M&A Deal Summary

Pivoton Capital, Finrock Growth Partners, Cetina Capital and Sage Capital Partners Acquire Voxco

On June 26, 2019, private equity firm Pivoton Capital, growth capital firm Finrock Growth Partners, private equity firm Cetina Capital and private equity firm Sage Capital Partners acquired software company Voxco

Acquisition Highlights
  • This is Pivoton Capital’s 1st, Finrock Growth Partners’ 1st, Cetina Capital’s 1st and Sage Capital Partners’ 1st transaction in the Software sector.
  • This is Pivoton Capital’s 1st, Finrock Growth Partners’ 1st, Cetina Capital’s 1st and Sage Capital Partners’ 1st transaction in Canada.
  • This is Pivoton Capital’s 1st, Finrock Growth Partners’ 1st, Cetina Capital’s 1st and Sage Capital Partners’ 1st transaction in Quebec.

M&A Deal Summary

Date 2019-06-26
Target Voxco
Sector Software
Buyer(s) Pivoton Capital
Finrock Growth Partners
Cetina Capital
Sage Capital Partners
Deal Type Recapitalization

Target

Voxco

Montreal, Quebec, Canada
website
Voxco provides survey organizations and insights departments with options to collect survey data any time and any place via online surveys, over-the-phone interviews or face-to-face mobile offline surveys. Voxco was founded in 1976 and is based in Montreal, Quebec.

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Buyer(S) 4

DESCRIPTION

Pivoton Capital is a private investment firm formed to identify, acquire and operate an existing private company based in the US or Canada. Pivoton has a preference for situations where the owner or owners are seeking liquidity and wish to transition out of the company. Pivton also seeks businesses with low capital requirements, recurring revenue models, and operating highly fragmented industries with low external risk factors. Pivoton Capital was formed in 2017 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 1 of 1
Sector (Software) 1 of 1
Type (Recapitalization) 1 of 1
State (Quebec) 1 of 1
Country (Canada) 1 of 1
Year (2019) 1 of 1
DESCRIPTION

Finrock Growth Partners is a private investment firm that looks to acquire and invest in founder led, bootstrapped software companies. The Firm will consider companies throughout North America with revenue of $5 to $50 million and EBITDA of $1 to $10 million operating in growing markets and serving business or government clients. Finrock prefers acquiring majority positions from owners looking to retire or transition from running day to day operations. Finrock Growth Partners was formed in 2010 and is headquartered in Austin, Texas.


DEAL STATS #
Overall 6 of 7
Sector (Software) 1 of 2
Type (Recapitalization) 2 of 2
State (Quebec) 1 of 1
Country (Canada) 1 of 1
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-13 Netreo

Irvine, California, United States

Netreo provides a Software-as-a-Service (SaaS) IT Management product called OmniCenter which automatically builds enterprise-wide dashboard views into the entire IT footprint for large companies. Netreo was founded in 2000 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-11 BP Logix

Vista, California, United States

BP Logix is a business process management software platform the low-code/no-code solution of choice for organizations faced with workflow and business process management challenges. Enterprises, mid-sized companies, government, and non-profits rely on Process Director BPM software to rapidly create, enhance, and deploy customized, end-to-end, digital business solutions.

Buy -
DESCRIPTION

Cetina Capital is a private investment firm focused on acquiring and growing lower middle-market technology companies. The Firm targets profitable, independent businesses or divestitures with $3 to $25 million of revenue. Cetina has a preference for companies offering B2B oriented products or services. Cetina Capital is based in Pleasanton, California.


DEAL STATS #
Overall 3 of 4
Sector (Software) 1 of 1
Type (Recapitalization) 1 of 1
State (Quebec) 1 of 1
Country (Canada) 1 of 2
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-20 Workplace Answers

Austin, Texas, United States

Workplace Answers is a provider of engaging compliance training to private corporations, governments and higher education institutions. Workplace Answers is renowned for its compliance training that is evidence-based and uses a proprietary story-based learning approach that engages the learner. The training courses are tailored to the unique needs of the client’s industry. Workplace Answers has worked with more than 10 million users and more than 2,000 US organizations that trust it to deliver the best-in-class compliance training covering harassment, discrimination, ethics, wage & hour, performance management, safety & violence prevention, financial compliance and information security. Workplace Answers was founded in 1997 and is based in Austin, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-23 Crowd Content

Victoria, British Columbia, Canada

Crowd Content is a content creation service provider. Crowd Content's platform connects talented writers and editors with businesses in need of high-quality, publish-ready content at scale. Crowd Content serves enterprise and SMB customers through its cloud portal, where it provides self-serve and fully managed content services. Crowd Content was founded in 2013 and is based in Victoria, British Columbia.

Buy -
Buyer
DESCRIPTION

Sage Capital Partners is a private investment firm focused on backing search funds seeking lower middle-market Canadian private companies. The Firm looks to support search funds seeking profitable ($1.5 to 6 million of EBITDA) businesses operating in growing markets, with stable customers, unique products/services, and where the owner is looking to exit. Sectors of interest include business/tech services and software/SaaS. Sage Capital Partners was formed in 2019.


DEAL STATS #
Overall 1 of 7
Sector (Software) 1 of 1
Type (Recapitalization) 1 of 1
State (Quebec) 1 of 1
Country (Canada) 1 of 6
Year (2019) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-23 Crowd Content

Victoria, British Columbia, Canada

Crowd Content is a content creation service provider. Crowd Content's platform connects talented writers and editors with businesses in need of high-quality, publish-ready content at scale. Crowd Content serves enterprise and SMB customers through its cloud portal, where it provides self-serve and fully managed content services. Crowd Content was founded in 2013 and is based in Victoria, British Columbia.

Buy -