So they really are like the Private Equity of the software world.

More like following the Computer Associates model, a tale as old as time. Find a mature platform with a captive user population with a fat, lazy management team, buy them out, slash headcount, and open the taps. Someone in the thread mentioned Atlassian, that is a perfect target for this kind of strategy.

Atlassian is too large. Also atlassian has been doing the same growing by acquisition for a long while themselves.

ca got out-ca'ed when broadcom (avago) bought them

Yes but focussing more on long-term ownership, as opposed to the usual turn-around and flip or asset stripping methodology.