma, which has been through cycles before, is the first to brave the post-panic market.
托马·布拉沃（Thoma Bravo）于今年8月将 Command Alkon 公司出售给了 Francisco Partners 公司，并将建筑软件公司 HCSS 与德国 Nemetschek 集团的“Build & Construct”业务部门合并。通过此次合并，托马·布拉沃仍保留了对该公司的少数股权。
Thoma Bravo sold Command Alkon to Francisco Partners in August and combined construction software company HCSS with the Build & Construct segment of Germany’s Nemetschek Group, allowing Thoma to maintain a minority stake.