Thoma Bravo co-founder Orlando Bravo told the Financial Times the recent tech sell-off has created a "huge buying opportunity" for the private equity firm. Shares in many software companies have fallen sharply this year, making valuations more attractive. Bravo's comments signal a potential shift in the firm's strategy toward new acquisitions.

The firm, known for its aggressive software buyouts, has already deployed over $150 billion across its funds. A market downturn historically provides fertile ground for Thoma Bravo to take companies private, improve operations, and sell them later at a profit. This cycle could repeat if prices remain depressed.

Investors will watch for Thoma Bravo's first major move in this new environment. A large-scale deal would test the firm's conviction and could spur competitor activity. The broader software sector's recovery likely depends on stabilizing interest rates and corporate spending.