Intel 471: From Bootstrapped Cyber Intel to Enterprise Leader
Thoma Bravo's Behind the Deal · 2026-02-12 · 35 min
Episode notes
In this episode, Thoma Bravo Partner Adam Solomon and SVP Chandler Gay break down the firm’s investment in Intel 471, a bootstrapped, founder-led cyber threat intelligence company trusted by many of the world’s largest enterprises. They revisit the rigorous diligence process - including moments when the deal nearly fell apart - and explain what ultimately set the business apart: proprietary, highly actionable intelligence, exceptional retention, and disciplined, profitable growth. Adam then sits down with CEO and Co-Founder Jason Passwaters, a former Marine and FBI cybercrime investigator, to discuss building Intel 471 without outside capital, partnering with Thoma Bravo to strengthen and expand the company, executing its first acquisitions, and how AI is reshaping the cyber threat landscape. For more information on Thoma Bravo's Behind the Deal, visit Learn more about Thoma Bravo: Learn more about Intel 471: Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates.
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