M&A Deal Summary

Certify Acquires Chrome River Technologies

On March 5, 2019, Certify acquired internet software and services company Chrome River Technologies from First Analysis, Argentum Capital Partners and Great Hill Partners for 1.0B USD

Acquisition Highlights
  • This is Certify’s 3rd transaction in the Internet Software and Services sector.
  • This is Certify’s largest (disclosed) transaction.
  • This is Certify’s 2nd transaction in the United States.
  • This is Certify’s 1st transaction in California.

M&A Deal Summary

Date 2019-03-05
Target Chrome River Technologies
Sector Internet Software and Services
Buyer(s) Certify
Sellers(s) First Analysis
Argentum Capital Partners
Great Hill Partners
Deal Type Merger
Deal Value 1.0B USD

Target

Chrome River Technologies

Los Angeles, California, United States
website
Chrome River Technologies, Inc. is a provider of online expense reporting and automated invoice processing software. Chrome River delivers immediate payback via a “Software as a Service” delivery model that requires no hardware, no software, and no long-term commitment. Chrome River Technologies was established in 2007 and is based in Los Angeles, California.

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Buyer(S) 1

Buyer

Certify

Portland, Maine, United States

website


Category Company
Founded 2008
Sector Internet Software and Services
DESCRIPTION

Certify is an online travel and expense management solution for companies of all sizes. Organizations worldwide book travel and complete expense reports quickly, easily, and cost-effectively using Certify cloud and mobile applications. Certify was founded in 2008 and is based in Portland, Maine.


DEAL STATS #
Overall 4 of 5
Sector (Internet Software and Services) 3 of 4
Type (Merger) 1 of 1
State (California) 1 of 1
Country (United States) 2 of 3
Year (2019) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-18 Captio

L’Hospitalet de Llobregat, Spain

Captio is a corporate travel management platform in the Spanish market. Captio integrates the expense management process into one single paperless workflow, without manual tasks or frauds. Companies of all industries and sizes use Captio to save time and money while staying compliant with their local legal and taxation requirements.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-29 Emburse

United States

Emburse LLC is a provider of virtual and physical cards for business expenses and vendor payments. Emburse alleviates major pain points experienced in all businesses by providing virtual and physical credit cards with built in spend enforcement and expense reconciliation, vastly reducing the hours required from both employees and finance departments.

Buy -

Seller(S) 3

SELLER

First Analysis

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Venture Capital Firm
Founded 1981
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.


DEAL STATS #
Overall 60 of 71
Sector (Internet Software and Services) 3 of 4
Type (Merger) 1 of 2
State (California) 10 of 12
Country (United States) 60 of 70
Year (2019) 1 of 1
Size (of disclosed) 3 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-25 Waggl

Sausalito, California, United States

Waggl is an employee feedback solution that crowdsources employee comments and ideas in real-time. Waggl’s software platform boosts human connection and enables informed decision-making, rapid alignment, and immediate action. Waggl delivers actionable insights to leaders, ensures that employee voices are heard, and encourages employee engagement through meaningful inclusion and participation in a transparent dialogue. Waggl was founded in 2014 and is based in Sausalito, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-20 Tracer

Boise, Idaho, United States

Tracer is a full-service digital risk protection company offering online and mobile app protection solutions as well as corporate domain name registration and management services. AppDetex specializes in the areas outside of the company’s firewall to prevent brand infringement and dilution, including fraud, and piracy within the increasingly complex worlds of mobile apps, marketplaces, social media, websites, and domains. Tracer was founded in 2011 and is based in Boise, Idaho.

Buy -
SELLER

Argentum Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1988
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argentum Capital Partners is a private equity firm focused on investing in small to mid-sized companies with proven business models and the ability to become market leaders. Prospective transaction situations include growth capital financing, management buyouts, platform acquisitions, and recapitalization. The firm typically takes minority positions, except in the case of management buyouts. Industry sectors of interest include business services, healthcare, and technology. Argentum generally prefers opportunities located in the Eastern US, but will consider companies across the US. Argentum Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 33 of 43
Sector (Internet Software and Services) 2 of 6
Type (Merger) 1 of 2
State (California) 5 of 7
Country (United States) 31 of 41
Year (2019) 1 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-30 EmpowerMX

Frisco, Texas, United States

EmpowerMX provides cloud-based software-as-a-service (SaaS) solutions used to manage, plan, execute, and optimize aircraft maintenance, repair, and overhaul. The company’s FleetCycle software suite, is being used by many of the world’s largest commercial airlines and MROs to reduce maintenance costs and lower aircraft maintenance turn-around times (TAT) by eliminating unproductive processes, supporting higher workforce utilization, digitizing traditionally paper-based and manual processes, and providing real-time visibility into task completion. EmpowerMX was established in 1999 and is based in Frisco, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 EQM Technologies & Energy

Cincinnati, Ohio, United States

Environmental Quality Management, Inc. is a provider of environmental services (remediation & construction and consulting & engineering) to various agencies of the US Federal government, to state and local governments and to major industrial companies in the private sector. EQM operates primarily under long-term multi-year enabling contracts, with the majority of its business with the Federal government (EPA, Air Force, and Army Corps of Engineers), primarily on a ?time and material? or ?cost-plus? basis.

Sell -
SELLER

Great Hill Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 12.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Great Hill Partners is a private equity firm focused on growth equity and recapitalization investments in well established public and private companies valued put to $1 billion. Great Hill targets companies within consumer services, business services, financial technology, healthcare, internet, logistics, media, communications, technology services, software and transaction processing. The Firm invests in the range of $25 to $500 million per transaction. Great Hill prefers companies located in the US, but will also consider opportunities in Europe and Latin America. Great Hill Partners was formed in 1993 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 41 of 56
Sector (Internet Software and Services) 12 of 19
Type (Merger) 3 of 3
State (California) 4 of 7
Country (United States) 35 of 47
Year (2019) 2 of 8
Size (of disclosed) 3 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-04 ZoomInfo

Waltham, Massachusetts, United States

Zoom Information, Inc. is a B2B data provider. ZoomInfo combines user behaviors, business data, and artificial intelligence to streamline sales workflow and deliver revenue results. Zoom Information, Inc. was founded in 2000 and is based in Waltham, Massachusetts.

Sell $500M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-25 PlanSource

Orlando, Florida, United States

PlanSource is a technology company that automates and simplifies every aspect of employee benefit programs, so employees and HR teams can make smarter, more confident benefits decisions. More than 5 million consumers receive their benefits through the PlanSource platform, which provides the best experience possible for benefits communications, shopping, enrollment, billing, compliance and ongoing administration. PlanSource was founded in 2008 and is based in Orlando, Florida.

Sell -