In the latest episode of "Behind the Deal," Thoma Bravo Managing Partner Holden Spaht interviews Leagh Turner, CEO of Coupa, discussing the company's evolution and its role in simplifying spending for diverse customers.

Thoma Bravo's relationship with Coupa began in 2014 when the company was generating $30 million in revenue but operating at a loss. Recognizing Coupa's potential to disrupt the market, Thoma Bravo monitored its progress for nearly eight years before acquiring the company for approximately $8 billion in 2023. Shortly after the acquisition, Leagh Turner took over as CEO.

Coupa is seen as an exemplary investment for Thoma Bravo, characterized by high-quality revenue, a broad customer base, and strong retention rates. The company is well-positioned to leverage its $7 trillion of proprietary spend data, particularly with advancements in artificial intelligence, to transform the interactions between buyers and suppliers.

In the podcast, Holden Spaht emphasizes the importance of leadership and business transformation post-acquisition. Despite being a recent investment, Thoma Bravo has already collaborated with Coupa to enhance margins, streamline operations, and build a strong management team. The firm believes this investment will serve as a case study in accelerating growth and maximizing business potential.

Holden Spaht, who has been with Thoma Bravo since 2005, leads the application software investment efforts for the firm. He highlights Coupa as a market leader in business spend management, helping organizations save money by connecting procurement heads and CFOs with the right suppliers. Coupa's software platform manages all organizational spending, ensuring compliance with internal policies and external regulations.

Thoma Bravo first engaged with Coupa in 2014, recognizing its significance in the office of the CFO and procurement software space. The firm appreciated the complexity of the software and its ability to connect buyers and suppliers effectively. Coupa's strong market position and cloud-native, high-growth product made it an attractive investment opportunity.

Thoma Bravo has a history of helping companies scale at various stages of their growth. The firm has worked with companies to navigate revenue milestones, from $50 million to $1 billion and beyond. When Thoma Bravo first encountered Coupa, it exhibited the essential qualities of a successful investment, including a robust product in a significant market.

Overall, the podcast provides insights into Thoma Bravo's strategic investment in Coupa and the potential for growth and transformation in the business spend management sector. The conversation between Holden Spaht and Leagh Turner serves as a valuable case study on leadership and operational improvement in a post-acquisition context.