M&A Deal Summary

Bridge Growth Partners and HarbourVest Partners Acquire Finalsite

On September 8, 2016, growth capital firm Bridge Growth Partners and private equity firm HarbourVest Partners acquired internet software and services company Finalsite from Spectrum Equity

Acquisition Highlights
  • This is Bridge Growth Partners’ 1st and HarbourVest Partners’ 9th transaction in the Internet Software and Services sector.
  • This is Bridge Growth Partners’ 3rd and HarbourVest Partners’ 90th transaction in the United States.
  • This is Bridge Growth Partners’ 1st and HarbourVest Partners’ 4th transaction in Connecticut.
Investment Fate
  • Finalsite was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2016-09-08
Target Finalsite
Sector Internet Software and Services
Buyer(s) Bridge Growth Partners
HarbourVest Partners
Sellers(s) Spectrum Equity
Deal Type Secondary Buyout
Advisor(s) Aeris Partners LLC (Financial)

Target

Finalsite

Glastonbury, Connecticut, United States
website
Finalsite is a SaaS-based learning and communications platform for K-12 independent and public schools and higher education institutions in the U.S. and internationally. The platform manages all aspects of a school’s web presence and facilitates the distribution of digital content across school communities and in classrooms via a proprietary, SaaS-based software suite accessed through desktops and mobile devices. Finalsite was founded in 1998 and is based in Glastonbury, Connecticut.

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Buyer(S) 2

Buyer

Bridge Growth Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2013
Size Small
Type Sector Focused
DESCRIPTION

Bridge Growth Partners is a private equity firm that targets investments in the technology and technology-enabled financial services sectors. Bridge Growth Partners pursues growth situations and will consider opportunities throughout the US. Bridge Growth Partners was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 4 of 6
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 3 of 5
State (Connecticut) 1 of 1
Country (United States) 3 of 4
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-06 Solace Systems

Ottawa, Ontario, Canada

Solace Systems provides market-leading technology for real-time, event-based movement of data. Solace’s proprietary ‘event mesh’ platform securely and reliably moves event data into, out of, and across enterprise applications. Solace Systems was founded in 2001 and is based in Ottawa, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-30 Accedian

Montreal, Quebec, Canada

Accedian is a provider of highly accurate network performance monitoring and assurance solutions. Accedian's software and technology are used by the world’s largest mobile, enterprise, and carrier networks to monitor, test, and ultimately ensure the real-time quality of service (QoS) and quality of experience (QoE) for operators. Accedian Networks was founded in 2004 and is based in Montreal, Quebec.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 149 of 223
Sector (Internet Software and Services) 9 of 17
Type (Secondary Buyout) 32 of 55
State (Connecticut) 4 of 5
Country (United States) 90 of 133
Year (2016) 12 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-07 OTG Management

New York, New York, United States

OTG Management is an operator of airport food and beverage concessions. OTG Management was founded in 1996 and is based in New York city.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-26 Gotha Cosmetics

Bergamo, Italy

Gotha Cosmetics researches and creates new colouring cosmetics formulae, manufactures bulk products, industrializes new products, and offers add-on filling and packaging solutions. The company is a one-stop-shop partner for the global cosmetics industry ranging from prestige, masstige to mass-market brands. Gotha Cosmetics was founded in 2005 and is based in Bergamo, Italy.

Buy -

Seller(S) 1

SELLER

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 4.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $100 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.


DEAL STATS #
Overall 45 of 70
Sector (Internet Software and Services) 7 of 15
Type (Secondary Buyout) 4 of 7
State (Connecticut) 2 of 2
Country (United States) 40 of 63
Year (2016) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-15 Astound

Princeton, New Jersey, United States

Astound is a provider of broadband services delivering all-digital and high definition video, high-speed internet, and premium voice services to residential and small-medium business customers. Astound was founded in 1993 and is based in Princeton, New Jersey.

Sell $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-27 HealthMEDX

Ozark, Missouri, United States

HealthMEDX is a software provider for long-term care, home health, and rehab organizations with innovative product design, flexible deployment options, the ability to address multiple care settings, and an easy to use product.

Sell -