M&A Deal Summary

Thoma Bravo, Antares Capital and Alberta Investment Management Acquire Medallia

On July 26, 2021, private equity firm Thoma Bravo, private equity firm Antares Capital and pension Alberta Investment Management acquired internet software and services company Medallia for 6.4B USD

Acquisition Highlights
  • This is Thoma Bravo’s 16th, Antares Capital’s 4th and Alberta Investment Management’s 4th transaction in the Internet Software and Services sector.
  • This is Thoma Bravo’s 7th, Antares Capital’s and Alberta Investment Management’s 3rd largest (disclosed) transaction.
  • This is Thoma Bravo’s 97th, Antares Capital’s 48th and Alberta Investment Management’s 13th transaction in the United States.
  • This is Thoma Bravo’s 25th, Antares Capital’s 6th and Alberta Investment Management’s 3rd transaction in California.

M&A Deal Summary

Date 2021-07-26
Target Medallia
Sector Internet Software and Services
Buyer(s) Thoma Bravo
Antares Capital
Alberta Investment Management
Deal Type Add-on Acquisition
Deal Value 6.4B USD
Advisor(s) Morgan Stanley
BofA Securities
Wells Fargo Securities (Financial)
Wilson Sonsini Goodrich & Rosati (Legal)

Target

Medallia

Pleasanton, California, United States
website
Medallia is a provider of cloud based platform captures billions of experience signals across interactions including all voice, video, digital, IOT, social media and corporate messaging tools. Medallia was founded in 2001 and is based in Pleasanton, California.

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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 107 of 133
Sector (Internet Software and Services) 16 of 25
Type (Add-on Acquisition) 1 of 1
State (California) 25 of 32
Country (United States) 97 of 116
Year (2021) 11 of 19
Size (of disclosed) 7 of 46
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-09 Auctane

Austin, Texas, United States

Auctane is a provider of Internet-based mailing and shipping solutions. From same-day delivery and intuitive shipping software to a network of 3PL providers — and everything in between — Auctane’s suite of technology solutions solves a variety logistic challenges. Auctane was formerly known as Stamps.com and changed its name in 2021. Auctane is based in Austin, Texas.

Buy $6.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-27 MeridianLink

Costa Mesa, California, United States

MeridianLink provides mission-critical software solutions to financial institutions. The company’s LoansPQ, LendingQB, and ACTion platforms allow banks and credit unions to process and accept consumer and mortgage loans as well as account opening applications, and integrate seamlessly with all major core and data services providers. It also offers Synergy, a highly customizable and configurable loan processing, and decisioning workflow product, as well as MortgageCreditLink, the dominant provider of “tri-merge” integration functionality into credit bureaus and other third-party consumer and business databases. MeridianLink was formed in 1998 and is based in Costa Mesa, California.

Sell -
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor

website


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 49 of 54
Sector (Internet Software and Services) 4 of 4
Type (Add-on Acquisition) 1 of 1
State (California) 6 of 7
Country (United States) 48 of 53
Year (2021) 3 of 6
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-07 Ascensus Specialties

Bellevue, Washington, United States

Ascensus Specialties is a manufacturer of specialty chemicals primarily in two end-markets: pharmaceutical drug manufacturing and pulp & paper processing. In pharmaceutical drug manufacturing, sodium borohydride is used as a reducing agent. In pulp & paper processing, sodium borohydride is used as a bleaching agent to prepare paper products for end-customer use. Ascensus Specialties was founded 2014 and is based in Bellevue, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-31 Arrowhead Engineered Products

Blaine, Minnesota, United States

Arrowhead Engineered Products is a specialty supplier and distributor of aftermarket replacement parts for a wide variety of equipment types across the outdoor power equipment, Powersports, agricultural, industrial and automotive industries. Arrowhead Engineered Products was founded in 1986 and is based in Blaine, Minnesota.

Sell -
Buyer
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.


DEAL STATS #
Overall 27 of 30
Sector (Internet Software and Services) 4 of 4
Type (Add-on Acquisition) 3 of 3
State (California) 3 of 3
Country (United States) 13 of 15
Year (2021) 5 of 6
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Environmental Resources Management

London, United Kingdom

Environmental Resources Management (ERM) is a global provider of environmental, health, safety, risk, and social consulting services. Environmental Resources Management (ERM) was founded in 1871 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-01 Washington Analysis

Washington, District of Columbia, United States

Washington Analysis is an independent institutional research firm specializing in identifying risks and opportunities across asset-classes emanating from courts, Congress, and regulators, at both the state and federal levels. The company strives to be predictive in separating headline risk from fundamental changes that have a more pervasive and lasting investment impact. It also keeps an eye towards identifying the non-consensus view and looks to correct widely held misperceptions whenever possible. Washington Analysis was formed in 1973 and is based in Washington DC.

Sell -