TCV Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, TCV has acquired 1 company. It has also invested in 2 others.

TCV’s most common sectors for investment areinternet software and services (31%) and software (29%) . The Firm’s most common investment types include venture (37%) and growth capital (29%). In total, TCV has invested in 19 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Travelport Worldwide for $4.3B.

In the last 3 years, TCV has exited 8 companies. The Firm’s most common exit type is trade sale (52%). TCV’s largest (disclosed) exit occurred in 2008 when it sold CNet Networks for $1.8B.

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M&A Summary

  • M&A Total Activity164
    • M&A Buy Activity82
    • M&A Sell Activity82
  • Total Sectors Invested 14
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 89
  • M&A Advisors 12

TCV

TCMI, Inc.

250 Middlefield Road,
Menlo Park, California 94025
United States
(650) 614-8200
www.tcv.com

Technology Crossover Ventures (TCV) is a private equity and venture capital firm focused on investments in growth technology companies. TCV looks to provide capital for growth, recapitalizations, acquisitions, and buyouts of technology companies in sectors such as internet, financial technology, infrastructure & communications, and software. TCV targets opportunities in North America and looks to commit between $10 and $500 million of equity capital per transaction. TCV was formed in 1995 and is based in Palo Alto, New York City, and London.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Consumer Services, Education, Electronics, Financial Services, Information Technology, Internet Software and Services, Marketing, Media, Publishing, Retail, Software, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Venture

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 500
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.8/yr) # 78 1 2 - - 1 82
vol $11.6B $11.6B
Sell (2.0/yr) # 73 2 3 3 1 1 83
vol $12.1B $12.1B
  165

Most Recent M&A

Company Date Value Type
Nasuni Corp. 2024-07-09 - Secondary Buyout
Boston, Massachusetts · www.nasuni.com
Avetta LLC 2024-04-02 - Secondary Sale
Lehi, Utah · www.avetta.com
Certinia 2023-07-26 - Secondary Sale
San Jose, California · www.financialforce.com
Rave Wireless, Inc. 2022-12-14 - Trade Sale
Framingham, Massachusetts · www.ravemobilesafety.com
OneSource Virtual, Inc. 2022-11-01 - Trade Sale
Dallas, Texas · www.onesourcevirtual.com
Retail Merchant Services Ltd. 2022-01-01 - Trade Sale
Milton Keynes, United Kingdom · www.retailmerchantservices.co.uk
Devo Technology, Inc. 2021-10-27 - Venture
Cambridge, Massachusetts · www.devo.com
Sportradar AG 2021-09-14 - IPO
Sankt Gallen, Switzerland · www.sportradar.com
Kipu Health LLC 2021-06-14 - Growth Capital
Miami, Florida · www.kipuhealth.com
Believe SAS 2021-06-10 - IPO
Paris, France · www.believe.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HireVue, Inc. 2019-09-03 Modern Hire, Inc. 2023-05-09 2
South Jordan, Utah · www.hirevue.com Cleveland, Ohio · www.modernhire.com
Genesys Cloud Services, Inc. 2012-02-01 Pointillist, Inc. 2021-10-07 18
Menlo Park, California · www.genesys.com Boston, Massachusetts · www.pointillist.com
Genesys Cloud Services, Inc. 2012-02-01 Bold360 2021-03-16 17
Menlo Park, California · www.genesys.com Boston, Massachusetts · www.bold360.com
Genesys Cloud Services, Inc. 2012-02-01 Angel.com Incorporated 2013-02-26 16
Menlo Park, California · www.genesys.com Vienna, Virginia · www.angel.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 7 (54%) - 25 (30%) 2.3B (20%)
Software 4 (31%) 1.4B (100%) 23 (28%) 1.6B (14%)
Information Technology 1 (8%) - 9 (11%) 5.1B (44%)
Financial Services 1 (8%) - 7 (9%) -
Business Services - - 5 (6%) -
Marketing - - 3 (4%) -
Information Services - - 2 (2%) 2.5B (22%)
E-Commerce - - 2 (2%) -
Communications - - 1 (1%) -
Consumer Products - - 1 (1%) -
Digital Media - - 1 (1%) -
Distribution - - 1 (1%) -
Education - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 13 $1.4B 82 $11.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (77%) 1.4B (100%) 70 (85%) 4.0B (35%)
  California 3 (23%) 1.4B (100%) 21 (26%) 1.4B (12%)
  New York 1 (8%) - 12 (15%) 122M (1%)
  Massachusetts 2 (15%) - 7 (9%) -
  Texas 1 (8%) - 7 (9%) 200M (2%)
  Washington - - 4 (5%) -
  Illinois - - 3 (4%) -
  Utah 1 (8%) - 2 (2%) -
  Georgia 1 (8%) - 2 (2%) -
  Pennsylvania - - 2 (2%) 71M (1%)
  Florida 1 (8%) - 1 (1%) -
  Arizona - - 1 (1%) 2.3B (19%)
  Virginia - - 1 (1%) -
  South Carolina - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Missouri - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Maryland - - 1 (1%) -
  Indiana - - 1 (1%) -
  Colorado - - 1 (1%) -
United Kingdom 1 (8%) - 4 (5%) 4.3B (37%)
Canada 1 (8%) - 3 (4%) -
  Ontario - - 2 (2%) -
  British Columbia 1 (8%) - 1 (1%) -
Finland 1 (8%) - 1 (1%) -
Switzerland - - 1 (1%) 2.4B (21%)
India - - 1 (1%) 830M (7%)
China - - 1 (1%) -
France - - 1 (1%) -
Total 13 $1.4B 82 $11.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 2 (15%) - 30 (37%) -
Growth Capital 5 (38%) - 23 (28%) -
Buyout (LBO, MBO, MBI) 1 (8%) - 12 (15%) 2.6B (22%)
Secondary Buyout 3 (23%) - 6 (7%) 3.2B (28%)
Stake Purchase - - 4 (5%) 71M (1%)
PIPE 1 (8%) - 3 (4%) -
Divestiture 1 (8%) 1.4B (100%) 2 (2%) 5.7B (49%)
Recapitalization - - 2 (2%) -
Total 13 $1.4B 82 $11.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 35 (42%) 8.1B (71%)
IPO 21 (25%) -
Trade Sale 16 (19%) 2.3B (20%)
Secondary Sale 4 (5%) 1.1B (10%)
Merger 3 (4%) -
Bankruptcy 2 (2%) -
Sold to Management 1 (1%) -
SPAC 1 (1%) -
Total 83 $11.5B

Top M&A Advisors

Financial Deals
RBC Capital Markets
 1
Deutsche Bank Corporate & Investment Banking
 1
Triple Tree LLC
 1
Legal Deals
Weil Gotshal & Manges
 2
Kirkland & Ellis
 2
Gunderson Dettmer
 1

Deal Values

buy # Total
> $1B 4 $10.3B
$100M to $1B 3 $1.2B
< $100M 1 $71M
TOTAL $11.6B
Largest Travelport Worldwide Ltd.
$4.3B (2006-08-23)
sell # Total
> $1B 3 $4.0B
$100M to $1B 18 $7.9B
< $100M 3 $181M
TOTAL $12.1B
Largest CNet Networks, Inc.
$1.8B (2008-06-30)

M&A Connections

Deals
Acquired from
Investor(s)
7%
6 (7%)
Strategic(s)
2%
2 (2%)
Exited to
Investor(s)
5%
4 (5%)
Strategic(s)
53%
44 (53%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

21.0B USD

Established

1995

Specialist/Generalist

Specialist

Leadership

Jay Hoag

Founding General Partner

Rick Kimball

Founding General Partner

Amol Helekar

General Partner

Gautam Gupta

General Partner

Gopi Vaddi

General Partner

FAQ

When was TCV founded?

TCV was founded in 1995.

What type of investor is TCV?

TCV is a private equity firm.

Where is TCV headquartered?

TCV is headquartered in Menlo Park, California.

How much capital does TCV have under management?

TCV has 21.0B USD under management.

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