M&A Deal Summary

Adobe Acquires Magento

On May 21, 2018, Adobe acquired internet software and services company Magento from Hillhouse, Banneker Partners, Sterling Partners Private Equity and Permira for 1.7B USD

Acquisition Highlights
  • This is Adobe’s 15th transaction in the Internet Software and Services sector.
  • This is Adobe’s 4th largest (disclosed) transaction.
  • This is Adobe’s 37th transaction in the United States.
  • This is Adobe’s 19th transaction in California.

M&A Deal Summary
Date 2018-05-21
Target Magento
Sector Internet Software and Services
Buyer(s) Adobe
Sellers(s) Hillhouse
Banneker Partners
Sterling Partners Private Equity
Permira
Deal Type Add-on Acquisition
Deal Value 1.7B USD

Target

Magento

Campbell, California, United States
Magento, Inc. is a provider of cloud commerce innovation to merchants and brands across B2C and B2B industries. Magento, Inc. was founded in 1985 and is based in Campbell, California.

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Buyer(S) 1

Buyer

Adobe

San Jose, California, United States
Category Company
Founded 1982
Sector Software
Employees29,945
Revenue 19.4B USD (2023)
DESCRIPTION
Adobe's corporate headquarters in San Jose, California.
Adobe's corporate headquarters in San Jose, California.

Adobe is a diversified software company that offers a line of products and services used by creative professionals, marketers, knowledge workers, application developers, enterprises, and consumers for creating, managing, delivering, measuring, optimizing, and engaging with content and experiences across multiple operating systems, devices, and media. Adobe was incorporated in 1982 and is based in San Jose, California.

DEAL STATS #
Overall 47 of 52
Sector (Internet Software and Services) 15 of 18
Type (Add-on Acquisition) 44 of 49
State (California) 19 of 20
Country (United States) 37 of 40
Year (2018) 2 of 3
Size (of disclosed) 4 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-16 Sayspring

New York, New York, United States

Sayspring, Inc. is a developer of prototype and build the voice interfaces. Sayspring, Inc. was founded in 2016 and is based in New York city.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-20 Marketo

San Mateo, California, United States

Marketo, Inc. is a provider of cloud based marketing software platform for companies of all sizes to build and sustain engaging customer relationships. Marketo, Inc. was formed in 2006 and is based in San Mateo, California.

Buy $4.8B

Seller(S) 4

SELLER

Hillhouse

Investor

Category Private Equity Firm
Founded 2005
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Hillhouse Capital Management is a private investment firm focused on opportunities throughout Asia. The Firm will invest at all company stages, including seed investments, buyouts, and listed equities. Areas of interest include consumer and health. Hillhouse Capital Management is based in Hong Kong.

DEAL STATS #
Overall 1 of 1
Sector (Internet Software and Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-29 Zhaopin

Beijing, China

Zhaopin is a online employment marketplace in China. The company operates zhaopin.com, a career-focused online recruitment Website that offers classified job postings and display advertisements. Zhaopin was founded in 1994 and is based in Beijing, China.

Buy $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-01 Little Freddie

London, United Kingdom

Little Freddie provides safe food options for children, on and offline. Little Freddie was founded in 2014 and is based in London, United Kingdom.

Buy -
SELLER

Banneker Partners

San Francisco, California, United States

Investor

Category Private Equity Firm
Founded 2010
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Banneker Partners is a West Coast based private equity firm focused on investing in software/SaaS, internet, and business services companies. Banneker looks to partner with management when making acquisitions. Firm principals have experience investing in high growth as well as mature/legacy businesses. Banneker Partners was formed in 2010 and is based in San Francisco.

DEAL STATS #
Overall 1 of 5
Sector (Internet Software and Services) 1 of 1
Type (Add-on Acquisition) 1 of 4
State (California) 1 of 2
Country (United States) 1 of 4
Year (2018) 1 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-01 Ancestry

Provo, Utah, United States

Ancestry.com is a provider of family history and consumer genomics information, and helps people gain a new level of understanding about their lives. The Company's suite of history products include Archives, Fold3, Newspapers.com, AncestryDNA, and AncestryHealth. Ancestry.com was formed in 1990 and is based in Provo, Utah.

Buy $2.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-01 Routeware

Portland, Oregon, United States

Routeware is a provider of software used by the waste management industry to dispatch real-time work orders to vehicles, track route progress, analyze route performance, and provides real-time information for supervisors and customer service agents. Routeware was founded in 1999 and is based in Portland, Oregon.

Buy -
SELLER

Sterling Partners Private Equity

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sterling Partners Private Equity is the private equity arm of asset management firm Sterling Partners. Sterling Partners Private Equityis focused on investing in small to medium-sized companies positioned for growth, either organically or through acquisitions. Sterling has a strong interest in businesses with differentiated products, defensible competitive positions, recurring revenues, and diversified customers. The Firm's target equity commitment size is $5 to $175 million. Broad sectors of interest include direct marketing, education, specialty distribution, specialty manufacturing, healthcare, technology, and business services. Sterling Partners was formed in 1983 and is based in Chicago, Illinois.

DEAL STATS #
Overall 38 of 51
Sector (Internet Software and Services) 4 of 4
Type (Add-on Acquisition) 26 of 34
State (California) 5 of 7
Country (United States) 37 of 49
Year (2018) 2 of 3
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-17 Statewide Safety Systems

Irvine, California, United States

Statewide Safety Systems is specialized in the design, manufacture, and installation of active and passive traffic control systems that advise motorists, bicyclists, and pedestrians of roadway hazards including interchanges, intersections, and the location of highway-rail grade crossings. Statewide Safety Systems was founded in 1987 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-26 Fancy Sprinkles

Pacoima, California, United States

Fancy Sprinkles is a luxury confectionery topping company. As a direct-to-consumer company, Fancy Sprinkles focuses on customer relationships through engagement and marketing. It offers a unique, high-quality product, complemented by refined packaging, branding, and overall aesthetic. Fancy Sprinkles is based in Pacoima, California.

Buy -
SELLER

Permira

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 75.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.

DEAL STATS #
Overall 65 of 90
Sector (Internet Software and Services) 2 of 5
Type (Add-on Acquisition) 24 of 30
State (California) 1 of 3
Country (United States) 8 of 19
Year (2018) 1 of 4
Size (of disclosed) 17 of 37
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-09 Corin Group

Cirencester, United Kingdom

Corin Group is an international orthopaedic company with a direct presence in a majority of the world’s orthopaedic markets. Corin’s vision is to revolutionize orthopaedics by gaining, understanding and sharing insight at every stage of the arthroplasty experience. The unique combination of shared knowledge and clinically-proven implants delivers better outcomes and maximises healthcare value for patients, surgeons and healthcare providers. Corin Group was founded in 1985 and is based in Cirencester, England.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-29 Metalogix Software

Washington, District of Columbia, United States

Metalogix Software Corp. is a provider of content infrastructure management software to transform collaboration platforms, increase knowledge sharing, and improve the use and performance of enterprise content management platforms. Metalogix Software Corp. was founded in 2001 and is based in Washington, District of Columbia.

Sell -
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