M&A Deal Summary

Clearlake Capital, Cove Hill Partners and Warburg Pincus Acquire NetDocuments

On March 1, 2017, private equity firms Clearlake Capital, Cove Hill Partners and Warburg Pincus acquired internet software and services company NetDocuments from Frontier Growth

Acquisition Highlights
  • This is Clearlake Capital’s 2nd, Cove Hill Partners’ 1st and Warburg Pincus’ 21st transaction in the Internet Software and Services sector.
  • This is Clearlake Capital’s 36th, Cove Hill Partners’ 2nd and Warburg Pincus’ 171st transaction in the United States.
  • This is Clearlake Capital’s 2nd, Cove Hill Partners’ 1st and Warburg Pincus’ 3rd transaction in Utah.

M&A Deal Summary
Date 2017-03-01
Target NetDocuments
Sector Internet Software and Services
Buyer(s) Clearlake Capital
Cove Hill Partners
Warburg Pincus
Sellers(s) Frontier Growth
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)

Target

NetDocuments

Lehi, Utah, United States
NetDocuments is a provider of secure cloud-based document management, email management, and collaboration solutions to law firms and corporate legal and compliance departments. Today, the Company’s innovative end-to-end platform combines robust security, encryption, and compliance features with easy-to-use functionality that addresses the evolving needs of today’s professionals. NetDocuments was founded in 1999 and is based 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 38 of 90
Sector (Internet Software and Services) 2 of 13
Type (Secondary Buyout) 9 of 39
State (Utah) 2 of 3
Country (United States) 36 of 85
Year (2017) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-15 Purple Communications

Rocklin, California, United States

Purple Communications, Inc. is a provider of high-quality video relay service available from multiple platforms – TV, desktop, laptop, tablet and smartphone. Purple provides customers on-site interpreting services and video relay interpreting, delivering a wide array of options to meet the varied communication needs of businesses and customers, collectively make communicating with both the Deaf world and the hearing world accessible to all.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-06 Precisely

Burlington, Massachusetts, United States

Precisely is a provider of data integrity software. The Company provides accuracy, consistency, and context in data for 12,000 customers in more than 100 countries. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Precisely is based in Burlington, Massachusetts.

Sell -
Buyer

Cove Hill Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2017
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Cove Hill Partners is a private equity firm focused on control (or influential minority) investments in consumer technology companies. The Firm looks to make 1 to 2 platform acquisitions per year and will consider opportunities throughout North America valued up to $800 million. Prospective companies generally exhibit strong management, high barriers to entry, attractive business models, and competitive market positions. Cove Hill Partners was formed in 2017 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 2 of 11
Sector (Internet Software and Services) 1 of 4
Type (Secondary Buyout) 1 of 3
State (Utah) 1 of 1
Country (United States) 2 of 10
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-01 Gamma Technologies

Westmont, Illinois, United States

Gamma Technologies offers a sophisticated computer-aided engineering (CAE) software GT-SUITE that is used by engineers to execute large-scale, integrated simulations of powertrain and vehicle systems. GT-SUITE includes a complete library of physics-based modeling software customized to address the challenges of vehicle and component design, allowing simulation of a variety of vehicle functions and subsystems, including powertrain, transmission, engine, thermal management, hydraulics, lubrication and friction, acoustics, HVAC, after treatment, general multi-body mechanics and control. Gamma Technologies was founded in 1994 and is based in Westmont, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-22 LiveAuctioneers

New York, New York, United States

LiveAuctioneers is a provider of online live-auction sources for fine and decorative art, antiques, jewelry, and vintage collectible. LiveAuctioneers digitally connects an audience of millions with the live-bidding action at more than 5,000 premier auction houses and galleries in 59 countries, providing an expertly curated, globally trusted marketplace of exceptional items. LiveAuctioneers was founded in 2002 and is based in New York City.

Buy -
Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 332 of 482
Sector (Internet Software and Services) 21 of 36
Type (Secondary Buyout) 41 of 63
State (Utah) 3 of 4
Country (United States) 171 of 237
Year (2017) 9 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-04 Accelya

Barcelona, Spain

Accelya is a provider of integrated technology platforms, software and services to the travel and transport industry. The Company’s platform offers technology solutions for the travel industry to solve critical business problems including commercial planning and optimization, sales and distribution management, financial reconciliation and settlement. Accelya delivers business-critical financial, commercial, cargo, analytics and industry solutions to over 400 airlines, travel agents and shippers in over 150 countries. Accelya was founded in 1976 and is based in Barcelona, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-07 Allfunds

Madrid, Spain

Allfunds is a business-to-business mutual fund distribution platform. The Company serves as a global marketplace, helping financial institutions gain access to third-party mutual funds and ETFs for their end customers. Allfunds is based in Madrid, Spain.

Sell €1.8B

Seller(S) 1

SELLER

Frontier Growth

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1999
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Frontier Capital LLC is a private investment firm that provides expansion capital to high-growth 'technology-enabled' business service companies generating revenues $8-$30 million. Frontier targets companies that utilize technology, an innovative business process, or a unique expertise to deliver a differentiated service to customers. Frontier typically invests throughout the Southeast and Mid-Atlantic regions of the US and looks to commit $10 to $50 million of equity capital per transaction. Investment proceeds are generally used for growth initiatives, acquisitions, or to provide shareholder liquidity. Frontier Capital was formed in 1999 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 25 of 38
Sector (Internet Software and Services) 3 of 5
Type (Secondary Buyout) 5 of 8
State (Utah) 1 of 2
Country (United States) 25 of 36
Year (2017) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-05 Healthx

Indianapolis, Indiana, United States

Healthx is a provider of Internet-enabled healthcare claims information to middle-market employers and their employees, small insurance brokers and third-party administrators. The Company's system creates a dynamic, customizable and cost-effective environment that accelerates the exchange of vital information used in the purchase of and payment for healthcare services via the Internet.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-02 Dinova

Johns Creek, Georgia, United States

Dinova provides a marketplace that connects expense account diners to restaurants nationwide. With a proprietary marketplace of more than 14,000 restaurants and corporate partners that include hundreds of Fortune 500 companies and more than one million small- and medium-sized businesses, Dinova influences more than $6 billion annually in travel and entertainment spending. Dinova was founded in 2009 and is based in Johns Creek, Georgia.

Buy -
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