M&A Deal Summary

EQT, Insight Partners, Clearlake Capital and Highland Europe Acquire AMCS

On August 14, 2024, private equity firm EQT, venture capital firm Insight Partners, private equity firm Clearlake Capital and growth capital firm Highland Europe acquired software company AMCS from Insight Partners, Clearlake Capital and Highland Europe

Acquisition Highlights
  • This is EQT’s 14th, Insight Partners’ 36th, Clearlake Capital’s 19th and Highland Europe’s 12th transaction in the Software sector.
  • This is EQT’s 3rd, Insight Partners’ 4th, Clearlake Capital’s 2nd and Highland Europe’s 2nd transaction in Ireland.

M&A Deal Summary
Date 2024-08-14
Target AMCS
Sector Software
Buyer(s) EQT
Insight Partners
Clearlake Capital
Highland Europe
Sellers(s) Insight Partners
Clearlake Capital
Highland Europe
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)

Target

AMCS

Limerick, Ireland
AMCS supplies integrated software and vehicle technology for the waste, recycling, and material resources industries. AMCS Platform is a suite of best-in-class SaaS solutions that includes industry-specific enterprise management software, intelligent optimization, mobile workforce, vehicle technology, digital engagement, and analytics solutions, which delivers digital innovation to the emerging circular economy worldwide. AMCS was founded in 2003 and is based in Limerick, Ireland.

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Buyer(S) 4

Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.

DEAL STATS #
Overall 307 of 315
Sector (Software) 14 of 14
Type (Secondary Buyout) 93 of 96
Country (Ireland) 3 of 3
Year (2024) 12 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-07 Acronis

Schaffhausen, Switzerland

Acronis is a provider of virtualization, the explosion of data creation and the opportunities Cloud services offer are bringing new challenges to maintaining effective backup and disaster recovery programs for critical data. Acronis was founded in 2003 and is based in Schaffhausen, Switzerland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-16 PropertyGuru

Singapore, Singapore

PropertyGuru is an online property portal group focused on serving clients across Singapore, Malaysia, Indonesia, and Thailand. PropertyGuru was formed in 2006 and is based in Singapore.

Buy $1.1B
Buyer

Insight Partners

Investor Investor Investor Investor Investor

Category Venture Capital Firm
Founded 1995
PE ASSETS 80.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Insight Partners is a growth capital investment firm focused on early to later stage investments principally in the software sector. Insight Partners was formed in 1995 and is based in New York, New York.

DEAL STATS #
Overall 89 of 89
Sector (Software) 36 of 36
Type (Secondary Buyout) 22 of 22
Country (Ireland) 4 of 4
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-14 Jama Software

Portland, Oregon, United States

Jama Software is a product development platform for companies building complex, smart and connected products. The Jama solution enables enterprises to accelerate development time, mitigate risk, slash complexity and verify regulatory compliance. Jama Software is based in Portland, Oregon.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-12 Recorded Future

Somerville, Massachusetts, United States

Recorded Future is a technology that collects and analyzes vast amounts of data to deliver relevant cyber threat insights in real time. Recorded Future solution aggregates this rich intelligence with any other threat data sources, empowering security teams to collaborate on analysis and delivering intelligence wherever need it most, including rapid integration with existing security solutions. Recorded Future was founded in 2009 and is based in Somerville, Massachusetts.

Sell $2.7B
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 88 of 88
Sector (Software) 19 of 19
Type (Secondary Buyout) 38 of 38
Country (Ireland) 2 of 2
Year (2024) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-06 Synopsys Software Integrity

Mountain View, California, United States

Synopsys Software Integrity Group is a provider of application security testing solutions.

Buy $2.1B
Buyer

Highland Europe

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2012
Size Small
Type Sector Focused
DESCRIPTION

Highland Europe is a growth capital investor focused on technology enabled companies addressing large market opportunities in internet, mobile and software. The Firm looks to commit €10 to €30 million in fast growth companies with at least €10 million in annual sales. The Firm will consider opportunities throughout Western Europe with global ambitions. Highland Europe was formed in 2012 and is headquartered in London.

DEAL STATS #
Overall 47 of 47
Sector (Software) 12 of 12
Type (Secondary Buyout) 3 of 3
Country (Ireland) 2 of 2
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-31 WeTransfer

Amsterdam, Netherlands

WeTransfer is a provider of cloud based file transfer service. WeTransfer was founded in 2009 and is based in Amsterdam, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-26 Featurespace

Cambridge, United Kingdom

Featurespace is a developer of real-time artificial intelligence (AI) payments protection technology that prevents and mitigates payments fraud and financial crime risks. Featurespace was founded in 2008 and is based in Cambridge, England.

Sell -

Seller(S) 3

SELLER

Insight Partners

Investor Investor Investor Investor Investor

Category Venture Capital Firm
Founded 1995
PE ASSETS 80.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Insight Partners is a growth capital investment firm focused on early to later stage investments principally in the software sector. Insight Partners was formed in 1995 and is based in New York, New York.

DEAL STATS #
Overall 37 of 40
Sector (Software) 17 of 18
Type (Secondary Buyout) 17 of 17
Country (Ireland) 3 of 3
Year (2024) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-14 Jama Software

Portland, Oregon, United States

Jama Software is a product development platform for companies building complex, smart and connected products. The Jama solution enables enterprises to accelerate development time, mitigate risk, slash complexity and verify regulatory compliance. Jama Software is based in Portland, Oregon.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-12 Recorded Future

Somerville, Massachusetts, United States

Recorded Future is a technology that collects and analyzes vast amounts of data to deliver relevant cyber threat insights in real time. Recorded Future solution aggregates this rich intelligence with any other threat data sources, empowering security teams to collaborate on analysis and delivering intelligence wherever need it most, including rapid integration with existing security solutions. Recorded Future was founded in 2009 and is based in Somerville, Massachusetts.

Sell $2.7B
SELLER

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 35 of 35
Sector (Software) 8 of 8
Type (Secondary Buyout) 10 of 10
Country (Ireland) 1 of 1
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-06 Synopsys Software Integrity

Mountain View, California, United States

Synopsys Software Integrity Group is a provider of application security testing solutions.

Buy $2.1B
SELLER

Highland Europe

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2012
Size Small
Type Sector Focused
DESCRIPTION

Highland Europe is a growth capital investor focused on technology enabled companies addressing large market opportunities in internet, mobile and software. The Firm looks to commit €10 to €30 million in fast growth companies with at least €10 million in annual sales. The Firm will consider opportunities throughout Western Europe with global ambitions. Highland Europe was formed in 2012 and is headquartered in London.

DEAL STATS #
Overall 5 of 6
Sector (Software) 1 of 2
Type (Secondary Buyout) 2 of 2
Country (Ireland) 1 of 1
Year (2024) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-31 WeTransfer

Amsterdam, Netherlands

WeTransfer is a provider of cloud based file transfer service. WeTransfer was founded in 2009 and is based in Amsterdam, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-26 Featurespace

Cambridge, United Kingdom

Featurespace is a developer of real-time artificial intelligence (AI) payments protection technology that prevents and mitigates payments fraud and financial crime risks. Featurespace was founded in 2008 and is based in Cambridge, England.

Sell -
Mergr

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