Francisco Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Francisco Partners has acquired 19 companies. It has also invested in 4 others.

Francisco Partners’ most common sectors for investment are software (38%) and information technology (24%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (25%) and growth capital (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 17 companies. The Firm’s most common exit type is trade sale (64%). Francisco Partners’ largest (disclosed) exit occurred in 2019 when it sold ClickSoftware Technologies for $1.4B.

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M&A Summary

  • M&A Total Activity177
    • M&A Buy Activity111
    • M&A Sell Activity66
  • Total Sectors Invested 17
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 82
  • M&A Advisors 41

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 (6.4/yr) # 79 9 7 6 8 2 111
vol $3.4B $3.9B $4.6B $2.0B $13.9B
Sell (5.2/yr) # 40 9 4 8 4 1 66
vol $7.0B $2.5B $2.4B $635M $12.5B
  177

Most Recent M&A

Company Date Value Type
MyHeritage Ltd. 2021-02-24 - Buyout (LBO, MBO, MBI)
Yehuda, Israel · www.myheritage.com
Native Instruments GmbH 2021-01-20 - Secondary Buyout
Berlin,, Germany · www.native-instruments.com
Capsule Technologies, Inc. 2021-01-19 635M USD Add-on Acquisition
Andover, Massachusetts · www.capsuletech.com
CDK Global, Inc. - International business 2020-11-30 1.5B USD Divestiture
Hoffman Estates, Illinois
MyFitnessPal 2020-10-30 345M USD Divestiture
San Francisco, California · www.myfitnesspal.com
Forcepoint LLC 2020-10-26 - Divestiture
San Diego, California · www.forcepoint.com
K2 Software, Inc. 2020-10-01 - Add-on Acquisition
Bellevue, Washington · www.k2.com
Sectigo Ltd. 2020-09-16 - Secondary Buyout
Roseland, New Jersey · www.sectigo.com
eSolutions, Inc. 2020-08-12 - Add-on Acquisition
Olathe, Kansas · www.esolutionsinc.com
Consignor Group 2020-07-31 181M NOK Buyout (LBO, MBO, MBI)
Oslo, Norway · www.consignor.no
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 5
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 4
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 4
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
Network Merchants, Inc. 2017-09-07 CreditCall Ltd. 2018-02-20 2
Roselle, Illinois · www.nmi.com Bristol, United Kingdom · www.creditcall.com
Avangate BV 2013-10-07 2Checkout, Inc. 2017-04-03 1
Amsterdam, Netherlands · www.avangate.com Columbus, Ohio · www.2checkout.com

M&A by Sector

Sector Current # Value All-time # Value
Software 20 (45%) 2.0B (18%) 42 (38%) 2.6B (19%)
Information Technology 11 (25%) 4.1B (38%) 26 (23%) 5.7B (41%)
Internet Software and Services 8 (18%) 4.6B (43%) 13 (12%) 4.6B (33%)
Technology Hardware - - 8 (7%) 796M (6%)
Financial Services 2 (5%) - 4 (4%) -
Semiconductors - - 3 (3%) -
Education 1 (2%) 120M (1%) 2 (2%) 120M (1%)
Business Services - - 2 (2%) 71M (1%)
Communications - - 2 (2%) -
Healthcare Services - - 2 (2%) -
Digital Media 1 (2%) - 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 44 $10.9B 111 $13.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 38 (86%) 10.3B (95%) 91 (82%) 12.4B (89%)
  California 11 (25%) 4.0B (37%) 27 (24%) 4.6B (33%)
  Massachusetts 4 (9%) 4.3B (40%) 6 (5%) 4.3B (31%)
  Washington 3 (7%) 476M (4%) 6 (5%) 476M (3%)
  New York 2 (5%) - 6 (5%) -
  Georgia 1 (2%) - 6 (5%) -
  New Jersey 2 (5%) - 5 (5%) 420M (3%)
  Florida 2 (5%) - 4 (4%) -
  Texas 1 (2%) - 4 (4%) -
  Illinois 3 (7%) 1.5B (13%) 3 (3%) 1.5B (10%)
  Wisconsin 1 (2%) - 3 (3%) -
  Minnesota 1 (2%) - 3 (3%) -
  Michigan 2 (5%) - 2 (2%) -
  Maryland 1 (2%) 120M (1%) 2 (2%) 920M (7%)
  Utah 1 (2%) - 2 (2%) -
  Pennsylvania - - 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%)
  Ohio - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Kansas - - 1 (1%) -
  Idaho - - 1 (1%) -
  Arizona - - 1 (1%) -
United Kingdom 1 (2%) 340M (3%) 6 (5%) 340M (2%)
Israel 1 (2%) - 5 (5%) 645M (5%)
Australia 1 (2%) - 3 (3%) 224M (2%)
Norway 1 (2%) 181M (2%) 1 (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 38 (86%) 10.3B (95%) 91 (82%) 12.4B (89%)
Cross-border 6 (14%) 522M (5%) 20 (18%) 1.5B (11%)
Total 44 $10.9B 111 $13.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (14%) 181M (2%) 27 (24%) 382M (3%)
Growth Capital 12 (27%) - 24 (22%) -
Divestiture 9 (20%) 1.9B (18%) 22 (20%) 3.1B (22%)
Secondary Buyout 11 (25%) 665M (6%) 15 (14%) 665M (5%)
Going Private 4 (9%) 8.1B (75%) 13 (12%) 9.7B (70%)
PIPE - - 3 (3%) -
Stake Purchase 1 (2%) - 3 (3%) -
Recapitalization - - 2 (2%) 130M (1%)
Consolidation - - 1 (1%) -
Venture 1 (2%) - 1 (1%) -
Total 44 $10.9B 111 $13.9B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 30 (45%) 8.2B (75%)
Secondary Sale 15 (23%) 1.9B (18%)
Trade Sale 14 (21%) 183M (2%)
IPO 5 (8%) -
Merger 1 (2%) 600M (6%)
Divestiture 1 (2%) -
Total 66 $10.8B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
6
Jefferies LLC
4
Goldman Sachs Investment Banking Division
2
Legal Deals
Kirkland & Ellis LLP
25
Paul Hastings LLP
9
Shearman & Sterling LLP
8

Deal Values

buy # Total
> $1B 3 $9.2B
$100M to $1B 16 $4.3B
< $100M 5 $419M
TOTAL $13.9B
Largest LogMeIn, Inc.
$4.3B (2019-12-17)
sell # Total
> $1B 5 $6.2B
$100M to $1B 16 $6.2B
< $100M 1 $28M
TOTAL $12.5B
Largest ClickSoftware Technologies Ltd.
$1.4B (2019-08-07)

M&A Connections

Deals
Acquired from
Investor(s)
14%
16 (14%)
Strategic(s)
20%
22 (20%)
Exited to
Investor(s)
21%
14 (21%)
Strategic(s)
67%
44 (67%)

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