Bomgar is a leader in secure access solutions for business.
Ashu Agrawal and Hythem El-Nazer’s depth of knowledge and relationships in the security and infrastructure software sectors enabled us to recruit a full management team and relevant board members, and grow our business organically in core and adjacent sectors.
TA helped Bomgar:
- Recruit a CEO, CFO and three independent directors
- Review and enhance product pricing and subscription deployment models
- Identify operational improvements in procurement and support in vendor negotiations
- Create new business opportunities via introduction to multiple prospective customers
- Sustain an increase in bookings and more than double EBITDA through organic growth
Founded in 2003, Bomgar (NKA BeyondTrust) is a leader in Privileged Access Management, offering a seamless approach to preventing data breaches related to stolen credentials, misused privileges and compromised remote access. The company’s platform enables organizations to scale privilege security as threats evolve across endpoint, server, cloud, DevOps and network device environments. Bomgar unifies a broad set of privileged access capabilities with centralized management, reporting and analytics, giving organizations the visibility and control to reduce risk, achieve compliance objectives and boost operational performance. The company predominantly serves Fortune 500 and large enterprise customers across verticals, including some of the world’s leading IT outsourcers, systems integrators, software vendors, healthcare organizations, government agencies, universities, financial institutions and retailers. Bomgar has offices throughout North America, EMEA and Asia-Pacific.
The Investment Opportunity
As an active investor in the technology space, particularly in software-focused companies, TA is constantly modeling companies and researching industry trends. After tracking the development of Bomgar for several years, TA’s industry-focused investment origination efforts identified Bomgar as a high-quality business for our software and technology-enabled portfolio. At the time, the company had more than 8,000 corporate customers across 65 countries. TA viewed Bomgar to be a market leader in a niche sector, and completed a majority investment in the company in May 2014.
Adding Value to Scale Growth
While Bomgar possessed a strong business model with high customer satisfaction, TA believed that the company was capable of generating even more profits and achieving further growth in a more accelerated and strategic manner.
To support enhanced performance, TA’s team of investment professionals and TA’s Strategic Resource Group worked closely with Bomgar Founder and Chairman Joel Bomgar to carefully transition the business to a new management team led by CEO Matt Dirks, who was critical in offering a fresh perspective on the business and market opportunities. TA’s next priority was to collaborate with Bomgar leadership to develop and implement a detailed bottoms-up cost structure to drive operational leverage. Additionally, TA helped Bomgar optimize organic growth by extending its product portfolio and addressable market with the launch of cloud versions of its existing remote support solutions and new solutions targeting the Privileged Access Management space, which enabled the business to rapidly scale. During its two-year partnership with TA, Bomgar’s bookings continued to sustain 20% growth year-over-year and EBITDA grew approximately 250%, all organically.
In June 2016, TA sold its stake in Bomgar to Thoma Bravo. In October 2018, Bomgar acquired and took the name of BeyondTrust, a worldwide leader in Privileged Access Management. Today, the company has grown to serve approximately 20,000 customers, including half of the Fortune 100 and a global partner network.
Case studies have been selected for illustrative purposes for management teams of growth companies considering a partnership with TA and should not be considered an offer or solicitation of services or an actual or implied endorsement of TA or any security, investment or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of TA. A list of investments for the past 25 years is available on this website.