Tern Mergers and Acquisitions Summary

Private Equity Profile

Tern’s most common sectors for investment are software (75%) and internet software and services (25%). The Firm’s most common investment types include growth capital (50%) and buyout (lbo, mbo, mbi) (25%). In total, Tern has invested in 1 US state and 2 different countries.

In the last 3 years, Tern has exited 1 company. The Firm’s most common exit type is trade sale (100%). Tern’s largest (disclosed) exit occurred in 2020 when it sold Seal Software for $188M.

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M&A Summary

  • M&A Total Activity5
    • M&A Buy Activity4
    • M&A Sell Activity1
  • Total Sectors Invested 2
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 1

Tern plc

27/28 Eastcastle Street,
London, W1W 8DH
United Kingdom
www.ternplc.com
info@ternplc.com

Tern is an investment group focused on acquiring and investing in UK-based cloud and IoT companies. The Firm looks to add value by improving capital efficiencies and building sales and marketing strategies as well as acquire equity positions in capitalized market leaders with near term value potential. Tern was formed in 2004 and is based in London.


Investment Criteria

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

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

Geographic Preferences: United Kingdom

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.2/yr) # 3 1 - - - - 4
Sell (0.2/yr) # - - - - - 1 1
vol $188M $188M
  5

Most Recent M&A

Company Date Value Type
Seal Software 2020-02-27 188M USD Add-on Acquisition
Walnut Creek, California · www.seal-software.com
Device Authority Ltd. 2016-04-21 - Buyout (LBO, MBO, MBI)
Bracknell, United Kingdom · www.deviceauthority.com
Seal Software 2014-11-17 - Growth Capital
Walnut Creek, California · www.seal-software.com
Push Technology Ltd. 2014-07-17 - Growth Capital
London, United Kingdom · www.pushtechnology.com
Flexiant Ltd. 2013-11-25 - Stake Purchase
London, United Kingdom · www.flexiant.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Device Authority Ltd. 2016-04-21 DeviceAuthority, Inc. 2016-04-21 1
Bracknell, United Kingdom · www.deviceauthority.com Fremont, California

M&A by Sector

Sector Current # Value All-time # Value
Software 2 (67%) - 3 (75%) -
Internet Software and Services 1 (33%) - 1 (25%) -
Total 3 - 4 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 3 (100%) - 3 (75%) -
United States - - 1 (25%) -
  California - - 1 (25%) -
Total 3 - 4 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 1 (33%) - 2 (50%) -
Buyout (LBO, MBO, MBI) 1 (33%) - 1 (25%) -
Stake Purchase 1 (33%) - 1 (25%) -
Total 3 - 4 -

Exits by Deal Type

Type Total # Value
Trade Sale 1 (100%) 188M (100%)
Total 1 $188M

Deal Values

sell # Total
$100M to $1B 1 $188M
TOTAL $188M
Largest Seal Software
$188M (2020-02-27)

M&A Connections

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

Investor Summary

Size

Small

Established

2004

Specialist/Generalist

Specialist

Leadership

Albert E Sisto

CEO

Sarah Payne

Finance Director

Ian C Ritchie

Non-Executive Chairman

Bruce Leith

Business Development Director

Matthew Scherba

Investment Director

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