M&A Deal Summary

AudioCodes Acquires Nuera Communications

On May 18, 2006, AudioCodes acquired communications company Nuera Communications from Sandler Capital Management, HarbourVest Partners and Goldman Sachs Merchant Banking for 85M USD

Acquisition Highlights
  • This is AudioCodes’ 1st transaction in the Communications sector.
  • This is AudioCodes’ largest (disclosed) transaction.
  • This is AudioCodes’ 2nd transaction in the United States.
  • This is AudioCodes’ 2nd transaction in New Jersey.

M&A Deal Summary
Date 2006-05-18
Target Nuera Communications
Sector Communications
Buyer(s) AudioCodes
Sellers(s) Sandler Capital Management
HarbourVest Partners
Goldman Sachs Merchant Banking
Deal Type Add-on Acquisition
Deal Value 85M USD

Target

Nuera Communications

Somerset, New Jersey, United States
Nuera Communications - a provider of Voice-over-Internet Protocol (VoIP) infrastructure solutions.

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Buyer(S) 1

Buyer

AudioCodes

Lod, Israel
Category Company
Founded 1992
Sector Technology Hardware
Employees950
Revenue 244M USD (2023)
DESCRIPTION

AudioCodes is a designs, develops and sells Voice over Internet Protocol and data networking products and communications applications. AudioCodes was founded in 1992 and is based in Lod, Israel.

DEAL STATS #
Overall 2 of 6
Sector (Communications) 1 of 3
Type (Add-on Acquisition) 2 of 6
State (New Jersey) 2 of 2
Country (United States) 2 of 3
Year (2006) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-12 Ai-Logix

Somerset, New Jersey, United States

Ai-Logix, Inc. is a provider of advanced voice recording technology and integration cards for the call recording and voice/data logging industries.

Buy $10M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-14 Netrake

Plano, Texas, United States

Netrake Corporation, is a provider of Session Border Controllers (SBC) and Security Gateway solutions.

Buy -

Seller(S) 3

SELLER

Sandler Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1990
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sandler Capital Management is a private investment firm that manages both hedge funds and private equity funds. Sandler's private equity practice was established in 1990, which targets investments in the media, communications, entertainment and marketing/information services sectors. Sandler will consider minority or majority positions and has a target investment size of $5 to $60 million per transaction. Sandler Capital is based in New York City.

DEAL STATS #
Overall 5 of 10
Sector (Communications) 4 of 5
Type (Add-on Acquisition) 4 of 8
State (New Jersey) 2 of 2
Country (United States) 4 of 9
Year (2006) 2 of 2
Size (of disclosed) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-01 AAT Communications

Boca Raton, Florida, United States

AAT Communications LLC is a provider of wireless tower sites, serving major wireless carriers and a premier group of site-management clients.

Sell $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-05 Global Japan Network

North Melbourne Vic, Australia

A company that creates and packages television networks and broadband content.

Buy -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 6 of 132
Sector (Communications) 1 of 11
Type (Add-on Acquisition) 2 of 57
State (New Jersey) 1 of 4
Country (United States) 4 of 83
Year (2006) 2 of 4
Size (of disclosed) 37 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-15 Minimax

Bad Oldesloe, Germany

Minimax is one of the European suppliers of complete fire protection solutions. Minimax was founded in 1902 and is based in Bad Oldesloe, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-21 Nielsen

New York, New York, United States

Nielsen is a global information and measurement company that provides clients with a comprehensive understanding of consumers and consumer behaviour. Nielsen delivers critical media and marketing information, analytics, and industry expertise about what consumers buy and what consumers watch (consumer interaction with television, online and mobile) on a global and local basis. Nielsen was founded in 1923 and is based in New York City.

Buy $12.7B
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 11 of 110
Sector (Communications) 3 of 8
Type (Add-on Acquisition) 1 of 37
State (New Jersey) 1 of 3
Country (United States) 6 of 78
Year (2006) 3 of 6
Size (of disclosed) 29 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-18 Burger King

Miami, Florida, United States

Burger King is a global chain of hamburger fast food restaurants. Burger King operates in-house restaurants as well as serves as a franchisor to thousands of independent locations around the world. Burger King was established in 1954 and is headquartered in Miami, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-28 Berry

Evansville, Indiana, United States

Berry is a manufacturer and marketer of plastic packaging products for personal care, household, industrial, and transportation markets. Berry was incorporated in 1967 and is based in Evansville, Indiana.

Sell $2.3B
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