M&A Deal Summary

Telefonaktiebolaget LM Ericsson Acquires CradlePoint

On September 18, 2020, Telefonaktiebolaget LM Ericsson acquired internet software and services company CradlePoint, Inc. from Sorenson Capital and Mercato Partners for 1.1B USD

Acquisition Highlights
  • This is Telefonaktiebolaget LM Ericsson’s 6th transaction in the Internet Software and Services sector.
  • This is Telefonaktiebolaget LM Ericsson’s 4th largest (disclosed) transaction.
  • This is Telefonaktiebolaget LM Ericsson’s 14th transaction in the United States.
  • This is Telefonaktiebolaget LM Ericsson’s 1st transaction in Idaho.

M&A Deal Summary

Date 2020-09-18
Target CradlePoint, Inc.
Sector Internet Software and Services
Buyer(s) Telefonaktiebolaget LM Ericsson
Sellers(s) Sorenson Capital
Mercato Partners
Deal Type Add-on Acquisition
Deal Value 1.1B USD

Target

CradlePoint, Inc.

Boise, Idaho, United States
website
Founded in 2006, Cradlepoint provides wireless WAN solutions that deliver enterprise-grade connectivity. In addition to the company headquarters in Boise, Idaho, USA, the company operates a research and development center in Silicon Valley, California, and new market offices in the United Kingdom and Australia.

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Buyer(S) 1

Buyer

Telefonaktiebolaget LM Ericsson

Stockholm, Sweden

website


Category Company
Founded 1876
SectorTechnology Hardware
Employees101,624
Revenue 232.3B SEK (2020)
DESCRIPTION
Ericsson office in Santa Clara, California.
Ericsson office in Santa Clara, California.

Ericsson provides telecommunications equipment and services to mobile and fixed network operators worldwide. It operates through four segments Networks, Global Services, Support Solutions, and Modems. Ericsson was formed in 1876 and is based in Stockholm, Sweden.


DEAL STATS #
Overall 27 of 28
Sector (Internet Software and Services) 6 of 6
Type (Add-on Acquisition) 23 of 23
State (Idaho) 1 of 1
Country (United States) 14 of 15
Year (2020) 2 of 2
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-12 Genaker

Barcelona, Spain

Genaker is an independent company dedicated to developing innovative mobile solutions. Genaker is a recognized brand in the Mission Critical PTT, Business Critical PTT, and LTE sector, based on two business units.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-22 Vonage Holdings Corp.

Holmdel, New Jersey, United States

Vonage is a provider of communications services connecting individuals through cloud-connected devices worldwide. Vonage's technology serves approximately 2.3 million subscribers. Vonage was formed in 2000 and is based in Holmdel, New Jersey.

Buy $6.2B

Seller(S) 2

SELLER

Sorenson Capital

Lehi, Utah, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 1.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Sorenson Capital is a private equity firm that seeks to support buyout and growth capital financings of lower middle-market companies. Sorenson invests across a broad range of industries and generally pursues companies with significant market share, high barriers to entry, fragmented industry competition, motivated managment, and sustainable pricing and profit margins. Target businesses typically have sales of $30 to $300 million with earnings of $3 to $25 million. Sorenson's geographic preference is for opportunities in the Mountain West and West Coast regions of the US. Sorenson raised its inaugural fund in 2004 and is based in Salt Lake City, Utah.


DEAL STATS #
Overall 22 of 26
Sector (Internet Software and Services) 5 of 5
Type (Add-on Acquisition) 12 of 15
State (Idaho) 1 of 1
Country (United States) 21 of 25
Year (2020) 1 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-01 Spring Dental

Tulsa, Oklahoma, United States

Spring Dental is a dental service organization (“DSO”) that provides general and specialty dental services through its network of 30 clinics in Oklahoma, Arkansas, and Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-03 AccessData Group, Inc.

Orem, Utah, United States

AccessData Group, Inc. is a provider of digital forensic investigation software. AccessData has worked with more than 130,000 users in law enforcement, government agencies, corporations and law firms around the world, providing both stand-alone and enterprise-class solutions that can synergistically work together. AccessData Group was founded in 1987 and is based in Orem, Utah.

Sell -
SELLER

Mercato Partners

Salt Lake City, Utah, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2007
SizeSmall
Type Sector Agnostic
DESCRIPTION

Mercato Partners is a private equity firm focused on later stage growth capital financings. Mercato generally targets minority investments in high growth technology and consumer businesses with $5 to $50 million in annual sales. The Firm looks for profitable, US-based companies where additional capital can help continue expansion opportunities. Mercato Partners is based in Salt Lake City, Utah.


DEAL STATS #
Overall 10 of 12
Sector (Internet Software and Services) 2 of 2
Type (Add-on Acquisition) 6 of 7
State (Idaho) 1 of 1
Country (United States) 9 of 11
Year (2020) 2 of 4
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-02 Central Logic, Inc.

Sandy, Utah, United States

Central Logic's flexible, purpose-built solution provides superior real-time visibility and unmatched business intelligence to optimize the operations of health system Access Centers. Clients count on Central Logic to deliver strong growth, find new ways to improve patient outcomes, and make their operations more effective, today and into the future. Central Logic was formed in 2005 and is based in Sandy, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-29 SaltStack, Inc.

Lehi, Utah, United States

SaltStack intelligent IT automation software is used to help the largest businesses in the world manage and secure their digital infrastructure. Recognized for its powerful event-driven approach to hybrid cloud infrastructure configuration and control, SaltStack software delivers continuous compliance and vulnerability remediation while providing collaborative solutions for IT and SecOps teams.

Sell -