CapitalG Mergers and Acquisitions Summary

Corporate Investor Profile

In the last 3 years, CapitalG has invested in 11 companies.

CapitalG’s most common sectors for investment areinternet software and services (46%) and information technology (18%) . The Firm’s most common investment types include venture (78%) and growth capital (9%). In total, CapitalG has invested in 10 US states and 3 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 11 companies. The Firm’s most common exit type is ipo (50%). 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 Activity49
    • M&A Buy Activity35
    • M&A Sell Activity14
  • Total Sectors Invested 8
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 20
  • 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: Information Technology, Internet Software and Services, Software, Technology Hardware

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.8/yr) # 21 3 4 3 4 - 35
vol $4.5B $4.5B
Sell (2.6/yr) # 1 2 3 2 3 3 14
vol $15.2B $15.2B
  49

Most Recent M&A

Company Date Value Type
Duolingo, Inc. 2021-07-28 - IPO
Pittsburgh, Pennsylvania · www.duolingo.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 Buyout
Princeton, New Jersey · www.rcn.com
Next Insurance, Inc. 2020-09-23 - Venture
Palo Alto, California · www.nextinsurance.com
Expel 2020-05-13 - Venture
Herndon, Virginia · www.expel.io
Everlaw 2020-03-10 - Venture
Oakland, California · www.everlaw.com
Albert Corp. 2020-03-09 - Venture
Culver City, California · www.albert.com
Credit Karma, Inc. 2020-02-24 7.1B USD Add-on Acquisition
San Francisco, California · www.creditkarma.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Applied Systems, Inc. 2014-01-24 Relay Software Ltd. 2016-08-09 7
University Park, Illinois · www1.appliedsystems.com Antrim, Ireland · www.relay.ie

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 9 (43%) - 16 (46%) -
Software 4 (19%) 1.8B (100%) 6 (17%) 2.9B (64%)
Information Technology 4 (19%) - 6 (17%) -
Financial Services 2 (10%) - 2 (6%) -
Insurance 1 (5%) - 2 (6%) -
Communications - - 1 (3%) 1.6B (36%)
Digital Media - - 1 (3%) -
Transportation 1 (5%) - 1 (3%) -
Total 21 $1.8B 35 $4.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (76%) 1.8B (100%) 29 (83%) 4.5B (100%)
  California 9 (43%) - 16 (46%) -
  New York 2 (10%) - 5 (14%) -
  Illinois 1 (5%) 1.8B (100%) 1 (3%) 1.8B (40%)
  Washington 1 (5%) - 1 (3%) -
  Virginia 1 (5%) - 1 (3%) -
  Utah 1 (5%) - 1 (3%) -
  Georgia 1 (5%) - 1 (3%) -
  New Jersey - - 1 (3%) 1.6B (36%)
  Wisconsin - - 1 (3%) 1.1B (24%)
  Pennsylvania - - 1 (3%) -
India 4 (19%) - 5 (14%) -
Belgium 1 (5%) - 1 (3%) -
Domestic 16 (76%) 1.8B (100%) 29 (83%) 4.5B (100%)
Cross-border 5 (24%) - 6 (17%) -
Total 21 $1.8B 35 $4.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 19 (90%) - 27 (77%) -
Secondary Buyout 1 (5%) 1.8B (100%) 3 (9%) 4.5B (100%)
Growth Capital - - 3 (9%) -
Stake Purchase 1 (5%) - 2 (6%) -
Total 21 $1.8B 35 $4.5B

Exits by Deal Type

Type Total # Value
IPO 7 (50%) -
Secondary Sale 4 (29%) 8.1B (53%)
Trade Sale - Public Company 2 (14%) 7.1B (47%)
Trade Sale 1 (7%) -
Total 14 $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)
9%
3 (9%)
Exited to
Investor(s)
29%
4 (29%)
Strategic(s)
21%
3 (21%)

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