TCV Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, TCV has acquired 4 companies. It has also invested in 3 others.

TCV’s most common sectors for investment are software (32%) and internet software and services (28%). The Firm’s most common investment types include venture (36%) and growth capital (32%). In total, TCV has invested in 18 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Travelport Worldwide for $4.3B.

In the last 3 years, TCV has exited 7 companies. The Firm’s most common exit type is trade sale (55%). TCV’s largest (disclosed) exit occurred in 2008 when it sold CNet Networks for $1.8B.

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M&A Summary

  • M&A Total Activity147
    • M&A Buy Activity76
    • M&A Sell Activity71
  • Total Sectors Invested 12
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 89
  • M&A Advisors 10

TCV

250 Middlefield Road,
Menlo Park, California 94025
United States
(650) 614-8200
www.tcv.com

Technology Crossover Ventures (TCV) is a private equity and venture capital firm focused on investments in growth technology companies. TCV looks to provide capital for growth, recapitalizations, acquisitions, and buyouts of technology companies in sectors such as internet, financial technology, infrastructure & communications, and software. TCV targets opportunities in North America and looks to commit between $30 and $300 million of equity capital per transaction. TCV was formed in 1995 and is based in Palo Alto, New York City, and London.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Consumer Services, Education, Electronics, Financial Services, Information Technology, Internet Software and Services, Marketing, Media, Publishing, Retail, Software, Technology Hardware, Test/Measurement Equipment, Transportation

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 30 300
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.8/yr) # 67 2 2 4 1 - 76
vol $9.2B $2.4B $11.6B
Sell (1.6/yr) # 63 1 4 1 2 - 71
vol $9.9B $425M $619M $11.0B
  147

Most Recent M&A

Company Date Value Type
ActiFio, Inc. 2020-12-02 - Add-on Acquisition
Waltham, Massachusetts · www.actifio.com
AxiomSL, Inc. 2020-10-19 - Secondary Buyout
New York, New York · www.axiomsl.com
Oversight Systems, Inc. 2020-09-02 - Secondary Buyout
Atlanta, Georgia · www.oversight.com
Themis Solutions, Inc. 2019-09-04 - Secondary Buyout
Burnaby, British Columbia · www.clio.com
HireVue, Inc. 2019-09-03 - Growth Capital
South Jordan, Utah · www.hirevue.com
Perceptyx, Inc. 2019-08-12 - Growth Capital
Temecula, California · www.perceptyx.com
Rave Mobile Safety 2019-04-25 - Growth Capital
Framingham, Massachusetts · www.ravemobilesafety.com
Webroot, Inc. 2019-02-07 619M USD Add-on Acquisition
Broomfield, Colorado · www.webroot.com
IQMS.com 2018-12-11 425M USD Add-on Acquisition
Paso Robles, California · www.iqms.com
eharmony 2018-10-29 - Add-on Acquisition
Los Angeles, California · www.eharmony.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Avetta LLC 2018-03-21 BROWZ LLC 2019-02-14 1
Irvine, California · www.avetta.com Draper, Utah · www.browz.com
Genesys Telecommunications Laboratories, Inc. 2012-02-01 Angel.com Incorporated 2013-02-26 14
Daly City, California · www.genesys.com Vienna, Virginia · www.angel.com

M&A by Sector

Sector Current # Value All-time # Value
Software 6 (21%) 1.4B (30%) 24 (32%) 1.6B (14%)
Internet Software and Services 10 (34%) - 21 (28%) 2.3B (20%)
Information Technology 3 (10%) 830M (18%) 9 (12%) 5.1B (44%)
Financial Services 5 (17%) - 8 (11%) -
Business Services - - 3 (4%) -
Marketing 1 (3%) - 3 (4%) -
Information Services 1 (3%) 2.4B (52%) 2 (3%) 2.5B (22%)
E-Commerce 1 (3%) - 2 (3%) -
Communications - - 1 (1%) -
Digital Media - - 1 (1%) -
Distribution 1 (3%) - 1 (1%) -
Education 1 (3%) - 1 (1%) -
Total 29 $4.6B 76 $11.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 22 (76%) 2.2B (48%) 64 (84%) 4.9B (42%)
  California 8 (28%) 2.2B (48%) 20 (26%) 2.2B (19%)
  New York 5 (17%) - 12 (16%) 122M (1%)
  Texas 1 (3%) - 6 (8%) 200M (2%)
  Massachusetts 2 (7%) - 5 (7%) -
  Washington 2 (7%) - 4 (5%) -
  Illinois - - 3 (4%) -
  Georgia 1 (3%) - 2 (3%) -
  Pennsylvania - - 2 (3%) 71M (1%)
  Virginia 1 (3%) - 1 (1%) -
  Utah 1 (3%) - 1 (1%) -
  Missouri 1 (3%) - 1 (1%) -
  Arizona - - 1 (1%) 2.3B (19%)
  Maryland - - 1 (1%) -
  Indiana - - 1 (1%) -
  Colorado - - 1 (1%) -
  South Carolina - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Minnesota - - 1 (1%) -
United Kingdom 3 (10%) - 4 (5%) 4.3B (37%)
Canada 1 (3%) - 3 (4%) -
  Ontario - - 2 (3%) -
  British Columbia 1 (3%) - 1 (1%) -
Switzerland 1 (3%) 2.4B (52%) 1 (1%) 2.4B (21%)
France 1 (3%) - 1 (1%) -
Finland 1 (3%) - 1 (1%) -
China - - 1 (1%) -
Denmark - - 1 (1%) -
Total 29 $4.6B 76 $11.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 5 (17%) - 27 (36%) -
Growth Capital 12 (41%) - 24 (32%) -
Buyout (LBO, MBO, MBI) 3 (10%) 830M (18%) 10 (13%) 3.4B (29%)
Secondary Buyout 4 (14%) 2.4B (52%) 4 (5%) 2.4B (21%)
Stake Purchase 1 (3%) - 4 (5%) 71M (1%)
PIPE 2 (7%) - 3 (4%) -
Divestiture 1 (3%) 1.4B (30%) 2 (3%) 5.7B (49%)
Recapitalization 1 (3%) - 2 (3%) -
Total 29 $4.6B 76 $11.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 33 (46%) 8.1B (78%)
IPO 18 (25%) -
Trade Sale 14 (20%) 1.2B (11%)
Secondary Sale 3 (4%) 1.1B (11%)
Merger 2 (3%) -
Bankruptcy 1 (1%) -
Total 71 $10.4B

Top M&A Advisors

Financial Deals
William Blair & Co. LLC
 1
Barclays Investment Bank
 1
Arma Partners LLP
 1
Legal Deals
Weil Gotshal & Manges LLP
 2
Latham & Watkins
 1
Kirkland & Ellis LLP
 1

Deal Values

buy # Total
> $1B 4 $10.3B
$100M to $1B 3 $1.2B
< $100M 1 $71M
TOTAL $11.6B
Largest Travelport Worldwide Ltd.
$4.3B (2006-08-23)
sell # Total
> $1B 2 $2.9B
$100M to $1B 18 $7.9B
< $100M 3 $181M
TOTAL $11.0B
Largest CNet Networks, Inc.
$1.8B (2008-06-30)

M&A Connections

Deals
Acquired from
Investor(s)
7%
5 (7%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
4%
3 (4%)
Strategic(s)
55%
39 (55%)

Investor Summary

Size

Mega

PE Assets

12.0B USD

Established

1995

Specialist/Generalist

Specialist

Leadership

Jay Hoag

Founding General Partner

Rick Kimball

Founding General Partner

David Yuan

General Partner

Gopi Vaddi

General Partner

Jake Reynolds

General Partner

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