M&A Deal Summary

Clearlake Capital, TA Associates and Crosspoint Capital Partners Acquire DigiCert

On October 16, 2019, private equity firms Clearlake Capital, TA Associates and Crosspoint Capital Partners acquired information technology company DigiCert from Thoma Bravo

Acquisition Highlights
  • This is Clearlake Capital’s 6th, TA Associates’ 30th and Crosspoint Capital Partners’ 1st transaction in the Information Technology sector.
  • This is Clearlake Capital’s 53rd, TA Associates’ 227th and Crosspoint Capital Partners’ 1st transaction in the United States.
  • This is Clearlake Capital’s 3rd, TA Associates’ 5th and Crosspoint Capital Partners’ 1st transaction in Utah.

M&A Deal Summary
Date 2019-10-16
Target DigiCert
Sector Information Technology
Buyer(s) Clearlake Capital
TA Associates
Crosspoint Capital Partners
Sellers(s) Thoma Bravo
Deal Type Secondary Buyout

Target

DigiCert

Lehi, Utah, United States
DigiCert is a provider of high-assurance digital certificates, certificate management software solutions, and public-key infrastructure solutions, which enable authentication and encryption for web servers and internet of things devices. DigiCert was founded in 2003 and is headquartered in Lehi, Utah.

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Buyer(S) 3

Buyer

Clearlake Capital

Santa Monica, California, United States
Category Private Equity Firm
Founded 2006
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.

DEAL STATS #
Overall 56 of 88
Sector (Information Technology) 6 of 9
Type (Secondary Buyout) 19 of 38
State (Utah) 3 of 3
Country (United States) 53 of 83
Year (2019) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-03 Brightly Software

Cary, North Carolina, United States

Brightly Software is a provider of cloud-based operations management software to the education, government, healthcare, and manufacturing verticals. Brightly Software was founded in 1999 and is headquartered in Cary, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-08 Lytx

San Diego, California, United States

Lytx is a provider of all-in-one video telematics, analytics, safety, and productivity solutions for commercial, public sector, and field services fleets. Lytx customizable services and programs span driver safety, risk detection, fleet tracking, compliance, and fuel management. Lytx was founded in 1998 and is based in San Diego, California.

Sell -
Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 297 of 364
Sector (Information Technology) 30 of 36
Type (Secondary Buyout) 45 of 69
State (Utah) 5 of 6
Country (United States) 227 of 263
Year (2019) 13 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-16 Radixx International

Orlando, Florida, United States

Radixx International, Inc. is a provider of travel distribution and passenger service system software for airline reservations, distribution and merchandising. Radixx offers a cloud-based SaaS Passenger Service System (PSS) designed to help airlines increase profitability and maximize productivity through expanded distribution of products and services. Radixx International, Inc. was founded in 1993 and is based in Orlando, Florida.

Sell $110M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-05 Solarity

St Louis, Missouri, United States

Solarity is a provider of automated unstructured data indexing solutions for healthcare providers. The Company’s Solarity software, through its natural language processing capabilities and patented recognition engine, enables the automated transformation of unstructured data into clinically relevant patient information for electronic health record (“EHR”) systems. Solarity is based in St Louis, Missouri.

Buy -
Buyer

Crosspoint Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2020
PE ASSETS 1.3B USD
Size Large
Type Sector Focused
DESCRIPTION

Crosspoint Capital Partners is a private equity firm focused on the cybersecurity, privacy and infrastructure software markets. The Firm will consider minority to full control investment situations and generally seeks businesses throughout the US. Crosspoint Capital Partners has offices in Menlo Park, California and Boston, Massachusetts.

DEAL STATS #
Overall 1 of 7
Sector (Information Technology) 1 of 6
Type (Secondary Buyout) 1 of 1
State (Utah) 1 of 1
Country (United States) 1 of 5
Year (2019) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-06 ForeScout

San Jose, California, United States

ForeScout is a cybersecurity company focused on device visibility and control. ForeScout delivers device visibility and control to enable enterprises and government agencies to gain complete situational awareness of their environment and orchestrate action. ForeScout Technologies was founded in 2000 and is based in San Jose, California.

Buy $1.9B

Seller(S) 1

SELLER

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 45 of 79
Sector (Information Technology) 11 of 20
Type (Secondary Buyout) 14 of 23
State (Utah) 2 of 3
Country (United States) 44 of 73
Year (2019) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-14 Sophos

Abingdon, United Kingdom

Sophos is a provider of information technology security and data protection solutions. Sophos' cloud-native and AI-enhanced solutions secure endpoints (laptops, servers and mobile devices) and networks against evolving cybercriminal tactics and techniques, including automated and active-adversary breaches, ransomware, malware, exploits, data exfiltration, phishing, and more. Sophos was founded in 1985 and is based in Abingdon, United Kingdom.

Buy $3.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 Continuum Managed Services

Boston, Massachusetts, United States

Continuum Managed Services LLC is a managed IT service providers, giving them the technology platform, services and processes they need to simplify IT management and deliver exceptional service to their small and medium-sized clients. Continuum Managed Services LLC was established in 2011 and is headquartered in Boston, Massachusetts.

Sell -
Mergr

Product

Company

Legal