M&A Deal Summary

Francisco Partners and Vista Equity Partners Acquire SmartBear

On May 3, 2017, private equity firms Francisco Partners and Vista Equity Partners acquired software company SmartBear

Acquisition Highlights
  • This is Francisco Partners’ 32nd and Vista Equity Partners’ 29th transaction in the Software sector.
  • This is Francisco Partners’ 68th and Vista Equity Partners’ 67th transaction in the United States.
  • This is Francisco Partners’ 4th and Vista Equity Partners’ 4th transaction in Massachusetts.

M&A Deal Summary

Date 2017-05-03
Target SmartBear
Sector Software
Buyer(s) Francisco Partners
Vista Equity Partners
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Evercore Group
Shea & Company (Financial)
Willkie Farr & Gallagher
Paul Hastings (Legal)

Target

SmartBear

Beverly, Massachusetts, United States
SmartBear is a software testing tools company that provides quality and performance management solutions used by more than one million software development and operations professionals worldwide. SmartBear was established in 1999 and is headquartered in Beverly, Massachusetts.

Search 200,577 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 2

Buyer

Francisco Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 45.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Francisco Partners' headquarters in San Francisco, California.
Francisco Partners' headquarters in San Francisco, California.

Francisco Partners is a private equity firm focused exclusively on investments in technology and technology-enabled services. Specific areas of interest include semiconductors, capital equipment, electronics components, systems and manufacturing, IT services and business process outsourcing, communications, security and enterprise applications, and infrastructure software. Prospective investment situations include divisional buyouts, growth equity financings, acquisitions of private companies, sponsored mergers and acquisitions, and take-privates. Francisco Partners looks for opportunities where it can commit a minimum of $100 million per investment. Francisco Partners was formed in 1999 and is based in San Francisco, California.


DEAL STATS #
Overall 83 of 149
Sector (Software) 32 of 50
Type (Buyout (LBO, MBO, MBI)) 22 of 27
State (Massachusetts) 4 of 9
Country (United States) 68 of 124
Year (2017) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-25 Paymetric

Roswell, Georgia, United States

Paymetric, Inc. is a provider of SaaS-based enterprise security and integrated payment acceptance solutions. Paymetric automates B2B payment workflows within enterprise systems, including SAP, Oracle, Hybris, Salesforce and more. Paymetric also tokenizes payments data within these systems in order to enable secure storage of customer information and history.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-28 Zego

San Diego, California, United States

Zego is a payments technology and resident engagement platform for the residential real estate industry that unifies critical resident touchpoints into one app. The Company’s mobile-first platform delivers portfolio-wide efficiency, higher NOI and more engaged residents by seamlessly integrating payment, billing and utility expense management capabilities with a proprietary resident engagement and communication portal. Zego also provides smart home device functionality. Zego serves 6,000 residential real estate companies and over 12 million units nationwide. Zego was founded in 2003 and is based in San Diego, California.

Sell -
Buyer

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.


DEAL STATS #
Overall 74 of 149
Sector (Software) 29 of 59
Type (Buyout (LBO, MBO, MBI)) 18 of 28
State (Massachusetts) 4 of 17
Country (United States) 67 of 137
Year (2017) 2 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-17 Numerator

Chicago, Illinois, United States

Numerator is a market intelligence firm that brings together omnichannel marketing, merchandising and sales data to make pursuing new possibilities simple for brand, retail and agency clients. Numerator is the only company in the marketplace to connect omnichannel purchase data and comprehensive path data to deliver an unmatched view of the consumer shopping and purchase experience. The Company serves over 2,000 customers across a wide variety of market intelligence categories. Numerator was formed in 1990 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-16 Zapproved

Portland, Oregon, United States

Zapproved is a provider of developing cloud‐based software for corporate legal departments. The Z-Discovery Platform returns power to in‐house corporate legal teams and helps them navigate electronic discovery with minimal risk and cost, and it sets new standards for scalability and intuitive design. Zapproved was founded in 2008 and is based in Portland, Oregon.

Buy -