Check them out on this site, search for it - Riverbed, Deltek, SolarWinds forums will pop up.
The term Blood-s---ing keeps popping up
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@OP Thoma Bravo acquires promising but underperforming software companies and, with the right re-adjustments, it can be a strong, viable business. Cost-cutting and efficiencies are always the approach. Ideally, you come out the other end as an IPO or get acquired. Outsourcing to India may be a problem going forward as the Federal Government wants to keep those jobs here in the United States. Considering that Modi is now aligning with China.
Private equity shop Thoma Bravo has acquired over four hundred software companies, repeatedly mashing products together to amplify lock-in effects so it can slash costs and boost prices—before selling the ravaged Franken-platform to the highest bidder. Anti-monopolist author Matt Stoller has called Thoma Bravo the “bridge trolls of enterprise software,” and its recent forays into cybersecurity arguably caused the worst software hack in American history. After years of dismantling Solarwinds, a ubiquitous network management software, Thoma Bravo and Silver Lake dumped $286 million of shares in December 2020, the day before the company disclosed a staggering malware breach. The “Sunburst” cyberattack exposed data from California hospitals, the Department of the Treasury, the U.S. nuclear we-pons agency, and dozens of other agencies and major companies. While the root cause is still under investigation, multiple lawsuits and reports describe a culture of cost-cutting and frequent security lapses. “Typically Thoma Bravo raises prices and cuts quality, but the affected constituency group—corporate IT managers—don’t have a lot of power or agency,” Stoller writes of this precarious stalemate, with potential geopolitical implications. “Their superiors don’t want to think about a high-cost but low-probability event, especially if every other big institution would be hit as well.”
Toma Bravo took over Sophos at the start of 2020. Now the slashing and burning have begun. Huge layoffs. Entire offices being closed.
Continuum has been put up for sale by Thoma Bravo, and Continuum had the audacity to publicly deny it. The Carvir acquisition has resulted in a massive shift of jobs to India, after everyone was told no jobs are going anywhere. They lied to everyone.
All of the day to day operational staff have been gone for months, and what's left is about to be blown up as well. Wishy-washy behavior with a different story every day.
Yup - 2 weeks after buying Barracuda Networks, across the board layoffs started today. Nice way to start the day.
Good thread
As a welcome gift on the first day that Thoma Bravo's acquisition of Kofax was complete I received my separation package per an immediate 10% workforce reduction. Meanwhile the CEO and his executive minions are leasing nicer and nicer cars on a regular basis.
Yes, Thoma Bravo is Brutal. They recently acquired Continuum Managed Solutions and fired 150 people within a week in a mere 2 hours without specifying any reasons. The layoff was not related to performance, from top to bottom all level of employees were fired due to operational cost.
So sad. Could have been great, now they are in the trash bin.
Those at the top are going to be fine though so don't worry.
4 weeks severance and 2 weeks for each year of service
Anybody know what type of severance package people got?
And who didn't see this coming? Last few months have seen a lot of people bailing out. Wonder what departments will be hit the hardest?
maybe the trick is to thin it out as much as possible and try to make it into a merger?????
qlik layoff is is consistent with other companies where Thoma Bravo cut well into the double-digits on labor force right from the start
all the execs cashed out anyways per the SEC filings executed right before the final sale
example from Riverbed:
They have cut over 30% of their workforce to improve profits. The layoffs were based on how much you cost the company, not on performance. Then they give a measly severance that won't sustain anyone for more than two months. If I was a prospective client I would not deal with a company that has no regard for it's employees. I would be gun-shy and wander how they would deal and treat me. I made a big mistake in going to Riverbed, I hope no one else does.
Yep, 250 people laid off so far with another 200 on the horizon.
Good luck to all of us we will need it - it's funny to see how people change behaviours now that things are going down, there is a lot of a** kissing