M&A Deal Summary

Antares Capital, Thoma Bravo and Alberta Investment Management Acquires Medallia

On July 26, 2021, private equity firm Antares Capital, private equity firm Thoma Bravo and pension Alberta Investment Management acquired internet software and services company Medallia for 6.4B USD

Acquisition Highlights
  • This is Antares Capital’s 4th, Thoma Bravo’s 16th and Alberta Investment Management’s 5th transaction in the Internet Software and Services sector.
  • This is Antares Capital’s , Thoma Bravo’s 6th and Alberta Investment Management’s 3rd largest (disclosed) transaction.
  • This is Antares Capital’s 47th, Thoma Bravo’s 98th and Alberta Investment Management’s 12th transaction in the United States.
  • This is Antares Capital’s 5th, Thoma Bravo’s 26th and Alberta Investment Management’s 3rd transaction in California.

M&A Deal Summary

Date 2021-07-26
Target Medallia
Sector Internet Software and Services
Buyer(s) Antares Capital
Thoma Bravo
Alberta Investment Management
Deal Type Add-on Acquisition
Deal Value 6.4B USD
Advisor(s) Morgan Stanley
Bank of America Merrill Lynch (BofA Securities)
Wells Fargo Securities (Financial)
Wilson Sonsini Goodrich & Rosati (Legal)

Target

Medallia

San Francisco, California, United States
website
Medallia is a provider of cloud based platform captures billions of experience signals across interactions including all voice, video, digital, IOT, social media and corporate messaging tools. Medallia was founded in 2000 and is based in San Francisco, California.

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Buyer(S) 3

Buyer

Antares Capital

Miami, Florida, United States

Investor Investor

website


Category Private Equity Firm
Founded 1993
SizeSmall
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 48 of 53
Sector (Internet Software and Services) 4 of 4
Type (Add-on Acquisition) 1 of 1
State (California) 5 of 6
Country (United States) 47 of 52
Year (2021) 3 of 6
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-07 Ascensus Specialties

Bellevue, Washington, United States

Ascensus Specialties is a manufacturer of specialty chemicals primarily in two end-markets: pharmaceutical drug manufacturing and pulp & paper processing. In pharmaceutical drug manufacturing, sodium borohydride is used as a reducing agent. In pulp & paper processing, sodium borohydride is used as a bleaching agent to prepare paper products for end-customer use. Ascensus Specialties headquartered in Bellevue, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-31 Arrowhead Engineered Products

Blaine, Minnesota, United States

Arrowhead Engineered Products is a specialty supplier and distributor of aftermarket replacement parts for a wide variety of equipment types across the outdoor power equipment, Powersports, agricultural, industrial and automotive industries. Arrowhead Engineered Products was founded in 1986 and is based in Blaine, Minnesota.

Sell -
Buyer

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1980
PE ASSETS 91.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods and services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and has offices in San Francisco and Chicago.


DEAL STATS #
Overall 107 of 120
Sector (Internet Software and Services) 16 of 19
Type (Add-on Acquisition) 1 of 1
State (California) 26 of 29
Country (United States) 98 of 110
Year (2021) 11 of 19
Size (of disclosed) 6 of 37
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-09 Stamps.com

El Segundo, California, United States

Stamps.com is a provider of Internet-based mailing and shipping solutions. Under the Stamps.com and Endicia branded solutions, our customers use our service to mail and ship a variety of mail pieces, including postcards, envelopes, flats and packages, using a wide range of United States Postal Service mail classes, including First Class Mail, Priority Mail, Priority Mail Express, Media Mail, Parcel Select, and others. Stamps.com was founded in 1996 and is based in El Segundo, California.

Buy $6.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-27 MeridianLink

Costa Mesa, California, United States

MeridianLink provides mission-critical software solutions to financial institutions. The company’s LoansPQ, LendingQB, and ACTion platforms allow banks and credit unions to process and accept consumer and mortgage loans as well as account opening applications, and integrate seamlessly with all major core and data services providers. It also offers Synergy, a highly customizable and configurable loan processing, and decisioning workflow product, as well as MortgageCreditLink, the dominant provider of “tri-merge” integration functionality into credit bureaus and other third-party consumer and business databases. MeridianLink was formed in 1998 and is based in Costa Mesa, California.

Sell -
Buyer

Alberta Investment Management

Investor Investor Investor Investor Investor

website


Category Pension
Founded 2008
PE ASSETS 4.5B CAD
SizeMega
Type Sector Agnostic
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.


DEAL STATS #
Overall 25 of 27
Sector (Internet Software and Services) 5 of 5
Type (Add-on Acquisition) 3 of 3
State (California) 3 of 3
Country (United States) 12 of 13
Year (2021) 4 of 5
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Environmental Resources Management

London, United Kingdom

Environmental Resources Management (ERM) is a global provider of environmental, health, safety, risk, and social consulting services. Environmental Resources Management (ERM) was founded in 1871 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-01 Washington Analysis

Washington, District of Columbia, United States

Washington Analysis is an independent institutional research firm specializing in identifying risks and opportunities across asset-classes emanating from courts, Congress, and regulators, at both the state and federal levels. The company strives to be predictive in separating headline risk from fundamental changes that have a more pervasive and lasting investment impact. It also keeps an eye towards identifying the non-consensus view and looks to correct widely held misperceptions whenever possible. Washington Analysis was formed in 1973 and is based in Washington DC.

Sell -