M&A Deal Summary

Roper Technologies Acquires iPipeline

On August 8, 2019, Roper Technologies acquired internet software and services company iPipeline from Thoma Bravo, Golub Capital and Antares Capital for 1.6B USD

Acquisition Highlights
  • This is Roper Technologies’ 2nd transaction in the Internet Software and Services sector.
  • This is Roper Technologies’ 5th largest (disclosed) transaction.
  • This is Roper Technologies’ 27th transaction in the United States.
  • This is Roper Technologies’ 3rd transaction in Pennsylvania.

M&A Deal Summary
Date 2019-08-08
Target iPipeline
Sector Internet Software and Services
Buyer(s) Roper Technologies
Sellers(s) Thoma Bravo
Golub Capital
Antares Capital
Deal Type Add-on Acquisition
Deal Value 1.6B USD

Target

iPipeline

Exton, Pennsylvania, United States
website
iPipeline is a provider of cloud-based software solutions for the life insurance and financial services industries. Through its SSG Digital, end-to-end platform, iPipeline accelerates and simplifies sales, compliance, operations, and support. iPipeline provides process automation and seamless integration between every participant in its ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and consumers on a global basis.

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Buyer(S) 1

Buyer

Roper Technologies

Sarasota, Florida, United States

website

Category Company
Founded 1981
Sector Information Technology
Employees18,400
Revenue 5.4B USD (2022)
DESCRIPTION

Roper Technologies is a diversified technology company. Roper designs and develops software (both software-as-a-service and licensed), and engineered products and solutions for healthcare, transportation, food, energy, water, education and other niche markets worldwide. Roper Technologies was founded in 1981 and is based in Sarasota, Florida.

DEAL STATS #
Overall 32 of 36
Sector (Internet Software and Services) 2 of 3
Type (Add-on Acquisition) 32 of 36
State (Pennsylvania) 3 of 4
Country (United States) 27 of 31
Year (2019) 2 of 2
Size (of disclosed) 5 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-18 The Foundry Visionmongers

London, United Kingdom

The Foundry Visionmongers Ltd. is a provider of software technologies used to deliver visual effects and 3D content for the digital design, visualization, and entertainment industries. Foundry’s software is deeply embedded across the creative pipeline and is supported by a large ecosystem of users, trainers, and evangelists across the globe. The Foundry Visionmongers Ltd. was founded in 1996 and is based in London, United Kingdom.

Buy £410M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-27 Gatan International

Pleasanton, California, United States

Gatan, Inc. is a manufacturer of instrumentation and software used to enhance and extend the operation and performance of electron microscopes. Gatan was founded in 1964 and is based in Pleasanton, California.

Sell $925M

Seller(S) 3

SELLER

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 44 of 72
Sector (Internet Software and Services) 2 of 9
Type (Add-on Acquisition) 19 of 33
State (Pennsylvania) 4 of 5
Country (United States) 43 of 67
Year (2019) 4 of 7
Size (of disclosed) 10 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-02 Elemica

Wayne, Pennsylvania, United States

Elemica is a Digital Supply Network for the process manufacturing industries. Elemica accelerates digital transformation by connecting, automating, anticipating, and then transforming inter-business supply chain processes for the products they buy, sell, move, and comply. Elemica was founded in 2000 and is based in Wayne, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-08 Solifi

Minneapolis, Minnesota, United States

Solifi streamlines the entire asset finance process from origination, to portfolio management, to end-of term. The company's cloud-based offerings integrate seamlessly into any asset finance ecosystem, offering unparalleled scalability, flexibility and economy to banks, independents and captives of all sizes. Headquartered in Minneapolis, MN, IDS also has offices in the United Kingdom, Australia, Singapore and India. Solifi was founded in 1974 and is based in Minneapolis, Minnesota.

Buy -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 17 of 41
Sector (Internet Software and Services) 1 of 2
Type (Add-on Acquisition) 6 of 18
State (Pennsylvania) 1 of 2
Country (United States) 17 of 39
Year (2019) 2 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Regenity Biosciences

Paramus, New Jersey, United States

Regenity Biosciences is a developer and manufacturer of collagen-based medical products used for tissue and bone repair and regeneration. Collagen Matrix, Inc. develops proprietary products that are sold to OEM customers on either a contract or private label basis across orthopedic, sports medicine, dental, and neurosurgery end markets. Collagen Matrix, Inc. also offers partnership opportunities including distribution, contract product development, and contract manufacturing services. Regenity Biosciences was founded in 1997 and is based in Paramus, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-17 Marshall Retail Group

Las Vegas, Nevada, United States

Marshall Retail Group is a specialty retailer with a 60-year history of operating stores in high-foot-traffic marketplaces. MRG provides turnkey solutions to premier casino resort and airport operators by creating and managing a highly scalable portfolio of profitable stores and memorable brands, well-positioned to attract and accommodate hotel guests, visitors and local residents.

Sell -
SELLER

Antares Capital

Miami, Florida, United States

Investor Investor

website

Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.

DEAL STATS #
Overall 32 of 42
Sector (Internet Software and Services) 2 of 3
Type (Add-on Acquisition) 13 of 17
State (Pennsylvania) 1 of 1
Country (United States) 31 of 41
Year (2019) 2 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-05 Benestar Brands

Chicago, Illinois, United States

Benestar Brands operates as a holding company for leading brands of snack products, including pork rinds and tortilla chips. The brands include Pretzilla, Mac’s, Caso de Oro, PORQ and Chicas Chips. Its Evans Food division is a manufacturer of pork rinds, serving US and international markets. Its other divisions, Arboleda Foods, is the producer of tortilla chips and Pretzilla is the producer of soft pretzels. Benestar Brands was founded in 2019 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 The Hilb Group

Richmond, Virginia, United States

The Hilb Group is a middle-market insurance agency. The Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The Hilb Group was founded in 2009 and is based in Richmond, Virginia.

Buy -
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