Exostar: The Explore Platform's First Investment

About this episode

The episode discusses the investment journey of Exostar, highlighting the challenges and strategies involved in transforming it into a profitable enterprise software company.

In this episode of Behind the Deal, Thoma Bravo Partner Carl Press and Principal Adam Kinalski are joined by Exostar CEO Richard Addi to tell the story behind one of the firm’s most hard-fought investments. Exostar, a mission-critical platform serving the aerospace and defense industry, wasn’t for sale. What followed was a multi-year effort to build trust with six joint venture shareholders, navigate complex stakeholder dynamics and ultimately get the deal across the finish line. Together, Carl, Adam and Richard unpack the full lifecycle of the investment—from sourcing and diligence to transformation and exit—and reflect on what it took to transition Exostar from a shared-service joint venture into a high-growth, profitable enterprise software company. In just three years, the business accelerated growth, expanded margins and positioned itself for a successful exit, making Exostar a defining deal for Thoma Bravo’s Explore platform. For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedeal Learn more about Thoma Bravo: https://www.thomabravo.com/ Learn more about Exostar: https://www.exostar.com/ Disclaimer: This podcast is for…

People in this episode

Hosts: Carl Press, Adam Kinalski

Guest: Richard Addi

Topics covered

• investment
• aerospace
• defense
• business transformation
• growth strategy

Keywords

• Exostar
• Thoma Bravo
• investment
• aerospace
• defense
• business growth
• joint venture
• enterprise software

Mentioned in this episode

Organizations: Exostar, Thoma Bravo, Explore platform, aerospace and defense industry

More episodes of Thoma Bravo's Behind the Deal

• From $1M to $2B+ in Revenue: David Ossip on Leadership and Scaling Dayforce · April 30, 2026 · 8 min
• The Dayforce Deal: AI, Scale and the Future of Workforce Software · April 23, 2026 · 38 min
• REVISITING: How Carl Thoma and Orlando Bravo Built the World’s Largest Software-Focused Investment Firm · April 16, 2026 · 38 min
• Beyond the Deal: Building the Explore Platform · April 9, 2026 · 23 min
• The Future of Restaurants in an AI World: Hudson Smith with Olo Founder Noah Glass · March 26, 2026 · 36 min
• From Scotland to Sydney: Andy Watt on Leading Nearmap’s Global Growth · March 19, 2026 · 13 min