M&A Deal Summary

HgCapital, Ontario Teachers Pension Plan and TA Associates Acquire Sovos Compliance

On January 19, 2016, private equity firm HgCapital, pension Ontario Teachers Pension Plan and private equity firm TA Associates acquired software company Sovos Compliance from Vista Equity Partners

Acquisition Highlights
  • This is HgCapital’s 20th, Ontario Teachers Pension Plan’s 4th and TA Associates’ 49th transaction in the Software sector.
  • This is HgCapital’s 4th, Ontario Teachers Pension Plan’s 46th and TA Associates’ 193rd transaction in the United States.
  • This is HgCapital’s 1st, Ontario Teachers Pension Plan’s 2nd and TA Associates’ 21st transaction in Massachusetts.

M&A Deal Summary
Date 2016-01-19
Target Sovos Compliance
Sector Software
Buyer(s) HgCapital
Ontario Teachers Pension Plan
TA Associates
Sellers(s) Vista Equity Partners
Deal Type Secondary Buyout

Target

Sovos Compliance

Wilmington, Massachusetts, United States
Sovos Compliance is a provider of software that safeguards businesses from the burden and risk of modern transactional taxes. Combining the trusted industry expertise and global research capabilities of Convey, Taxware, and VAT Resource, the company enables over 3,000 clients to operate with the confidence to efficiently navigate today’s dynamic regulatory environment. Sovos Compliance was founded in 1979 and is based in Wilmington, Massachusetts.

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Buyer(S) 3

Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.

DEAL STATS #
Overall 83 of 151
Sector (Software) 20 of 47
Type (Secondary Buyout) 25 of 50
State (Massachusetts) 1 of 2
Country (United States) 4 of 19
Year (2016) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-22 Zitcom A/S

Skanderborg, Denmark

Zitcom A/S is a provider of hosting and cloud solutions provider. Zitcom A/S was founded in 2000 and is based in Skanderborg, Denmark.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-02 Kinapse

London, United Kingdom

Kinapse Ltd. is a provider of outsourced and consultancy services to the global life sciences industry with a particular focus on the areas of regulatory and compliance services. Kinapse is based in London, United Kingdom.

Buy -
Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 92 of 175
Sector (Software) 4 of 9
Type (Secondary Buyout) 32 of 56
State (Massachusetts) 2 of 5
Country (United States) 46 of 72
Year (2016) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Chisholm Energy Holdings

Fort Worth, Texas, United States

Chisholm Energy Holdings is a start-up oil and gas production company. The Company is focused on pursuing unconventional resource opportunities in the northern Delaware Basin. Chisholm is led by a seasoned team of oil and gas executives in partnership with Warburg Pincus, a global private equity firm with a 25-year track record of building businesses and creating value in the energy sector. Chisholm Energy Holdings was founded in 2016 and is based in Fort Worth, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-09 IntouchCX

Winnipeg, Manitoba, Canada

IntouchCX is a multi-channel contact center outsourcing company with over 4,000 seats across nine customized facilities in North America and Guatemala. The Company offers a comprehensive suite of inbound contact solutions and is widely considered a leader in e-mail, chat, and social media services. IntouchCX is based in Winnipeg, Manitoba.

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 238 of 364
Sector (Software) 49 of 86
Type (Secondary Buyout) 24 of 69
State (Massachusetts) 21 of 25
Country (United States) 193 of 263
Year (2016) 4 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-14 Eurowag

London, Czech Republic

Eurowag is a provider of payment solutions for freight and passenger carriers across Europe and Turkey. Eurowag offers a platform that includes a portfolio of cards for vehicle fueling, a unified system of electronic toll payment across a number of European countries, VAT refund and telematics services. Eurowag was founded in 1996 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-20 Cosentry

Omaha, Nebraska, United States

Cosentry, Inc. is a provider of cloud, colocation and managed services. The company provides data center services (colocation, hosting, managed Internet access), managed services (24/7 help desk, network monitoring, compliance), cloud computing (virtual servers, disk backup, storage), security and disaster recovery. Cosentry was founded in 2000 and is based in Omaha, Nebraska.

Sell -

Seller(S) 1

SELLER

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 27 of 70
Sector (Software) 12 of 28
Type (Secondary Buyout) 11 of 17
State (Massachusetts) 1 of 4
Country (United States) 24 of 65
Year (2016) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-14 Tomia

Vienna, Virginia, United States

Tomia is a provider of interconnect and settlement software solutions to telecom communication service providers (CSPs) worldwide. The Company’s products drive ROI for customers by enabling and optimizing the connecting, routing, and transfer of voice, video, and data from one CSP’s network to another. Tomia supports a global community of over 4,000 carriers, including 38 of the top 40, and processes over 300 billion voice, SMS, content, and data minutes each year. Tomia was founded in 1996 and is based in Vienna, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-26 TransFirst

Hauppauge, New York, United States

TransFirst LLC is a provider of secure transaction processing services and payment enabling technologies.

Sell $2.4B
Mergr

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