Serent Capital Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Serent Capital has acquired 2 companies. It has also invested in 23 others.

Serent Capital’s most common sectors for investment aresoftware (47%) and internet software and services (19%) . The Firm’s most common investment types include growth capital (85%) and buyout (lbo, mbo, mbi) (5%). In total, Serent Capital has invested in 24 US states and 3 different countries.

In the last 3 years, Serent Capital has exited 12 companies. The Firm’s most common exit type is trade sale (82%). Serent Capital’s largest (disclosed) exit occurred in 2016 when it sold Cardon Outreach for $400M.

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M&A Summary

  • M&A Total Activity87
    • M&A Buy Activity65
    • M&A Sell Activity22
  • Total Sectors Invested 12
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 28
  • M&A Advisors 8

Serent Capital

Serent Capital Management Company, L.L.C.

44 Montgomery St, Suite 3450,
San Francisco, California 94104
United States
www.serentcapital.com
info@serentcapital.com

Serent Capital is a private equity firm focused on investing in profitable, growing businesses featuring scalable business models and operating in sectors undergoing significant change. Serent looks for companies with $5 to $100 million in growing annual sales where it can commit $20 to $200 million of capital. Target transaction situations include buyouts, recapitalizations, and growth financings. Serent Capital was formed in 2008 and is based in San Francisco, California.


Investment Criteria

Sectors of Interest: Business Services, Consumer Services, Education, Financial Services, Healthcare Services, Information Technology, Internet Software and Services, Life Science, Machinery, Manufacturing, Medical Products, Retail, Software, Staffing

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Acquisition Financing

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 5 100
Target EBITDA - -
Investment Size 20 200
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (5.8/yr) # 36 4 7 12 5 1 65
Sell (2.6/yr) # 9 1 2 7 2 1 22
vol $400M $400M
  87

Most Recent M&A

Company Date Value Type
BS&A Software 2023-05-10 - Growth Capital
Bath, Michigan · www.bsasoftware.com
Apex Software Technologies, Inc. 2023-03-28 - Trade Sale
Roswell, Georgia · www.apexhcm.com
LinkIt! 2022-12-19 - Growth Capital
New York, New York · www.linkit.com
FirstLocum, Inc. 2022-11-03 - Growth Capital
Manhattan, New York · www.directshifts.com
DesignersAxis LLC 2022-08-10 - Growth Capital
Los Angeles, California · www.studiodesigner.com
Motility Software Solutions LLC 2022-07-11 - Trade Sale
Maitland, Florida · www.motilitysoftware.com
BW Events LLC 2022-06-14 - Growth Capital
Gilbert, Arizona · www.bweventstech.com
ManageAmerica Integrated Billing Services LLC 2022-06-08 - Growth Capital
Los Angeles, California · www.manageamerica.com
tango(Phoneix) 2022-03-30 - Secondary Sale
Phoenix, Arizona · www.tangocare.com
Raintree Systems, Inc. 2021-12-06 - Growth Capital
Temecula, California · www.raintreeinc.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
WorkWave LLC 2021-03-18 TEAM Software, Inc. 2021-09-14 3
Holmdel, New Jersey · www.workwave.com Omaha, Nebraska · www.teamsoftware.com
WorkWave LLC 2021-03-18 Real Green Systems 2021-06-22 2
Holmdel, New Jersey · www.workwave.com Walled Lake, Michigan · www.realgreen.com
Davisware, Inc. 2019-08-22 Davisware, Inc. - Wintac Brand 2020-09-22 1
West Dundee, Illinois · www.davisware.com West Dundee, Illinois

M&A by Sector

Sector Current # Value All-time # Value
Software 22 (50%) - 30 (46%) -
Internet Software and Services 10 (23%) - 12 (18%) -
Healthcare Services 4 (9%) - 6 (9%) -
Information Technology 3 (7%) - 5 (8%) -
Business Services 1 (2%) - 2 (3%) -
Education 2 (5%) - 2 (3%) -
Financial Services - - 2 (3%) -
Staffing 1 (2%) - 2 (3%) -
Machinery - - 1 (2%) -
Marketing - - 1 (2%) -
Retail - - 1 (2%) -
Safety/Security 1 (2%) - 1 (2%) -
Total 44 - 65 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 40 (91%) - 61 (94%) -
  Texas 9 (20%) - 13 (20%) -
  California 9 (20%) - 11 (17%) -
  New York 4 (9%) - 4 (6%) -
  Arizona 2 (5%) - 3 (5%) -
  Virginia 2 (5%) - 3 (5%) -
  Maryland 1 (2%) - 3 (5%) -
  Georgia 1 (2%) - 3 (5%) -
  New Jersey 2 (5%) - 2 (3%) -
  Michigan 1 (2%) - 2 (3%) -
  Florida - - 2 (3%) -
  Colorado - - 2 (3%) -
  Massachusetts 1 (2%) - 1 (2%) -
  Kansas 1 (2%) - 1 (2%) -
  Illinois 1 (2%) - 1 (2%) -
  District of Columbia 1 (2%) - 1 (2%) -
  Wisconsin 1 (2%) - 1 (2%) -
  Utah 1 (2%) - 1 (2%) -
  Ohio 1 (2%) - 1 (2%) -
  Nebraska 1 (2%) - 1 (2%) -
  Minnesota 1 (2%) - 1 (2%) -
  Idaho - - 1 (2%) -
  Rhode Island - - 1 (2%) -
  Oklahoma - - 1 (2%) -
  Mississippi - - 1 (2%) -
Canada 3 (7%) - 3 (5%) -
  Ontario 3 (7%) - 3 (5%) -
New Zealand 1 (2%) - 1 (2%) -
  Virginia 1 (2%) - 1 (2%) -
Domestic 40 (91%) - 61 (94%) -
Cross-border 4 (9%) - 4 (6%) -
Total 44 - 65 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 38 (86%) - 55 (85%) -
Buyout (LBO, MBO, MBI) 1 (2%) - 3 (5%) -
Divestiture 1 (2%) - 3 (5%) -
Acquisition Financing 1 (2%) - 1 (2%) -
Add-on Acquisition 1 (2%) - 1 (2%) -
Recapitalization 1 (2%) - 1 (2%) -
Secondary Buyout 1 (2%) - 1 (2%) -
Total 44 - 65 -

Exits by Deal Type

Type Total # Value
Trade Sale 13 (59%) -
Trade Sale - Public Company 5 (23%) 400M (100%)
Secondary Sale 3 (14%) -
IPO 1 (5%) -
Total 22 $400M

Top M&A Advisors

Financial Deals
Lincoln International
 1
MHT Partners LP
 1
Robert W. Baird & Co., Inc.
 1
Legal Deals
Choate Hall & Stewart LLP
 2
Polsinelli PC
 2
Gibson, Dunn & Crutcher LLP
 1

Deal Values

sell # Total
$100M to $1B 1 $400M
TOTAL $400M
Largest Cardon Outreach LLC
$400M (2016-06-13)

M&A Connections

Deals
Acquired from
Investor(s)
2%
1 (2%)
Strategic(s)
5%
3 (5%)
Exited to
Investor(s)
14%
3 (14%)
Strategic(s)
82%
18 (82%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

1.6B USD

Established

2008

Specialist/Generalist

Generalist

Leadership

David Kennedy

Co-founder & Partner

Kevin Frick

Co-founder & Partner

Darren Ondrey

CFO & CCO

Tom Miller

Managing Director, Business Development

Lance Fenton

Partner

FAQ

When was Serent Capital founded?

Serent Capital was founded in 2008.

What type of investor is Serent Capital?

Serent Capital is a growth capital firm.

Where is Serent Capital headquartered?

Serent Capital is headquartered in San Francisco, California.

How much capital does Serent Capital have under management?

Serent Capital has 1.6B USD under management.

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