M&A Deal Summary

Escalate Capital Partners, Susquehanna Growth Equity and W Capital Partners Acquires Workfront

On March 13, 2019, mezzanine finance firm Escalate Capital Partners, growth capital firm Susquehanna Growth Equity and private equity firm W Capital Partners acquired internet software and services company Workfront, Inc. from JW Capital and JMI Equity for 280M USD

Acquisition Highlights
  • This is Escalate Capital Partners’ 9th, Susquehanna Growth Equity’s 20th and W Capital Partners’ 5th transaction in the Internet Software and Services sector.
  • This is Escalate Capital Partners’ 1st, Susquehanna Growth Equity’s 1st and W Capital Partners’ 3rd largest (disclosed) transaction.
  • This is Escalate Capital Partners’ 34th, Susquehanna Growth Equity’s 36th and W Capital Partners’ 19th transaction in the United States.
  • This is Escalate Capital Partners’ 2nd, Susquehanna Growth Equity’s 1st and W Capital Partners’ 2nd transaction in Utah.
Investment Fate
  • Workfront was sold to a publicly-traded strategic buyer in 2020 for 1.5B USD.

M&A Deal Summary

Date 2019-03-13
Target Workfront, Inc.
Sector Internet Software and Services
Buyer(s) Escalate Capital Partners
Susquehanna Growth Equity
W Capital Partners
Sellers(s) JW Capital
JMI Equity
Deal Type Secondary Buyout
Deal Value 280M USD
Advisor(s) Goldman Sachs Investment Banking Division (Financial)
Goodwin Procter LLP (Legal)

Target

Workfront, Inc.

Lehi, Utah, United States
website
Workfront, Inc. is a provider of Software as a Service (SaaS)-based project management and collaborative workforce management solutions. Workfront is the first enterprise application platform for knowledge workers, helping people get their best work done by automating projects and processes, managing content, and providing company-wide collaboration in a single system of record. Workfront was established in 2001 and is based in Lehi, Utah.

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Buyer(S) 3

Buyer

Escalate Capital Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2005
PE ASSETS 830M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Escalate Capital Partners is a private investment firm focused on providing capital to expansion and late-stage companies. The Firm focuses its investment activity within the technology, life sciences, and service-based industries. Prospective financing solutions include senior, subordinated and mezzanine debt. Escalate's target investment size is $5 to $20 million. Escalate Capital Partners has offices in Menlo Park, California and Austin, Texas.


DEAL STATS #
Overall 34 of 37
Sector (Internet Software and Services) 9 of 9
Type (Secondary Buyout) 2 of 3
State (Utah) 2 of 3
Country (United States) 34 of 37
Year (2019) 1 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-02 Black Duck Software, Inc.

Waltham, Massachusetts, United States

Black Duck Software, Inc. is a provider of automated solutions for securing and managing open source software, eliminating the pain related to security vulnerabilities, open source license compliance and operational risk. Black Duck Software, Inc. was founded in 2002 and is headquartered in Burlington, Massachusetts.

Sell $565M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-25 Entelo, Inc.

San Francisco, California, United States

Entelo, Inc. engages in recruiting automation, applying predictive analytics and AI to help find, qualify, and engage with the best talent for the organization. From eliminating unconscious bias within the sourcing process to offering a completely automated sourcing and outreach mode, Entelo goes above and beyond the typical search functionality of a sourcing platform. Organizations like Target, Northrop Grumman, and Cisco use Entelo to build high impact teams. Entelo, Inc. was founded in 2011 and is based in San Francisco, California.

Buy -
Buyer

Susquehanna Growth Equity

Bala Cynwyd, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2006
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Susquehanna Growth Equity (SGE) is the private equity arm of The Susquehanna International Group of Companies. SGE focuses on companies that help streamline payments and related transactions. This includes SaaS, payments and transaction processing, capital markets technology, and internet/information services. SGE looks to commit $5 to $50 million in companies with at least $5 million of revenue. The Firm will consider both control and minority positions and targets opportunities across North America, Europe, and Israel. SGE was established in 2006 and is headquartered in Philadelphia, Pennsylvania.


DEAL STATS #
Overall 47 of 55
Sector (Internet Software and Services) 20 of 23
Type (Secondary Buyout) 4 of 5
State (Utah) 1 of 1
Country (United States) 36 of 41
Year (2019) 2 of 5
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-09 E-Search DAC

Cork, Ireland

E-Search DAC is an internal communications software developer. Poppulo’s pioneering software is transforming internal communications, creating more connected, aligned and successful organizations all over the world. Poppulo is based in Cork, Ireland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-03 Real Capital Analytics, Inc.

New York, New York, United States

Real Capital Analytics is a private company and the go-to data and analytics provider of the properties, transactions and participants that drive the commercial real estate capital markets globally. The company has built a sterling reputation within the commercial real estate industry for effectively aggregating timely and reliable transaction data and providing valuable intelligence on market pricing, capital flows and investment trends in more than 170 countries. The most active investors, lenders, brokers and advisors depend on RCA’s unique insight to formulate their strategies, source new opportunities, and execute their deals. Real Capital Analytics was established in 2000 and is based in New York City.

Buy -
Buyer

W Capital Partners

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2001
PE ASSETS 2.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

W Capital Partners is a private investment group focused on direct secondary investments. W Capital Partners has a particular interest in growth equity secondary investments as well as buyout minority secondary investments, where existing shareholders are looking for liquidity. W Capital Partners is based in New York City.


DEAL STATS #
Overall 19 of 19
Sector (Internet Software and Services) 5 of 5
Type (Secondary Buyout) 1 of 1
State (Utah) 2 of 2
Country (United States) 19 of 19
Year (2019) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-06 SS8, Inc.

Milpitas, California, United States

SS8, Inc. provides end-to-end communications and cyber intelligence solutions to access and intercept information and conduct data discovery to deliver actionable intelligence for analysis to national governments law enforcement agencies. SS8 was founded in 1999 and is based in Milpitas, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-09 Workfront, Inc.

Lehi, Utah, United States

Workfront, Inc. is a provider of Software as a Service (SaaS)-based project management and collaborative workforce management solutions. Workfront is the first enterprise application platform for knowledge workers, helping people get their best work done by automating projects and processes, managing content, and providing company-wide collaboration in a single system of record. Workfront was established in 2001 and is based in Lehi, Utah.

Sell $1.5B

Seller(S) 2

SELLER

JW Capital

website


Category Growth Capital Firm
Founded 2013
SizeSmall
Type Sector Agnostic
DESCRIPTION

JW Capital is a collection of entrepreneurs who look to acquire and invest in fast growing companies. JW Capital was formed in 2013 and is headquartered in South Jordan, Utah.


DEAL STATS #
Overall 1 of 2
Sector (Internet Software and Services) 1 of 2
Type (Secondary Buyout) 1 of 1
State (Utah) 1 of 2
Country (United States) 1 of 2
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-30 Eco Flower

Ogden, Utah, United States

Eco Flower sells unique flower bouquets and miscellaneous home decor items made of recycled and sustainable materials that are environmentally responsible. Eco Flower has grown 525 percent year over year, employs close to 120 people, has received multiple national and local business awards, and is the new tenant of an historic warehouse located in downtown Ogden. The company was also recently featured on ABC’s “Shark Tank.”

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-10 Simplus

Sandy, Utah, United States

Simplus is a provider of cloud consulting, implementation, data integration, change management and training services for Salesforce Quote-to-Cash applications. Simplus is based in Sandy, Utah.

Sell -
SELLER

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 4.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Target businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit $10 to $100 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.


DEAL STATS #
Overall 90 of 99
Sector (Internet Software and Services) 16 of 21
Type (Secondary Buyout) 16 of 17
State (Utah) 1 of 1
Country (United States) 82 of 88
Year (2019) 4 of 8
Size (of disclosed) 19 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-05 WhiteHat Security, Inc.

Santa Clara, California, United States

WhiteHat Security, Inc. is a provider of on-demand website and web application security software delivered as a service. The company’s cloud website vulnerability management platform and leading security engineers turn verified security intelligence into actionable insights for customers. Through a combination of core products and strategic partnerships, WhiteHat Security provides complete Web security at a scale and accuracy unmatched in the industry. WhiteHat Sentinel, the company’s flagship product line, currently manages more than 11,000 websites – including sites in the most regulated industries as well as top e-commerce, finance and healthcare companies.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-29 OpenSesame, Inc.

Portland, Oregon, United States

OpenSesame is an eLearning platform that offers a comprehensive online catalog of curated employee training courses. OpenSesame was founded in 2011 and is based in Portland, Oregon.

Buy -