Francisco Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Francisco Partners has acquired 22 companies. It has also invested in 9 others.

Francisco Partners’ most common sectors for investment aresoftware (34%) and information technology (18%) . The Firm’s most common investment types include growth capital (24%) and divestiture (22%). In total, Francisco Partners has invested in 25 US states and 11 different countries. Its largest (disclosed) acquisition occurred in 2023 when it acquired New Relic for $6.5B.

In the last 3 years, Francisco Partners has exited 13 companies. The Firm’s most common exit type is trade sale (61%). Francisco Partners’ largest (disclosed) exit occurred in 2021 when it sold Quest Software Systems for $5.4B.

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M&A Summary

  • M&A Total Activity223
    • M&A Buy Activity144
    • M&A Sell Activity79
  • Total Sectors Invested 19
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 97
  • M&A Advisors 48

Francisco Partners

Francisco Partners Management, L.P.

One Letterman Drive, Building C Suite 410,
San Francisco, California 94129
United States
(415) 418-2900
www.franciscopartners.com
info@franciscopartners.com

Francisco Partners is a private equity firm focused exclusively on investments in technology and technology-enabled services. Specific areas of interest include semiconductors, capital equipment, electronics components, systems and manufacturing, IT services and business process outsourcing, communications, security and enterprise applications, and infrastructure software. Prospective investment situations include divisional buyouts, growth equity financings, acquisitions of private companies, sponsored mergers and acquisitions, and take-privates. Francisco Partners looks for opportunities where it can commit a minimum of $100 million per investment. Francisco Partners was formed in 1999 and is based in San Francisco, California.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Digital Media, E-Commerce, Electrical Equipment, Electronics, Energy Services and Equipment, Financial Services, Healthcare Services, Information Technology, Internet Software and Services, Machinery, Manufacturing, Marketing, Medical Products, Safety/Security, Semiconductors, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (7.4/yr) # 107 8 13 8 7 1 144
vol $11.8B $2.0B $4.0B $8.4B $1.2B $27.4B
Sell (3.6/yr) # 61 5 10 3 - - 79
vol $11.9B $10.0B $21.8B
  223

Most Recent M&A

Company Date Value Type
Jama Software, Inc. 2024-03-14 1.2B USD Secondary Buyout
Portland, Oregon · www.jamasoftware.com
Blancco Technology Group plc 2023-12-05 197M EUR Going Private
Bishop's Stortford, United Kingdom · www.blancco.com
Muse Group 2023-12-04 - Growth Capital
San Francisco, California · www.mu.se
The Weather Company - Digital Assets 2023-08-22 - Divestiture
Atlanta, Georgia
New Relic, Inc. 2023-07-31 6.5B USD Going Private
San Francisco, California · www.newrelic.com
Recorded Books, Inc 2023-07-26 - Secondary Buyout
Landover, Maryland · www.rbmediaglobal.com
Macrobond Financial AB 2023-07-10 - Secondary Buyout
Malmö, Sweden · www.macrobond.com
Sumo Logic, Inc. 2023-02-09 1.7B USD Going Private
Redwood City, California · www.sumologic.com
Glorious LLC 2022-11-09 - Growth Capital
Austin, Texas · www.gloriousgaming.com
bswift LLC 2022-10-03 - Divestiture
Chicago, Illinois · www.bswift.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Perforce Software, Inc. 2018-01-10 Delphix, Inc. 2024-02-14 8
Minneapolis, Minnesota · www.perforce.com Redwood City, California · www.delphix.com
Follett School Solutions 2021-09-01 Snowflake Technologies, Inc. 2024-01-23 1
McHenry, Illinois · www.follettlearning.com Austin, Texas · www.livingtree.com
Network Merchants, Inc. 2017-09-07 Sphere Commercial Division 2023-10-12 5
Roselle, Illinois · www.nmi.com Nashville, Tennessee
Discovery Education, Inc. 2022-03-09 DreamBox Learning, Inc. 2023-08-29 3
Charlotte, North Carolina · www.discoveryeducation.com Bellevue, Washington · www.dreambox.com
Forcepoint LLC 2020-10-26 Forcepoint G2CI 2023-07-10 2
Austin, Texas · www.forcepoint.com Austin, Texas
Forcepoint LLC 2020-10-26 Forcepoint LLC - Global Governments and Critical Infrastructure (G2CI) Cybersecurity Business 2023-07-10 1
Austin, Texas · www.forcepoint.com Austin, Texas
Renaissance Learning, Inc. 2018-05-03 GL Education Group Ltd. 2023-02-21 5
Wisconsin Rapids, Wisconsin · www.renaissance.com Brentford, United Kingdom · www.gl-education.com
Network Merchants, Inc. 2017-09-07 Agreement Express, Inc. 2022-12-06 4
Roselle, Illinois · www.nmi.com Vancouver, British Columbia · www.agreementexpress.com
SmartBear Software, Inc. 2017-05-03 Pactflow 2022-04-05 10
Beverly, Massachusetts · www.smartbear.com Sydney, Australia · www.pactflow.io
BARBRI, Inc. 2021-03-31 Legal Education Holdings, Inc. 2022-01-04 3
Dallas, Texas · www.barbri.com Saint Paul, Minnesota · www.westacademic.com

M&A by Sector

Sector Current # Value All-time # Value
Software 22 (32%) 3.0B (12%) 49 (34%) 3.8B (14%)
Internet Software and Services 18 (26%) 16.8B (70%) 26 (18%) 17.0B (62%)
Information Technology 10 (15%) 4.0B (17%) 26 (18%) 5.6B (20%)
Technology Hardware 2 (3%) - 10 (7%) 743M (3%)
Education 5 (7%) - 7 (5%) -
Financial Services 2 (3%) - 4 (3%) -
Business Services - - 3 (2%) 71M (< 1%)
Information Services 3 (4%) - 3 (2%) -
Media 2 (3%) - 3 (2%) -
Semiconductors - - 3 (2%) -
Communications - - 2 (1%) -
E-Commerce 2 (3%) - 2 (1%) -
Healthcare Services 1 (1%) - 2 (1%) -
Consumer Services 1 (1%) 197M (1%) 1 (1%) 197M (1%)
Digital Media - - 1 (1%) -
Electronics - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Machinery - - 1 (1%) -
Marketing - - 1 (1%) -
Total 68 $24.0B 146 $27.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 58 (85%) 23.5B (98%) 121 (83%) 25.7B (94%)
  California 18 (26%) 12.2B (51%) 36 (25%) 12.8B (47%)
  New York 6 (9%) - 10 (7%) -
  Massachusetts 5 (7%) 4.3B (18%) 9 (6%) 4.3B (16%)
  Georgia 3 (4%) - 8 (5%) -
  Texas 4 (6%) - 7 (5%) -
  Washington 2 (3%) 325M (1%) 6 (4%) 476M (2%)
  Illinois 5 (7%) 1.5B (6%) 5 (3%) 1.5B (5%)
  Florida 2 (3%) - 5 (3%) -
  New Jersey 1 (1%) - 5 (3%) 420M (2%)
  North Carolina 2 (3%) - 4 (3%) -
  Pennsylvania 1 (1%) 4.0B (17%) 3 (2%) 4.0B (15%)
  Wisconsin 1 (1%) - 3 (2%) -
  Minnesota 1 (1%) - 3 (2%) -
  Michigan 1 (1%) - 3 (2%) -
  Oregon 1 (1%) 1.2B (5%) 2 (1%) 1.3B (5%)
  Maryland 1 (1%) - 2 (1%) 800M (3%)
  Ohio 1 (1%) - 2 (1%) -
  South Carolina 1 (1%) - 1 (1%) -
  Mississippi 1 (1%) - 1 (1%) -
  Indiana 1 (1%) - 1 (1%) -
  Virginia - - 1 (1%) 126M (< 1%)
  Arizona - - 1 (1%) -
  Utah - - 1 (1%) -
  Kansas - - 1 (1%) -
  Idaho - - 1 (1%) -
United Kingdom 3 (4%) 537M (2%) 8 (5%) 537M (2%)
Israel 2 (3%) - 6 (4%) 645M (2%)
Australia 1 (1%) - 3 (2%) 224M (1%)
Norway 1 (1%) - 2 (1%) 181M (1%)
Germany 1 (1%) - 1 (1%) -
Netherlands 1 (1%) - 1 (1%) -
Sweden 1 (1%) - 1 (1%) -
France - - 1 (1%) 77M (< 1%)
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 58 (85%) 23.5B (98%) 121 (83%) 25.7B (94%)
Cross-border 10 (15%) 537M (2%) 25 (17%) 1.7B (6%)
Total 68 $24.0B 146 $27.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 18 (26%) - 34 (23%) -
Divestiture 16 (24%) 5.8B (24%) 31 (21%) 6.9B (25%)
Buyout (LBO, MBO, MBI) 4 (6%) - 27 (18%) 382M (1%)
Secondary Buyout 18 (26%) 1.9B (8%) 24 (16%) 1.9B (7%)
Going Private 6 (9%) 16.3B (68%) 16 (11%) 18.1B (66%)
Stake Purchase 3 (4%) - 5 (3%) -
Consolidation 2 (3%) - 3 (2%) -
PIPE - - 3 (2%) -
Recapitalization - - 2 (1%) 130M (< 1%)
Venture 1 (1%) - 1 (1%) -
Total 68 $24.0B 146 $27.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 32 (41%) 10.4B (51%)
Secondary Sale 20 (25%) 7.3B (36%)
Trade Sale 17 (22%) 183M (1%)
IPO 6 (8%) -
Merger 2 (3%) 600M (3%)
1 (1%) 1.7B (8%)
Divestiture 1 (1%) -
Total 79 $20.2B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
7
Raymond James - Investment Banking
6
Jefferies
5
Legal Deals
Kirkland & Ellis
36
Paul Hastings
13
Shearman & Sterling
8

Deal Values

buy # Total
> $1B 7 $22.6B
$100M to $1B 16 $4.4B
< $100M 5 $419M
TOTAL $27.4B
Largest New Relic, Inc.
$6.5B (2023-07-31)
sell # Total
> $1B 8 $15.6B
$100M to $1B 16 $6.2B
< $100M 1 $28M
TOTAL $21.8B
Largest Quest Software Systems, Inc.
$5.4B (2021-11-29)

M&A Connections

Deals
Acquired from
Investor(s)
17%
25 (17%)
Strategic(s)
21%
31 (21%)
Exited to
Investor(s)
25%
20 (25%)
Strategic(s)
66%
52 (66%)

FAQ

When was Francisco Partners founded?

Francisco Partners was founded in 1999.

What type of investor is Francisco Partners?

Francisco Partners is a private equity firm.

Where is Francisco Partners headquartered?

Francisco Partners is headquartered in San Francisco, California.

How much capital does Francisco Partners have under management?

Francisco Partners has 45.0B USD under management.

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