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M&A Deal Summary

GTCR and HarbourVest Partners Acquire Fundtech

On August 24, 2011, private equity firms GTCR and HarbourVest Partners acquired software company Fundtech for 390M USD

Acquisition Highlights
  • This is GTCR’s 3rd and HarbourVest Partners’ 12th transaction in the Software sector.
  • This is GTCR’s 12th and HarbourVest Partners’ 49th largest (disclosed) transaction.
  • This is GTCR’s 66th and HarbourVest Partners’ 62nd transaction in the United States.
  • This is GTCR’s 1st and HarbourVest Partners’ 1st transaction in New Hampshire.
Investment Fate
  • Fundtech was sold to a publicly-traded strategic buyer in 2015 for 1.3B USD.

M&A Deal Summary
Date 2011-08-24
Target Fundtech
Sector Software
Buyer(s) GTCR
HarbourVest Partners
Deal Type Going Private
Deal Value 390M USD
Advisor(s) Citi (Financial)
Kirkland & Ellis
Kramer Levin Naftalis & Frankel
Meitar Liquornik Geva Leshem Tal (Legal)

Target

Fundtech

Jersey City, New Hampshire, United States
Fundtech Ltd. is a provider of transaction banking software and services to financial institutions and corporations worldwide. The Company offers SaaS and license-based solutions which facilitate electronic corporate payments and bank-to-bank payment transactions.

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Buyer(S) 2

Buyer

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 68 of 145
Sector (Software) 3 of 11
Type (Going Private) 3 of 8
State (New Hampshire) 1 of 2
Country (United States) 66 of 140
Year (2011) 8 of 9
Size (of disclosed) 12 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-16 BankServ

Las Vegas, Nevada, United States

BankServ develops SaaS-based payment systems used by banks and corporations to transfer money quickly and efficiently around the world. The company’s product lineup includes systems for wire transfers, SWIFT messaging and connectivity, remote deposit capture, online payments, mobile banking and more. Headquartered in Las Vegas, BankServ has offices in San Francisco, Salt Lake City and London.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-26 Mondee

Austin, Texas, United States

Mondee is a group of travel technology, service, and content companies driving disruptive innovative change in the leisure and corporate travel markets. They deliver a revolutionary technology platform of SaaS, mobile, and cloud products and services to a global customer base, processing over 50 million daily searches and multi-billion dollars of transactional volume yearly. Mondee was founded in 2011 and is based in Austin, Texas.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 102 of 223
Sector (Software) 12 of 26
Type (Going Private) 17 of 27
State (New Hampshire) 1 of 1
Country (United States) 62 of 134
Year (2011) 12 of 14
Size (of disclosed) 49 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-21 MYOB

Cremorne, Australia

MYOB is a provider of business management software. The company's innovative software and services simplify many parts of a business including accounting, payroll, retail POS, CRM, websites, tax, and more. MYOB was founded in 1991 and is based in Cremorne, Australia.

Sell AU$1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-30 Beziers

London, United Kingdom

Beziers is a provider of Integrated marketing services including consulting, design, printing and production, logistics fulfillment and ecommerce.

Sell -
Mergr

Product

Company

Legal