M&A Deal Summary

Insight Partners, Genstar Capital and Stone Point Capital Acquire Bullhorn

On October 23, 2017, venture capital firm Insight Partners, private equity firm Genstar Capital and private equity firm Stone Point Capital acquired internet software and services company Bullhorn from Vista Equity Partners

Acquisition Highlights
  • This is Insight Partners’ 16th, Genstar Capital’s 7th and Stone Point Capital’s 6th transaction in the Internet Software and Services sector.
  • This is Insight Partners’ 43rd, Genstar Capital’s 65th and Stone Point Capital’s 69th transaction in the United States.
  • This is Insight Partners’ 5th, Genstar Capital’s 5th and Stone Point Capital’s 3rd transaction in Massachusetts.

M&A Deal Summary

Date 2017-10-23
Target Bullhorn
Sector Internet Software and Services
Buyer(s) Insight Partners
Genstar Capital
Stone Point Capital
Sellers(s) Vista Equity Partners
Deal Type Secondary Buyout

Target

Bullhorn

Boston, Massachusetts, United States
Bullhorn is a provider of SaaS-based front office software for staffing and recruiting firms. Bullhorn’s offerings combine applicant tracking, customer relationship management, social media recruiting, online job posting, candidate sourcing, email and calendar integration, and business development tools. Bullhorn was founded in 1999 and is based in Boston, Massachusetts.

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Buyer(S) 3

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 52 of 89
Sector (Internet Software and Services) 16 of 21
Type (Secondary Buyout) 14 of 22
State (Massachusetts) 5 of 7
Country (United States) 43 of 71
Year (2017) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-07 NMI

Schaumburg, Illinois, United States

NMI provides payments enablement technology that empowers ISOs, ISVs, VARs and payment facilitators to offer branded payment gateway services without building or maintaining their own technology. NMI enables critical payment functionality to affiliates and merchants with its white-labeled, security-focused, feature-rich, omni-channel platform. NMI was formed in 2001 and is based in Schaumburg, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-06 Zyme Solutions

Redwood Shores, California, United States

Zyme Solutions is a provider of cloud-based Software as a service and managed services applications for data solutions. Zyme’s flexible, real-time data platform powers the New Smart Channel℠, a proven approach to acquiring actionable knowledge that enterprises need to accelerate partner sales and optimize marketing ROI. Zyme Solutions was founded in 2004 and is based in Redwood Shores, California.

Sell -
Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.


DEAL STATS #
Overall 71 of 109
Sector (Internet Software and Services) 7 of 8
Type (Secondary Buyout) 27 of 49
State (Massachusetts) 5 of 5
Country (United States) 65 of 101
Year (2017) 10 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-17 Tekni-Plex

Wayne, Pennsylvania, United States

Tekni-Plex is a globally-integrated company focused on developing and manufacturing innovative packaging materials, medical compounds and precision-crafted medical tubing solutions for some of the most well-known names in the medical, pharmaceutical, personal care, household and industrial, and food and beverage industries. Tekni-Plex was founded in 1967 and is based in Wayne, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-08 Altegris Companies

La Jolla, California, United States

Altegris Companies, Inc. is a provider of alternative investment solutions designed for financial professionals and individuals seeking to improve portfolio diversification.

Sell -
Buyer

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 81 of 114
Sector (Internet Software and Services) 6 of 11
Type (Secondary Buyout) 11 of 26
State (Massachusetts) 3 of 6
Country (United States) 69 of 101
Year (2017) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-05 Access Point Financial

Atlanta, Georgia, United States

Access Point Financial is a direct full-service lender servicing the hospitality industry. APF lends to qualified franchisees of major hotel brands and independent boutique hotels throughout the United States and Canada and is not an owner operator of hotel assets.

Sell $350M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-01 Kroll

New York, New York, United States

Kroll is an independent financial advisory and investment banking firm, offering a broad range of consulting and advisory services to public and private companies. With more than 1,200 professionals serving clients worldwide. Kroll was founded in 1932 and is based in New York City.

Sell $1.8B

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 31 of 70
Sector (Internet Software and Services) 5 of 20
Type (Secondary Buyout) 12 of 17
State (Massachusetts) 2 of 4
Country (United States) 28 of 65
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-11 Jamf

Minneapolis, Minnesota, United States

Jamf is a provider of Apple device management software, including support for MacOS devices, iOS devices, and tvOS devices. The Company offers extensive functionality in package building, inventory, image management, remote imaging, remote updates, iOS mobile device management, and automated support. Jamf delivers support and service solutions to more than 38,000 customers at businesses, educational institutions, and government agencies. Jamf was formed in 2002 and is based in Minneapolis, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-24 Autotask

East Greenbush, New York, United States

Autotask Corp. is a provider of hosted IT business management software to streamline and optimize business processes for technology solution providers.

Sell -