M&A Deal Summary

ICE Acquires Ellie Mae

On August 6, 2020, ICE acquired software company Ellie Mae from Thoma Bravo for 11.0B USD

Acquisition Highlights
  • This is ICE’s 3rd transaction in the Software sector.
  • This is ICE’s 2nd largest (disclosed) transaction.
  • This is ICE’s 17th transaction in the United States.
  • This is ICE’s 2nd transaction in California.

M&A Deal Summary
Date 2020-08-06
Target Ellie Mae
Sector Software
Buyer(s) ICE
Sellers(s) Thoma Bravo
Deal Type Add-on Acquisition
Deal Value 11.0B USD
Advisor(s) J.P. Morgan Securities
Jefferies (Financial)
Kirkland & Ellis (Legal)

Target

Ellie Mae

Pleasanton, California, United States
Ellie Mae automates and digitizes the trillion-dollar residential mortgage industry. Through its Digital Lending Platform, Ellie Mae provides technology services to all participants in the mortgage supply chain, including its over 3,000 customers and thousands of partners and investors participating in the open networks who provide liquidity to the market. Lenders rely on Ellie Mae to securely manage and facilitate the exchange of data across the ecosystem to enable the origination of mortgages while maintaining strict adherence to various local, state, and federal compliance requirements. Ellie Mae was formed in 1997 and is based in Pleasanton, California.

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Buyer(S) 1

Buyer

ICE

Atlanta, Georgia, United States
Category Company
Founded 2000
Sector Financial Services
Employees8,911
Revenue 9.9B USD (2023)
DESCRIPTION
Entrance to Intercontinental Exchange's corporate headquarters in Atlanta, Georgia.
Entrance to Intercontinental Exchange's corporate headquarters in Atlanta, Georgia.

ICE is a network of regulated exchanges and clearing houses. The company's futures exchanges and clearing houses serve global commodity and financial markets, providing risk management and capital efficiency. ICE was formed in 2000 and is based in Atlanta, Georgia.

DEAL STATS #
Overall 26 of 29
Sector (Software) 3 of 4
Type (Add-on Acquisition) 15 of 18
State (California) 2 of 2
Country (United States) 17 of 19
Year (2020) 2 of 2
Size (of disclosed) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-05 Bridge2 Solutions

Atlanta, Georgia, United States

Bridge2 Solutions is a provider of loyalty solutions for merchants and consumers. Bridge2 Solutions enables brands to engage customers and drive loyalty. It powers programs for seven of the top ten financial institutions and 4,500 loyalty, incentive and employee perk programs for companies across a wide spectrum of industries. The company’s Loyalty Pay solution expands the value of rewards programs and gives consumers a universal ability to pay with reward currencies both at the point of sale (POS) in retail stores and in-app through digital wallets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-14 Coinbase

Wilmington, Delaware, United States

Coinbase is a provider of a cryptocurrency wallets as well as access to cryptocurrency markets. The Company allows users to purchase bitcoin currency and use it to purchase goods and services. Coinbase was founded in 2012 and is based in Wilmington, Delaware.

Sell -

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 51 of 79
Sector (Software) 22 of 33
Type (Add-on Acquisition) 23 of 36
State (California) 14 of 21
Country (United States) 49 of 73
Year (2020) 4 of 6
Size (of disclosed) 1 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-04 Foundation Software

Strongsville, Ohio, United States

Foundation Software is a provider of construction accounting software and payroll services for small- to mid-sized specialty contractors. The Company also offers payroll processing and construction reporting services to the construction industry. Foundation Software was founded in 1985 and is based in Strongsville, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-10 SMA Technologies

Houston, Texas, United States

SMA Technologies is a provider of workload automation software for clients, automating essential processes across core software systems and applications including ERP, transaction processing, IT service management, and human resource management. The need for workload automation continues to increase as IT environments become more complex with heterogeneity. SMA Technologies was founded in 1980 and is based in Houston, Texas.

Buy -
Mergr

Product

Company

Legal