Francisco Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Francisco Partners has acquired 24 companies. It has also invested in 10 others.

Francisco Partners’ most common sectors for investment aresoftware (34%) and internet software and services (19%) . The Firm’s most common investment types include growth capital (24%) and divestiture (22%). In total, Francisco Partners has invested in 25 US states and 11 different countries. Its largest (disclosed) acquisition occurred in 2023 when it acquired New Relic for $6.5B.

In the last 3 years, Francisco Partners has exited 15 companies. The Firm’s most common exit type is trade sale (61%). 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 Activity228
    • M&A Buy Activity147
    • M&A Sell Activity81
  • Total Sectors Invested 18
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 101
  • M&A Advisors 51

Francisco Partners

Francisco Partners Management, L.P.

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 where it can commit a minimum of $100 million per investment. Francisco Partners was formed in 1999 and is based in San Francisco, California.


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, Secondary Buyout

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (8.0/yr) # 107 8 13 8 7 4 147
vol $11.8B $2.0B $4.0B $8.4B $3.3B $29.5B
Sell (4.0/yr) # 61 5 10 3 - 2 81
vol $11.9B $10.0B $1.0B $22.8B
  228

Most Recent M&A

Company Date Value Type
Evite, Inc. 2024-11-01 - Growth Capital
Glendale, California · www.evite.com
AdvancedMD Software, Inc. 2024-10-30 - Divestiture
South Jordan, Utah · www.advancedmd.com
iconectiv, LLC 2024-08-16 1.0B USD Divestiture
Bridgewater, New Jersey · www.iconectiv.com
QGenda, Inc. 2024-08-12 - Trade Sale
Atlanta, Georgia · www.qgenda.com
Synopsys Software Integrity Group 2024-05-06 2.1B USD Divestiture
Mountain View, California
Jama Software, Inc. 2024-03-14 1.2B USD Secondary Buyout
Portland, Oregon · www.jamasoftware.com
Blancco Technology Group plc 2023-12-05 197M EUR Going Private
Bishop's Stortford, United Kingdom · www.blancco.com
Muse Group 2023-12-04 - Growth Capital
San Francisco, California · www.mu.se
The Weather Company - Digital Assets 2023-08-22 - Divestiture
Atlanta, Georgia
New Relic, Inc. 2023-07-31 6.5B USD Going Private
San Francisco, California · www.newrelic.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
bswift LLC 2022-10-03 Evive Health LLC 2024-11-15 2
Chicago, Illinois · www.bswift.com Chicago, Illinois · www.goevive.com
Accela, Inc. 2017-09-29 Open Counter Enterprises, Inc. 2024-07-22 1
San Ramon, California · www.accela.com San Francisco, California · www.opencounter.com
Perforce Software, Inc. 2018-01-10 Delphix, Inc. 2024-02-14 8
Minneapolis, Minnesota · www.perforce.com Redwood City, California · www.delphix.com
Follett School Solutions 2021-09-01 Snowflake Technologies, Inc. 2024-01-23 2
McHenry, Illinois · www.follettlearning.com Austin, Texas · www.livingtree.com
Network Merchants LLC 2017-09-07 Sphere Commercial Division 2023-10-12 5
Schaumburg, Illinois · www.nmi.com Nashville, Tennessee
Discovery Education, Inc. 2022-03-09 DreamBox Learning, Inc. 2023-08-29 3
Charlotte, North Carolina · www.discoveryeducation.com Bellevue, Washington · www.dreambox.com
Forcepoint LLC 2020-10-26 Forcepoint G2CI 2023-07-10 1
Austin, Texas · www.forcepoint.com Austin, Texas
Renaissance Learning, Inc. 2018-05-03 GL Education Group Ltd. 2023-02-21 5
Wisconsin Rapids, Wisconsin · www.renaissance.com Brentford, United Kingdom · www.gl-education.com
Network Merchants LLC 2017-09-07 Agreement Express, Inc. 2022-12-06 4
Schaumburg, Illinois · www.nmi.com Vancouver, British Columbia · www.agreementexpress.com
SmartBear Software, Inc. 2017-05-03 Pactflow 2022-04-05 10
Beverly, Massachusetts · www.smartbear.com Sydney, Australia · www.pactflow.io

M&A by Sector

Sector Current # Value All-time # Value
Software 22 (32%) 5.1B (19%) 50 (34%) 5.9B (20%)
Internet Software and Services 20 (29%) 16.8B (65%) 28 (19%) 17.0B (58%)
Information Technology 9 (13%) 4.0B (15%) 26 (17%) 5.6B (19%)
Technology Hardware 2 (3%) - 10 (7%) 743M (3%)
Education 5 (7%) - 7 (5%) -
Financial Services 2 (3%) - 4 (3%) -
Semiconductors - - 4 (3%) -
Business Services - - 3 (2%) 71M (< 1%)
Information Services 3 (4%) - 3 (2%) -
Media 2 (3%) - 3 (2%) -
Communications - - 2 (1%) -
E-Commerce 2 (3%) - 2 (1%) -
Healthcare Services 1 (1%) - 2 (1%) -
Consumer Services 1 (1%) 197M (1%) 1 (1%) 197M (1%)
Digital Media - - 1 (1%) -
Electronics - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Marketing - - 1 (1%) -
Total 69 $26.1B 149 $29.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 59 (86%) 25.6B (98%) 124 (83%) 27.8B (94%)
  California 20 (29%) 14.3B (55%) 38 (26%) 14.9B (51%)
  New York 6 (9%) - 10 (7%) -
  Massachusetts 5 (7%) 4.3B (16%) 9 (6%) 4.3B (15%)
  Georgia 2 (3%) - 8 (5%) -
  Texas 4 (6%) - 7 (5%) -
  Washington 2 (3%) 325M (1%) 6 (4%) 476M (2%)
  Illinois 5 (7%) 1.5B (6%) 5 (3%) 1.5B (5%)
  Florida 2 (3%) - 5 (3%) -
  North Carolina 2 (3%) - 4 (3%) -
  New Jersey - - 4 (3%) 420M (1%)
  Pennsylvania 1 (1%) 4.0B (15%) 3 (2%) 4.0B (14%)
  Wisconsin 1 (1%) - 3 (2%) -
  Minnesota 1 (1%) - 3 (2%) -
  Michigan 1 (1%) - 3 (2%) -
  Oregon 1 (1%) 1.2B (5%) 2 (1%) 1.3B (4%)
  Maryland 1 (1%) - 2 (1%) 800M (3%)
  Utah 1 (1%) - 2 (1%) -
  Ohio 1 (1%) - 2 (1%) -
  Arizona - - 2 (1%) -
  South Carolina 1 (1%) - 1 (1%) -
  Mississippi 1 (1%) - 1 (1%) -
  Indiana 1 (1%) - 1 (1%) -
  Virginia - - 1 (1%) 126M (< 1%)
  Kansas - - 1 (1%) -
  Idaho - - 1 (1%) -
United Kingdom 3 (4%) 537M (2%) 8 (5%) 537M (2%)
Israel 2 (3%) - 6 (4%) 645M (2%)
Australia 1 (1%) - 3 (2%) 224M (1%)
Norway 1 (1%) - 2 (1%) 181M (1%)
Germany 1 (1%) - 1 (1%) -
Netherlands 1 (1%) - 1 (1%) -
Sweden 1 (1%) - 1 (1%) -
France - - 1 (1%) 77M (< 1%)
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 59 (86%) 25.6B (98%) 124 (83%) 27.8B (94%)
Cross-border 10 (14%) 537M (2%) 25 (17%) 1.7B (6%)
Total 69 $26.1B 149 $29.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 18 (26%) - 35 (23%) -
Divestiture 17 (25%) 7.9B (30%) 32 (21%) 9.0B (31%)
Buyout (LBO, MBO, MBI) 4 (6%) - 27 (18%) 382M (1%)
Secondary Buyout 18 (26%) 1.9B (7%) 24 (16%) 1.9B (6%)
Going Private 6 (9%) 16.3B (63%) 16 (11%) 18.1B (61%)
Stake Purchase 3 (4%) - 5 (3%) -
Consolidation 2 (3%) - 3 (2%) -
PIPE - - 3 (2%) -
Recapitalization - - 2 (1%) 130M (< 1%)
Add-on Acquisition - - 1 (1%) -
Venture 1 (1%) - 1 (1%) -
Total 69 $26.1B 149 $29.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 32 (40%) 10.4B (49%)
Secondary Sale 20 (25%) 7.3B (34%)
Trade Sale 18 (22%) 183M (1%)
IPO 6 (7%) -
Divestiture 2 (2%) 1.0B (5%)
Merger 2 (2%) 600M (3%)
1 (1%) 1.7B (8%)
Total 81 $21.2B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
 8
Raymond James - Investment Banking
 6
Jefferies
 5
Legal Deals
Kirkland & Ellis
 38
Paul Hastings
 13
Shearman & Sterling
 8

Deal Values

buy # Total
> $1B 8 $24.7B
$100M to $1B 16 $4.4B
< $100M 5 $419M
TOTAL $29.5B
Largest New Relic, Inc.
$6.5B (2023-07-31)
sell # Total
> $1B 9 $16.6B
$100M to $1B 16 $6.2B
< $100M 1 $28M
TOTAL $22.8B
Largest Quest Software Systems, Inc.
$5.4B (2021-11-29)

M&A Connections

Deals
Acquired from
Investor(s)
17%
25 (17%)
Strategic(s)
21%
32 (21%)
Exited to
Investor(s)
26%
21 (26%)
Strategic(s)
65%
53 (65%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

45.0B USD

Established

1999

Specialist/Generalist

Specialist

Leadership

Dipanjan Deb

Co-Founder & CEO

Neil Garfinkel

Co-Founder & Partner Emeritus

Sanford Robertson

Co-Founder & Partner Emeritus

John Herr

CFO

David Golob

CIO

FAQ

When was Francisco Partners founded?

Francisco Partners was founded in 1999.

What type of investor is Francisco Partners?

Francisco Partners is a private equity firm.

Where is Francisco Partners headquartered?

Francisco Partners is headquartered in San Francisco, California.

How much capital does Francisco Partners have under management?

Francisco Partners has 45.0B USD under management.

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