Francisco Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Francisco Partners has acquired 26 companies. It has also invested in 13 others.

Francisco Partners’ most common sectors for investment aresoftware (36%) and information technology (20%) . The Firm’s most common investment types include growth capital (25%) and divestiture (23%). In total, Francisco Partners has invested in 25 US states and 10 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired LogMeIn for $4.3B.

In the last 3 years, Francisco Partners has exited 25 companies. The Firm’s most common exit type is trade sale (62%). Francisco Partners’ largest (disclosed) exit occurred in 2021 when it sold Quest Software Systems for $5.4B.

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M&A Summary

  • M&A Total Activity212
    • M&A Buy Activity134
    • M&A Sell Activity78
  • Total Sectors Invested 17
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 99
  • M&A Advisors 45

Francisco Partners

One Letterman Drive, Building C Suite 410,
San Francisco, California 94129
United States
(415) 418-2900
www.franciscopartners.com
info@franciscopartners.com

Francisco Partners is a private equity firm focused exclusively on investments in technology and technology-enabled services. Specific areas of interest include semiconductors, capital equipment, electronics components, systems and manufacturing, IT services and business process outsourcing, communications, security and enterprise applications, and infrastructure software. Prospective investment situations include divisional buyouts, growth equity financings, acquisitions of private companies, sponsored mergers and acquisitions, and take-privates. Francisco Partners looks for opportunities with enterprise values ranging from $20 million to $2 billion. Francisco Partners was formed in 1999 and has offices in San Francisco, California and London.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Digital Media, E-Commerce, Electrical Equipment, Electronics, Energy Services and Equipment, Financial Services, Healthcare Services, Information Technology, Internet Software and Services, Machinery, Manufacturing, Marketing, Medical Products, Safety/Security, Semiconductors, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 25 500
Enterprise Value 25 2,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (9.0/yr) # 89 8 8 8 13 8 134
vol $3.4B $3.7B $4.6B $2.0B $4.0B $17.8B
Sell (5.8/yr) # 49 4 8 4 10 3 78
vol $9.5B $2.4B $10.0B $21.8B
  212

Most Recent M&A

Company Date Value Type
Glorious LLC 2022-11-09 - Growth Capital
Austin, Texas · www.gloriousgaming.com
bswift LLC 2022-10-03 - Divestiture
Chicago, Illinois · www.bswift.com
Reciprocity, Inc. 2022-09-08 - Growth Capital
San Francisco, California · www.reciprocity.com
Kobalt Music Group Ltd. 2022-09-07 - Growth Capital
London, United Kingdom · www.kobaltmusic.com
SAP Litmos 2022-08-17 - Divestiture
San Ramon, California · www.litmos.com
8x8, Inc. 2022-08-03 - Stake Purchase
Campbell, California · www.8x8.com
Trellis Rx LLC 2022-06-02 - Add-on Acquisition
Atlanta, Georgia · www.trellisrx.com
WatchGuard Technologies, Inc. 2022-04-27 - Secondary Buyout
Seattle, Washington · www.watchguard.com
Discovery Education, Inc. 2022-03-09 - Secondary Buyout
Charlotte, North Carolina · www.discoveryeducation.com
AND Health LLC 2022-02-10 - Growth Capital
Columbus, Ohio · www.andhealth.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
SmartBear Software, Inc. 2017-05-03 Pactflow 2022-04-05 8
Beverly, Massachusetts · www.smartbear.com Sydney, Australia · www.pactflow.io
BARBRI, Inc. 2021-03-31 Legal Education Holdings, Inc. 2022-01-04 3
Dallas, Texas · www.barbri.com Saint Paul, Minnesota · www.westacademic.com
Perforce Software, Inc. 2018-01-10 BlazeMeter LLC 2021-09-30 7
Minneapolis, Minnesota · www.perforce.com Palo Alto, California · www.blazemeter.com
nShift Group AS 2021-08-23 Unifaun Group 2021-08-23 3
Oslo, Norway · www.nshift.com Stockholm, Sweden · www.unifaun.com
PayScale, Inc. 2019-04-25 Curo Compensation Ltd. 2021-08-18 2
Seattle, Washington · www.payscale.com Ottawa, Ontario · www.curocomp.com
Forcepoint LLC 2020-10-26 Deep-Secure Ltd. 2021-06-15 3
San Diego, California · www.forcepoint.com Malvern, United Kingdom · www.deep-secure.com
LogMeIn, Inc. 2019-12-17 Bold360 2021-03-16 1
Boston, Massachusetts · www.logmeininc.com Boston, Massachusetts · www.bold360.com
Native Instruments GmbH 2021-01-20 iZotope, Inc. 2021-03-11 1
Berlin,, Germany · www.native-instruments.com Cambridge, Massachusetts · www.izotope.com
SmartBear Software, Inc. 2017-05-03 TM4J - Test Management for Jira 2020-03-31 7
Beverly, Massachusetts · www.smartbear.com London, United Kingdom
Perforce Software, Inc. 2018-01-10 Rogue Wave Software, Inc. 2019-01-22 6
Minneapolis, Minnesota · www.perforce.com Boulder, Colorado · www.roguewave.com

M&A by Sector

Sector Current # Value All-time # Value
Software 21 (36%) 1.8B (12%) 48 (35%) 2.6B (15%)
Information Technology 10 (17%) 4.0B (28%) 26 (19%) 5.6B (31%)
Internet Software and Services 15 (25%) 8.6B (60%) 22 (16%) 8.8B (49%)
Technology Hardware 2 (3%) - 10 (7%) 743M (4%)
Education 5 (8%) - 7 (5%) -
Financial Services 2 (3%) - 4 (3%) -
Business Services - - 3 (2%) 71M (< 1%)
Semiconductors - - 3 (2%) -
Communications - - 2 (1%) -
E-Commerce 2 (3%) - 2 (1%) -
Healthcare Services 1 (2%) - 2 (1%) -
Media 1 (2%) - 2 (1%) -
Digital Media - - 1 (1%) -
Electronics - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Machinery - - 1 (1%) -
Marketing - - 1 (1%) -
Total 59 $14.4B 136 $17.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 51 (86%) 14.1B (98%) 113 (83%) 16.3B (92%)
  California 16 (27%) 4.0B (28%) 33 (24%) 4.6B (26%)
  New York 6 (10%) - 10 (7%) -
  Massachusetts 5 (8%) 4.3B (30%) 9 (7%) 4.3B (24%)
  Georgia 2 (3%) - 7 (5%) -
  Texas 3 (5%) - 6 (4%) -
  Washington 2 (3%) 325M (2%) 6 (4%) 476M (3%)
  Illinois 5 (8%) 1.5B (10%) 5 (4%) 1.5B (8%)
  Florida 2 (3%) - 5 (4%) -
  New Jersey 1 (2%) - 5 (4%) 420M (2%)
  North Carolina 2 (3%) - 4 (3%) -
  Pennsylvania 1 (2%) 4.0B (28%) 3 (2%) 4.0B (23%)
  Wisconsin 1 (2%) - 3 (2%) -
  Minnesota 1 (2%) - 3 (2%) -
  Ohio 1 (2%) - 2 (1%) -
  Michigan - - 2 (1%) -
  South Carolina 1 (2%) - 1 (1%) -
  Mississippi 1 (2%) - 1 (1%) -
  Indiana 1 (2%) - 1 (1%) -
  Maryland - - 1 (1%) 800M (5%)
  Virginia - - 1 (1%) 126M (1%)
  Oregon - - 1 (1%) 94M (1%)
  Utah - - 1 (1%) -
  Kansas - - 1 (1%) -
  Idaho - - 1 (1%) -
  Arizona - - 1 (1%) -
United Kingdom 2 (3%) 340M (2%) 7 (5%) 340M (2%)
Israel 2 (3%) - 6 (4%) 645M (4%)
Australia 1 (2%) - 3 (2%) 224M (1%)
Norway 1 (2%) - 2 (1%) 181M (1%)
Germany 1 (2%) - 1 (1%) -
Netherlands 1 (2%) - 1 (1%) -
France - - 1 (1%) 77M (< 1%)
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 51 (86%) 14.1B (98%) 113 (83%) 16.3B (92%)
Cross-border 8 (14%) 340M (2%) 23 (17%) 1.5B (8%)
Total 59 $14.4B 136 $17.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 18 (31%) - 33 (24%) -
Divestiture 15 (25%) 5.8B (40%) 30 (22%) 6.9B (39%)
Buyout (LBO, MBO, MBI) 4 (7%) - 27 (20%) 382M (2%)
Secondary Buyout 14 (24%) 665M (5%) 20 (15%) 665M (4%)
Going Private 3 (5%) 7.9B (55%) 13 (10%) 9.7B (54%)
Stake Purchase 2 (3%) - 4 (3%) -
Consolidation 2 (3%) - 3 (2%) -
PIPE - - 3 (2%) -
Recapitalization - - 2 (1%) 130M (1%)
Venture 1 (2%) - 1 (1%) -
Total 59 $14.4B 136 $17.8B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 32 (41%) 10.4B (51%)
Secondary Sale 20 (26%) 7.3B (36%)
Trade Sale 17 (22%) 183M (1%)
IPO 5 (6%) -
Merger 2 (3%) 600M (3%)
1 (1%) 1.7B (8%)
Divestiture 1 (1%) -
Total 78 $20.2B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
7
Raymond James - Investment Banking
6
Jefferies LLC
5
Legal Deals
Kirkland & Ellis LLP
34
Paul Hastings LLP
11
Shearman & Sterling LLP
8

Deal Values

buy # Total
> $1B 4 $13.2B
$100M to $1B 15 $4.2B
< $100M 5 $419M
TOTAL $17.8B
Largest LogMeIn, Inc.
$4.3B (2019-12-17)
sell # Total
> $1B 8 $15.6B
$100M to $1B 16 $6.2B
< $100M 1 $28M
TOTAL $21.8B
Largest Quest Software Systems, Inc.
$5.4B (2021-11-29)

M&A Connections

Deals
Acquired from
Investor(s)
15%
21 (15%)
Strategic(s)
22%
30 (22%)
Exited to
Investor(s)
24%
19 (24%)
Strategic(s)
65%
51 (65%)

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