M&A Deal Summary |
|
|---|---|
| Date | 2022-10-27 |
| Target | UserTesting |
| Sector | Internet Software and Services |
| Buyer(s) |
Thoma Bravo
Sunstone Partners |
| Deal Type | Going Private |
| Deal Value | 1.3B USD |
| Advisor(s) | Morgan Stanley (Financial) Fenwick & West LLP (Legal) |
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| Category | Private Equity Firm |
|---|---|
| Founded | 1980 |
| PE ASSETS | 127.0B USD |
| Size | Mega |
| Type | Sector Agnostic |
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 | 124 of 133 |
| Sector (Internet Software and Services) | 22 of 25 |
| Type (Going Private) | 33 of 38 |
| State (California) | 30 of 32 |
| Country (United States) | 111 of 116 |
| Year (2022) | 9 of 11 |
| Size (of disclosed) | 27 of 46 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2022-10-11 |
ForgeRock
San Francisco, California, United States ForgeRock is the Digital Identity Management company transforming the way organizations interact securely with customers, employees, devices, and things. Organizations adopt the ForgeRock Identity Platform™ as their digital identity system of record to monetize customer relationships, address stringent regulations for privacy and consent (GDPR, HIPAA, FCC privacy, etc.), and leverage the internet of things. ForgeRock was established in 2010 and is based in San Francisco, California. |
Buy | $2.3B |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2022-12-12 |
Coupa
San Mateo, California, United States Coupa is a cloud-based Business Spend Management (BSM) platform that unifies processes across supply chain, procurement, and finance functions. Coupa was founded in 2006 and is based in San Mateo, California. |
Buy | $8.0B |
| Category | Growth Capital Firm |
|---|---|
| Founded | 2015 |
| PE ASSETS | 800M USD |
| Size | Middle-Market |
| Type | Sector Focused |
Sunstone Partners is a private investment firm focused on growth equity investments in and majority buyouts of tech companies. The Firm targets opportunities throughout North American and seeks businesses with at least $10 million in revenues and at least 20% of yearly growth. Sunstone Partners was formed in 2015 from a team that previously worked together at Trident Capital. The Firm is based in San Mateo, California.
| DEAL STATS | # |
|---|---|
| Overall | 13 of 15 |
| Sector (Internet Software and Services) | 3 of 3 |
| Type (Going Private) | 1 of 1 |
| State (California) | 5 of 5 |
| Country (United States) | 12 of 14 |
| Year (2022) | 2 of 2 |
| Size (of disclosed) | 1 of 1 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2022-10-05 |
NetSPI
Minneapolis, Minnesota, United States NetSPI is a provider of application and network security testing solutions that support organizations in scaling and operationalizing their threat and vulnerability management programs. The solution portfolio includes both security testing services and a software platform, CorrelatedVM®, trusted by many of the Fortune 250. NetSPI's clients consist of financial institutions, healthcare providers, retailers, and technology companies. NetSPI was founded in 2001 and is based in Minneapolis, Minnesota and has additional offices in New York and Portland. |
Sell | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2023-09-14 |
EverService
Phoenix, Arizona, United States EverService is a provider of tech-enabled business solutions for companies of all sizes, helping them to grow and scale with digital marketing, website design & development, scheduling & booking services, 24/7 answering services, inbound & outbound sales, live virtual receptionists, client & patient intake, and IT services. EverService is based in Phoenix, Arizona. |
Buy | - |
