Francisco Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Francisco Partners has acquired 24 companies. It has also invested in 4 others.

Francisco Partners’ most common sectors for investment are software (38%) and information technology (23%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (24%) and divestiture (22%). 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 23 companies. The Firm’s most common exit type is trade sale (64%). Francisco Partners’ largest (disclosed) exit occurred in 2021 when it sold Plex Systems for $2.2B.

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M&A Summary

  • M&A Total Activity188
    • M&A Buy Activity116
    • M&A Sell Activity72
  • Total Sectors Invested 17
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 88
  • M&A Advisors 44

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (7.4/yr) # 79 9 7 6 8 7 116
vol $3.4B $3.9B $4.6B $2.0B $4.0B $17.9B
Sell (6.4/yr) # 40 9 4 8 4 7 72
vol $7.0B $2.5B $2.4B $4.6B $16.4B
  188

Most Recent M&A

Company Date Value Type
LiveU, Inc. 2021-07-20 - Secondary Buyout
Hackensack, New Jersey · www.liveu.tv
STARLIMS Technologies Ltd. 2021-07-07 - Divestiture
Tel Aviv, Israel · www.starlims.com
Availity LLC 2021-07-07 - Secondary Buyout
Jacksonville, Florida · www.availity.com
Plex Systems, Inc. 2021-06-25 2.2B USD Add-on Acquisition
Auburn Hills, Michigan · www.plex.com
BluJay Solutions Ltd. 2021-05-27 1.7B USD Add-on Acquisition
Holland, Michigan · www.blujaysolutions.com
HealthcareSource HR, Inc. 2021-05-17 - Add-on Acquisition
Woburn, Massachusetts · www.healthcaresource.com
TS Imagine 2021-05-03 - Consolidation
New York, New York
Boomi, Inc. 2021-05-02 4.0B USD Divestiture
Chesterbrook, Pennsylvania · www.boomi.com
VitalSource Technologies, Inc. 2021-04-14 - Divestiture
Raleigh, North Carolina · www.vitalsource.com
BARBRI, Inc. 2021-03-31 - Secondary Buyout
Dallas, Texas · www.barbri.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Forcepoint LLC 2020-10-26 Deep-Secure Ltd. 2021-06-15 2
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
Quest Software Systems, Inc. 2016-11-01 erwin, Inc. 2021-01-05 5
Salt Lake City, Utah · www.quest.com Melville, New York · www.erwin.com
SmartBear Software, Inc. 2017-05-03 TM4J - Test Management for Jira 2020-03-31 6
Beverly, Massachusetts · www.smartbear.com London, United Kingdom
WatchGuard Technologies, Inc. 2006-08-17 Panda Security S.L. 2020-03-09 5
Seattle, Washington · www.watchguard.com Bilbao, Spain · www.pandasecurity.com
Perforce Software, Inc. 2018-01-10 Rogue Wave Software, Inc. 2019-01-22 5
Minneapolis, Minnesota · www.perforce.com Boulder, Colorado · www.roguewave.com
Bomgar Corp. 2018-04-03 BeyondTrust Software, Inc. 2018-09-13 2
Ridgeland, Mississippi · www.bomgar.com Phoenix, Arizona · www.beyondtrust.com
SmartBear Software, Inc. 2017-05-03 D Software, Inc. 2018-08-28 5
Beverly, Massachusetts · www.smartbear.com Newark, California · www.getzephyr.com
Bomgar Corp. 2018-04-03 Avecto Ltd. 2018-07-10 1
Ridgeland, Mississippi · www.bomgar.com Cheadle, United Kingdom · www.avecto.com
Quest Software Systems, Inc. 2016-11-01 Metalogix Software Corp. 2018-06-29 4
Salt Lake City, Utah · www.quest.com Washington, District of Columbia · www.metalogix.com

M&A by Sector

Sector Current # Value All-time # Value
Software 17 (40%) 1.8B (12%) 43 (37%) 2.6B (14%)
Information Technology 11 (26%) 4.1B (28%) 26 (22%) 5.6B (31%)
Internet Software and Services 9 (21%) 8.6B (59%) 14 (12%) 8.6B (48%)
Technology Hardware - - 9 (8%) 873M (5%)
Education 3 (7%) 120M (1%) 4 (3%) 120M (1%)
Financial Services 2 (5%) - 4 (3%) -
Semiconductors - - 3 (3%) -
Business Services - - 2 (2%) 71M (< 1%)
Communications - - 2 (2%) -
Healthcare Services - - 2 (2%) -
Digital Media - - 1 (1%) -
E-Commerce 1 (2%) - 1 (1%) -
Electronics - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Machinery - - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Total 43 $14.7B 116 $17.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 37 (86%) 14.3B (98%) 95 (82%) 16.4B (92%)
  California 11 (26%) 4.0B (27%) 27 (23%) 4.6B (26%)
  New York 3 (7%) - 7 (6%) -
  Massachusetts 3 (7%) 4.3B (29%) 6 (5%) 4.3B (24%)
  Washington 3 (7%) 476M (3%) 6 (5%) 476M (3%)
  Georgia 1 (2%) - 6 (5%) -
  Texas 2 (5%) - 5 (4%) -
  New Jersey 1 (2%) - 5 (4%) 420M (2%)
  Florida 1 (2%) - 4 (3%) -
  Illinois 3 (7%) 1.5B (10%) 3 (3%) 1.5B (8%)
  Pennsylvania 1 (2%) 4.0B (27%) 3 (3%) 4.0B (22%)
  Wisconsin 1 (2%) - 3 (3%) -
  Minnesota 1 (2%) - 3 (3%) -
  Maryland 1 (2%) 120M (1%) 2 (2%) 920M (5%)
  Utah 1 (2%) - 2 (2%) -
  North Carolina 1 (2%) - 2 (2%) -
  Michigan - - 2 (2%) -
  South Carolina 1 (2%) - 1 (1%) -
  Mississippi 1 (2%) - 1 (1%) -
  Indiana 1 (2%) - 1 (1%) -
  Virginia - - 1 (1%) 126M (1%)
  Oregon - - 1 (1%) 94M (1%)
  Arizona - - 1 (1%) -
  Ohio - - 1 (1%) -
  Kansas - - 1 (1%) -
  Idaho - - 1 (1%) -
Israel 2 (5%) - 6 (5%) 645M (4%)
United Kingdom 1 (2%) 340M (2%) 6 (5%) 340M (2%)
Australia 1 (2%) - 3 (3%) 224M (1%)
Germany 1 (2%) - 1 (1%) -
Netherlands 1 (2%) - 1 (1%) -
Norway - - 1 (1%) 181M (1%)
France - - 1 (1%) 77M (< 1%)
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 37 (86%) 14.3B (98%) 95 (82%) 16.4B (92%)
Cross-border 6 (14%) 340M (2%) 21 (18%) 1.5B (8%)
Total 43 $14.7B 116 $17.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (9%) - 27 (23%) 382M (2%)
Divestiture 12 (28%) 5.9B (40%) 25 (22%) 7.1B (39%)
Growth Capital 10 (23%) - 24 (21%) -
Secondary Buyout 10 (23%) 665M (5%) 16 (14%) 665M (4%)
Going Private 4 (9%) 8.1B (55%) 13 (11%) 9.7B (54%)
PIPE - - 3 (3%) -
Stake Purchase 1 (2%) - 3 (3%) -
Recapitalization - - 2 (2%) 130M (1%)
Consolidation 1 (2%) - 2 (2%) -
Venture 1 (2%) - 1 (1%) -
Total 43 $14.7B 116 $17.9B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 31 (43%) 10.4B (70%)
Secondary Sale 17 (24%) 1.9B (13%)
Trade Sale 16 (22%) 183M (1%)
IPO 5 (7%) -
1 (1%) 1.7B (12%)
Merger 1 (1%) 600M (4%)
Divestiture 1 (1%) -
Total 72 $14.8B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
7
Jefferies LLC
4
Citigroup Investment Banking
3
Legal Deals
Kirkland & Ellis LLP
28
Paul Hastings LLP
10
Shearman & Sterling LLP
8

Deal Values

buy # Total
> $1B 4 $13.2B
$100M to $1B 16 $4.3B
< $100M 5 $419M
TOTAL $17.9B
Largest LogMeIn, Inc.
$4.3B (2019-12-17)
sell # Total
> $1B 7 $10.2B
$100M to $1B 16 $6.2B
< $100M 1 $28M
TOTAL $16.4B
Largest Plex Systems, Inc.
$2.2B (2021-06-25)

M&A Connections

Deals
Acquired from
Investor(s)
15%
17 (15%)
Strategic(s)
22%
25 (22%)
Exited to
Investor(s)
22%
16 (22%)
Strategic(s)
67%
48 (67%)

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