Battery Ventures Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Battery Ventures has acquired 10 companies. It has also invested in 4 others.

Battery Ventures’ most common sectors for investment are software (34%) and internet software and services (15%). The Firm’s most common investment types include growth capital (34%) and buyout (lbo, mbo, mbi) (31%). 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 7 companies. The Firm’s most common exit type is trade sale (42%). Battery Ventures’ largest (disclosed) exit occurred in 2016 when it sold Brightree for $800M.

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M&A Summary

  • M&A Total Activity115
    • M&A Buy Activity81
    • M&A Sell Activity34
  • Total Sectors Invested 24
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 62
  • M&A Advisors 5

Battery Ventures

2884 Sand Hill Rd. Suite 101 ,
Menlo Park, California 94025
United States
(650) 372-3939
www.battery.com

Battery Ventures is a private investment firm focused on opportunities in 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 in the US, Canada, Israel, India, China, and Europe. Battery Ventures was formed in 1983 and has offices in Waltham, Massachusetts; Menlo Park, California; and Herzelia, Israel.


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

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, 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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (4.4/yr) # 59 3 5 9 4 1 81
vol $18.1B $35M $205M $18.4B
Sell (1.6/yr) # 26 1 - 4 2 1 34
vol $3.1B $800M $395M $400M $4.7B
  115

Most Recent M&A

Company Date Value Type
Blue Jeans Network 2020-04-16 400M USD Add-on Acquisition
Mountain View, California · www.bluejeans.com
Sander + Partner GmbH 2020-03-06 - Buyout (LBO, MBO, MBI)
Goch, Germany · www.winworker.de
WebPT, Inc. 2019-08-27 - Secondary Buyout
Phoenix, Arizona · www.webpt.com
Forest2Market, Inc. 2019-08-13 - Buyout (LBO, MBO, MBI)
Charlotte, North Carolina · www.forest2market.com
Fisher International, Inc. 2019-08-13 - Buyout (LBO, MBO, MBI)
South Norwalk, Connecticut · www.fisheri.com
1WorldSync Holdings, Inc. 2019-07-10 - Buyout (LBO, MBO, MBI)
Lawrenceville, New Jersey · www.1worldsync.com
Guardsquare nv 2019-01-30 - Growth Capital
Leuven, Belgium · www.guardsquare.com
Rogue Wave Software, Inc. 2019-01-22 - Add-on Acquisition
Boulder, Colorado · www.roguewave.com
Audio Precision, Inc. 2018-11-05 - Secondary Buyout
Beaverton, Oregon · www.ap.com
SigmaTEK Systems LLC 2018-10-23 - Buyout (LBO, MBO, MBI)
Cincinnati, Ohio · www.sigmanest.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
LightBox, Inc. 2018-01-01 ClientLook Ltd. 2020-01-14 3
New York, New York · www.lightboxre.com Laguna Niguel, California · www.clientlook.com
Process Sensing Technologies Ltd. 2017-01-01 SST Sensing Ltd. 2019-09-30 7
Ely, United Kingdom · www.processsensing.com Coatbridge, United Kingdom · www.sstsensing.com
TTP Labtech Ltd. 2018-09-27 Quantifoil Micro Tools GmbH 2019-08-02 1
Royston, United Kingdom · www.ttplabtech.com Großlöbichau, Germany · www.quantifoil.com
Forterro 2012-01-01 Abas Software AG 2019-06-25 4
Austin, Texas · www.forterro.com Sterling, Virginia · www.abas-erp.com
LightBox, Inc. 2018-01-01 RealCapitalMarkets.com LLC 2019-05-13 2
New York, New York · www.lightboxre.com Carlsbad, California · www.rcm1.com
LightBox, Inc. 2018-01-01 Digital Map Products, Inc. 2019-05-13 1
New York, New York · www.lightboxre.com Irvine, California · www.digitalmapproducts.com
AED-SICAD Aktiengesellschaft 2017-07-25 Geocom Informatik AG 2019-04-04 2
Bonn, Germany · www.aed-sicad.com Burgdorf, Switzerland · www.geocom.ch
AED-SICAD Aktiengesellschaft 2017-07-25 Dynamic Design Group 2019-02-25 1
Bonn, Germany · www.aed-sicad.com Melbourne, Australia · www.dynamic-design.com
Process Sensing Technologies Ltd. 2017-01-01 Ntron Ltd. (Ntron Gas Measurement) 2019-01-10 6
Ely, United Kingdom · www.processsensing.com Navan, Ireland · www.ntron.com
Process Sensing Technologies Ltd. 2017-01-01 Status Scientific Controls Ltd. 2018-07-12 5
Ely, United Kingdom · www.processsensing.com Nottinghamshire, United Kingdom · www.status-scientific.com

M&A by Sector

Sector Current # Value All-time # Value
Software 15 (31%) 240M (65%) 27 (33%) 489M (3%)
Internet Software and Services 7 (14%) - 12 (15%) -
Information Technology 6 (12%) 28M (7%) 9 (11%) 28M (< 1%)
Test/Measurement Equipment 4 (8%) - 5 (6%) -
Manufacturing 4 (8%) - 4 (5%) -
Communications - - 2 (2%) -
Digital Media 1 (2%) - 2 (2%) -
E-Commerce - - 2 (2%) -
Medical Products 2 (4%) - 2 (2%) -
Retail 1 (2%) - 2 (2%) -
Semiconductors - - 1 (1%) 17.6B (96%)
Information Services - - 1 (1%) 165M (1%)
Safety/Security 1 (2%) 100M (27%) 1 (1%) 100M (1%)
Consumer Services - - 1 (1%) -
Electronics - - 1 (1%) -
Energy Services and Equipment 1 (2%) - 1 (1%) -
Financial Services 1 (2%) - 1 (1%) -
Furniture 1 (2%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Infrastructure 1 (2%) - 1 (1%) -
Insurance 1 (2%) - 1 (1%) -
Machinery 1 (2%) - 1 (1%) -
Marketing 1 (2%) - 1 (1%) -
Technology Hardware 1 (2%) - 1 (1%) -
Total 49 $368M 81 $18.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 33 (67%) 368M (100%) 64 (79%) 18.4B (100%)
  California 6 (12%) - 12 (15%) -
  Texas 3 (6%) - 9 (11%) 17.9B (97%)
  Georgia 4 (8%) 35M (10%) 5 (6%) 35M (< 1%)
  Massachusetts 1 (2%) - 5 (6%) 27M (< 1%)
  Connecticut 2 (4%) 205M (56%) 3 (4%) 205M (1%)
  Minnesota 1 (2%) - 3 (4%) 85M (< 1%)
  Illinois 1 (2%) 28M (7%) 3 (4%) 28M (< 1%)
  Utah 1 (2%) - 3 (4%) -
  Ohio 2 (4%) - 2 (2%) -
  New York 2 (4%) - 2 (2%) -
  New Jersey 2 (4%) - 2 (2%) -
  Florida 2 (4%) - 2 (2%) -
  Washington - - 2 (2%) -
  Indiana - - 2 (2%) -
  Colorado - - 2 (2%) -
  Vermont 1 (2%) - 1 (1%) -
  Oregon 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
  Michigan 1 (2%) - 1 (1%) -
  Arizona - - 1 (1%) -
United Kingdom 6 (12%) - 7 (9%) -
Germany 4 (8%) - 4 (5%) -
Israel 2 (4%) - 2 (2%) -
Australia 1 (2%) - 1 (1%) -
Belgium 1 (2%) - 1 (1%) -
Ireland 1 (2%) - 1 (1%) -
Sweden 1 (2%) - 1 (1%) -
Domestic 33 (67%) 368M (100%) 64 (79%) 18.4B (100%)
Cross-border 16 (33%) - 17 (21%) -
Total 49 $368M 81 $18.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 12 (24%) 28M (7%) 27 (33%) 55M (< 1%)
Buyout (LBO, MBO, MBI) 20 (41%) - 25 (31%) -
Venture 3 (6%) - 9 (11%) -
Secondary Buyout 6 (12%) - 7 (9%) 165M (1%)
Divestiture 5 (10%) 340M (93%) 6 (7%) 425M (2%)
Going Private 1 (2%) - 3 (4%) 17.7B (96%)
PIPE 1 (2%) - 2 (2%) -
Acquisition Financing 1 (2%) - 1 (1%) -
Stake Purchase - - 1 (1%) -
Total 49 $368M 81 $18.4B

Exits by Deal Type

Type Total # Value
IPO 14 (41%) -
Trade Sale - Public Company 10 (29%) 3.3B (71%)
Trade Sale 5 (15%) 725M (16%)
Secondary Sale 4 (12%) -
Stake Sale 1 (3%) 640M (14%)
Total 34 $4.7B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 1
Citigroup Investment Banking
 1
Croft & Bender LP
 1
Legal Deals
Skadden, Arps, Slate, Meagher & Flom LLP
 1

Deal Values

buy # Total
> $1B 1 $17.6B
$100M to $1B 3 $507M
< $100M 5 $275M
TOTAL $18.4B
Largest FreeScale Semiconductor Ltd.
$17.6B (2006-09-14)
sell # Total
$100M to $1B 10 $4.5B
< $100M 2 $140M
TOTAL $4.7B
Largest Brightree LLC
$800M (2016-02-22)

M&A Connections

Deals %
Acquired from
PE Firm(s)
54%
7 54%
Strategic(s)
46%
6 46%
Exited to
PE Firm(s)
33%
7 33%
Strategic(s)
67%
14 67%

Investor Summary

Size

Mega

PE Assets

5.6B USD

Established

1983

Specialist/Generalist

Specialist

Leadership

Scott Tobin

General Partner

Jesse Feldman

General Partner

Chelsea Stoner

General Partner

Russell Fleischer

General Partner

Brian Lieber

Partner

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