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Updata Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Updata Partners has invested in 6 companies.

Updata Partners’ most common sectors for investment aresoftware (48%) and information technology (21%) . The Firm’s most common investment types include venture (64%) and growth capital (24%). In total, Updata Partners has invested in 22 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired Numara Software for $200M.

In the last 3 years, Updata Partners has exited 2 companies. The Firm’s most common exit type is trade sale (72%). Updata Partners’ largest (disclosed) exit occurred in 2015 when it sold Trustwave Holdings for $810M.

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M&A Summary

  • M&A Total Activity113
    • M&A Buy Activity68
    • M&A Sell Activity45
  • Total Sectors Invested 10
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 53

Updata Partners

Updata Partners

2100 L Street NW Suite 500,
Washington, District of Columbia 20037
United States
(202) 618–8750
www.updata.com
info@updata.com

Updata Partners is the investment affiliate of Updata Advisors, an East Coast US based investment bank. Updata Partners looks to invest in growth oriented information technology businesses from early-stage to buyout, with revenues up to $50 million. Updata Partners typically invests between $15 and $150 million as a lead or co-lead investor. Within information technology, Updata has specific interest in; infrastructure software, physical and digital security, storage software, educational software, internet and interactive technology, media and wireless infrastructure and services, financial technology software, retail technology, business intelligence, subscription-based and on-demand information services, and business services. Updata Partners was formed in 1998 and is based in Washington DC.


Investment Criteria

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

Target Transaction Types: Growth Capital, Recapitalization, Venture

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

Transaction Criteria Min Max
Target Revenue 5 50
Target EBITDA - -
Investment Size 15 150
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.2/yr) # 57 5 4 1 1 - 68
vol $212M $212M
Sell (0.8/yr) # 41 2 1 - 1 - 45
vol $2.5B $45M $2.6B
  113

Most Recent M&A

Company Date Value Type
Flyp Technologies, Inc. 2024-07-15 - Trade Sale
Toronto, Ontario · www.uberflip.com
PerformYard, Inc. 2024-01-09 - Growth Capital
Arlington, Virginia · www.performyard.com
FusionAuth 2023-11-01 - Growth Capital
Westminster, Colorado · www.fusionauth.io
Nerdio, Inc. 2022-12-14 - Venture
Chicago, Illinois · www.getnerdio.com
Benivo Ltd. 2022-09-13 - Growth Capital
London, United Kingdom · www.benivo.com
MP Objects B.V. 2022-08-15 45M USD Trade Sale
Rotterdam, Netherlands · www.mpo.com
Improvado, Inc. 2022-05-13 - Venture
San Diego, California · www.improvado.io
Shufti Pro Ltd. 2022-03-16 - Venture
London, United Kingdom · www.shuftipro.com
PathFactory, Inc. 2021-11-08 - Secondary Buyout
Toronto, Ontario · www.pathfactory.com
Land Technologies Ltd. 2021-10-08 - Venture
London, United Kingdom · www.land.tech
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
PathFactory, Inc. 2021-11-08 Flyp Technologies, Inc. 2024-07-15 1
Toronto, Ontario · www.pathfactory.com Toronto, Ontario · www.uberflip.com

M&A by Sector

Sector Current # Value All-time # Value
Software 13 (50%) - 32 (47%) 212M (100%)
Information Technology 6 (23%) - 14 (21%) -
Internet Software and Services 4 (15%) - 11 (16%) -
Staffing 1 (4%) - 3 (4%) -
Communications 1 (4%) - 2 (3%) -
Digital Media - - 2 (3%) -
Education - - 1 (1%) -
Healthcare Services - - 1 (1%) -
Media 1 (4%) - 1 (1%) -
Technology Hardware - - 1 (1%) -
Total 26 - 68 $212M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (77%) - 58 (85%) 212M (100%)
  Virginia 1 (4%) - 8 (12%) -
  Illinois 4 (15%) - 6 (9%) -
  Texas 3 (12%) - 5 (7%) -
  Massachusetts 1 (4%) - 5 (7%) 9M (4%)
  New York - - 4 (6%) -
  New Jersey - - 4 (6%) -
  Oregon 3 (12%) - 3 (4%) -
  Pennsylvania 2 (8%) - 3 (4%) -
  Florida 1 (4%) - 3 (4%) 200M (95%)
  California 1 (4%) - 3 (4%) -
  Ohio 2 (8%) - 2 (3%) -
  North Carolina 1 (4%) - 2 (3%) -
  Colorado 1 (4%) - 1 (1%) -
  District of Columbia - - 1 (1%) 3M (1%)
  Washington - - 1 (1%) -
  Utah - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Michigan - - 1 (1%) -
  Maryland - - 1 (1%) -
  Georgia - - 1 (1%) -
  Connecticut - - 1 (1%) -
  Arkansas - - 1 (1%) -
United Kingdom 4 (15%) - 4 (6%) -
Canada 2 (8%) - 3 (4%) -
  Ontario 2 (8%) - 3 (4%) -
Netherlands - - 2 (3%) -
Israel - - 1 (1%) -
Domestic 20 (77%) - 58 (85%) 212M (100%)
Cross-border 6 (23%) - 10 (15%) -
Total 26 - 68 $212M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 17 (65%) - 43 (63%) 12M (5%)
Growth Capital 8 (31%) - 16 (24%) -
Divestiture - - 3 (4%) 200M (95%)
Buyout (LBO, MBO, MBI) - - 1 (1%) -
Consolidation - - 1 (1%) -
PIPE - - 1 (1%) -
Recapitalization - - 1 (1%) -
Secondary Buyout 1 (4%) - 1 (1%) -
Stake Purchase - - 1 (1%) -
Total 26 - 68 $212M

Exits by Deal Type

Type Total # Value
Trade Sale 17 (38%) 768M (30%)
Trade Sale - Public Company 15 (33%) 1.8B (70%)
Secondary Sale 7 (16%) -
IPO 3 (7%) -
Bankruptcy 1 (2%) -
Divestiture 1 (2%) -
Stake Sale 1 (2%) -
Total 45 $2.6B

Deal Values

buy # Total
$100M to $1B 1 $200M
< $100M 2 $12M
TOTAL $212M
Largest Numara Software, Inc.
$200M (2005-12-15)
sell # Total
$100M to $1B 8 $2.4B
< $100M 2 $117M
TOTAL $2.6B
Largest Trustwave Holdings, Inc.
$810M (2015-04-08)

M&A Connections

Deals
Acquired from
Investor(s)
1%
1 (1%)
Strategic(s)
4%
3 (4%)
Exited to
Investor(s)
18%
8 (18%)
Strategic(s)
73%
33 (73%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

1.5B USD

Established

1998

Specialist/Generalist

Specialist

Leadership

Barry Goldsmith

Co-Founder & Operating Partner

Ira Cohen

Co-Founder & Operating Partner

John Burton

Co-Founder & Operating Partner

Greg Olear

CFO

Carter Griffin

General Partner

FAQ

When was Updata Partners founded?

Updata Partners was founded in 1998.

What type of investor is Updata Partners?

Updata Partners is a growth capital firm.

Where is Updata Partners headquartered?

Updata Partners is headquartered in Washington, District of Columbia.

How much capital does Updata Partners have under management?

Updata Partners has 1.5B USD under management.

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