ConnectWise

A consortium led by growth-equity firm Bregal Sagemount acquired a majority stake in February 2025, per Bloomberg reporting. Thoma Bravo retained a minority interest in the business. The transaction valued ConnectWise at more than $8 billion and left CEO Jason Magee and the existing operating team in place to continue running the asset.

ConnectWise operates in a concentrated market where most relevant targets — cybersecurity add-ons, backup and disaster-recovery tools, service-desk AI — are well-known to the management team because they compete or integrate with the existing platform. Thoma Bravo historically surfaced targets from its portfolio and a broad network of sell-side bankers; under new majority owners, the playbook is expected to continue, with an emphasis on tuck-in acquisitions that extend the suite without requiring separate sales teams.

The firm itself sits at the growth-to-mature stage in private equity hands. As a platform asset, ConnectWise is the vehicle into which sponsors tuck smaller, often bootstrapped or early-growth companies (such as Perch Security) to accelerate product-line expansion. The model is buy-and-build, not venture, and the sponsors target cash-flow positive targets that can be integrated into the larger subscription bundle.

ConnectWise focuses narrowly on managed-service-provider tooling — PSA, RMM, cybersecurity operations for IT channel partners. It has not expanded into adjacent enterprise IT service management (ITSM) platforms, general ERP, or direct-to-consumer software. The firm avoids taking product-market risk outside the MSP distribution channel, which is the source of its structural retention advantage.