M&A Deal Summary

Battery Ventures Acquires TrueContext

On March 13, 2024, private equity firm Battery Ventures acquired information technology company TrueContext for 150M USD

Acquisition Highlights
  • This is Battery Ventures’ 20th transaction in the Information Technology sector.
  • This is Battery Ventures’ 3rd largest (disclosed) transaction.
  • This is Battery Ventures’ 3rd transaction in Canada.
  • This is Battery Ventures’ 2nd transaction in Ontario.

M&A Deal Summary
Date 2024-03-13
Target TrueContext
Sector Information Technology
Buyer(s) Battery Ventures
Deal Type Going Private
Deal Value 150M USD
Advisor(s) Canaccord Genuity (Financial)
Blake, Cassels & Graydon
LaBarge Weinstein (Legal)

Target

TrueContext

Kanata, Ontario, Canada
TrueContext researches, develops, and markets mobile business solutions for enterprises to automate field sales, field service, and other field data collection business processes. It offers ProntoForms mobile workflow management app solution that enables remote workers to collect data on a mobile device; access company data in the field; and automatically share the results with back-office systems, cloud services, and people, as well as companies to track, analyze, and enhance processes. TrueContext was founded in 2001 and is based in Kanata, Ontario.

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Buyer(S) 1

Buyer

Battery Ventures

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 13.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Battery Ventures is a private investment firm focused on opportunities in the technology and related-sectors. Battery will invest at all company stages, from seed and early-stage capital situations to leveraged buyouts, PIPEs, spin outs, rollups and take-privates of established companies. Battery's private equity group focuses on investments in companies with revenue of $5 to $200 million and EBITDA up to $25 million. Battery can commit up to $100 million in equity per transaction. Specific areas of interest include software; IT services and outsourcing; communications components, systems, and services; and financial services and tech-enabled businesses. Battery will consider investments throughout North America, Europe, and Asia. Battery Ventures was formed in 1983 and is headquartered in Menlo Park, California.

DEAL STATS #
Overall 114 of 116
Sector (Information Technology) 20 of 20
Type (Going Private) 5 of 5
State (Ontario) 2 of 2
Country (Canada) 3 of 3
Year (2024) 2 of 4
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-14 Delphix

Redwood City, California, United States

Delphix provides database virtualization solutions for agile data management. Leading global organizations use Delphix to dramatically reduce the time, cost, and risk of application rollouts, simplifying database operations while consolidating redundant hardware. Delphix is based in Redwood City, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-28 AdaCore

Paris, France

AdaCore is a provider of software development and verification tools. AdaCore is based in Paris, France.

Buy -
Mergr

Product

Company

Legal