Battery Ventures Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Battery Ventures has acquired 16 companies. It has also invested in 6 others.

Battery Ventures’ most common sectors for investment aresoftware (34%) and internet software and services (17%) . The Firm’s most common investment types include growth capital (30%) and buyout (lbo, mbo, mbi) (28%). In total, Battery Ventures has invested in 21 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired FreeScale Semiconductor for $17.6B.

In the last 3 years, Battery Ventures has exited 14 companies. The Firm’s most common exit type is trade sale (52%). Battery Ventures’ largest (disclosed) exit occurred in 2016 when it sold Brightree for $800M.

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M&A Summary

  • M&A Total Activity140
    • M&A Buy Activity90
    • M&A Sell Activity50
  • Total Sectors Invested 19
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 79
  • M&A Advisors 5

Battery Ventures

2882 Sand Hill Road Suite 280,
Menlo Park, California 94025
United States
(650) 372-3939
www.battery.com

Battery Ventures is a private investment firm focused on opportunities in the technology and related-sectors. Battery will invest at all company stages, from seed and early-stage capital situations to leveraged buyouts, PIPEs, spin outs, rollups and take-privates of established companies. Battery's private equity group focuses on investments in companies with revenue of $20 to $200 million and EBITDA up to $25 million. Battery can commit up to $100 million in equity per transaction. Specific areas of interest include software; IT services and outsourcing; communications components, systems, and services; and financial services and tech-enabled businesses. Battery will consider investments throughout North America, Europe, and Asia. Battery Ventures was formed in 1983 and is headquartered in Menlo Park, California.


Investment Criteria

Sectors of Interest: Business Services, Communications, Electronics, Energy Services and Equipment, Information Technology, Internet Software and Services, Manufacturing, Medical Products, Retail, Semiconductors, Software, Technology Hardware, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Central Asia/India, Middle East

Transaction Criteria Min Max
Target Revenue 5 200
Target EBITDA - 25
Investment Size - 100
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (5.6/yr) # 62 6 8 5 4 5 90
vol $18.1B $35M $18.1B
Sell (2.8/yr) # 36 - 5 3 3 3 50
vol $4.4B $527M $400M $5.3B
  140

Most Recent M&A

Company Date Value Type
Braze Inc. 2021-11-17 - IPO
New York, New York · www.braze.com
Goodfellow Cambridge Ltd. 2021-09-14 - Buyout (LBO, MBO, MBI)
Huntingdon, United Kingdom · www.goodfellow.com
ifp Institut für Produktqualität GmbH 2021-09-08 - Buyout (LBO, MBO, MBI)
Berlin, Germany · www.produktqualitaet.com
Exerp ApS 2021-05-14 - Add-on Acquisition
Copenhagen, Denmark · www.exerp.com
Chargify LLC 2021-04-21 - Growth Capital
San Antonio, Texas · www.chargify.com
SaaSOptics LLC 2021-04-21 - Secondary Buyout
Peachtree Corners, Georgia · www.saasoptics.com
imc Test & Measurement GmbH 2021-04-15 - Buyout (LBO, MBO, MBI)
Berlin, Germany · www.imc-tm.com
Cortera, Inc. 2021-02-10 - Add-on Acquisition
Boca Raton, Florida · www.cortera.com
Gainsight, Inc. 2020-11-30 - Secondary Buyout
San Francisco, California · www.gainsight.com
StoneEagle F&I 2020-11-09 - Growth Capital
Richardson, Texas · www.se-fi.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Nova Metrix 2009-09-01 Fiso Technologies, Inc. 2021-11-09 1
Stone Mountain, Georgia · www.durhamgeo.com Quebec, Quebec · www.fiso.com
Plixer LLC 2018-03-08 Great Bay Software, Inc. 2019-11-14 1
Kennebunk, Michigan · www.plixer.com Bloomington, Minnesota · www.greatbaysoftware.com
Alogent 2016-04-19 FinanceGenius 2019-06-04 2
Peachtree Corners, Georgia · www.alogent.com Austin, Texas
VertiGIS Ltd. 2019-05-01 AED-SICAD Aktiengesellschaft 2019-05-01 4
London, United Kingdom · www.vertigis.com Bonn, Germany · www.aed-sicad.com
Qognify Ltd. 2015-08-03 On-Net Surveillance Systems, Inc. 2018-12-22 1
London, United Kingdom · www.qognify.com Pearl River, New York · www.onssi.com
LightBox, Inc. 2018-01-01 Environmental Data Resources, Inc. 2018-03-13 5
New York, New York · www.lightboxre.com Shelton, Connecticut · www.edrnet.com
Forterro 2012-01-01 Clip Industrie 2017-06-12 5
Austin, Texas · www.forterro.com Saint-Cannat, France · www.clipindustrie.com
Noise & Vibration Technologies, LLC 2015-01-01 Data Physics Corp. 2015-01-01 1
Monterey, California · www.nvtgroup.com San Jose, California · www.dataphysics.com
Nova Instruments LLC 2010-02-02 Dantec Dynamics AS 2010-02-02 5
Woburn, Massachusetts · www.novaic.com Skovlunde, Denmark · www.dantecdynamics.com

M&A by Sector

Sector Current # Value All-time # Value
Software 13 (32%) 35M (26%) 30 (33%) 284M (2%)
Internet Software and Services 6 (15%) - 15 (17%) -
Information Technology 8 (20%) 100M (74%) 14 (16%) 100M (1%)
Test/Measurement Equipment 10 (24%) - 13 (14%) -
Information Services - - 2 (2%) 165M (1%)
Communications - - 2 (2%) -
E-Commerce - - 2 (2%) -
Semiconductors - - 1 (1%) 17.6B (97%)
Consumer Services - - 1 (1%) -
Digital Media - - 1 (1%) -
Distribution 1 (2%) - 1 (1%) -
Electronics - - 1 (1%) -
Furniture 1 (2%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Insurance - - 1 (1%) -
Life Science 1 (2%) - 1 (1%) -
Retail - - 1 (1%) -
Safety/Security - - 1 (1%) -
Technology Hardware 1 (2%) - 1 (1%) -
Total 41 $135M 90 $18.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 26 (63%) 35M (26%) 68 (76%) 18.0B (99%)
  California 4 (10%) - 14 (16%) -
  Texas 3 (7%) - 11 (12%) 17.9B (99%)
  Georgia 5 (12%) 35M (26%) 6 (7%) 35M (< 1%)
  Massachusetts 2 (5%) - 6 (7%) 27M (< 1%)
  Utah 1 (2%) - 3 (3%) -
  Illinois - - 3 (3%) -
  Oregon 2 (5%) - 2 (2%) -
  Ohio 2 (5%) - 2 (2%) -
  New Jersey 2 (5%) - 2 (2%) -
  Connecticut 1 (2%) - 2 (2%) -
  New York 1 (2%) - 2 (2%) -
  Minnesota - - 2 (2%) 85M (< 1%)
  Indiana - - 2 (2%) -
  Florida - - 2 (2%) -
  Colorado - - 2 (2%) -
  Washington - - 2 (2%) -
  North Carolina 1 (2%) - 1 (1%) -
  New Hampshire 1 (2%) - 1 (1%) -
  Michigan 1 (2%) - 1 (1%) -
  Arizona - - 1 (1%) -
  Vermont - - 1 (1%) -
United Kingdom 7 (17%) 100M (74%) 10 (11%) 100M (1%)
Germany 3 (7%) - 5 (6%) -
Israel 2 (5%) - 3 (3%) -
Australia 1 (2%) - 1 (1%) -
Belgium 1 (2%) - 1 (1%) -
Ireland 1 (2%) - 1 (1%) -
Sweden - - 1 (1%) -
Domestic 26 (63%) 35M (26%) 68 (76%) 18.0B (99%)
Cross-border 15 (37%) 100M (74%) 22 (24%) 100M (1%)
Total 41 $135M 90 $18.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 10 (24%) - 27 (30%) 27M (< 1%)
Buyout (LBO, MBO, MBI) 14 (34%) - 25 (28%) -
Venture 2 (5%) - 12 (13%) -
Secondary Buyout 5 (12%) - 7 (8%) 165M (1%)
Divestiture 5 (12%) 135M (100%) 6 (7%) 220M (1%)
Consolidation 4 (10%) - 5 (6%) -
Going Private - - 4 (4%) 17.7B (98%)
PIPE 1 (2%) - 2 (2%) -
Stake Purchase - - 2 (2%) -
Total 41 $135M 90 $18.1B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 15 (30%) 3.9B (74%)
IPO 15 (30%) -
Trade Sale 12 (24%) 755M (14%)
Secondary Sale 4 (8%) -
Merger 3 (6%) -
Stake Sale 1 (2%) 640M (12%)
Total 50 $5.3B

Top M&A Advisors

Financial Deals
Citigroup Investment Banking
 1
Croft & Bender LP
 1
Aeris Partners LLC
 1
Legal Deals
Skadden, Arps, Slate, Meagher & Flom LLP
 1

Deal Values

buy # Total
> $1B 1 $17.6B
$100M to $1B 2 $302M
< $100M 4 $247M
TOTAL $18.1B
Largest FreeScale Semiconductor Ltd.
$17.6B (2006-09-14)
sell # Total
$100M to $1B 13 $5.1B
< $100M 3 $170M
TOTAL $5.3B
Largest Brightree LLC
$800M (2016-02-22)

M&A Connections

Deals
Acquired from
Investor(s)
8%
7 (8%)
Strategic(s)
7%
6 (7%)
Exited to
Investor(s)
10%
5 (10%)
Strategic(s)
58%
29 (58%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

8.9B USD

Established

1983

Specialist/Generalist

Specialist

Leadership

Chelsea Stoner

General Partner

Dharmesh Thakker

General Partner

Itzik Parnafes

General Partner

Jesse Feldman

General Partner

Michael Brown

General Partner

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