Sunstone Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Sunstone Partners has acquired 1 company. It has also invested in 5 others.

Sunstone Partners’ most common sectors for investment areinformation technology (42%) and business services (25%) . The Firm’s most common investment types include growth capital (84%) and consolidation (9%). In total, Sunstone Partners has invested in 7 US states. Its largest (disclosed) acquisition occurred in 2022 when it acquired User Testing for $1.3B.

The Firm’s most common exit type is trade sale (100%).

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M&A Summary

  • M&A Total Activity13
    • M&A Buy Activity12
    • M&A Sell Activity1
  • Total Sectors Invested 4
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 3
  • M&A Advisors 2

Sunstone Partners

400 S El Camino Real, Suite 300,
San Mateo, California 94402
United States
(650) 289-4400
www.sunstonepartners.com
info@sunstonepartners.com

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.


Investment Criteria

Sectors of Interest: Information Technology, Internet Software and Services, Software, Technology Hardware

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

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

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

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (1.4/yr) # 5 1 3 2 1 - 12
vol $1.3B $1.3B
Sell (0.2/yr) # - 1 - - - - 1
  13

Most Recent M&A

Company Date Value Type
User Testing, Inc. 2022-10-27 1.3B USD Going Private
San Francisco, California · www.usertesting.com
Vcheck Global LLC 2021-11-30 - Growth Capital
Los Angeles, California · www.vcheckglobal.com
Meeting Play LLC 2021-06-17 - Growth Capital
Frederick, Maryland · www.meetingplay.com
66degrees, Inc. 2020-10-20 - Growth Capital
Chicago, Illinois · www.66degrees.com
RSource LLC 2020-09-09 - Growth Capital
Boca Raton, Florida · www.rsource.com
Medical Technology Solutions LLC 2020-05-27 - Growth Capital
Valencia, California · www.medtechsolutions.com
Onica Group LLC 2019-11-04 - Add-on Acquisition
Santa Monica, California · www.onica.com
Avertium 2019-05-30 - Consolidation
Phoenix, Arizona · www.avertium.com
Answer 1 LLC 2018-10-16 - Growth Capital
Phoenix, Arizona · www.nexa.com
ProgenyHealth, Inc. 2018-02-01 - Growth Capital
Plymouth Meeting, Pennsylvania · www.progenyhealth.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 5 (45%) - 5 (42%) -
Internet Software and Services 2 (18%) 1.3B (100%) 3 (25%) 1.3B (100%)
Business Services 3 (27%) - 3 (25%) -
Healthcare Services 1 (9%) - 1 (8%) -
Total 11 $1.3B 12 $1.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (100%) 1.3B (100%) 12 (100%) 1.3B (100%)
  California 4 (36%) 1.3B (100%) 5 (42%) 1.3B (100%)
  Arizona 2 (18%) - 2 (17%) -
  Pennsylvania 1 (9%) - 1 (8%) -
  Minnesota 1 (9%) - 1 (8%) -
  Maryland 1 (9%) - 1 (8%) -
  Illinois 1 (9%) - 1 (8%) -
  Florida 1 (9%) - 1 (8%) -
Total 11 $1.3B 12 $1.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 9 (82%) - 10 (83%) -
Going Private 1 (9%) 1.3B (100%) 1 (8%) 1.3B (100%)
Consolidation 1 (9%) - 1 (8%) -
Total 11 $1.3B 12 $1.3B

Exits by Deal Type

Type Total # Value
Trade Sale 1 (100%) -
Total 1 -

Top M&A Advisors

Legal Deals
Choate Hall & Stewart LLP
2
Goodwin Procter LLP
1

Deal Values

buy # Total
> $1B 1 $1.3B
TOTAL $1.3B
Largest User Testing, Inc.
$1.3B (2022-10-27)

M&A Connections

Deals
Exited to
Strategic(s)
100%
1 (100%)

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