Polaris Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Polaris Partners has invested in 4 companies.

Polaris Partners’ most common sectors for investment are information technology (28%) and internet software and services (11%). The Firm’s most common investment types include growth capital (49%) and venture (33%). In total, Polaris Partners has invested in 16 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired MH Sub I for $640M.

In the last 3 years, Polaris Partners has exited 9 companies. The Firm’s most common exit type is trade sale (39%). Polaris Partners’ largest (disclosed) exit occurred in 2012 when it sold deCODE genetics for $415M.

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M&A Summary

M&A Total Activity55
- M&A Buy Activity37
- M&A Sell Activity18
Total Sectors Invested 15
Total Countries Invested 4
M&A Buy/Sell Connections 27
M&A Advisors 1

Polaris Partners

One Marina Park Drive, 10th Floor,
Boston, Massachusetts 02210
United States
(781) 290-0770
www.polarispartners.com

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	-	-
Investment Size	-	-
Enterprise Value	-	-

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

Year	≤ '15	'16	'17	'18	'19	'20	T
Buy (0.8/yr)	#	33	-	2	2	-	-	37
vol	$913M						$913M
Sell (1.8/yr)	#	9	-	3	4	2	-	18
vol	$415M			$70M			$485M
	55

Year

≤ '15

'16

'17

'18

'19

'20

Buy (0.8/yr)

vol

$913M

Sell (1.8/yr)

vol

$415M

$70M

$485M

Company	Date	Value	Type
Earth Networks, Inc.	2019-12-10	-	Add-on Acquisition
Germantown, Maryland · www.earthnetworks.com
Covetrus, Inc.	2019-02-08	-	IPO
Portland, Maine · www.covetrus.com
Art.com, Inc.	2018-12-07	-	Add-on Acquisition
Emeryville, California · www.art.com
Iridium Technology LLC	2018-08-22	-	Growth Capital
Reno, Nevada · www.iridium-technology.com
NetRate Systems, Inc.	2018-06-07	-	Growth Capital
Okemos, Michigan · www.netrate.com
Confluence Technologies, Inc.	2018-03-14	-	Secondary Buyout
Pittsburgh, Pennsylvania · www.confluence.com
Athletes' Performance, Inc. (dba EXOS)	2018-03-01	-	Secondary Sale
Phoenix, Arizona · www.teamexos.com
Data Sciences International, Inc.	2018-01-22	70M USD	Add-on Acquisition
St. Paul, Minnesota · www.datasci.com
Remedy Health Media LLC	2017-11-29	-	Secondary Buyout
New York, New York · www.remedyhealthmedia.com
Baxter Planning Systems	2017-10-11	-	Growth Capital
Austin, Texas · www.bybaxter.com
View All >>

Company

Date

Value

Type

Earth Networks, Inc.

2019-12-10

Add-on Acquisition

Germantown, Maryland · www.earthnetworks.com

Covetrus, Inc.

2019-02-08

IPO

Portland, Maine · www.covetrus.com

Art.com, Inc.

2018-12-07

Add-on Acquisition

Emeryville, California · www.art.com

Iridium Technology LLC

2018-08-22

Growth Capital

Reno, Nevada · www.iridium-technology.com

NetRate Systems, Inc.

2018-06-07

Growth Capital

Okemos, Michigan · www.netrate.com

Confluence Technologies, Inc.

2018-03-14

Secondary Buyout

Pittsburgh, Pennsylvania · www.confluence.com

Athletes' Performance, Inc. (dba EXOS)

2018-03-01

Secondary Sale

Phoenix, Arizona · www.teamexos.com

Data Sciences International, Inc.

2018-01-22

70M USD

Add-on Acquisition

St. Paul, Minnesota · www.datasci.com

Remedy Health Media LLC

2017-11-29

Secondary Buyout

New York, New York · www.remedyhealthmedia.com

Baxter Planning Systems

2017-10-11

Growth Capital

Austin, Texas · www.bybaxter.com

View All >>

Sector	Current #	Value	All-time #	Value
Information Technology	3 (18%)	200M (100%)	10 (27%)	250M (27%)
Internet Software and Services	-	-	4 (11%)	-
Life Science	1 (6%)	-	4 (11%)	-
E-Commerce	2 (12%)	-	3 (8%)	-
Healthcare Services	3 (18%)	-	3 (8%)	-
Software	3 (18%)	-	3 (8%)	-
Business Services	1 (6%)	-	2 (5%)	-
Digital Media	-	-	1 (3%)	640M (70%)
Communications	-	-	1 (3%)	23M (3%)
Apparel/Textiles	1 (6%)	-	1 (3%)	-
Chemicals	1 (6%)	-	1 (3%)	-
Consumer Services	-	-	1 (3%)	-
Financial Services	-	-	1 (3%)	-
Food	1 (6%)	-	1 (3%)	-
Insurance	1 (6%)	-	1 (3%)	-
Total	17	$200M	37	$913M

Sector

Current #

Value

All-time #

Value

Information Technology

3 (18%)

200M (100%)

10 (27%)

250M (27%)

Internet Software and Services

4 (11%)

Life Science

1 (6%)

4 (11%)

E-Commerce

2 (12%)

3 (8%)

Healthcare Services

3 (18%)

3 (8%)

Software

3 (18%)

3 (8%)

Business Services

1 (6%)

2 (5%)

Digital Media

1 (3%)

640M (70%)

Communications

1 (3%)

23M (3%)

Apparel/Textiles

1 (6%)

1 (3%)

Chemicals

1 (6%)

1 (3%)

Consumer Services

1 (3%)

Financial Services

1 (3%)

Food

1 (6%)

1 (3%)

Insurance

1 (6%)

1 (3%)

Total

$200M

$913M

State/Country	Current #	Value	All-time #	Value
United States	16 (94%)	200M (100%)	34 (92%)	913M (100%)
	Massachusetts	4 (24%)	-	5 (14%)	-
	New York	2 (12%)	-	5 (14%)	-
	California	2 (12%)	200M (100%)	4 (11%)	840M (92%)
	Texas	2 (12%)	-	4 (11%)	-
	Georgia	1 (6%)	-	3 (8%)	-
	Ohio	1 (6%)	-	2 (5%)	50M (5%)
	Maryland	-	-	2 (5%)	23M (3%)
	North Carolina	1 (6%)	-	1 (3%)	-
	New Hampshire	1 (6%)	-	1 (3%)	-
	Nevada	1 (6%)	-	1 (3%)	-
	Michigan	1 (6%)	-	1 (3%)	-
	Washington	-	-	1 (3%)	-
	Pennsylvania	-	-	1 (3%)	-
	Minnesota	-	-	1 (3%)	-
	Maine	-	-	1 (3%)	-
	Arizona	-	-	1 (3%)	-
Canada	1 (6%)	-	1 (3%)	-
	Alberta	1 (6%)	-	1 (3%)	-
United Kingdom	-	-	1 (3%)	-
Iceland	-	-	1 (3%)	-
Total	17	$200M	37	$913M

State/Country

Current #

Value

All-time #

Value

United States

16 (94%)

200M (100%)

34 (92%)

913M (100%)

Massachusetts

4 (24%)

5 (14%)

New York

2 (12%)

5 (14%)

California

2 (12%)

200M (100%)

4 (11%)

840M (92%)

Texas

2 (12%)

4 (11%)

Georgia

1 (6%)

3 (8%)

Ohio

1 (6%)

2 (5%)

50M (5%)

Maryland

2 (5%)

23M (3%)

North Carolina

1 (6%)

1 (3%)

New Hampshire

1 (6%)

1 (3%)

Nevada

1 (6%)

1 (3%)

Michigan

1 (6%)

1 (3%)

Washington

1 (3%)

Pennsylvania

1 (3%)

Minnesota

1 (3%)

Maine

1 (3%)

Arizona

1 (3%)

Canada

1 (6%)

1 (3%)

Alberta

1 (6%)

1 (3%)

United Kingdom

1 (3%)

Iceland

1 (3%)

Total

$200M

$913M

Type	Current #	Value	All-time #	Value
Growth Capital	11 (65%)	-	18 (49%)	-
Venture	5 (29%)	-	12 (32%)	-
Buyout (LBO, MBO, MBI)	-	-	3 (8%)	23M (3%)
Going Private	-	-	1 (3%)	640M (70%)
Secondary Buyout	1 (6%)	200M (100%)	1 (3%)	200M (22%)
Recapitalization	-	-	1 (3%)	50M (5%)
Stake Purchase	-	-	1 (3%)	-
Total	17	$200M	37	$913M

Type

Current #

Value

All-time #

Value

Growth Capital

11 (65%)

18 (49%)

Venture

5 (29%)

12 (32%)

Buyout (LBO, MBO, MBI)

3 (8%)

23M (3%)

Going Private

1 (3%)

640M (70%)

Secondary Buyout

1 (6%)

200M (100%)

1 (3%)

200M (22%)

Recapitalization

1 (3%)

50M (5%)

Stake Purchase

1 (3%)

Total

$200M

$913M

Type	Total #	Value
Secondary Sale	8 (44%)	-
Trade Sale - Public Company	6 (33%)	485M (100%)
IPO	2 (11%)	-
Merger	1 (6%)	-
Trade Sale	1 (6%)	-
Total	18	$485M

Type

Total #

Value

Secondary Sale

8 (44%)

Trade Sale - Public Company

6 (33%)

485M (100%)

IPO

2 (11%)

Merger

1 (6%)

Trade Sale

1 (6%)

Total

$485M

Legal	Deals
Goodwin Procter LLP	1

Legal

Deals

Goodwin Procter LLP

buy	#	Total
$100M to $1B	2	$840M
< $100M	2	$73M
TOTAL	$913M
Largest	MH Sub I LLC $640M (2010-09-20)

buy

Total

$100M to $1B

$840M

< $100M

$73M

TOTAL

$913M

Largest

MH Sub I LLC
$640M (2010-09-20)

sell	#	Total
$100M to $1B	1	$415M
< $100M	1	$70M
TOTAL	$485M
Largest	deCODE genetics, Inc. $415M (2012-12-10)

sell

Total

$100M to $1B

$415M

< $100M

$70M

TOTAL

$485M

Largest

deCODE genetics, Inc.
$415M (2012-12-10)

	Deals	%
Acquired from
PE Firm(s) 100%	2	100%
Exited to
PE Firm(s) 50%	7	50%
Strategic(s) 50%	7	50%

Deals

Acquired from

PE Firm(s)

100%

Exited to

PE Firm(s)

50%

Strategic(s)

50%

Polaris Partners Mergers and Acquisitions Summary

Private Equity Profile

M&A Summary