M&A Deal Summary

GI Partners and TA Associates Acquire Insurity

On June 21, 2019, private equity firms GI Partners and TA Associates acquired information technology company Insurity from General Atlantic

Acquisition Highlights
  • This is GI Partners’ 8th and TA Associates’ 29th transaction in the Information Technology sector.
  • This is GI Partners’ 30th and TA Associates’ 225th transaction in the United States.
  • This is GI Partners’ 1st and TA Associates’ 8th transaction in Connecticut.

M&A Deal Summary
Date 2019-06-21
Target Insurity
Sector Information Technology
Buyer(s) GI Partners
TA Associates
Sellers(s) General Atlantic
Deal Type Recapitalization
Advisor(s) Lazard Ltd.
BofA Securities (Financial)

Target

Insurity

Hartford, Connecticut, United States
website
Insurity provides innovative and flexible insurance technology that allows clients to meet their business goals and offer a simplified experience. With the market's most advanced cloud operations, Insurity's platform offers scalable, highly secure and reliable solutions that increase speed to value. Insurity was founded in 1971 and is based in Hartford, Connecticut.

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Buyer(S) 2

Buyer

GI Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2001
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GI Partners (Global Innovation Partners) is a private equity firm focused on control oriented investments in asset-backed businesses and properties located throughout North America and Western Europe. GI looks to invest up to $1500 million in companies generating predictable, recurring cash flows; underperforming businesses with intrinsic value; and direct asset investments with operational complexity. Sectors of interest include energy, education, healthcare services, leisure, retail, logistics, media, entertainment, financial services, technology, and telecommunications. GI Partners was formed in 2001 and has offices in San Francisco, Greenwich, and Chicago.

DEAL STATS #
Overall 41 of 58
Sector (Information Technology) 8 of 15
Type (Recapitalization) 4 of 5
State (Connecticut) 1 of 1
Country (United States) 30 of 46
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-03 Single Digits

Bedford, New Hampshire, United States

Single Digits is a provider of high-speed internet access (HSIA) management and support solutions, guest management software and technical support services. Single Digits was founded in 2003 and is based in Bedford, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-22 Kellermeyer Bergensons Services

Maumee, Ohio, United States

Kellermeyer Bergensons Services is a provider of integrated facilities management services, including outsourced janitorial cleaning and other services, to some of the largest retail and grocery customers in the United States. Kellermeyer Bergensons Services was founded in 1967 and is based in Maumee, Ohio.

Sell -
Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 292 of 360
Sector (Information Technology) 29 of 36
Type (Recapitalization) 17 of 17
State (Connecticut) 8 of 8
Country (United States) 225 of 261
Year (2019) 9 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-15 Indira IVF

Udaipur, India

Indira IVF is a fertility hospital serving a network spanning 116 centers across 20 states in India. The company provides Assisted Reproductive Technology services in India and completes approximately 40,000 IVF cycles annually. It has successfully supported over 125,000 couples in their journey towards achieving pregnancy. Indira IVF was founded in 1988 and is based in Udaipur, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-31 Aldevron

Fargo, North Dakota, United States

Aldevron serves the biotechnology industry with the custom production of nucleic acids, proteins, and antibodies. Thousands of clients use Aldevron-produced plasmids, RNA, and gene editing enzymes for projects ranging from discovery research to clinical trials to commercial applications. These products are critical raw materials and key components in commercially available drugs and medical devices. Aldevron was founded in 1998 and is based in Fargo, North Dakota.

Sell -

Seller(S) 1

SELLER

General Atlantic

Investor Investor Investor Investor Investor

website

Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 103 of 144
Sector (Information Technology) 19 of 22
Type (Recapitalization) 3 of 3
State (Connecticut) 4 of 4
Country (United States) 54 of 74
Year (2019) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-12 Gympass

New York, New York, United States

Gympass is a corporate fitness platform providing gym benefit programs to corporate clients. Gympass was founded in 2012 and is based in New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-24 Blend

San Francisco, California, United States

Blend helps lenders streamline the customer journey for any banking product from application to close. Its Digital Lending Platform is used by Wells Fargo, U.S. Bank, and over 285 other financial institutions to acquire more customers, increase productivity, and deepen customer relationships. The company enables customers to process more than $4 billion in mortgages and consumer loans per day, helping millions of consumers get into homes and gain access to the capital they need to lead better lives. Blend was founded in 2012 and is based in San Francisco, California.

Buy -
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