JMI Equity Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, JMI Equity has acquired 2 companies. It has also invested in 14 others.

JMI Equity’s most common sectors for investment aresoftware (46%) and internet software and services (33%) . The Firm’s most common investment types include growth capital (40%) and venture (23%). In total, JMI Equity has invested in 26 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired The Ultimate Software Group for $11.0B.

In the last 3 years, JMI Equity has exited 6 companies. The Firm’s most common exit type is trade sale (64%). JMI Equity’s largest (disclosed) exit occurred in 2015 when it sold Ellucian for $3.5B.

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M&A Summary

  • M&A Total Activity233
    • M&A Buy Activity127
    • M&A Sell Activity106
  • Total Sectors Invested 11
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 113
  • M&A Advisors 9

JMI Equity

100 International Drive, Suite 19100,
Baltimore, Maryland 21202
United States
(410) 951-0200
www.jmi.com
contact@jmi.com

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Targeted businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit at least $10 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.


Investment Criteria

Sectors of Interest: Business Services, Digital Media, E-Commerce, Information Technology, Internet Software and Services, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Secondary Buyout, Stake Purchase, Venture, Merger

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Nordic

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 15 125
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (3.8/yr) # 108 3 10 3 1 2 127
vol $19.6B $19.6B
Sell (2.2/yr) # 95 5 1 4 - 1 106
vol $19.8B $715M $20.5B
  233

Most Recent M&A

Company Date Value Type
Code42 Software, Inc. 2024-07-24 - Trade Sale
Minneapolis, Minnesota · www.code42.com
Agiloft, Inc. 2024-05-30 - Secondary Buyout
Redwood City, California · www.agiloft.com
Safe Software, Inc. 2024-01-11 - Growth Capital
Surrey, British Columbia · www.safe.com
Visiting Media LLC 2023-01-19 - Growth Capital
Carlton, Oregon · www.visitingmedia.com
Zarya Intermediate LLC 2022-10-04 - Consolidation
Atlanta, Georgia · www.eptura.com
Condeco Group Ltd. 2022-10-04 - Merger
London, United Kingdom · www.condecosoftware.com
ARCHIBUS, Inc. 2022-10-04 - Merger
Boston, Massachusetts · www.archibus.com
Vantaca LLC 2022-09-27 - Growth Capital
Wilmington, North Carolina · www.vantaca.com
Performio 2022-06-14 - Growth Capital
Irvine, California · www.performio.co
Jvion, Inc. 2022-05-31 - Trade Sale
Johns Creek, Georgia · www.jvion.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Applied Systems, Inc. 2014-01-24 Planck Resolution Ltd. 2024-07-23 9
University Park, Illinois · www1.appliedsystems.com New York, New York · www.planckdata.com
UKG, Inc. 2007-03-23 Immedis 2023-06-06 22
Lowell, Massachusetts · www.ukg.com Dublin, Ireland · www.immedis.com
Zarya Intermediate LLC 2022-10-04 Condeco Group Ltd. 2022-10-04 3
Atlanta, Georgia · www.eptura.com London, United Kingdom · www.condecosoftware.com
Zarya Intermediate LLC 2022-10-04 iOFFICE LLC 2022-10-04 2
Atlanta, Georgia · www.eptura.com Houston, Texas · www.iofficecorp.com
Zarya Intermediate LLC 2022-10-04 ARCHIBUS, Inc. 2022-10-04 1
Atlanta, Georgia · www.eptura.com Boston, Massachusetts · www.archibus.com
UKG, Inc. 2007-03-23 Ascentis Corp. 2022-03-09 21
Lowell, Massachusetts · www.ukg.com Eden Prairie, Minnesota · www.ascentis.com
UKG, Inc. 2007-03-23 The Ultimate Software Group, Inc. 2020-02-20 20
Lowell, Massachusetts · www.ukg.com Weston, Florida · www.ultimatesoftware.com
UKG, Inc. 2007-03-23 Cadient LLC 2019-06-17 2
Lowell, Massachusetts · www.ukg.com Morrisville, North Carolina · www.cadienttalent.com
UKG, Inc. 2007-03-23 AD OPT Technologies, Inc. 2019-05-19 1
Lowell, Massachusetts · www.ukg.com Montreal, Quebec · www.ad-opt.com
Applied Systems, Inc. 2014-01-24 Relay Software Ltd. 2016-08-09 8
University Park, Illinois · www1.appliedsystems.com Antrim, Ireland · www.relay.ie

M&A by Sector

Sector Current # Value All-time # Value
Software 14 (35%) - 58 (46%) 3.3B (18%)
Internet Software and Services 21 (53%) 1.8B (100%) 41 (32%) 13.9B (78%)
Information Technology 1 (3%) - 10 (8%) -
Business Services - - 6 (5%) -
Marketing 1 (3%) - 4 (3%) -
Education 1 (3%) - 3 (2%) -
Digital Media - - 1 (1%) 640M (4%)
E-Commerce 1 (3%) - 1 (1%) -
Financial Services - - 1 (1%) -
Healthcare Services 1 (3%) - 1 (1%) -
Insurance - - 1 (1%) -
Total 40 $1.8B 127 $17.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 36 (90%) 3.6B (100%) 111 (87%) 19.4B (99%)
  California 8 (20%) - 25 (20%) 640M (3%)
  Massachusetts 1 (3%) 1.8B (50%) 10 (8%) 1.8B (9%)
  Texas 3 (8%) - 9 (7%) 1.2B (6%)
  Virginia 3 (8%) - 9 (7%) 570M (3%)
  New York 2 (5%) - 8 (6%) 1.1B (6%)
  Indiana 4 (10%) - 5 (4%) -
  Georgia 3 (8%) - 5 (4%) -
  Illinois 2 (5%) 1.8B (50%) 5 (4%) 1.8B (9%)
  Oregon 3 (8%) - 3 (2%) -
  North Carolina 2 (5%) - 3 (2%) -
  Arizona 1 (3%) - 3 (2%) -
  Florida - - 3 (2%) 11.0B (56%)
  Colorado - - 3 (2%) -
  Pennsylvania - - 3 (2%) -
  Utah 1 (3%) - 2 (2%) -
  Maryland 1 (3%) - 2 (2%) -
  Connecticut - - 2 (2%) -
  New Jersey - - 2 (2%) -
  Kentucky - - 2 (2%) -
  Nebraska 1 (3%) - 1 (1%) -
  Iowa 1 (3%) - 1 (1%) -
  Alabama - - 1 (1%) 1.3B (7%)
  Washington - - 1 (1%) -
  South Carolina - - 1 (1%) -
  Missouri - - 1 (1%) -
  Minnesota - - 1 (1%) -
Canada 4 (10%) - 12 (9%) 180M (1%)
  Ontario 2 (5%) - 8 (6%) -
  British Columbia 2 (5%) - 3 (2%) 180M (1%)
  Alberta - - 1 (1%) -
United Kingdom - - 3 (2%) 49M (< 1%)
Ireland - - 1 (1%) -
Domestic 36 (90%) 3.6B (100%) 111 (87%) 19.4B (99%)
Cross-border 4 (10%) - 16 (13%) 229M (1%)
Total 40 $3.6B 127 $19.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 26 (65%) - 50 (39%) 49M (< 1%)
Venture 8 (20%) - 29 (23%) -
Buyout (LBO, MBO, MBI) - - 23 (18%) 200M (1%)
Secondary Buyout 4 (10%) 1.8B (50%) 9 (7%) 3.4B (17%)
Going Private 1 (3%) 1.8B (50%) 7 (6%) 16.0B (82%)
Stake Purchase - - 4 (3%) -
Recapitalization - - 2 (2%) -
Acquisition Financing - - 1 (1%) -
Consolidation 1 (3%) - 1 (1%) -
Merger - - 1 (1%) -
Total 40 $3.6B 127 $19.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 35 (33%) 11.8B (60%)
Trade Sale 34 (32%) 2.1B (11%)
Secondary Sale 18 (17%) 5.7B (29%)
IPO 12 (11%) -
Merger 7 (7%) -
Total 106 $19.5B

Top M&A Advisors

Financial Deals
Morgan Stanley
 1
Qatalyst Partners
 1
Evercore Group
 1
Legal Deals
Goodwin Procter
 11
Stikeman Elliott
 1
Ropes & Gray
 1

Deal Values

buy # Total
> $1B 6 $18.0B
$100M to $1B 4 $1.6B
< $100M 1 $49M
TOTAL $19.6B
Largest The Ultimate Software Group, Inc.
$11.0B (2019-02-04)
sell # Total
> $1B 5 $11.7B
$100M to $1B 23 $8.5B
< $100M 6 $347M
TOTAL $20.5B
Largest Ellucian Co. L.P.
$3.5B (2015-08-14)

M&A Connections

Deals
Acquired from
Investor(s)
9%
11 (9%)
Exited to
Investor(s)
16%
17 (16%)
Strategic(s)
69%
73 (69%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

7.5B USD

Established

1992

Specialist/Generalist

Specialist

Leadership

Charles Noell

Co-founder

Harry Gruner

Co-founder & Executive Chairman

Peter Arrowsmith

Managing General Partner

Vincent Prajka

Partner

Maggie Schmitt

Partner & CFO

FAQ

When was JMI Equity founded?

JMI Equity was founded in 1992.

What type of investor is JMI Equity?

JMI Equity is a private equity firm.

Where is JMI Equity headquartered?

JMI Equity is headquartered in Baltimore, Maryland.

How much capital does JMI Equity have under management?

JMI Equity has 7.5B USD under management.

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