M&A Deal Summary

Bridgepoint, HarbourVest Partners and General Atlantic Acquire Kyriba

On March 28, 2019, private equity firm Bridgepoint, private equity firm HarbourVest Partners and growth capital firm General Atlantic acquired internet software and services company Kyriba from Sumeru Equity Partners for 1.2B USD

Acquisition Highlights
  • This is Bridgepoint’s 6th, HarbourVest Partners’ 12th and General Atlantic’s 45th transaction in the Internet Software and Services sector.
  • This is Bridgepoint’s 2nd, HarbourVest Partners’ 36th and General Atlantic’s 10th largest (disclosed) transaction.
  • This is Bridgepoint’s 7th, HarbourVest Partners’ 120th and General Atlantic’s 100th transaction in the United States.
  • This is Bridgepoint’s 4th, HarbourVest Partners’ 14th and General Atlantic’s 26th transaction in California.

M&A Deal Summary

Date 2019-03-28
Target Kyriba
Sector Internet Software and Services
Buyer(s) Bridgepoint
HarbourVest Partners
General Atlantic
Sellers(s) Sumeru Equity Partners
Deal Type Secondary Buyout
Deal Value 1.2B USD

Target

Kyriba

San Diego, California, United States
Kyriba is a provider of cloud treasury and financial management solutions. Kyriba delivers a highly secure, 100% SaaS platform, superior bank connectivity and a seamlessly integrated solution set for tackling today’s most complex financial challenges. More than 1,600 companies rely on Kyriba to streamline key processes, protect against loss from fraud and cybercrime, and accelerate growth opportunities through improved decision support. Kyriba was founded in 2000 and is based in San Diego, California.

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Buyer(S) 3

Buyer

Bridgepoint

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bridgepoint is a large European private equity firm that invests in middle-market companies across a broad range of industries with an enterprise value of €200 - €1000 million. Prospective transaction situations include buyouts, buy-ins, growth financings, consolidations, and take privates. The firms invest in the range of €75 - €400 million transaction. Bridgepoint Development Capital specializes in investments in businesses valued up to a €150 million, taking equity stakes of between €10 million and €75 million. General sectors of interest include consumer products and services, retail, financial services, healthcare, media, technology, industrials, and business services. Bridgepoint was formed in 1984 and has offices in London, Frankfurt, Luxembourg, Madrid, Milan, Paris, Stockholm and Warsaw.


DEAL STATS #
Overall 130 of 188
Sector: Internet Software and Services M&A 6 of 9
Type: Secondary Buyout M&A Deals 50 of 72
State: California M&A 4 of 5
Country: United States M&A 7 of 10
Year: 2019 M&A 3 of 10
Size (of disclosed) 2 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-22 eFront SA

Paris, France

eFront SA provides end-to-end solutions dedicated to the financial services industry, specializing in enterprise risk management and alternative investments. eFront was formed in 1999 and is based in Paris.

Sell $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-01 Nextlane

Paris, France

Nextlane is a provider of CRM solutions to OEMs and automotive dealers. The company is engaged in the development of global customer management solutions for sales, marketing, and aftersales in automotive industry. Nextlane was founded in 2000 and is based in Paris, France.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B 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 198 of 214
Sector: Internet Software and Services M&A 12 of 14
Type: Secondary Buyout M&A Deals 47 of 55
State: California M&A 14 of 15
Country: United States M&A 120 of 130
Year: 2019 M&A 4 of 8
Size (of disclosed) 36 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-27 CPS

Dublin, Ohio, United States

CPS is a provider of outsourced pharmacy services to hospitals and integrated health systems. CPS offers a suite of services, information technology and data informatics, including pharmacy management, technology-based tools and data analytics. CPS was founded in 1971 and is based in Dublin, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-04 Custom Ink

Fairfax, Virginia, United States

Custom Ink provides custom apparel and accessories for groups, events, and special occasions. The company helps group organizers bring their families, friends, teammates, and colleagues together with inspired designs they are proud to wear. Custom Ink makes the customization process fun and easy with innovative design tools, caring customer service, creative design inspiration and high-quality merchandise. Custom Ink was founded in 2000 and is based in Fairfax, Virginia.

Buy -
Buyer

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 105.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in New York, New York.


DEAL STATS #
Overall 216 of 364
Sector: Internet Software and Services M&A 45 of 78
Type: Secondary Buyout M&A Deals 20 of 30
State: California M&A 26 of 47
Country: United States M&A 100 of 175
Year: 2019 M&A 4 of 23
Size (of disclosed) 10 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-12 Zhejiang New Century Hotel

Hangzhou, China

Zhejiang New Century Hotel is a hotel operator and a large hotel operator in China.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-04 Rubicon

Mumbai, India

Rubicon is a knowledge process outsourcing (KPO) company that provides contract research services for pharmaceutical companies worldwide. It specialises in formulation and drug delivery technologies for controlled release and generic plus products. It also develops novel products for innovator and specialty companies. Rubicon was founded in 1999 and is based in Mumbai, Maharashtra.

Buy -

Seller(S) 1

DESCRIPTION

Sumeru Equity Partners, Inc. is a technology-focused private equity firm that makes investments in mid-market software, technology enabled services, and hardware companies with a focus on growth. Sumeru Equity Partners typically invests between $50 and $250 million in companies with revenues greater than $10 million. Sumeru Equity Partners was formed in 2014 and is based in Foster City, California.


DEAL STATS #
Overall 3 of 12
Sector: Internet Software and Services M&A 1 of 5
Type: Secondary Buyout M&A Deals 1 of 1
State: California M&A 2 of 3
Country: United States M&A 3 of 9
Year: 2019 M&A 1 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-29 Firstup

San Francisco, California, United States

Firstup is a workforce communications platform that enables organizations to accelerate and accomplish their business initiatives by reaching, aligning, and mobilizing every worker. Firstup is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-17 3Gtms

Columbus, Ohio, United States

3Gtms is the fastest growing tier 1 transportation management system (TMS) provider and is committed to giving mid-to-large shippers and logistics service providers a competitive advantage through technology. 3Gtms was founded in 2013 and is based in Columbus, Ohio.

Buy -