Summit Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Summit Partners has acquired 12 companies. It has also invested in 19 others.

Summit Partners’ most common sectors for investment are software (19%) and healthcare services (11%). The Firm’s most common investment types include growth capital (58%) and buyout (lbo, mbo, mbi) (21%). In total, Summit Partners has invested in 37 US states and 22 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired Sound Inpatient Physicians for $2.2B.

In the last 3 years, Summit Partners has exited 39 companies. The Firm’s most common exit type is trade sale (46%). Summit Partners’ largest (disclosed) exit occurred in 2020 when it sold Infor Global Solutions for $13.0B.

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M&A Summary

  • M&A Total Activity593
    • M&A Buy Activity337
    • M&A Sell Activity256
  • Total Sectors Invested 42
  • Total Countries Invested 22
  • M&A Buy/Sell Connections 181
  • M&A Advisors 22

Summit Partners

222 Berkeley St, 18th Floor,
Boston, Massachusetts 02116
United States
(617) 824-1000
www.summitpartners.com

Summit Partners is a private equity and venture capital firm with offices in Boston, Palo Alto, and London. Summit looks for businesses operating in growth industries. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Franchising, Furniture, Gaming, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Life Science, Machinery, Manufacturing, Marine, Marketing, Medical Products, Publishing, Restaurants, Retail, Safety/Security, Semiconductors, Software, Staffing, Technology Hardware, Test/Measurement Equipment, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, Scandinavia, United Kingdom

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 500
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (8.4/yr) # 295 11 12 7 10 2 337
vol $1.5B $2.2B $3.6B
Sell (10.8/yr) # 203 15 13 8 7 11 257
vol $18.6B $2.2B $1.9B $475M $13.0B $2.3B $38.5B
  594

Most Recent M&A

Company Date Value Type
Clarabridge, Inc. 2021-07-29 1.1B USD Add-on Acquisition
Reston, Virginia · www.clarabridge.com
Teaching Strategies LLC 2021-07-21 - Secondary Buyout
Bethesda, Maryland · www.teachingstrategies.com
LakePharma, Inc. 2021-07-14 - Add-on Acquisition
San Carlos, California · www.lakepharma.com
RiskIQ, Inc. 2021-07-12 - Add-on Acquisition
San Francisco, California · www.riskiq.com
Serverless Heroes, Inc. 2021-06-02 - Add-on Acquisition
Twickenham, United Kingdom · www.acloud.guru
Darktrace Ltd. 2021-04-30 - IPO
London, United Kingdom · www.darktrace.com
Abode Healthcare, Inc. 2021-04-16 - Add-on Acquisition
Durango, Colorado · www.abodehealthcare.com
Lingoda GmbH 2021-04-15 - Venture
Berlin, Germany · www.lingoda.com
Calypso Technology, Inc. 2021-03-22 - Secondary Buyout
San Francisco, California · www2.calypso.com
JS Operating Company, LP 2021-03-04 - Growth Capital
Austin, Texas · www.junglescout.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CareCentrix, Inc. 2011-09-20 Turn-Key Health 2020-05-04 1
Hartford, Connecticut · www.carecentrix.com Philadelphia, Pennsylvania · www.turn-keyhealth.com
Syndigo LLC 2018-10-25 Kwikee Products Company LLC 2020-04-27 9
Lisle, Illinois · www.syndigo.com Cottage Grove, Oregon · www.kwikee.com
ViroClinics Biosciences B.V. 2020-03-03 DDL Diagnostic Laboratory BV 2020-03-03 1
Rotterdam, Netherlands · www.viroclinics.eu Rijswijk, Netherlands · www.ddl.nl
Syndigo LLC 2018-10-25 Sellpoints, Inc. 2019-08-12 8
Lisle, Illinois · www.syndigo.com Emeryville, California · www.sellpoints.com
Syndigo LLC 2018-10-25 EdgeAQ LLC (Edgenet, Inc.) 2019-01-07 7
Lisle, Illinois · www.syndigo.com Nashville, Tennessee · www.edgenet.com
Ruffalo Noel Levitz LLC 2013-05-30 Noel-Levitz, Inc. 2014-08-21 4
Cedar Rapids, Iowa · www.ruffalonl.com Coralville, Iowa · www.noellevitz.com

M&A by Sector

Sector Current # Value All-time # Value
Software 14 (19%) - 62 (18%) -
Healthcare Services 7 (10%) 2.2B (100%) 37 (11%) 3.2B (87%)
Internet Software and Services 14 (19%) - 33 (10%) -
Information Technology 8 (11%) - 30 (9%) -
Business Services 4 (5%) - 24 (7%) -
Communications - - 16 (5%) 57M (2%)
Technology Hardware 1 (1%) - 15 (4%) -
Financial Services 6 (8%) - 11 (3%) -
Medical Products - - 10 (3%) -
Life Science 1 (1%) - 8 (2%) -
Consumer Products 2 (3%) - 7 (2%) -
Insurance 1 (1%) - 7 (2%) -
Semiconductors - - 7 (2%) -
E-Commerce 2 (3%) - 5 (1%) -
Education 1 (1%) - 5 (1%) -
Manufacturing 1 (1%) - 5 (1%) -
Retail 1 (1%) - 4 (1%) 55M (2%)
Distribution - - 4 (1%) -
Electrical Equipment 1 (1%) - 4 (1%) -
Electronics - - 4 (1%) -
Digital Media 1 (1%) - 3 (1%) 350M (10%)
Apparel/Textiles 2 (3%) - 3 (1%) -
Automotive - - 3 (1%) -
Safety/Security 1 (1%) - 3 (1%) -
Test/Measurement Equipment 1 (1%) - 3 (1%) -
Consumer Services - - 2 (1%) -
Energy Services and Equipment 1 (1%) - 2 (1%) -
Environmental - - 2 (1%) -
Gaming - - 2 (1%) -
Machinery 1 (1%) - 2 (1%) -
Marketing - - 2 (1%) -
Publishing - - 2 (1%) -
Beverages - - 1 (< 1%) -
Building Materials 1 (1%) - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Franchising - - 1 (< 1%) -
Furniture - - 1 (< 1%) -
Information Services - - 1 (< 1%) -
Leisure - - 1 (< 1%) -
Restaurants 1 (1%) - 1 (< 1%) -
Staffing - - 1 (< 1%) -
Transportation - - 1 (< 1%) -
Total 73 $2.2B 337 $3.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 53 (73%) 2.2B (100%) 286 (85%) 3.3B (90%)
  California 10 (14%) - 71 (21%) 55M (2%)
  Massachusetts 8 (11%) - 35 (10%) -
  Texas 8 (11%) - 23 (7%) -
  Florida 2 (3%) - 18 (5%) 907M (25%)
  New York 2 (3%) - 12 (4%) -
  Georgia 2 (3%) - 11 (3%) 155M (4%)
  New Jersey - - 11 (3%) -
  Illinois 2 (3%) - 9 (3%) -
  Virginia - - 8 (2%) -
  Minnesota - - 8 (2%) -
  Washington 3 (4%) 2.2B (100%) 7 (2%) 2.2B (59%)
  Colorado 2 (3%) - 6 (2%) -
  Ohio 1 (1%) - 6 (2%) -
  Utah 2 (3%) - 5 (1%) -
  North Carolina 2 (3%) - 5 (1%) -
  Pennsylvania 1 (1%) - 5 (1%) -
  Missouri 2 (3%) - 4 (1%) -
  Wisconsin - - 4 (1%) -
  Indiana - - 4 (1%) -
  Delaware 1 (1%) - 3 (1%) -
  Idaho - - 3 (1%) -
  Tennessee - - 3 (1%) -
  Nevada - - 3 (1%) -
  Maryland - - 3 (1%) -
  Connecticut 2 (3%) - 2 (1%) -
  Montana 1 (1%) - 2 (1%) -
  Iowa 1 (1%) - 2 (1%) -
  Arizona - - 2 (1%) -
  South Carolina - - 2 (1%) -
  Michigan - - 2 (1%) -
  Oklahoma 1 (1%) - 1 (< 1%) -
  South Dakota - - 1 (< 1%) -
  Rhode Island - - 1 (< 1%) -
  Oregon - - 1 (< 1%) -
  New Hampshire - - 1 (< 1%) -
  Louisiana - - 1 (< 1%) -
  Kansas - - 1 (< 1%) -
Germany 5 (7%) - 11 (3%) 350M (10%)
United Kingdom - - 6 (2%) -
Canada 2 (3%) - 5 (1%) -
  Ontario 1 (1%) - 3 (1%) -
  British Columbia 1 (1%) - 1 (< 1%) -
  Quebec - - 1 (< 1%) -
Netherlands 2 (3%) - 4 (1%) -
Belgium 2 (3%) - 3 (1%) -
Singapore 2 (3%) - 3 (1%) -
France 1 (1%) - 3 (1%) -
Denmark 1 (1%) - 2 (1%) -
Ireland 1 (1%) - 2 (1%) -
Finland 1 (1%) - 1 (< 1%) -
Russia 1 (1%) - 1 (< 1%) -
Sweden 1 (1%) - 1 (< 1%) -
Switzerland 1 (1%) - 1 (< 1%) -
Italy - - 1 (< 1%) -
Australia - - 1 (< 1%) -
Brazil - - 1 (< 1%) -
Bulgaria - - 1 (< 1%) -
Czech Republic - - 1 (< 1%) -
Israel - - 1 (< 1%) -
Luxembourg - - 1 (< 1%) -
Vietnam - - 1 (< 1%) -
Domestic 53 (73%) 2.2B (100%) 286 (85%) 3.3B (90%)
Cross-border 20 (27%) - 51 (15%) 350M (10%)
Total 73 $2.2B 337 $3.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 39 (53%) - 194 (58%) -
Buyout (LBO, MBO, MBI) 7 (10%) - 70 (21%) 112M (3%)
Venture 8 (11%) - 25 (7%) -
Secondary Buyout 11 (15%) - 22 (7%) 350M (10%)
Recapitalization 4 (5%) - 12 (4%) 155M (4%)
Stake Purchase 2 (3%) - 7 (2%) -
Divestiture 1 (1%) 2.2B (100%) 2 (1%) 2.2B (59%)
Going Private - - 2 (1%) 850M (24%)
PIPE 1 (1%) - 2 (1%) -
Joint Venture - - 1 (< 1%) -
Total 73 $2.2B 337 $3.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 89 (35%) 16.7B (46%)
IPO 69 (27%) -
Secondary Sale 50 (19%) 1.9B (5%)
Trade Sale 31 (12%) 13.4B (37%)
Merger 5 (2%) 4.4B (12%)
Bankruptcy 4 (2%) -
Sold to Management 3 (1%) -
Recapitalization 2 (1%) -
Stake Sale 2 (1%) -
Divestiture 1 (< 1%) -
SPAC 1 (< 1%) -
Total 257 $36.4B

Top M&A Advisors

Financial Deals
Jefferies LLC
2
Deutsche Bank Corporate & Investment Banking
2
Robert W. Baird & Co., Inc.
1
Legal Deals
Kirkland & Ellis LLP
9
Weil Gotshal & Manges LLP
7
Ropes & Gray LLP
3

Deal Values

buy # Total
> $1B 1 $2.2B
$100M to $1B 3 $1.4B
< $100M 2 $112M
TOTAL $3.6B
Largest Sound Inpatient Physicians, Inc.
$2.2B (2018-04-23)
sell # Total
> $1B 9 $28.7B
$100M to $1B 34 $9.6B
< $100M 4 $163M
TOTAL $38.5B
Largest Infor Global Solutions, Inc.
$13.0B (2020-02-04)

M&A Connections

Deals
Acquired from
Investor(s)
8%
28 (8%)
Strategic(s)
1%
2 (1%)
Exited to
Investor(s)
20%
52 (20%)
Strategic(s)
48%
124 (48%)

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