M&A Deal Summary

Clearlake Capital and TA Associates Acquire Tungsten Automation

On April 26, 2022, private equity firms Clearlake Capital and TA Associates acquired information technology company Tungsten Automation from Thoma Bravo

Acquisition Highlights
  • This is Clearlake Capital’s 10th and TA Associates’ 33rd transaction in the Information Technology sector.
  • This is Clearlake Capital’s 80th and TA Associates’ 254th transaction in the United States.
  • This is Clearlake Capital’s 14th and TA Associates’ 31st transaction in California.

M&A Deal Summary
Date 2022-04-26
Target Tungsten Automation
Sector Information Technology
Buyer(s) Clearlake Capital
TA Associates
Sellers(s) Thoma Bravo
Deal Type Secondary Buyout

Target

Tungsten Automation

Irvine, California, United States
Tungsten Automation provides an intelligent automation software platform and solutions to enable organizations to digitally transform content-intensive workflows. The company supports customers in realizing faster time-to-value and increased competitiveness, growth, and profitability by combining Kofax’s cognitive capture, robotic process automation, process orchestration, analytics, and mobile capabilities while helping increase business resiliency and mitigating compliance risk. Tungsten Automation was formed in 1985 and is headquartered in Irvine, California.

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Buyer(S) 2

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 83 of 90
Sector (Information Technology) 10 of 10
Type (Secondary Buyout) 36 of 39
State (California) 14 of 16
Country (United States) 80 of 85
Year (2022) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-21 Concert Golf Partners

Lake Mary, Florida, United States

Concert Golf Partners is a boutique operator of private golf and country clubs that offers a personalized and curated approach to partnership. Concert Golf takes a long-term investment approach, seeking to deploy capital to upgrade amenities and facilities at private clubs in major metropolitan areas while maintaining each club’s cherished and distinct culture. Concert Golf Partners was founded in 2011 and is based in Lake Mary, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-19 BBB Industries

Daphne, Alabama, United States

BBB Industries engages in remanufacturing of starters, alternators, hydraulic and air disc brake calipers, both hydraulic and electronic power steering products and turbochargers for the OEM, personal and commercial vehicle aftermarket industries. BBB Industries was founded in 1987 headquartered in Daphne, Alabama.

Buy -
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 343 of 364
Sector (Information Technology) 33 of 36
Type (Secondary Buyout) 62 of 69
State (California) 31 of 35
Country (United States) 254 of 263
Year (2022) 7 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-01 Advantice Health

Cedar Knolls, New Jersey, United States

Advantice Health consists of market-leading therapeutic health & wellness brands that are primarily in the skincare, footcare and first aid product categories. The Company’s branded products lead with efficacy and science, and are sold through an assortment of brick-and-mortar and e-commerce retailers across North America. Advantice Health is based in Cedar Knolls, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-09 Zifo RnD

Chennai, India

Zifo RnD is a global specialist scientific and process informatics service provider working across research, development, manufacturing, and clinical domains with expertise in over 90 partner technologies and platforms. Zifo RnD was founded in 2008 and is headquartered in Chennai, India.

Buy -

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 65 of 79
Sector (Information Technology) 18 of 21
Type (Secondary Buyout) 20 of 23
State (California) 19 of 21
Country (United States) 62 of 73
Year (2022) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-26 Vivian Health

San Francisco, California, United States

Vivian Health provides healthcare staffing that empowers nurses and healthcare professionals by giving them unprecedented access to transparent and accurate information to aid in their job search. Vivian Health was founded in 2017 and is based in San Francisco, California.

Buy $60M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-25 Mercell

Oslo, Norway

Mercell delivers services to public and private buyers by providing a software-as-a-service (SaaS)-platform for e-tendering and procurement in Europe. The company is a platform for public e-tendering and entered the procurement market in 2020, and services approximately 30,000 customers across 15 European markets and in the US. Mercell's unique marketplace simplifies the tender and procurement process and makes it safe and easy for buyers to find relevant suppliers for their tenders and daily purchasing needs. It also ensures suppliers find relevant business opportunities and offers tools for suppliers to digitally receive and handle purchases from public and private buyers. Mercell Holding was founded in 1999 and is based in Oslo, Norway.

Buy Nkr3.2B
Mergr

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