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Sunstone Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Sunstone Partners has acquired 1 company. It has also invested in 4 others.

Sunstone Partners’ most common sectors for investment areinformation technology (44%) and business services (25%) . The Firm’s most common investment types include growth capital (82%) and consolidation (7%). In total, Sunstone Partners has invested in 10 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2022 when it acquired User Testing for $1.3B.

In the last 3 years, Sunstone Partners has exited 4 companies. The Firm’s most common exit type is trade sale (40%).

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M&A Summary

  • M&A Total Activity21
    • M&A Buy Activity16
    • M&A Sell Activity5
  • Total Sectors Invested 4
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 5
  • M&A Advisors 3

Sunstone Partners

Sunstone Partners

400 S El Camino Real, Suite 300,
San Mateo, California 94402
United States
(650) 289-4400
www.sunstonepartners.com
info@sunstonepartners.com

Sunstone Partners is a private investment firm focused on growth equity investments in and majority buyouts of tech companies. The Firm targets opportunities throughout North American and seeks businesses with at least $20 million in revenues and at least 20% of yearly growth. Sunstone Partners was formed in 2015 from a team that previously worked together at Trident Capital. The Firm is based in San Mateo, California.


Investment Criteria

Sectors of Interest: Business Services, Information Technology, Internet Software and Services, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Going Private, Growth Capital, Venture

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 20 -
Target EBITDA - -
Investment Size 75 200
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.4/yr) # 9 2 2 1 2 - 16
vol $1.3B $1.3B
Sell (0.8/yr) # 1 - 1 2 1 - 5
  21
+110161718192021141522230

Most Recent M&A

Company Date Value Type
KMS Technology, Inc. 2024-11-22 - Growth Capital
Atlanta, Georgia · www.kms-technology.com
RSource LLC 2024-08-22 - Secondary Sale
Boca Raton, Florida · www.knowtionhealth.com
Accuhealth Technologies LLC 2024-04-16 - Growth Capital
McAllen, Texas · www.accuhealth.tech
Thirdera LLC 2023-12-13 - Trade Sale
Leesburg, Virginia · www.thirdera.com
EverService Holdings LLC 2023-09-14 - Growth Capital
Phoenix, Arizona · www.everservice.com
UserZoom Technologies, Inc. 2023-04-03 - Merger
Los Gatos, California · www.userzoom.com
User Testing, Inc. 2022-10-27 1.3B USD Going Private
San Francisco, California · www.usertesting.com
NetSPI LLC 2022-10-05 - Secondary Sale
Minneapolis, Minnesota · www.netspi.com
OSF Global Services, Inc. 2022-04-13 - Venture
Quebec City, Quebec · www.osf.digital
Vcheck Global LLC 2021-11-30 - Growth Capital
New York, New York · www.vcheckglobal.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
User Testing, Inc. 2022-10-27 UserZoom Technologies, Inc. 2023-04-03 1
San Francisco, California · www.usertesting.com Los Gatos, California · www.userzoom.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 5 (42%) - 7 (44%) -
Business Services 3 (25%) - 4 (25%) -
Internet Software and Services 2 (17%) 1.3B (100%) 3 (19%) 1.3B (100%)
Healthcare Services 2 (17%) - 2 (13%) -
Total 12 $1.3B 16 $1.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (92%) 1.3B (100%) 15 (94%) 1.3B (100%)
  California 2 (17%) 1.3B (100%) 4 (25%) 1.3B (100%)
  Arizona 3 (25%) - 3 (19%) -
  Texas 1 (8%) - 1 (6%) -
  Pennsylvania 1 (8%) - 1 (6%) -
  New York 1 (8%) - 1 (6%) -
  Maryland 1 (8%) - 1 (6%) -
  Illinois 1 (8%) - 1 (6%) -
  Georgia 1 (8%) - 1 (6%) -
  Minnesota - - 1 (6%) -
  Florida - - 1 (6%) -
Canada 1 (8%) - 1 (6%) -
  Quebec 1 (8%) - 1 (6%) -
Total 12 $1.3B 16 $1.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 9 (75%) - 13 (81%) -
Going Private 1 (8%) 1.3B (100%) 1 (6%) 1.3B (100%)
Consolidation 1 (8%) - 1 (6%) -
Venture 1 (8%) - 1 (6%) -
Total 12 $1.3B 16 $1.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 2 (40%) -
Merger 1 (20%) -
Trade Sale 1 (20%) -
Trade Sale - Public Company 1 (20%) -
Total 5 -

Top M&A Advisors

Financial Deals
Canaccord Genuity
 1
Legal Deals
Choate Hall & Stewart
 4
Goodwin Procter
 1

Deal Values

buy # Total
> $1B 1 $1.3B
TOTAL $1.3B
Largest User Testing, Inc.
$1.3B (2022-10-27)

M&A Connections

Deals
Exited to
Investor(s)
40%
2 (40%)
Strategic(s)
60%
3 (60%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

1.7B USD

Established

2015

Specialist/Generalist

Specialist

Leadership

Arneek Multani

Co-Founder & Managing Director

Gus Alberelli

Co-Founder & Managing Director

Mike Biggee

Co-Founder & Managing Director

John Moragne

Co-Founder & Senior Advisor

Ankur Rathi

Partner

FAQ

When was Sunstone Partners founded?

Sunstone Partners was founded in 2015.

What type of investor is Sunstone Partners?

Sunstone Partners is a growth capital firm.

Where is Sunstone Partners headquartered?

Sunstone Partners is headquartered in San Mateo, California.

How much capital does Sunstone Partners have under management?

Sunstone Partners has 1.7B USD under management.

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