CapitalG Mergers and Acquisitions Summary

Corporate Investor Profile

In the last 3 years, CapitalG has acquired 1 company. It has also invested in 4 others.

CapitalG’s most common sectors for investment areinternet software and services (50%) and information technology (14%) . The Firm’s most common investment types include venture (75%) and growth capital (9%). In total, CapitalG has invested in 12 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2014 when it acquired Applied Systems for $1.8B.

In the last 3 years, CapitalG has exited 8 companies. The Firm’s most common exit type is ipo (57%). CapitalG’s largest (disclosed) exit occurred in 2020 when it sold Astound Broadband for $8.1B.

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M&A Summary

  • M&A Total Activity52
    • M&A Buy Activity36
    • M&A Sell Activity16
  • Total Sectors Invested 9
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 23
  • M&A Advisors 1

CapitalG

San Francisco, California 94105
United States
www.capitalg.com

CapitalG is the growth equity and direct investment arm of Alphabet, Inc. CapitalG invests in emerging tech-enabled service companies and assists with providing tactical advice across key functional areas such as engineering, product, sales, and marketing. CapitalG was formerly known as Google Capital. The Unit was formed in 2013 and is based in San Francisco, California.


Investment Criteria

Sectors of Interest: Financial Services, Information Technology, Insurance, Internet Software and Services, Software

Target Transaction Types: Growth Capital, Stake Purchase, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Asia/Pacific, Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (1.6/yr) # 28 3 4 - - 1 36
vol $4.5B $4.5B
Sell (2.0/yr) # 6 2 3 5 - - 16
vol $15.2B $15.2B
  52

Most Recent M&A

Company Date Value Type
Broadcast Music, Inc. 2023-11-21 - Buyout (LBO, MBO, MBI)
Nashville, Tennessee · www.bmi.com
Freshworks, Inc. 2021-09-22 - IPO
San Mateo, California · www.freshworks.com
Duolingo, Inc. 2021-07-28 - IPO
Pittsburgh, Pennsylvania · www.duolingo.com
Robinhood Markets, Inc. 2021-07-28 - IPO
Menlo Park, California · www.robinhood.com
UiPath, Inc. 2021-04-21 - IPO
New York, New York · www.uipath.com
Oscar Health, Inc. 2021-02-22 - IPO
New York, New York · www.hioscar.com
Airbnb, Inc. 2020-12-10 - IPO
San Francisco, California · www.airbnb.com
Astound Broadband 2020-11-01 8.1B USD Secondary Sale
Princeton, New Jersey · www.astound.com
Next Insurance, Inc. 2020-09-23 - Venture
Palo Alto, California · www.nextinsurance.com
Expel, Inc. 2020-05-13 - Venture
Herndon, Virginia · www.expel.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Applied Systems, Inc. 2014-01-24 Relay Software Ltd. 2016-08-09 8
University Park, Illinois · www.appliedsystems.com Antrim, Ireland · www.relay.ie

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 10 (50%) 1.8B (100%) 18 (50%) 1.8B (40%)
Information Technology 3 (15%) - 5 (14%) -
Financial Services 3 (15%) - 4 (11%) -
Software 2 (10%) - 3 (8%) -
Insurance 1 (5%) - 2 (6%) -
Communications - - 1 (3%) 1.6B (36%)
Education - - 1 (3%) 1.1B (24%)
Digital Media - - 1 (3%) -
Media 1 (5%) - 1 (3%) -
Total 20 $1.8B 36 $4.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (80%) 1.8B (100%) 31 (86%) 4.5B (100%)
  California 7 (35%) - 15 (42%) -
  New York 3 (15%) - 6 (17%) -
  Illinois 1 (5%) 1.8B (100%) 1 (3%) 1.8B (40%)
  Georgia 1 (5%) - 1 (3%) -
  Washington 1 (5%) - 1 (3%) -
  Virginia 1 (5%) - 1 (3%) -
  Utah 1 (5%) - 1 (3%) -
  Tennessee 1 (5%) - 1 (3%) -
  New Jersey - - 1 (3%) 1.6B (36%)
  Wisconsin - - 1 (3%) 1.1B (24%)
  Texas - - 1 (3%) -
  Pennsylvania - - 1 (3%) -
India 4 (20%) - 5 (14%) -
Domestic 16 (80%) 1.8B (100%) 31 (86%) 4.5B (100%)
Cross-border 4 (20%) - 5 (14%) -
Total 20 $1.8B 36 $4.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 17 (85%) - 27 (75%) -
Secondary Buyout 1 (5%) 1.8B (100%) 3 (8%) 4.5B (100%)
Growth Capital - - 3 (8%) -
Stake Purchase 1 (5%) - 2 (6%) -
Buyout (LBO, MBO, MBI) 1 (5%) - 1 (3%) -
Total 20 $1.8B 36 $4.5B

Exits by Deal Type

Type Total # Value
IPO 9 (56%) -
Secondary Sale 4 (25%) 8.1B (53%)
Trade Sale - Public Company 2 (13%) 7.1B (47%)
Trade Sale 1 (6%) -
Total 16 $15.2B

Top M&A Advisors

Legal Deals
Wilson Sonsini Goodrich & Rosati
 1

Deal Values

buy # Total
> $1B 3 $4.5B
TOTAL $4.5B
Largest Applied Systems, Inc.
$1.8B (2014-01-24)
sell # Total
> $1B 2 $15.2B
TOTAL $15.2B
Largest Astound Broadband
$8.1B (2020-11-01)

M&A Connections

Deals
Acquired from
Investor(s)
8%
3 (8%)
Exited to
Investor(s)
25%
4 (25%)
Strategic(s)
19%
3 (19%)

Investor Summary

Investor Type

Corporate Investor

Size

Large

PE Assets

3.0B USD

Established

2013

Specialist/Generalist

Specialist

Subsidiary of

Google

Leadership

Laela Sturdy

Managing Partner

Alli McKulla

Administrative Business Partner

Derek Zanutto

General Partner

Gene Frantz

General Partner

Jesse Wedler

General Partner

FAQ

When was CapitalG founded?

CapitalG was founded in 2013.

What type of investor is CapitalG?

CapitalG is a corporate investor.

Where is CapitalG headquartered?

CapitalG is headquartered in San Francisco, California.

How much capital does CapitalG have under management?

CapitalG has 3.0B USD under management.

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