Investment Summary

Turenne Investissement, Bulger Partners and JMI Equity Exits Capsule Technologies

On September 14, 2015, Qualcomm invested in information technology company Capsule Technologies from Turenne Investissement, Bulger Partners and JMI Equity

Investment Highlights
  • This is Qualcomm’s 3rd transaction in the Information Technology sector.
  • This is Qualcomm’s 22nd transaction in the United States.
  • This is Qualcomm’s 3rd transaction in Massachusetts.
Investment Fate
  • Capsule Technologies was divested to a consortium of buyers in 2019.
  • Capsule Technologies was sold to a publicly-traded strategic buyer in 2021 for 635M USD.

Investment Summary

Date 2015-09-14
Target Capsule Technologies
Sector Information Technology
Investor(s) Qualcomm
Sellers(s) Turenne Investissement
Bulger Partners
JMI Equity
Deal Type Add-on Acquisition

Target

Capsule Technologies

Andover, Massachusetts, United States
Capsule Technologies, Inc. is a provider of medical device connectivity solutions for hospitals. Capsule integrates with clinical information systems to capture more data, reduce manual efforts and cost, and improve patient care. Capsule Technologies, Inc. was founded in 1997 and is based in Andover, Massachusetts.

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Investor(S) 1

Investor

Qualcomm

San Diego, California, United States

Category Company
Founded 1985
Sector Semiconductors
Employees49,000
Revenue 39.0B USD (2024)
DESCRIPTION
Qualcomm's corporate headquarters in San Diego, California.
Qualcomm's corporate headquarters in San Diego, California.

Qualcomm develops and commercializes communication technologies. Qualcomm develops a digital communication technology called CDMA (Code Division Multiple Access) and owns significant intellectual property applicable to products that implement any version of CDMA. Qualcomm develops OFDMA (Orthogonal Frequency Division Multiple Access) technology for which the Company owns intellectual property. Qualcomm also develops and commercializes technologies used in handsets and tablets. In addition to licensing portions of its intellectual property portfolio, Qualcomm produces integrated circuits (also known as chips or chipsets) and system software used in mobile devices and in wireless networks. Qualcomm was formed in 1985 and is based in San Diego, California.


DEAL STATS #
Overall 30 of 41
Sector: Information Technology M&A 3 of 5
Type: Add-on Acquisition M&A Deals 28 of 36
State: Massachusetts M&A 3 of 3
Country: United States M&A 22 of 24
Year: 2015 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-24 Stonestreet One

Louisville, Kentucky, United States

Stonestreet One LLC is a software company specializing in Bluetooth software solutions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-03 RF360 Holdings Singapore Pte.

Singapore, Singapore

RF360 Holdings Singapore Pte. Ltd. develops and manufactures innovative RFFE filtering solutions for mobile devices and fast-growing business segments, such as IoT, drones, robotics, automotive applications and more. The company offers a comprehensive portfolio of filters and filter technologies, including surface acoustic wave (SAW), temperature-compensated surface acoustic wave (TC-SAW) and bulk acoustic wave (BAW) solutions to support the wide range of frequency bands being deployed in networks across the globe. RF360 was formed in 2017 and is based in Singapore.

Buy -

Seller(S) 3

SELLER

Turenne Investissement

Paris, France

Investor


Category Private Equity Firm
Founded 2006
Size Small
Type Sector Agnostic
DESCRIPTION

Turenne Investissement is a French private investment firm focused on acquiring interests in growth companies. Turenne targets its investment activity within the industrial, services, health, and retail sectors. Turenne looks for companies that are at or near profitability and valued between €5 and €100 million. Turenne Capital was formed in 2006 and is based in Paris.


DEAL STATS #
Overall 9 of 12
Sector: Information Technology M&A 1 of 1
Type: Add-on Acquisition M&A Deals 5 of 5
State: Massachusetts M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2015 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-08 Sopac Medical

Goussainville, France

Sopac Medical is specialized in the manufacture of packaging for the pharmaceutical industry, cosmetics and food. Sopac Medical was founded in 1974 and is based in Goussainville, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-27 Menix Group

Lyon, France

Menix group was created as a result of merger between Serf and Dedienne Sante. Menix Group is a specialist designer, manufacturer and distributor of orthopaedic (primarily hip and knee) and dental implants, as well as related instruments sets. Menix Group was formed in 2009 and is based in Lyon, France.

Sell -
SELLER

Bulger Partners


Category Growth Capital Firm
Founded 2009
PE ASSETS 250M USD
Size Small
Type Sector Focused
DESCRIPTION

Bulger Partners LLC (BCP) is the private equity investment arm of asset manager Bulger Capital LLC. BCP invests in software and technology-enabled services companies. BCP focuses on growth companies with experienced management, defensible market positions, revenues between $5 - $10 million and EBITDA between $2 - $10 million. BCP looks to invests at least $5 million per transaction. The Firm targets companies operating in the fields of software, internet, financial/technology services. BCP will target a variety of transactions, including buyouts, growth equity financings, recapitalizations, and corporate divestitures. Bulger Partners LLC was formed in 2007 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 2 of 2
Sector: Information Technology M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Massachusetts M&A 2 of 2
Country: United States M&A 2 of 2
Year: 2015 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-28 HealthcareSource

Woburn, Massachusetts, United States

HealthcareSource is a provider of human-resources software services and solutions to the healthcare industry. The HealthcareSource Quality Talent Suite helps healthcare organizations recruit, develop, and retain the best workforce possible in order to improve the patient and resident experience. The company’s cloud-based talent management solutions include applicant tracking, behavioral assessments, reference checking, employee performance, compensation, competency and learning management, and eLearning courseware. HealthcareSource is based in Woburn, Massachusetts.

Sell -
SELLER

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 7.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Targeted businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit at least $25 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.


DEAL STATS #
Overall 73 of 107
Sector: Information Technology M&A 9 of 14
Type: Add-on Acquisition M&A Deals 50 of 68
State: Massachusetts M&A 8 of 10
Country: United States M&A 67 of 95
Year: 2015 M&A 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-14 Ellucian

Reston, Virginia, United States

Ellucian is a higher education technology solutions provider. Ellucian’s products help colleges and universities manage their core administrative functions including enrollment, budget and financial planning, student information, human resources, strategic planning, and fundraising. Ellucian was founded in 1968 and is based in Reston, Virginia.

Sell $3.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-06 Code42

Minneapolis, Minnesota, United States

Code42 is a provider of software as a service (SaaS) endpoint data protection and security solutions to enterprises. Native to the cloud, Code42® Incydr™ data protection is engineered to rapidly detect data exposure, loss, leak, and theft and speeds incident response – all without lengthy deployments, complex policy management, or disrupting employee productivity. Code42 was formed in 2001 and is based in Minneapolis, Minnesota.

Buy -