M&A Deal Summary

Thoma Bravo, HarbourVest Partners and The Carlyle Group Acquire Flexera

On April 1, 2008, private equity firms Thoma Bravo, HarbourVest Partners and The Carlyle Group acquired software company Flexera from Tivo for 200M USD

Acquisition Highlights
  • This is Thoma Bravo’s 9th, HarbourVest Partners’ 8th and The Carlyle Group’s 23rd transaction in the Software sector.
  • This is Thoma Bravo’s 41st, HarbourVest Partners’ 56th and The Carlyle Group’s 108th largest (disclosed) transaction.
  • This is Thoma Bravo’s 16th, HarbourVest Partners’ 43rd and The Carlyle Group’s 185th transaction in the United States.
  • This is Thoma Bravo’s 1st, HarbourVest Partners’ 4th and The Carlyle Group’s 9th transaction in Illinois.
Investment Fate
  • Flexera was sold to a consortium of financial buyers in 2011 for 550M USD.
  • Flexera was sold to a consortium of financial buyers in 2017.
  • Flexera was sold to a consortium of financial buyers in 2020 for 2.9B USD.

M&A Deal Summary

Date 2008-04-01
Target Flexera
Sector Software
Buyer(s) Thoma Bravo
HarbourVest Partners
The Carlyle Group
Sellers(s) Tivo
Deal Type Divestiture
Deal Value 200M USD

Target

Flexera

Schaumburg, Illinois, United States
website
Flexera Software's corporate headquarters in Schaumburg, Illinois.
Flexera Software's corporate headquarters in Schaumburg, Illinois.
Flexera is a provider of strategic software solutions for application usage management. The Company's solutions help clients deliver continuous compliance optimized usage and maximized value to application producers and their customers. Flexera is based in Schaumburg, Illinois.

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Buyer(S) 3

Buyer

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.


DEAL STATS #
Overall 16 of 133
Sector (Software) 9 of 56
Type (Divestiture) 3 of 13
State (Illinois) 1 of 6
Country (United States) 16 of 116
Year (2008) 2 of 2
Size (of disclosed) 41 of 46
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-01 Manatron

Portage, Michigan, United States

Manatron is focused on providing software and services to enable state and local governments in North America to completely, fairly and efficiently assess real and personal property, and to bill and collect the related property taxes in their jurisdictions. The Company’s software manages the entire property life cycle, which includes deed recording, land records, GIS (Geographic Information System) integration, valuation, assessment administration, personal property, business licenses, cashiering, tax billing and collection, delinquents and tax sales, and e-government. Manatron is headquartered in Portage, Michigan and has offices located across the United States.

Buy $66M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-01 Local Media of America

San Diego, California, United States

LMA operates three 100,000 watt class C radio stations serving the San Diego, CA market, the country’s 17th largest radio market, with a variety of popular music formats and e-marketing opportunities. The Company also seeks additional radio broadcasting opportunities in large markets throughout the U.S. The current LMA stations are: XHRM-FM 92.5 (“Magic”), a “Rhythmic Adult Contemporary” station; XHTZ-FM 90.3 (“Z90”), a “Rhythmic Contemporary Hit Radio” station; and XETRA-FM 91.1 (“91X”), an “Alternative Music” station.

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 69 of 221
Sector (Software) 8 of 27
Type (Divestiture) 2 of 15
State (Illinois) 4 of 6
Country (United States) 43 of 131
Year (2008) 7 of 13
Size (of disclosed) 56 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-16 EPAC Technologies

San Leandro, California,

EPAC provides On-demand printing and publication services

Buy $20M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 Polynt

Scanzorosciate, Italy

Polynt engages in the research and development, manufacture, and sale of specific polymer chemical intermediates, catalysts, and compounds. Polynt was founded in 1955 and is based in Scanzorosciate, Italy.

Buy -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 321 of 695
Sector (Software) 23 of 53
Type (Divestiture) 31 of 71
State (Illinois) 9 of 21
Country (United States) 185 of 336
Year (2008) 8 of 28
Size (of disclosed) 108 of 133
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-17 Catapult Learning

Philadelphia, Pennsylvania, United States

Catapult Learning is an outsourced K-12 educational services platform in the U.S. The Company serves more than 300,000 K-12 students across 300+ districts, including 16 of the 20 largest districts, in 38 states and the District of Columbia. Catapult Learning was founded in 1976 and is based in Philadelphia, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-16 Varsity Group

Washington, District of Columbia, United States

Varsity Group, Inc. was an online retailing company specializing in textbooks.

Sell -

Seller(S) 1

SELLER

Tivo

San Jose, California, United States

website


Category Company
Founded 1983
Sector Technology Hardware
Employees1,700
Revenue 696M USD (2018)
DESCRIPTION

Tivo Corporation provides guidance technology, entertainment data, copy protection, industry standard networking and media management technology for digital entertainment devices and services. Rovi was formed in 1983 and is based in San Carlos, California. Tivo was founded in 1983 and is based in San Jose, California.


DEAL STATS #
Overall 2 of 6
Sector (Software) 2 of 3
Type (Divestiture) 1 of 5
State (Illinois) 1 of 1
Country (United States) 2 of 6
Year (2008) 2 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-01 Trymedia Systems

San Francisco, California, United States

Trygames.com has more than 1,200 games though many of those titles are more casual in nature and like many of its e-distribution competitors, there are few “new” games with frontline pricing.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-02 Gemstar-TV Guide International

Santa Clara, California, United States

Gemstar-TV Guide International, Inc. provides digital entertainment advertising platform for advertisers.

Buy -