Battery Ventures Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Battery Ventures has acquired 17 companies. It has also invested in 8 others.

Battery Ventures’ most common sectors for investment aresoftware (31%) and internet software and services (19%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (32%) and growth capital (32%). In total, Battery Ventures has invested in 23 US states and 11 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 15 companies. The Firm’s most common exit type is trade sale (54%). Battery Ventures’ largest (disclosed) exit occurred in 2022 when it sold Forterro UK for $1.1B.

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M&A Summary

  • M&A Total Activity178
    • M&A Buy Activity116
    • M&A Sell Activity62
  • Total Sectors Invested 23
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 79
  • M&A Advisors 10

Battery Ventures

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 $5 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, Nordic, 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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (6.2/yr) # 85 6 10 4 7 4 116
vol $18.1B $150M $18.3B
Sell (3.6/yr) # 44 3 5 8 1 1 62
vol $4.9B $400M $167M $2.7B $8.2B
  178

Most Recent M&A

Company Date Value Type
steute Technologies GmbH & Co. KG 2024-05-20 - Buyout (LBO, MBO, MBI)
Löhne, Germany · www.steute.com
AdaCore SAS 2024-03-28 - Growth Capital
Paris, France · www.adacore.com
TrueContext Corp. 2024-03-13 150M USD Going Private
Kanata, Ontario · www.truecontext.com
Delphix, Inc. 2024-02-14 - Trade Sale
Redwood City, California · www.delphix.com
ORTEC 2024-01-16 - Buyout (LBO, MBO, MBI)
Zoetermeer, Netherlands · www.ortec.com
Skalar Analytical B.V. 2023-09-28 - Buyout (LBO, MBO, MBI)
Breda, Netherlands · www.skalar.com
PromoChrom Technologies Ltd. 2023-09-28 - Buyout (LBO, MBO, MBI)
Richmond, British Columbia · www.promochrom.com
LCTech GmbH 2023-09-28 - Buyout (LBO, MBO, MBI)
Obertaufkirchen, Germany · www.lctech.de
CodeSecure, Inc. 2023-09-05 - Divestiture
Bethesda, Maryland · www.codesecure.com
Weaviate B.V. 2023-04-21 - Growth Capital
Amsterdam, Netherlands · www.weaviate.io
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
1WorldSync Holdings, Inc. 2019-07-10 PowerReviews, Inc. 2023-08-22 6
Chicago, Illinois · www.1worldsync.com San Francisco, California · www.powerreviews.com
1WorldSync Holdings, Inc. 2019-07-10 Atrify GmbH 2023-05-09 5
Chicago, Illinois · www.1worldsync.com Cologne, Germany · www.atrify.com
Maxio LLC 2021-04-21 Chargify LLC 2022-04-13 1
Peachtree Corners, Georgia · www.maxio.com San Antonio, Texas · www.chargify.com
ResourceWise 2022-04-04 Fisher International, Inc. 2022-04-04 4
Charlotte, North Carolina · www.resourcewise.com South Norwalk, Connecticut · www.fisheri.com
ResourceWise 2022-04-04 Forest2Market, Inc. 2022-04-04 3
Charlotte, North Carolina · www.resourcewise.com Charlotte, North Carolina · www.forest2market.com
Nova Metrix 2009-09-01 Fiso Technologies, Inc. 2021-11-09 1
Stone Mountain, Georgia · www.durhamgeo.com Quebec, Quebec · www.fiso.com
SigmaTEK Systems LLC 2018-10-23 Cimatron Ltd. 2020-11-03 1
Cincinnati, Ohio · www.sigmanest.com Givat Shmuel, Israel · www.cimatron.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 3
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

M&A by Sector

Sector Current # Value All-time # Value
Software 14 (26%) - 35 (30%) 284M (2%)
Internet Software and Services 11 (20%) - 21 (18%) -
Information Technology 10 (19%) 150M (100%) 20 (17%) 250M (1%)
Test/Measurement Equipment 9 (17%) - 14 (12%) -
Information Services 1 (2%) - 3 (3%) 165M (1%)
Machinery 3 (6%) - 3 (3%) -
Communications - - 2 (2%) -
E-Commerce - - 2 (2%) -
Insurance 1 (2%) - 2 (2%) -
Semiconductors - - 1 (1%) 17.6B (96%)
Chemicals 1 (2%) - 1 (1%) -
Consumer Services - - 1 (1%) -
Digital Media - - 1 (1%) -
Distribution 1 (2%) - 1 (1%) -
Electronics - - 1 (1%) -
Financial Services 1 (2%) - 1 (1%) -
Furniture - - 1 (1%) -
Healthcare Services - - 1 (1%) -
Life Science 1 (2%) - 1 (1%) -
Manufacturing 1 (2%) - 1 (1%) -
Retail - - 1 (1%) -
Safety/Security - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Total 54 $150M 116 $18.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 26 (48%) - 77 (66%) 18.0B (99%)
  California 1 (2%) - 14 (12%) -
  Texas 1 (2%) - 10 (9%) 17.9B (98%)
  Georgia 5 (9%) - 6 (5%) -
  Massachusetts 2 (4%) - 6 (5%) 27M (< 1%)
  New York 3 (6%) - 4 (3%) -
  Washington 2 (4%) - 4 (3%) -
  Florida 1 (2%) - 4 (3%) 35M (< 1%)
  Illinois 1 (2%) - 4 (3%) -
  Colorado 1 (2%) - 3 (3%) -
  Oregon 2 (4%) - 2 (2%) -
  Ohio 2 (4%) - 2 (2%) -
  New Jersey 2 (4%) - 2 (2%) -
  North Carolina 1 (2%) - 2 (2%) -
  Minnesota - - 2 (2%) 85M (< 1%)
  Utah - - 2 (2%) -
  Indiana - - 2 (2%) -
  Connecticut - - 2 (2%) -
  Michigan 1 (2%) - 1 (1%) -
  Maryland 1 (2%) - 1 (1%) -
  Vermont - - 1 (1%) -
  New Hampshire - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Arizona - - 1 (1%) -
United Kingdom 7 (13%) - 13 (11%) 100M (1%)
Germany 9 (17%) - 11 (9%) -
Canada 3 (6%) 150M (100%) 3 (3%) 150M (1%)
  Ontario 2 (4%) 150M (100%) 2 (2%) 150M (1%)
  British Columbia 1 (2%) - 1 (1%) -
Netherlands 3 (6%) - 3 (3%) -
France 2 (4%) - 2 (2%) -
Sweden 1 (2%) - 2 (2%) -
Israel - - 2 (2%) -
Australia 1 (2%) - 1 (1%) -
Belgium 1 (2%) - 1 (1%) -
Ireland 1 (2%) - 1 (1%) -
Domestic 26 (48%) - 77 (66%) 18.0B (99%)
Cross-border 28 (52%) 150M (100%) 39 (34%) 250M (1%)
Total 54 $150M 116 $18.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 21 (39%) - 37 (32%) -
Growth Capital 17 (31%) - 36 (31%) 27M (< 1%)
Venture 4 (7%) - 16 (14%) -
Secondary Buyout 4 (7%) - 7 (6%) 165M (1%)
Divestiture 2 (4%) - 6 (5%) 220M (1%)
Going Private 1 (2%) 150M (100%) 5 (4%) 17.9B (98%)
Consolidation 4 (7%) - 5 (4%) -
PIPE 1 (2%) - 2 (2%) -
Stake Purchase - - 2 (2%) -
Total 54 $150M 116 $18.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 18 (29%) 4.7B (57%)
Trade Sale 16 (26%) 755M (9%)
IPO 16 (26%) -
Secondary Sale 7 (11%) 2.1B (26%)
Merger 4 (6%) -
Stake Sale 1 (2%) 640M (8%)
Total 62 $8.2B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 1
J.P. Morgan Securities
 1
Croft & Bender LP
 1
Legal Deals
Cooley
 1
Skadden, Arps, Slate, Meagher & Flom
 1
Osler
 1

Deal Values

buy # Total
> $1B 1 $17.6B
$100M to $1B 3 $452M
< $100M 4 $247M
TOTAL $18.3B
Largest FreeScale Semiconductor Ltd.
$17.6B (2006-09-14)
sell # Total
> $1B 2 $2.1B
$100M to $1B 15 $5.9B
< $100M 3 $170M
TOTAL $8.2B
Largest Forterro UK Ltd.
$1.1B (2022-03-01)

M&A Connections

Deals
Acquired from
Investor(s)
6%
7 (6%)
Strategic(s)
5%
6 (5%)
Exited to
Investor(s)
13%
8 (13%)
Strategic(s)
60%
37 (60%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

13.0B USD

Established

1983

Specialist/Generalist

Specialist

Leadership

Chelsea Stoner

General Partner

Dharmesh Thakker

General Partner

Jesse Feldman

General Partner

Michael Brown

General Partner

Morad Elhafed

General Partner

FAQ

When was Battery Ventures founded?

Battery Ventures was founded in 1983.

What type of investor is Battery Ventures?

Battery Ventures is a private equity firm.

Where is Battery Ventures headquartered?

Battery Ventures is headquartered in Menlo Park, California.

How much capital does Battery Ventures have under management?

Battery Ventures has 13.0B USD under management.

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