Crosslink Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Crosslink Capital has invested in 7 companies.

Crosslink Capital’s most common sectors for investment are internet software and services (23%) and information technology (20%). The Firm’s most common investment types include venture (92%) and stake purchase (3%). In total, Crosslink Capital has invested in 15 US states. Its largest (disclosed) acquisition occurred in 2013 when it acquired Ayla Networks for $5M.

In the last 3 years, Crosslink Capital has exited 5 companies. The Firm’s most common exit type is trade sale (75%). Crosslink Capital’s largest (disclosed) exit occurred in 2020 when it sold Personal Capital for $1.0B.

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M&A Summary

  • M&A Total Activity129
    • M&A Buy Activity75
    • M&A Sell Activity54
  • Total Sectors Invested 16
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 62
  • M&A Advisors 1

Crosslink Capital

Two Embarcadero Center, Suite 2200,
San Francisco, California 94111
United States
(415) 617-1800
www.crosslinkcapital.com
bplan@crosslinkcapital.com

Crosslink Capital is a growth-oriented investment firm focused on technology companies. Crosslink's typically invests in early-stage companies, however, the Firm will consider opportunities at every stage, from seed to pre-IPO to PIPE offerings. Sectors of interest inlude communications/infrastructure services, core technology, semiconductors, internet, and software. Crosslink Capital is based in San Francisco, California.


Investment Criteria

Sectors of Interest: Business Services, Communications, Electrical Equipment, Electronics, Information Technology, Internet Software and Services, Media, Renewable Energy, Retail, Safety/Security, Semiconductors, Software, Technology Hardware, Test/Measurement Equipment

Target Transaction Types: Growth Capital, Venture

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 500
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.0/yr) # 65 3 - 3 3 1 75
vol $5M $5M
Sell (1.4/yr) # 47 2 2 2 1 - 54
vol $3.1B $22M $275M $750M $1.0B $5.2B
  129

Most Recent M&A

Company Date Value Type
Brace Software, Inc. 2021-01-12 - Venture
Santa Monica, California · www.brace.ai
Armory 2020-10-13 - Venture
San Mateo, California · www.armory.io
Personal Capital Corp. 2020-06-29 1.0B USD Add-on Acquisition
Redwood City, California · www.personalcapital.com
Clyde Technologies, Inc. 2020-05-11 - Venture
New York, New York · www.joinclyde.com
Arturo, Inc. 2020-04-07 - Venture
Chicago, Illinois · www.arturo.ai
Aliro Quantum Technologies 2019-09-18 - Venture
Boston, Massachusetts · www.aliroquantum.com
Vungle, Inc. 2019-07-15 750M USD Secondary Buyout
San Francisco, California · www.vungle.com
BetterUp 2019-06-12 - Venture
San Francisco, California · www.betterup.com
Chime 2019-03-05 - Venture
San Francisco, California · www.chime.com
ProtectWise, Inc. 2019-03-01 - Add-on Acquisition
Denver, Colorado · www.protectwise.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 8 (27%) 5M (100%) 17 (23%) 5M (100%)
Information Technology 5 (17%) - 15 (20%) -
Software 6 (20%) - 11 (15%) -
Technology Hardware 2 (7%) - 8 (11%) -
Business Services 2 (7%) - 3 (4%) -
Digital Media - - 3 (4%) -
Media 2 (7%) - 3 (4%) -
Semiconductors 1 (3%) - 3 (4%) -
Electrical Equipment 1 (3%) - 2 (3%) -
Financial Services 1 (3%) - 2 (3%) -
Renewable Energy - - 2 (3%) -
Safety/Security 2 (7%) - 2 (3%) -
Communications - - 1 (1%) -
Electronics - - 1 (1%) -
Information Services - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 30 $5M 75 $5M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 30 (100%) 5M (100%) 75 (100%) 5M (100%)
  California 22 (73%) 5M (100%) 56 (75%) 5M (100%)
  Massachusetts 2 (7%) - 4 (5%) -
  New York 2 (7%) - 2 (3%) -
  Utah - - 2 (3%) -
  North Carolina 1 (3%) - 1 (1%) -
  New Mexico 1 (3%) - 1 (1%) -
  Maryland 1 (3%) - 1 (1%) -
  Illinois 1 (3%) - 1 (1%) -
  Texas - - 1 (1%) -
  Oregon - - 1 (1%) -
  Iowa - - 1 (1%) -
  Georgia - - 1 (1%) -
  Connecticut - - 1 (1%) -
  Colorado - - 1 (1%) -
Total 30 $5M 75 $5M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 29 (97%) 5M (100%) 69 (92%) 5M (100%)
Stake Purchase - - 2 (3%) -
Buyout (LBO, MBO, MBI) - - 1 (1%) -
Divestiture - - 1 (1%) -
Growth Capital - - 1 (1%) -
PIPE 1 (3%) - 1 (1%) -
Total 30 $5M 75 $5M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 28 (52%) 3.0B (58%)
Trade Sale 14 (26%) 1.4B (28%)
IPO 9 (17%) -
Secondary Sale 2 (4%) 750M (15%)
Shut Down 1 (2%) -
Total 54 $5.2B

Top M&A Advisors

Financial Deals
Brightwood Capital Advisors LLC
 1

Deal Values

buy # Total
< $100M 1 $5M
TOTAL $5M
Largest Ayla Networks, Inc.
$5M (2013-06-05)
sell # Total
> $1B 1 $1.0B
$100M to $1B 10 $4.0B
< $100M 5 $206M
TOTAL $5.2B
Largest Personal Capital Corp.
$1.0B (2020-06-29)

M&A Connections

Deals
Acquired from
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
4%
2 (4%)
Strategic(s)
74%
40 (74%)

Investor Summary

Size

Large

PE Assets

1.5B USD

Established

1989

Specialist/Generalist

Specialist

Leadership

Sy Kaufman

Founder

Michael Stark

Founder & Portfolio Manager

Dan Myers

Partner

David Silverman

Partner

Eric Chin

Partner

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