Battery Ventures Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Battery Ventures has acquired 9 companies. It has also invested in 1 other.

Battery Ventures’ most common sectors for investment aresoftware (32%) and internet software and services (17%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (31%) and growth capital (29%). In total, Battery Ventures has invested in 23 US states and 10 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 12 companies. The Firm’s most common exit type is trade sale (53%). 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 Activity154
    • M&A Buy Activity95
    • M&A Sell Activity59
  • Total Sectors Invested 21
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 76
  • M&A Advisors 7

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, 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 (2.8/yr) # 81 4 6 - 4 - 95
vol $18.1B $18.1B
Sell (3.0/yr) # 44 3 4 5 1 2 59
vol $4.9B $400M $2.7B $8.0B
  154

Most Recent M&A

Company Date Value Type
Delphix, Inc. 2024-02-14 - Trade Sale
Redwood City, California · www.delphix.com
VertiGIS Ltd. 2024-02-12 - Trade Sale
London, United Kingdom · www.vertigis.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
Newforma, Inc. 2023-04-03 - Secondary Sale
Manchester, New Hampshire · www.newforma.com
LI-COR Biosciences 2022-12-20 - Trade Sale
Lincoln, Nebraska · www.licor.com
Qognify Ltd. 2022-12-19 - Trade Sale
London, United Kingdom · www.qognify.com
SPT Labtech Ltd. 2022-06-22 1.0B GBP Secondary Sale
Melbourn, United Kingdom · www.sptlabtech.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
1WorldSync Holdings, Inc. 2019-07-10 PowerReviews, Inc. 2023-08-22 6
Lawrenceville, New Jersey · www.1worldsync.com San Francisco, California · www.powerreviews.com
1WorldSync Holdings, Inc. 2019-07-10 Atrify GmbH 2023-05-09 5
Lawrenceville, New Jersey · www.1worldsync.com Cologne, Germany · www.atrify.com
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 3
Peachtree Corners, Georgia · www.alogent.com Austin, Texas
LightBox, Inc. 2018-01-01 Environmental Data Resources, Inc. 2018-03-13 6
New York, New York · www.lightboxre.com Shelton, Connecticut · www.edrnet.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 Metrix 2009-09-01 itmsoil 2014-11-05 2
Stone Mountain, Georgia · www.durhamgeo.com Uckfield, United Kingdom · www.itmsoil.com
Nova Instruments LLC 2010-02-02 Dantec Dynamics AS 2010-02-02 6
Woburn, Massachusetts · www.novaic.com Skovlunde, Denmark · www.dantecdynamics.com

M&A by Sector

Sector Current # Value All-time # Value
Software 9 (24%) 35M (100%) 30 (32%) 284M (2%)
Internet Software and Services 6 (16%) - 16 (17%) -
Test/Measurement Equipment 9 (24%) - 14 (15%) -
Information Technology 6 (16%) - 13 (14%) 100M (1%)
Machinery 3 (8%) - 3 (3%) -
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 (3%) - 1 (1%) -
Electronics - - 1 (1%) -
Financial Services 1 (3%) - 1 (1%) -
Furniture 1 (3%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Insurance - - 1 (1%) -
Life Science 1 (3%) - 1 (1%) -
Retail - - 1 (1%) -
Safety/Security - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Total 37 $35M 95 $18.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 23 (62%) 35M (100%) 69 (73%) 18.0B (99%)
  California 2 (5%) - 14 (15%) -
  Texas 2 (5%) - 10 (11%) 17.9B (99%)
  Georgia 5 (14%) 35M (100%) 6 (6%) 35M (< 1%)
  Massachusetts 2 (5%) - 6 (6%) 27M (< 1%)
  Utah 1 (3%) - 3 (3%) -
  Illinois - - 3 (3%) -
  Oregon 2 (5%) - 2 (2%) -
  Ohio 2 (5%) - 2 (2%) -
  New Jersey 2 (5%) - 2 (2%) -
  Connecticut 1 (3%) - 2 (2%) -
  New York 1 (3%) - 2 (2%) -
  Minnesota - - 2 (2%) 85M (< 1%)
  Indiana - - 2 (2%) -
  Florida - - 2 (2%) -
  Colorado - - 2 (2%) -
  Washington - - 2 (2%) -
  Maryland 1 (3%) - 1 (1%) -
  North Carolina 1 (3%) - 1 (1%) -
  Michigan 1 (3%) - 1 (1%) -
  Arizona - - 1 (1%) -
  Vermont - - 1 (1%) -
  New Hampshire - - 1 (1%) -
  Nebraska - - 1 (1%) -
United Kingdom 4 (11%) - 11 (12%) 100M (1%)
Germany 4 (11%) - 6 (6%) -
Israel 1 (3%) - 3 (3%) -
Canada 1 (3%) - 1 (1%) -
  British Columbia 1 (3%) - 1 (1%) -
Australia 1 (3%) - 1 (1%) -
Belgium 1 (3%) - 1 (1%) -
Ireland 1 (3%) - 1 (1%) -
Netherlands 1 (3%) - 1 (1%) -
Sweden - - 1 (1%) -
Domestic 23 (62%) 35M (100%) 69 (73%) 18.0B (99%)
Cross-border 14 (38%) - 26 (27%) 100M (1%)
Total 37 $35M 95 $18.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 15 (41%) - 29 (31%) -
Growth Capital 9 (24%) - 27 (28%) 27M (< 1%)
Venture - - 12 (13%) -
Divestiture 4 (11%) 35M (100%) 7 (7%) 220M (1%)
Secondary Buyout 5 (14%) - 7 (7%) 165M (1%)
Consolidation 3 (8%) - 5 (5%) -
Going Private - - 4 (4%) 17.7B (98%)
PIPE 1 (3%) - 2 (2%) -
Stake Purchase - - 2 (2%) -
Total 37 $35M 95 $18.1B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 17 (29%) 4.5B (56%)
IPO 16 (27%) -
Trade Sale 15 (25%) 755M (9%)
Secondary Sale 7 (12%) 2.1B (27%)
Merger 3 (5%) -
Stake Sale 1 (2%) 640M (8%)
Total 59 $8.0B

Top M&A Advisors

Financial Deals
Aeris Partners LLC
1
Citigroup Investment Banking
1
J.P. Morgan Securities
1
Legal Deals
Charles Russell Speechlys
1
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
> $1B 2 $2.1B
$100M to $1B 14 $5.7B
< $100M 3 $170M
TOTAL $8.0B
Largest Forterro UK Ltd.
$1.1B (2022-03-01)

M&A Connections

Deals
Acquired from
Investor(s)
7%
7 (7%)
Strategic(s)
7%
7 (7%)
Exited to
Investor(s)
14%
8 (14%)
Strategic(s)
58%
34 (58%)

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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