M&A Deal Summary

Hellman & Friedman, The Blackstone Group, JMI Equity and GIC Acquire The Ultimate Software Group

On February 4, 2019, private equity firm Hellman & Friedman, private equity firm The Blackstone Group, private equity firm JMI Equity and sovereign wealth fund GIC acquired internet software and services company The Ultimate Software Group for 11.0B USD

Acquisition Highlights
  • This is Hellman & Friedman’s 7th, The Blackstone Group’s 9th, JMI Equity’s 32nd and GIC’s 3rd transaction in the Internet Software and Services sector.
  • This is Hellman & Friedman’s 4th, The Blackstone Group’s 12th, JMI Equity’s and GIC’s 3rd largest (disclosed) transaction.
  • This is Hellman & Friedman’s 50th, The Blackstone Group’s 154th, JMI Equity’s 90th and GIC’s 6th transaction in the United States.
  • This is Hellman & Friedman’s 3rd, The Blackstone Group’s 7th, JMI Equity’s 3rd and GIC’s 1st transaction in Florida.
Investment Fate
  • The Ultimate Software Group merged with another company in 2020.

M&A Deal Summary

Date 2019-02-04
Target The Ultimate Software Group
Sector Internet Software and Services
Buyer(s) Hellman & Friedman
The Blackstone Group
JMI Equity
GIC
Deal Type Going Private
Deal Value 11.0B USD
Advisor(s) Goldman Sachs (Financial)
Stroock & Stroock & Lavan (Legal)

Target

The Ultimate Software Group

Weston, Florida, United States
website
The Ultimate Software Group, Inc. is a provider of cloud-based human capital management (HCM) solutions. Ultimate delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively. The Ultimate Software Group was founded in 1990 and is based in Weston, Florida.

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Buyer(S) 4

Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 72 of 87
Sector (Internet Software and Services) 7 of 10
Type (Going Private) 14 of 17
State (Florida) 3 of 4
Country (United States) 50 of 60
Year (2019) 1 of 2
Size (of disclosed) 4 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-05 ABRA Auto Body & Glass

Brooklyn Park, Minnesota, United States

ABRA Auto Body & Glass is a provider of vehicle damage repair services specializing in collision repair, paintless dent removal, and auto glass repair and replacement. ABRA Auto Body & Glass was founded in 1984 and is based in Brooklyn Park, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-24 Grocery Outlet

Emeryville, California, United States

Grocery Outlet is a value retailer of quality, name-brand consumables and fresh products sold through a network of independently operated stores. Grocery Outlet has more than 350 stores in California, Washington, Oregon, Pennsylvania, Idaho and Nevada. Grocery Outlet stores carry an ever-changing assortment of “WOW!” deals, complemented by everyday staple products. Grocery Outlet was founded in 1946 and is based in Emeryville, California.

Sell -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 247 of 319
Sector (Internet Software and Services) 9 of 21
Type (Going Private) 24 of 32
State (Florida) 7 of 10
Country (United States) 154 of 201
Year (2019) 2 of 16
Size (of disclosed) 12 of 167
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-31 Tallgrass Energy Partners

Overland Park, Kansas, United States

Tallgrass Energy is a family of companies formed to own, operate, acquire and develop midstream energy assets in North America. The Tallgrass Energy family is comprised of Tallgrass Energy Partners, LP, a master limited partnership, and Tallgrass Development, LP.

Buy $3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-20 Lionpoint Group

New York, New York, United States

Lionpoint Group is a global consult tech firm focused on delivering operational transformation and enabling technology solutions to the alternative investments industry. Lionpoint Group provides strategy and project-based services in process optimization, technology implementation, and end-to-end operational improvement across the front, middle and back-office. The company has offices in New York, San Francisco, London, Geneva, and Sydney. Lionpoint Group was founded in 2014 and is based in New York City.

Buy -
Buyer

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 7.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

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.


DEAL STATS #
Overall 103 of 125
Sector (Internet Software and Services) 32 of 40
Type (Going Private) 7 of 7
State (Florida) 3 of 3
Country (United States) 90 of 109
Year (2019) 4 of 8
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-04 Rsam

Secaucus, New Jersey, United States

Rsam is a provider of Governance, Risk and Compliance (“GRC”) software platform. The Rsam Platform delivers unparalleled flexibility for companies to leverage out-of-the-box solutions and build-your-own (BYO) applications for a wide range of compliance, risk, and security functions. Premier organizations and government regulators rely on Rsam to obtain superior intelligence, control, and visibility of their enterprise-wide GRC and security posture.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-21 Lytics

Portland, Oregon, United States

Lytics helps enterprises orchestrate individually personalized marketing experiences through the industry’s most advanced Customer Data Platform (CDP). Since 2014, Lytics has enabled popular media, entertainment, consumer goods, travel, hospitality, and tech brands to execute one-to-one marketing programs that their customers welcome.

Buy -
DESCRIPTION

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.


DEAL STATS #
Overall 24 of 38
Sector (Internet Software and Services) 3 of 4
Type (Going Private) 2 of 4
State (Florida) 1 of 1
Country (United States) 6 of 13
Year (2019) 1 of 7
Size (of disclosed) 3 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-18 Capital First

Mumbai, India

Capital First is a diversified specialty finance company that provides loans to retail customers (including secured loans to small and medium enterprises, consumer durables loans, two-wheelers loans and gold loans) and corporates including loans to real estate developers and loans to business owners secured against shares of publicly traded companies. Capital First is based in Mumbai, India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-06 Turnitin

Oakland, California, United States

Turnitin is a provider of academic integrity and writing solutions and supports authentic work across the curriculum. Turnitin provides instructors with the tools to prevent plagiarism, engage students in the writing process, and provide personalized feedback. Turnitin was founded in 1997 and is based in Oakland, California.

Sell $1.8B