M&A Deal Summary

Audax Private Equity Acquires Astute Solutions

On April 10, 2019, private equity firm Audax Private Equity acquired software company Astute Solutions from Rubicon Technology Partners

Acquisition Highlights
  • This is Audax Private Equity’s 6th transaction in the Software sector.
  • This is Audax Private Equity’s 115th transaction in the United States.
  • This is Audax Private Equity’s 8th transaction in Ohio.

M&A Deal Summary
Date 2019-04-10
Target Astute Solutions
Sector Software
Buyer(s) Audax Private Equity
Sellers(s) Rubicon Technology Partners
Deal Type Secondary Buyout
Advisor(s) Lazard Ltd. (Financial)
Perkins Coie LLP (Legal)

Target

Astute Solutions

Columbus, Ohio, United States
website
Astute Solutions is a provider of AI-driven customer engagement, digital self-service, and first-party consumer data management software. Astute’s technology enables companies to provide more efficient customer service, protect their brands, and increase customer loyalty. Astute Solutions was founded in 1995 and is based in Columbus, Ohio.

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Buyer(S) 1

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 120 of 153
Sector (Software) 6 of 6
Type (Secondary Buyout) 54 of 71
State (Ohio) 8 of 9
Country (United States) 115 of 145
Year (2019) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-21 CoolSys

Brea, California, United States

CoolSys is a refrigeration and HVAC services company, specializing in a full spectrum of best-in-class service experiences and solutions for customers in the retail, food service, commercial and industrial market segments. CoolSys was founded in 2001 and is based in Brea, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-01 Imperial Dade

Jersey City, New Jersey, United States

Imperial Dade is an independent distributor of consumable paper and plastic packaging and supplies sold primarily to the restaurant and retail industries in the New York Tri-State area. Imperial Dade sells foodservice products, healthcare supplies, bags and liners, chemicals, janitorial goods, and safety supplies. Imperial Dade was founded in 1932 and is based in Jersey City, New Jersey.

Sell -

Seller(S) 1

SELLER

Rubicon Technology Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2012
Size Small
Type Sector Focused
DESCRIPTION

Rubicon Technology Partners is a specialist private equity firm firm that invests in lower middle-market enterprise software and technology-enabled services companies. Rubicon looks to make control investments of $20 to $50 million in businesses generating $10 to $150 million in revenue. Target transaction situations include buyouts and recapitalizations of closely held private companies, corporate divestitures, carve-outs or spin-outs, buy and build opportunities, and shareholder liquidity events. Rubicon has offices in Menlo Park, California and Stamford, Connecticut.

DEAL STATS #
Overall 2 of 5
Sector (Software) 2 of 3
Type (Secondary Buyout) 2 of 2
State (Ohio) 1 of 1
Country (United States) 2 of 4
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-04 Uplight

Boulder, Colorado, United States

Uplight is a provider of energy management software, hardware, and services for consumers and utility companies. Uplight data analytics on more than 123 million homes creates new business opportunities for any product or service provider connected to the home. Today, this includes electric and gas utilities, and energy retailers. Built over more than a decade, the Tendril Platform delivers real-time, ever-evolving data about the home and how people use energy in it. These rich insights help our customers improve customer acquisition, increase engagement and orchestrate home energy experiences. Uplight was founded in 2004 and is based in Boulder, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-02 Central Logic

Sandy, Utah, United States

Central Logic's flexible, purpose-built solution provides superior real-time visibility and unmatched business intelligence to optimize the operations of health system Access Centers. Clients count on Central Logic to deliver strong growth, find new ways to improve patient outcomes, and make their operations more effective, today and into the future. Central Logic was formed in 2005 and is based in Sandy, Utah.

Buy -
Mergr

Product

Company

Legal