Adams Street Partners Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, Adams Street Partners has acquired 5 companies. It has also invested in 20 others.

Adams Street Partners’ most common sectors for investment areinternet software and services (23%) and software (21%) . The Firm’s most common investment types include venture (69%) and growth capital (11%). In total, Adams Street Partners has invested in 27 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Univision Communications for $13.7B.

In the last 3 years, Adams Street Partners has exited 13 companies. The Firm’s most common exit type is trade sale (53%). Adams Street Partners’ largest (disclosed) exit occurred in 2015 when it sold Shred-it International for $2.3B.

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M&A Summary

M&A Total Activity232
- M&A Buy Activity146
- M&A Sell Activity86
Total Sectors Invested 25
Total Countries Invested 8
M&A Buy/Sell Connections 128
M&A Advisors 4

Adams Street Partners

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	-	-
Investment Size	5	30
Enterprise Value	-	-
values in millions of USD

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

values in millions of USD

Year	≤ '17	'18	'19	'20	'21	'22	T
Buy (7.0/yr)	#	111	10	6	6	11	2	146
vol	$21.4B	$400M					$21.8B
Sell (3.6/yr)	#	68	5	2	6	3	2	86
vol	$7.9B					$250M	$8.2B
	232

Year

≤ '17

'18

'19

'20

'21

'22

Buy (7.0/yr)

111

146

vol

$21.4B

$400M

$21.8B

Sell (3.6/yr)

vol

$7.9B

$250M

$8.2B

232

Company	Date	Value	Type
Peerless Network, Inc.	2022-07-27	200M USD	Add-on Acquisition
Chicago, Illinois · www.peerlessnetwork.com
Mineralys Therapeutics, Inc.	2022-06-08	-	Venture
Radnor, Pennsylvania · www.mineralystx.com
Vitalyst LLC	2022-02-01	50M USD	Add-on Acquisition
Bala Cynwyd, Pennsylvania · www.vitalyst.com
Dremio	2022-01-25	-	Venture
Santa Clara, California · www.dremio.com
Orca Security	2021-10-06	-	Venture
Portland, Oregon · www.orca.security
Nomad Health	2021-09-21	-	Venture
New York, New York · www.nomadhealth.com
Dynamic Signal, Inc.	2021-09-14	-	Merger
San Bruno, California · www.dynamicsignal.com
Reify Health, Inc.	2021-08-10	-	Venture
Boston, Massachusetts · www.reifyhealth.com
Icosavax, Inc.	2021-08-02	-	IPO
Seattle, Washington · www.icosavax.com
Remote	2021-07-23	-	Venture
San Francisco, California · www.remote.com
View All >>

Company

Date

Value

Type

Peerless Network, Inc.

2022-07-27

200M USD

Add-on Acquisition

Chicago, Illinois · www.peerlessnetwork.com

Mineralys Therapeutics, Inc.

2022-06-08

Venture

Radnor, Pennsylvania · www.mineralystx.com

Vitalyst LLC

2022-02-01

50M USD

Add-on Acquisition

Bala Cynwyd, Pennsylvania · www.vitalyst.com

Dremio

2022-01-25

Venture

Santa Clara, California · www.dremio.com

Orca Security

2021-10-06

Venture

Portland, Oregon · www.orca.security

Nomad Health

2021-09-21

Venture

New York, New York · www.nomadhealth.com

Dynamic Signal, Inc.

2021-09-14

Merger

San Bruno, California · www.dynamicsignal.com

Reify Health, Inc.

2021-08-10

Venture

Boston, Massachusetts · www.reifyhealth.com

Icosavax, Inc.

2021-08-02

IPO

Seattle, Washington · www.icosavax.com

Remote

2021-07-23

Venture

San Francisco, California · www.remote.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
Millennium Trust Co.	2019-01-04	PayFlex Systems USA, Inc.	2022-04-05	2
Oak Brook, Illinois · www.mtrustcompany.com	Omaha, Nebraska · www.payflex.com
Alula Holdings LLC	2018-03-14	ipDatatel LLC	2018-03-14	1
St. Paul, Minnesota · www.alula.net	Sugar Land, Texas · www.ipdatatel.com

Company

Acquired

Add-On/Sale

Date

Millennium Trust Co.

2019-01-04

PayFlex Systems USA, Inc.

2022-04-05

Oak Brook, Illinois · www.mtrustcompany.com

Omaha, Nebraska · www.payflex.com

Alula Holdings LLC

2018-03-14

ipDatatel LLC

2018-03-14

St. Paul, Minnesota · www.alula.net

Sugar Land, Texas · www.ipdatatel.com

Sector	Current #	Value	All-time #	Value
Internet Software and Services	16 (31%)	400M (100%)	33 (23%)	530M (2%)
Software	10 (19%)	-	30 (21%)	5.0B (23%)
Life Science	10 (19%)	-	23 (16%)	-
Medical Products	2 (4%)	-	12 (8%)	-
Information Technology	4 (8%)	-	7 (5%)	-
Business Services	1 (2%)	-	5 (3%)	30M (< 1%)
Technology Hardware	1 (2%)	-	5 (3%)	-
Media	-	-	3 (2%)	16.1B (74%)
Communications	-	-	3 (2%)	-
Financial Services	1 (2%)	-	3 (2%)	-
Semiconductors	-	-	3 (2%)	-
Digital Media	-	-	2 (1%)	-
Healthcare Services	2 (4%)	-	2 (1%)	-
Information Services	-	-	2 (1%)	-
Marketing	-	-	2 (1%)	-
Renewable Energy	1 (2%)	-	2 (1%)	-
Electronics	-	-	1 (1%)	165M (1%)
Agriculture	-	-	1 (1%)	-
Building Materials	-	-	1 (1%)	-
Construction	1 (2%)	-	1 (1%)	-
Consumer Services	-	-	1 (1%)	-
E-Commerce	-	-	1 (1%)	-
Leisure	1 (2%)	-	1 (1%)	-
Packaging	1 (2%)	-	1 (1%)	-
Real Estate	1 (2%)	-	1 (1%)	-
Total	52	$400M	146	$21.8B

Sector

Current #

Value

All-time #

Value

Internet Software and Services

16 (31%)

400M (100%)

33 (23%)

530M (2%)

Software

10 (19%)

30 (21%)

5.0B (23%)

Life Science

10 (19%)

23 (16%)

Medical Products

2 (4%)

12 (8%)

Information Technology

4 (8%)

7 (5%)

Business Services

1 (2%)

5 (3%)

30M (< 1%)

Technology Hardware

1 (2%)

5 (3%)

Media

3 (2%)

16.1B (74%)

Communications

3 (2%)

Financial Services

1 (2%)

3 (2%)

Semiconductors

3 (2%)

Digital Media

2 (1%)

Healthcare Services

2 (4%)

2 (1%)

Information Services

2 (1%)

Marketing

2 (1%)

Renewable Energy

1 (2%)

2 (1%)

Electronics

1 (1%)

165M (1%)

Agriculture

1 (1%)

Building Materials

1 (1%)

Construction

1 (2%)

1 (1%)

Consumer Services

1 (1%)

E-Commerce

1 (1%)

Leisure

1 (2%)

1 (1%)

Packaging

1 (2%)

1 (1%)

Real Estate

1 (2%)

1 (1%)

Total

$400M

146

$21.8B

State/Country	Current #	Value	All-time #	Value
United States	49 (94%)	400M (100%)	134 (92%)	19.4B (89%)
	California	23 (44%)	-	59 (40%)	134M (1%)
	Texas	2 (4%)	-	11 (8%)	5.0B (23%)
	Illinois	2 (4%)	-	7 (5%)	-
	Virginia	3 (6%)	400M (100%)	6 (4%)	400M (2%)
	New York	2 (4%)	-	6 (4%)	13.7B (63%)
	Colorado	-	-	5 (3%)	-
	Pennsylvania	2 (4%)	-	3 (2%)	-
	North Carolina	2 (4%)	-	3 (2%)	-
	Minnesota	2 (4%)	-	3 (2%)	-
	Massachusetts	2 (4%)	-	3 (2%)	-
	Florida	-	-	3 (2%)	30M (< 1%)
	Washington	-	-	3 (2%)	-
	Oregon	2 (4%)	-	2 (1%)	-
	Michigan	2 (4%)	-	2 (1%)	-
	Indiana	1 (2%)	-	2 (1%)	165M (1%)
	New Jersey	1 (2%)	-	2 (1%)	-
	Arizona	1 (2%)	-	2 (1%)	-
	Nevada	-	-	2 (1%)	-
	Georgia	-	-	2 (1%)	-
	Wisconsin	1 (2%)	-	1 (1%)	-
	South Carolina	1 (2%)	-	1 (1%)	-
	Utah	-	-	1 (1%)	-
	Tennessee	-	-	1 (1%)	-
	Missouri	-	-	1 (1%)	-
	Maryland	-	-	1 (1%)	-
	Delaware	-	-	1 (1%)	-
	Connecticut	-	-	1 (1%)	-
Canada	1 (2%)	-	4 (3%)	-
	British Columbia	1 (2%)	-	2 (1%)	-
	Ontario	-	-	2 (1%)	-
Netherlands	-	-	2 (1%)	2.4B (11%)
Ireland	-	-	2 (1%)	-
United Kingdom	1 (2%)	-	1 (1%)	-
Sweden	1 (2%)	-	1 (1%)	-
China	-	-	1 (1%)	-
France	-	-	1 (1%)	-
Domestic	49 (94%)	400M (100%)	134 (92%)	19.4B (89%)
Cross-border	3 (6%)	-	12 (8%)	2.4B (11%)
Total	52	$400M	146	$21.8B

State/Country

Current #

Value

All-time #

Value

United States

49 (94%)

400M (100%)

134 (92%)

19.4B (89%)

California

23 (44%)

59 (40%)

134M (1%)

Texas

2 (4%)

11 (8%)

5.0B (23%)

Illinois

2 (4%)

7 (5%)

Virginia

3 (6%)

400M (100%)

6 (4%)

400M (2%)

New York

2 (4%)

6 (4%)

13.7B (63%)

Colorado

5 (3%)

Pennsylvania

2 (4%)

3 (2%)

North Carolina

2 (4%)

3 (2%)

Minnesota

2 (4%)

3 (2%)

Massachusetts

2 (4%)

3 (2%)

Florida

3 (2%)

30M (< 1%)

Washington

3 (2%)

Oregon

2 (4%)

2 (1%)

Michigan

2 (4%)

2 (1%)

Indiana

1 (2%)

2 (1%)

165M (1%)

New Jersey

1 (2%)

2 (1%)

Arizona

1 (2%)

2 (1%)

Nevada

2 (1%)

Georgia

2 (1%)

Wisconsin

1 (2%)

1 (1%)

South Carolina

1 (2%)

1 (1%)

Utah

1 (1%)

Tennessee

1 (1%)

Missouri

1 (1%)

Maryland

1 (1%)

Delaware

1 (1%)

Connecticut

1 (1%)

Canada

1 (2%)

4 (3%)

British Columbia

1 (2%)

2 (1%)

Ontario

2 (1%)

Netherlands

2 (1%)

2.4B (11%)

Ireland

2 (1%)

United Kingdom

1 (2%)

1 (1%)

Sweden

1 (2%)

1 (1%)

China

1 (1%)

France

1 (1%)

Domestic

49 (94%)

400M (100%)

134 (92%)

19.4B (89%)

Cross-border

3 (6%)

12 (8%)

2.4B (11%)

Total

$400M

146

$21.8B

Type	Current #	Value	All-time #	Value
Venture	33 (63%)	-	100 (68%)	-
Growth Capital	10 (19%)	-	15 (10%)	-
Buyout (LBO, MBO, MBI)	1 (2%)	-	12 (8%)	199M (1%)
Secondary Buyout	5 (10%)	400M (100%)	7 (5%)	2.8B (13%)
Recapitalization	1 (2%)	-	4 (3%)	130M (1%)
Going Private	-	-	2 (1%)	18.7B (86%)
Stake Purchase	-	-	2 (1%)	-
Consolidation	1 (2%)	-	1 (1%)	-
Divestiture	-	-	1 (1%)	-
Merger	1 (2%)	-	1 (1%)	-
PIPE	-	-	1 (1%)	-
Total	52	$400M	146	$21.8B

Type

Current #

Value

All-time #

Value

Venture

33 (63%)

100 (68%)

Growth Capital

10 (19%)

15 (10%)

Buyout (LBO, MBO, MBI)

1 (2%)

12 (8%)

199M (1%)

Secondary Buyout

5 (10%)

400M (100%)

7 (5%)

2.8B (13%)

Recapitalization

1 (2%)

4 (3%)

130M (1%)

Going Private

2 (1%)

18.7B (86%)

Stake Purchase

2 (1%)

Consolidation

1 (2%)

1 (1%)

Divestiture

1 (1%)

Merger

1 (2%)

1 (1%)

PIPE

1 (1%)

Total

$400M

146

$21.8B

Type	Total #	Value
Trade Sale - Public Company	31 (36%)	6.1B (77%)
IPO	30 (35%)	-
Trade Sale	17 (20%)	1.3B (16%)
Secondary Sale	4 (5%)	600M (7%)
Shut Down	2 (2%)	-
Bankruptcy	1 (1%)	-
Unknown	1 (1%)	-
Total	86	$8.0B

Type

Total #

Value

Trade Sale - Public Company

31 (36%)

6.1B (77%)

IPO

30 (35%)

Trade Sale

17 (20%)

1.3B (16%)

Secondary Sale

4 (5%)

600M (7%)

Shut Down

2 (2%)

Bankruptcy

1 (1%)

Unknown

1 (1%)

Total

$8.0B

Financial	Deals
Bank of America Merrill Lynch (BofA Securities)	1
Deutsche Bank Corporate & Investment Banking	1
Stifel, Nicolaus & Co., Inc.	1

Financial

Deals

Bank of America Merrill Lynch (BofA Securities)

Deutsche Bank Corporate & Investment Banking

Stifel, Nicolaus & Co., Inc.

Legal	Deals
Cleary Gottlieb Steen & Hamilton LLP	1

Legal

Deals

Cleary Gottlieb Steen & Hamilton LLP

buy	#	Total
> $1B	3	$21.1B
$100M to $1B	3	$695M
< $100M	2	$34M
TOTAL	$21.8B
Largest	Univision Communications, Inc. $13.7B (2007-03-27)

buy

Total

> $1B

$21.1B

$100M to $1B

$695M

< $100M

$34M

TOTAL

$21.8B

Largest

Univision Communications, Inc.
$13.7B (2007-03-27)

sell	#	Total
> $1B	1	$2.3B
$100M to $1B	13	$5.6B
< $100M	6	$329M
TOTAL	$8.2B
Largest	Shred-it International, Inc. $2.3B (2015-07-15)

sell

Total

> $1B

$2.3B

$100M to $1B

$5.6B

< $100M

$329M

TOTAL

$8.2B

Largest

Shred-it International, Inc.
$2.3B (2015-07-15)

		Deals
Acquired from
Investor(s)	6%	9 (6%)
Strategic(s)	1%	1 (1%)
Exited to
Investor(s)	6%	5 (6%)
Strategic(s)	52%	45 (52%)

Deals

Acquired from

Investor(s)

9 (6%)

Strategic(s)

1 (1%)

Exited to

Investor(s)

5 (6%)

Strategic(s)

45 (52%)

Adams Street Partners Mergers and Acquisitions Summary

Asset Manager Profile

M&A Summary