JMI Equity Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, JMI Equity has acquired 2 companies. It has also invested in 16 others.

JMI Equity’s most common sectors for investment are software (45%) and internet software and services (34%). The Firm’s most common investment types include growth capital (34%) and venture (24%). In total, JMI Equity has invested in 25 US states and 4 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 Activity208
    • M&A Buy Activity109
    • M&A Sell Activity99
  • Total Sectors Invested 11
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 116
  • M&A Advisors 9

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (4.0/yr) # 89 2 6 7 2 3 109
vol $7.6B $11.0B $18.6B
Sell (4.2/yr) # 78 3 5 8 4 1 99
vol $16.6B $510M $1.6B $1.1B $715M $20.5B
  208

Most Recent M&A

Company Date Value Type
Axonify, Inc. 2021-04-20 - Secondary Buyout
Waterloo, Ontario · www.axonify.com
Canto, Inc. 2021-03-09 - Growth Capital
San Francisco, California · www.canto.com
TimelyMD 2021-01-26 - Growth Capital
Fort Worth, Texas · www.timely.md
Employee Navigator 2021-01-12 - Growth Capital
Bethesda, Maryland · www.employeenavigator.com
Arena Solutions, Inc. 2020-12-14 715M USD Add-on Acquisition
Foster City, California · www.arenasolutions.com
Swiftly, Inc. 2020-12-09 - Growth Capital
San Francisco, California · www.goswift.ly
Cosential, Inc. 2020-10-14 - Add-on Acquisition
Austin, Texas · www.cosential.com
Bloomerang 2020-09-17 - Growth Capital
Indianapolis, Indiana · www.bloomerang.co
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
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
Kronos, Inc. 2014-02-21 Cadient LLC 2019-06-17 2
Chelmsford, Massachusetts · www.kronos.com Morrisville, North Carolina · 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 Relay Software Ltd. 2016-08-09 7
University Park, Illinois · www1.appliedsystems.com Antrim, Ireland · www.relay.ie
Kronos, Inc. 2014-02-21 Empower Software Solutions, Inc. 2016-01-14 8
Chelmsford, Massachusetts · www.kronos.com Orlando, Florida · www.empowersoftware.com
Kronos, Inc. 2014-02-21 Kaba Workforce Solutions - AutoTime Business 2015-09-18 7
Chelmsford, Massachusetts · www.kronos.com , United States

M&A by Sector

Sector Current # Value All-time # Value
Software 8 (27%) 1.8B (71%) 49 (45%) 5.1B (27%)
Internet Software and Services 17 (57%) 750M (29%) 36 (33%) 12.9B (69%)
Information Technology 1 (3%) - 9 (8%) -
Business Services - - 6 (6%) -
Marketing 2 (7%) - 3 (3%) -
Digital Media - - 1 (1%) 640M (3%)
E-Commerce 1 (3%) - 1 (1%) -
Education - - 1 (1%) -
Financial Services - - 1 (1%) -
Healthcare Services 1 (3%) - 1 (1%) -
Insurance - - 1 (1%) -
Total 30 $2.6B 109 $18.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 28 (93%) 2.6B (100%) 95 (87%) 18.4B (99%)
  California 5 (17%) - 20 (18%) 640M (3%)
  Massachusetts 2 (7%) 750M (29%) 10 (9%) 750M (4%)
  Texas 3 (10%) - 9 (8%) 1.2B (6%)
  New York 2 (7%) - 8 (7%) 1.1B (6%)
  Virginia 2 (7%) - 8 (7%) 570M (3%)
  Illinois 2 (7%) 1.8B (71%) 5 (5%) 1.8B (10%)
  Indiana 3 (10%) - 3 (3%) -
  Georgia 2 (7%) - 3 (3%) -
  Florida - - 3 (3%) 11.0B (59%)
  Colorado - - 3 (3%) -
  New Jersey - - 3 (3%) -
  Maryland 1 (3%) - 2 (2%) -
  Arizona 1 (3%) - 2 (2%) -
  Utah 1 (3%) - 2 (2%) -
  Kentucky - - 2 (2%) -
  Connecticut - - 2 (2%) -
  Pennsylvania - - 2 (2%) -
  Iowa 1 (3%) - 1 (1%) -
  Oregon 1 (3%) - 1 (1%) -
  Missouri 1 (3%) - 1 (1%) -
  Minnesota 1 (3%) - 1 (1%) -
  Alabama - - 1 (1%) 1.3B (7%)
  Washington - - 1 (1%) -
  South Carolina - - 1 (1%) -
  North Carolina - - 1 (1%) -
Canada 2 (7%) - 10 (9%) 180M (1%)
  Ontario 1 (3%) - 7 (6%) -
  British Columbia 1 (3%) - 2 (2%) 180M (1%)
  Alberta - - 1 (1%) -
United Kingdom - - 3 (3%) 49M (< 1%)
Ireland - - 1 (1%) -
Domestic 28 (93%) 2.6B (100%) 95 (87%) 18.4B (99%)
Cross-border 2 (7%) - 14 (13%) 229M (1%)
Total 30 $2.6B 109 $18.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 17 (57%) - 37 (34%) 49M (< 1%)
Venture 7 (23%) - 26 (24%) -
Buyout (LBO, MBO, MBI) - - 23 (21%) 200M (1%)
Secondary Buyout 4 (13%) 1.8B (71%) 8 (7%) 3.4B (18%)
Going Private - - 6 (6%) 14.2B (76%)
Stake Purchase - - 4 (4%) -
Recapitalization 1 (3%) 750M (29%) 3 (3%) 750M (4%)
Acquisition Financing 1 (3%) - 1 (1%) -
Merger - - 1 (1%) -
Total 30 $2.6B 109 $18.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 35 (35%) 11.8B (60%)
Trade Sale 31 (31%) 2.1B (11%)
Secondary Sale 17 (17%) 5.7B (29%)
IPO 12 (12%) -
Merger 4 (4%) -
Total 99 $19.5B

Top M&A Advisors

Financial Deals
Evercore Group LLC
1
Barclays Investment Bank
1
Morgan Stanley
1
Legal Deals
Goodwin Procter LLP
9
Latham & Watkins
1
Simpson Thacher & Bartlett 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 23 $8.5B
< $100M 6 $347M
TOTAL $20.5B
Largest Ellucian, Inc.
$3.5B (2015-08-14)

M&A Connections

Deals
Acquired from
Investor(s)
10%
11 (10%)
Exited to
Investor(s)
16%
16 (16%)
Strategic(s)
68%
67 (68%)

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