JMI Equity Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, JMI Equity has acquired 1 company. It has also invested in 11 others.

JMI Equity’s most common sectors for investment are software (46%) and internet software and services (31%). The Firm’s most common investment types include growth capital (31%) and venture (25%). In total, JMI Equity has invested in 25 US states and 5 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 18 companies. The Firm’s most common exit type is trade sale (65%). 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 Activity201
    • M&A Buy Activity105
    • M&A Sell Activity96
  • Total Sectors Invested 10
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 115
  • M&A Advisors 7

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. Target 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 $10 to $100 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Digital Media, E-Commerce, Education, Energy Services and Equipment, Financial Services, Franchising, Healthcare Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Manufacturing, Marketing, Media, Safety/Security, Software, Staffing, Utilities

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

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (4.0/yr) # 85 5 2 6 7 - 105
vol $7.6B $11.0B $18.6B
Sell (4.2/yr) # 75 3 3 5 8 2 96
vol $16.1B $500M $510M $1.6B $1.1B $19.8B
  201

Most Recent M&A

Company Date Value Type
CoreHR Ltd. 2020-03-05 - Add-on Acquisition
Cork, Ireland · www.corehr.com
The Ultimate Software Group, Inc. 2020-02-20 - Merger
Weston, Florida · www.ultimatesoftware.com
The Search Agency, Inc. 2019-12-18 - Add-on Acquisition
Los Angeles, California · www.thesearchagency.com
Innovative Interfaces, Inc. 2019-12-05 - Add-on Acquisition
Emeryville, California · www.iii.com
Schoology, Inc. 2019-10-24 - Add-on Acquisition
New York, New York · www.schoology.com
Themis Solutions, Inc. 2019-09-04 - Secondary Buyout
Burnaby, British Columbia · www.clio.com
Unanet 2019-06-11 - Growth Capital
Dulles, Virginia · www.unanet.com
Intelex Technologies Inc. 2019-06-06 570M USD Trade Sale
Toronto, Ontario · www.intelex.com
Workfront, Inc. 2019-03-13 280M USD Secondary Buyout
Lehi, Utah · www.workfront.com
WhiteHat Security, Inc. 2019-03-05 - Add-on Acquisition
Santa Clara, California · www.whitehatsec.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Kronos, Inc. 2014-02-21 The Ultimate Software Group, Inc. 2020-02-20 9
Chelmsford, Massachusetts · www.kronos.com Weston, Florida · www.ultimatesoftware.com
Applied Systems, Inc. 2014-01-24 Indio Technologies, Inc. 2019-12-04 7
University Park, Illinois · www.appliedsystems.com San Francisco, California · www.useindio.com
Applied Systems, Inc. 2014-01-24 Policy Works, Inc. 2019-10-15 6
University Park, Illinois · www.appliedsystems.com Calgary, Alberta · www.policyworks.com
Kronos, Inc. 2014-02-21 Optimum Solutions, Inc. 2019-10-02 8
Chelmsford, Massachusetts · www.kronos.com Nashville, Tennessee · www.optimumhris.com
Kronos, Inc. 2014-02-21 Cadient Talent 2019-06-17 2
Chelmsford, Massachusetts · www.kronos.com Chelmsford, Massachusetts · www.cadienttalent.com
Kronos, Inc. 2014-02-21 AD OPT Technologies, Inc. 2019-05-19 1
Chelmsford, Massachusetts · www.kronos.com Montreal, Quebec · www.ad-opt.com
Applied Systems, Inc. 2014-01-24 TechCanary Corp. 2019-04-10 5
University Park, Illinois · www.appliedsystems.com Milwaukee, Wisconsin · www.techcanary.com
Arena Solutions, Inc. 2017-08-22 Omnify Software 2018-10-24 1
Foster City, California · www.arenasolutions.com Andover, Massachusetts · www.omnifysoft.com
Applied Systems, Inc. 2014-01-24 Dynamis Software Corp. 2018-10-17 4
University Park, Illinois · www.appliedsystems.com Milwaukee, Wisconsin · www.dynamiscorp.com
Kronos, Inc. 2014-02-21 Digital Instinct Pty Ltd. 2017-07-27 7
Chelmsford, Massachusetts · www.kronos.com Queensland, Australia

M&A by Sector

Sector Current # Value All-time # Value
Software 8 (28%) 1.8B (71%) 48 (46%) 5.1B (27%)
Internet Software and Services 16 (55%) 750M (29%) 32 (30%) 12.9B (69%)
Information Technology 1 (3%) - 9 (9%) -
Business Services - - 6 (6%) -
Marketing 3 (10%) - 4 (4%) -
Digital Media - - 2 (2%) 640M (3%)
E-Commerce 1 (3%) - 1 (1%) -
Education - - 1 (1%) -
Financial Services - - 1 (1%) -
Insurance - - 1 (1%) -
Total 29 $2.6B 105 $18.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 26 (90%) 2.6B (100%) 90 (86%) 18.4B (99%)
  California 4 (14%) - 18 (17%) 640M (3%)
  New York 3 (10%) - 9 (9%) 1.1B (6%)
  Massachusetts 2 (7%) 750M (29%) 9 (9%) 750M (4%)
  Texas 3 (10%) - 8 (8%) 1.2B (6%)
  Virginia 2 (7%) - 8 (8%) 570M (3%)
  Illinois 2 (7%) 1.8B (71%) 5 (5%) 1.8B (10%)
  Georgia 2 (7%) - 3 (3%) -
  Florida - - 3 (3%) 11.0B (59%)
  New Jersey - - 3 (3%) -
  Indiana 2 (7%) - 2 (2%) -
  Utah 1 (3%) - 2 (2%) -
  Arizona 1 (3%) - 2 (2%) -
  Washington - - 2 (2%) -
  Pennsylvania - - 2 (2%) -
  Kentucky - - 2 (2%) -
  Connecticut - - 2 (2%) -
  Colorado - - 2 (2%) -
  Oregon 1 (3%) - 1 (1%) -
  Missouri 1 (3%) - 1 (1%) -
  Minnesota 1 (3%) - 1 (1%) -
  Iowa 1 (3%) - 1 (1%) -
  Alabama - - 1 (1%) 1.3B (7%)
  South Carolina - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Maryland - - 1 (1%) -
Canada 3 (10%) - 10 (10%) 180M (1%)
  Ontario 2 (7%) - 7 (7%) -
  British Columbia 1 (3%) - 2 (2%) 180M (1%)
  Alberta - - 1 (1%) -
United Kingdom - - 3 (3%) 49M (< 1%)
France - - 1 (1%) -
Ireland - - 1 (1%) -
Domestic 26 (90%) 2.6B (100%) 90 (86%) 18.4B (99%)
Cross-border 3 (10%) - 15 (14%) 229M (1%)
Total 29 $2.6B 105 $18.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 14 (48%) - 32 (30%) 49M (< 1%)
Venture 7 (24%) - 26 (25%) -
Buyout (LBO, MBO, MBI) - - 23 (22%) 200M (1%)
Secondary Buyout 5 (17%) 1.8B (71%) 8 (8%) 3.4B (18%)
Going Private - - 6 (6%) 14.2B (76%)
Recapitalization 2 (7%) 750M (29%) 4 (4%) 750M (4%)
Stake Purchase - - 4 (4%) -
Acquisition Financing 1 (3%) - 1 (1%) -
Merger - - 1 (1%) -
Total 29 $2.6B 105 $18.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 34 (35%) 11.0B (59%)
Trade Sale 30 (31%) 2.1B (11%)
Secondary Sale 16 (17%) 5.7B (30%)
IPO 12 (13%) -
Merger 4 (4%) -
Total 96 $18.8B

Top M&A Advisors

Financial Deals
Qatalyst Partners LP
1
Morgan Stanley
1
Legal Deals
Goodwin Procter LLP
6
Latham & Watkins
1
Stikeman Elliott LLP
1

Deal Values

buy # Total
> $1B 5 $16.2B
$100M to $1B 5 $2.3B
< $100M 1 $49M
TOTAL $18.6B
Largest The Ultimate Software Group, Inc.
$11.0B (2019-02-04)
sell # Total
> $1B 5 $11.7B
$100M to $1B 22 $7.8B
< $100M 6 $347M
TOTAL $19.8B
Largest Ellucian, Inc.
$3.5B (2015-08-14)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
18 100%
Exited to
PE Firm(s)
24%
20 24%
Strategic(s)
76%
65 76%

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