M&A Deal Summary

TA Associates and HgCapital Acquires Intelerad

On January 23, 2020, private equity firms TA Associates and HgCapital acquired software company Intelerad from Novacap

Acquisition Highlights
  • This is TA Associates’ 59th and HgCapital’s 26th transaction in the Software sector.
  • This is TA Associates’ 7th and HgCapital’s 2nd transaction in Canada.
  • This is TA Associates’ 3rd and HgCapital’s 1st transaction in Quebec.

M&A Deal Summary

Date 2020-01-23
Target Intelerad
Sector Software
Buyer(s) TA Associates
HgCapital
Sellers(s) Novacap
Deal Type Secondary Buyout

Target

Intelerad

Montreal, Quebec, Canada
website
Intelerad is a medical imaging software provider that specializes in diagnostic viewing, reporting, and collaboration solutions. Intelerad was founded in 1999 and is based in Montreal, Quebec.

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Buyer(S) 2

Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1968
PE ASSETS 36.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TA Associates Management LP is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $50 and $500 million per transaction. TA currently manages approximately $24 billion of capital and proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $150 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments up to $75 million. TA's geographic preference is North America and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 295 of 344
Sector (Software) 59 of 75
Type (Secondary Buyout) 44 of 63
State (Quebec) 3 of 3
Country (Canada) 7 of 7
Year (2020) 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-08 Netrisk Group

Budapest, Hungary

Netrisk Group is an independent online insurance brokerage company that became the first Hungarian company offering a platform for comparing and distributing insurance products via the internet. Today, Netrisk distributes several types of non-life insurance products, including MTPL, casco, home, and travel insurance policies.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-10 MRI Software

Solon, Ohio, United States

MRI Software is a provider of real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. MRI develops lasting client relationships based on nearly five decades of expertise and insight. MRI Software was established in 1971 and is based in Solon, Ohio.

Sell -
Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 9.0B GBP
SizeMega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


DEAL STATS #
Overall 111 of 132
Sector (Software) 26 of 37
Type (Secondary Buyout) 37 of 43
State (Quebec) 1 of 1
Country (Canada) 2 of 4
Year (2020) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-23 P&I

Wiesbaden, Germany

P&I is an internationally operating, full suite provider of cloud-based HR software solutions and a driver of innovation in HR technology. P&I’s scalable subscription-based platform exhibits characteristics that resonate with Hg Saturn’s core focus, with a broad, diversified and loyal customer base, and has delivered an exceptional historical operating performance. P&I was founded in 1968 and is based in Wiesbaden, Germany.

Buy €2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-07 smartTrade Technologies

Aix-en-Provence, France

smartTrade Technologies is an automated trading platform that enables fast access to a wide range of liquidity for Foreign Exchange (FX), Fixed Income, Equities, Cryptocurrencies, and Derivatives. These solutions connect to numerous liquidity providers, aggregation, smart order routing, order management, pricing, distribution, risk management capabilities, and an HTML5 user interface. smartTrade Technologies was formed in 1999 and is based in Aix-en-Provence, France.

Buy -

Seller(S) 1

SELLER

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
SizeMega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.


DEAL STATS #
Overall 18 of 23
Sector (Software) 2 of 3
Type (Secondary Buyout) 7 of 10
State (Quebec) 9 of 10
Country (Canada) 11 of 14
Year (2020) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-03 Dialogic

Milpitas, California, United States

Dialogic is an IT services company that supercharges the impact of applications and amplifies the capacity of congested networks. Dialogic was founded in 1983 and is based in Milpitas, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-13 PKWARE

Milwaukee, Wisconsin, United States

PKWAR is a provider of encryption and compression software, offering data security solutions incorporating data discovery, classification, and protection in automated, policy-driven workflows. PKWARE was founded in 1986 and is based in Milwaukee, Wisconsin.

Sell -