CapitalG Mergers and Acquisitions Summary

Private Equity Profile

CapitalG’s most common sectors for investment are internet software and services (43%) and software (29%). The Firm’s most common investment types include growth capital (29%) and secondary buyout (29%). In total, CapitalG has invested in 4 US states. Its largest (disclosed) acquisition occurred in 2014 when it acquired Applied Systems for $1.8B.

In the last 3 years, CapitalG has exited 5 companies. The Firm’s most common exit type is secondary buyout (60%). CapitalG’s largest (disclosed) exit occurred in 2020 when it sold Credit Karma for $7.1B.

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M&A Summary

  • M&A Total Activity12
    • M&A Buy Activity7
    • M&A Sell Activity5
  • Total Sectors Invested 4
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 10
  • M&A Advisors 1

CapitalG

Mountain View, California 94043
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 Mountain View, 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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 7 - - - - - 7
vol $2.9B $2.9B
Sell (1.0/yr) # - - 2 2 - 1 5
vol $7.1B $7.1B
  12

Most Recent M&A

Company Date Value Type
Credit Karma, Inc. 2020-02-24 7.1B USD Add-on Acquisition
San Francisco, California · www.creditkarma.com
FanDuel, Inc. 2018-05-23 - Add-on Acquisition
New York, New York · www.fanduel.com
Renaissance Learning, Inc. 2018-05-03 - Secondary Buyout
Wisconsin Rapids, Wisconsin · www.renaissance.com
Ten-X, Inc. 2017-08-02 - Secondary Buyout
Irvine, California · www.ten-x.com
Auction.com LLC 2017-01-02 - Secondary Buyout
Irvine, California · www.auction.com
FanDuel, Inc. 2015-07-13 - Growth Capital
New York, New York · www.fanduel.com
Renaissance Learning, Inc. 2014-03-13 1.1B USD Secondary Buyout
Wisconsin Rapids, Wisconsin · www.renaissance.com
Applied Systems, Inc. 2014-01-24 1.8B USD Secondary Buyout
University Park, Illinois · www.appliedsystems.com
Lending Club Corp. 2013-05-02 - Stake Purchase
San Francisco, California · www.lendingclub.com
Credit Karma, Inc. 2013-03-01 - Growth Capital
San Francisco, California · www.creditkarma.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Applied Systems, Inc. 2014-01-24 Indio Technologies, Inc. 2019-12-04 7
University Park, Illinois · www.appliedsystems.com San Francisco, California · www.useindio.com
Applied Systems, Inc. 2014-01-24 Policy Works, Inc. 2019-10-15 6
University Park, Illinois · www.appliedsystems.com Calgary, Alberta · www.policyworks.com
Applied Systems, Inc. 2014-01-24 TechCanary Corp. 2019-04-10 5
University Park, Illinois · www.appliedsystems.com Milwaukee, Wisconsin · www.techcanary.com
Applied Systems, Inc. 2014-01-24 Dynamis Software Corp. 2018-10-17 4
University Park, Illinois · www.appliedsystems.com Milwaukee, Wisconsin · www.dynamiscorp.com
Applied Systems, Inc. 2014-01-24 Relay Software Ltd. 2016-08-09 3
University Park, Illinois · www.appliedsystems.com Antrim, Ireland · www.relay.ie
SVMK Inc. 2009-04-21 TechValidate Software, Inc. 2015-08-04 5
Palo Alto, California · www.surveymonkey.com Emeryville, California · www.techvalidate.com
Applied Systems, Inc. 2014-01-24 SEMCAT Corp. 2015-06-16 2
University Park, Illinois · www.appliedsystems.com Lincoln, Nebraska · www.semcat.net
Applied Systems, Inc. 2014-01-24 NxTech, Inc. 2015-01-07 1
University Park, Illinois · www.appliedsystems.com Milford, Ohio · www.nxtechcorp.com
SVMK Inc. 2009-04-21 Fluidware 2014-08-04 4
Palo Alto, California · www.surveymonkey.com Ottawa, Ontario · www.fluidware.com
SVMK Inc. 2009-04-21 MarketTools, Inc. 2012-07-09 1
Palo Alto, California · www.surveymonkey.com San Francisco, California · www.markettools.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 1 (33%) - 3 (43%) -
Software 1 (33%) 1.8B (100%) 2 (29%) 2.9B (100%)
Digital Media - - 1 (14%) -
Financial Services 1 (33%) - 1 (14%) -
Total 3 $1.8B 7 $2.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 3 (100%) 1.8B (100%) 7 (100%) 2.9B (100%)
  California 2 (67%) - 4 (57%) -
  Illinois 1 (33%) 1.8B (100%) 1 (14%) 1.8B (62%)
  Wisconsin - - 1 (14%) 1.1B (38%)
  New York - - 1 (14%) -
Total 3 $1.8B 7 $2.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 1 (33%) 1.8B (100%) 2 (29%) 2.9B (100%)
Growth Capital - - 2 (29%) -
Stake Purchase 1 (33%) - 2 (29%) -
Buyout (LBO, MBO, MBI) 1 (33%) - 1 (14%) -
Total 3 $1.8B 7 $2.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 3 (60%) -
Trade Sale - Public Company 2 (40%) 7.1B (100%)
Total 5 $7.1B

Top M&A Advisors

Legal Deals
Wilson Sonsini Goodrich & Rosati
 1

Deal Values

buy # Total
> $1B 2 $2.9B
TOTAL $2.9B
Largest Applied Systems, Inc.
$1.8B (2014-01-24)
sell # Total
> $1B 1 $7.1B
TOTAL $7.1B
Largest Credit Karma, Inc.
$7.1B (2020-02-24)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
4 100%
Exited to
PE Firm(s)
67%
4 67%
Strategic(s)
33%
2 33%

Investor Summary

Size

Large

Established

2013

Specialist/Generalist

Specialist

Subsidiary of

Alphabet Inc.

Leadership

David Lawee

Founder and General Partner

Gene Frantz

General Partner

Laela Sturdy

General Partner

Derek Zanutto

Partner

Jesse Wedler

Partner

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