Thoma Bravo, a leading private equity firm in cybersecurity, uses a "buy and build" strategy to acquire and integrate security companies, particularly in the identity and access management (IAM) sector. Their approach involves purchasing platform security companies and adding complementary solutions to create a comprehensive portfolio, which they eventually sell at a higher valuation. Recent acquisitions include SailPoint, Ping Identity, and ForgeRock, positioning Thoma Bravo as a dominant player in the IAM market, alongside Okta. The firm is likely aiming to consolidate these IAM assets into an all-in-one identity platform, using identity as a key component for broader security offerings.