Francisco Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Francisco Partners has acquired 20 companies. It has also invested in 8 others.

Francisco Partners’ most common sectors for investment are software (38%) and information technology (25%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (25%) and growth capital (23%). In total, Francisco Partners has invested in 25 US states and 9 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 (62%). 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 Activity171
    • M&A Buy Activity108
    • M&A Sell Activity63
  • Total Sectors Invested 17
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 77
  • M&A Advisors 39

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (7.2/yr) # 72 8 9 7 6 6 108
vol $3.4B $3.9B $4.6B $181M $12.1B
Sell (5.0/yr) # 38 2 9 3 7 4 63
vol $7.0B $2.5B $2.4B $11.9B
  171

Most Recent M&A

Company Date Value Type
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
Edifecs, Inc. 2020-07-28 - Growth Capital
Bellevue, Washington · www.edifecs.com
GAINSystems, Inc. 2020-07-27 - Growth Capital
Chicago, Illinois · www.gainsystems.com
MetaSwitch Networks Ltd. 2020-05-14 - Add-on Acquisition
Enfield, United Kingdom · www.metaswitch.com
Eventbrite, Inc. 2020-05-11 - Stake Purchase
San Francisco, California · www.eventbrite.com
Smith Technologies 2020-03-02 - Divestiture
Spartanburg, South Carolina · www.smithtech.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Quest Software Systems, Inc. 2016-11-01 Binary Tree, Inc. 2020-09-02 3
Salt Lake City, Utah · www.quest.com Kendall Park, New Jersey · www.binarytree.com
Perforce Software, Inc. 2018-01-10 Methodics, Inc. 2020-07-20 4
Minneapolis, Minnesota · www.perforce.com San Francisco, California · www.methodics.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
Renaissance Learning, Inc. 2018-05-03 Schoolzilla 2019-10-29 3
Wisconsin Rapids, Wisconsin · www.renaissance.com Oakland, California · www.schoolzilla.com
SmartBear Software, Inc. 2017-05-03 Bitbar Technologies 2019-08-29 4
Beverly, Massachusetts · www.smartbear.com Helsinki, Finland · www.bitbar.com
SmartBear Software, Inc. 2017-05-03 Cucumber Ltd. 2019-06-25 3
Beverly, Massachusetts · www.smartbear.com Edinburgh, United Kingdom · www.cucumber.io
Renaissance Learning, Inc. 2018-05-03 Freckle Education, Inc. 2019-05-20 2
Wisconsin Rapids, Wisconsin · www.renaissance.com San Francisco, California · www.freckle.com
Capsule Technologies, Inc. 2019-02-11 Bernoulli Enterprise, Inc. 2019-04-30 1
Andover, Massachusetts · www.capsuletechnologies.com Milford, Connecticut · www.bernoullihealth.com
Quest Software Systems, Inc. 2016-11-01 ApexSQL LLC 2019-04-18 2
Salt Lake City, Utah · www.quest.com Chapel Hill, North Carolina · www.apexsql.com

M&A by Sector

Sector Current # Value All-time # Value
Software 19 (42%) 506M (6%) 40 (37%) 1.1B (9%)
Information Technology 14 (31%) 4.2B (46%) 26 (24%) 5.7B (47%)
Internet Software and Services 8 (18%) 4.3B (47%) 13 (12%) 4.3B (36%)
Technology Hardware - - 8 (7%) 796M (7%)
Business Services 1 (2%) - 3 (3%) 71M (1%)
Semiconductors - - 3 (3%) -
Education 1 (2%) 120M (1%) 2 (2%) 120M (1%)
Communications - - 2 (2%) -
Financial Services - - 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 45 $9.2B 108 $12.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 40 (89%) 8.6B (94%) 89 (82%) 10.6B (88%)
  California 10 (22%) 3.6B (40%) 26 (24%) 4.3B (35%)
  Massachusetts 6 (13%) 4.3B (47%) 7 (6%) 4.3B (36%)
  Washington 3 (7%) 476M (5%) 6 (6%) 476M (4%)
  New York 3 (7%) - 6 (6%) -
  Georgia 1 (2%) - 6 (6%) -
  New Jersey 2 (4%) - 5 (5%) 420M (3%)
  Florida 3 (7%) - 4 (4%) -
  Texas 1 (2%) - 4 (4%) -
  Wisconsin 1 (2%) - 3 (3%) -
  Minnesota 1 (2%) - 3 (3%) -
  Illinois 2 (4%) - 2 (2%) -
  Maryland 1 (2%) 120M (1%) 2 (2%) 920M (8%)
  Utah 1 (2%) - 2 (2%) -
  Pennsylvania - - 2 (2%) -
  Oregon 1 (2%) 94M (1%) 1 (1%) 94M (1%)
  South Carolina 1 (2%) - 1 (1%) -
  Mississippi 1 (2%) - 1 (1%) -
  Michigan 1 (2%) - 1 (1%) -
  Indiana 1 (2%) - 1 (1%) -
  Virginia - - 1 (1%) 126M (1%)
  Ohio - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Kansas - - 1 (1%) -
  Idaho - - 1 (1%) -
  Arizona - - 1 (1%) -
United Kingdom 2 (4%) 340M (4%) 7 (6%) 340M (3%)
Israel - - 4 (4%) 645M (5%)
Australia 1 (2%) - 3 (3%) 224M (2%)
Norway 1 (2%) 181M (2%) 1 (1%) 181M (2%)
Netherlands 1 (2%) - 1 (1%) -
France - - 1 (1%) 77M (1%)
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 40 (89%) 8.6B (94%) 89 (82%) 10.6B (88%)
Cross-border 5 (11%) 522M (6%) 19 (18%) 1.5B (12%)
Total 45 $9.2B 108 $12.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (13%) 181M (2%) 26 (24%) 382M (3%)
Growth Capital 12 (27%) - 24 (22%) -
Divestiture 9 (20%) 214M (2%) 20 (19%) 1.3B (10%)
Going Private 6 (13%) 8.1B (88%) 14 (13%) 9.7B (80%)
Secondary Buyout 10 (22%) 665M (7%) 14 (13%) 665M (6%)
PIPE - - 3 (3%) -
Stake Purchase 1 (2%) - 3 (3%) -
Recapitalization - - 2 (2%) 130M (1%)
Consolidation - - 1 (1%) -
Venture 1 (2%) - 1 (1%) -
Total 45 $9.2B 108 $12.1B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 29 (46%) 7.5B (74%)
Secondary Sale 15 (24%) 1.9B (19%)
Trade Sale 12 (19%) 183M (2%)
IPO 5 (8%) -
Merger 1 (2%) 600M (6%)
Divestiture 1 (2%) -
Total 63 $10.2B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
6
Jefferies LLC
4
Evercore Group LLC
2
Legal Deals
Kirkland & Ellis LLP
24
Shearman & Sterling LLP
8
Paul Hastings LLP
7

Deal Values

buy # Total
> $1B 2 $7.7B
$100M to $1B 15 $4.0B
< $100M 5 $419M
TOTAL $12.1B
Largest LogMeIn, Inc.
$4.3B (2019-12-17)
sell # Total
> $1B 5 $6.2B
$100M to $1B 15 $5.6B
< $100M 1 $28M
TOTAL $11.9B
Largest ClickSoftware Technologies Ltd.
$1.4B (2019-08-07)

M&A Connections

Deals %
Acquired from
PE Firm(s)
50%
19 50%
Strategic(s)
50%
19 50%
Exited to
PE Firm(s)
25%
14 25%
Strategic(s)
75%
41 75%

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