M&A Deal Summary

Instructure Acquires Certica Solutions

On December 10, 2020, Instructure acquired internet software and services company Certica Solutions from New Harbor Capital, Deerpath Capital Management and 424 Capital

Acquisition Highlights
  • This is Instructure’s 4th transaction in the Internet Software and Services sector.
  • This is Instructure’s 4th transaction in the United States.
  • This is Instructure’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2020-12-10
Target Certica Solutions
Sector Internet Software and Services
Buyer(s) Instructure
Sellers(s) New Harbor Capital
Deerpath Capital Management
424 Capital
Deal Type Add-on Acquisition

Target

Certica Solutions

Wakefield, Massachusetts, United States
Certica Solutions, Inc. provides an education technology platform, content and data solutions that enable K-12 educators and administrators to improve instructional and organizational performance. Certica partners with a diverse network of education technology companies, publishers and assessment providers; and delivers solutions directly to over 500 school districts, charter schools and educational service agencies. Certica Solutions was founded in 2000 and is based in Wakefield, Massachusetts.

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Buyer(S) 1

Buyer

Instructure

Salt Lake City, Utah, United States
Category Company
Founded 2008
Sector Internet Software and Services
Employees1,413
Revenue 210M USD (2018)
DESCRIPTION

Instructure is a software-as-a-service (SaaS) technology company that makes software that makes people smarter. Instructure was founded in 2008 and is based in Salt Lake City, Utah.

DEAL STATS #
Overall 4 of 7
Sector (Internet Software and Services) 4 of 6
Type (Add-on Acquisition) 4 of 7
State (Massachusetts) 1 of 1
Country (United States) 4 of 6
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-02 MasteryConnect

Salt Lake City, Utah, United States

MasteryConnect, Inc. is a K-12 assessment and curriculum platform supporting educators as they drive student growth through formative and benchmark assessment, curriculum planning, and collaboration. MasteryConnect was formed in 2009 and is based in Salt Lake City, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-15 Get Bridge

London, United Kingdom

Bridge is a learning, performance, and skills development platform for mid-enterprise organizations. Specializing in employee-centric experiences, the offering includes a learning management system in addition to performance, engagement, and skills development products – delivered to clients in a single, easy-to-use, SaaS-based platform.

Sell -

Seller(S) 3

SELLER

New Harbor Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

New Harbor Capital is a lower middle-market private equity firm focused on investing in and acquiring profitable, growth-oriented companies. New Harbor seeks opportunities in the healthcare services, education, and business services sectors and looks to invest $10 to $40 million per transaction. The Firm prefers control investment situations and typically looks to fund growth capital financings, management buyouts, and recapitalizations. New Harbor Capital was established in 2013 and is headquartered in Chicago, Illinois.

DEAL STATS #
Overall 7 of 10
Sector (Internet Software and Services) 1 of 1
Type (Add-on Acquisition) 4 of 5
State (Massachusetts) 1 of 1
Country (United States) 7 of 10
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-09 Wedgewood Pharmacy

Swedesboro, New Jersey, United States

Wedgewood Pharmacy is a pharmacy specializing in animal health, addiction medicine, and urology. Wedgewood has a broad and diverse portfolio of offerings, leading to low customer and stock concentration; holds strategic partnerships with veterinary corporate groups; and offers a defined value proposition to veterinary clinics and pet owners. Wedgewood Pharmacy was founded in 1980 and is based in Swedesboro, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-15 Mindpath Health

Sacramento, California, United States

Mindpath Health is a behavioral health practice management company supporting over 40 affiliated psychiatrists practicing in California’s Sacramento, San Joaquin, and Bay Areas. Mindpath Health was founded in 1995 and is based in Sacramento, California.

Sell -
SELLER

Deerpath Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 2007
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Deerpath Capital Management, LP makes privately negotiated investments in the debt and equity of lower middle market companies. Deerpath prefers to invest in senior secured loans, but will consider other forms of investment on an opportunistic basis. Prospective companies typically have revenues of $10 to $200 million and EBITDA of $3 to $15 million. The Firm looks to commit $15 to $50 million per transaction. Target sectors include communications, energy/natural resources, healthcare, services, and manufacturing. Deerpath was established in 2007 and is based in New York City and office in Fort Lauderdale, Florida and Houston, Texas.

DEAL STATS #
Overall 5 of 8
Sector (Internet Software and Services) 1 of 1
Type (Add-on Acquisition) 4 of 6
State (Massachusetts) 1 of 1
Country (United States) 5 of 8
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-13 Blueprint

Manhattan Beach, California, United States

Blueprint is a LSAT test preparation provider in U.S., offering in-person and asynchronous online courses, private tutoring, self-study materials and application consulting services. Blueprint’s live classroom instruction is offered in 25+ locations in eight states around the country. Blueprint leverages a unique edutainment-oriented content creation capability and the latest adaptive learning technology to support individualized study plans. Blueprint was founded in 2005 and is based in Manhattan Beach, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-19 Ocean State Urgent Care

Cumberland, Rhode Island, United States

Ocean State Urgent Care is an independent provider of urgent care, primary care, and related healthcare services in Rhode Island. The Company treats over 200,000 patients annually through a network of 60 physicians and mid-level providers across 20 locations. Ocean State Urgent Care was founded in 2013 and is based in Cumberland, Rhode Island.

Sell -
SELLER

424 Capital

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1995
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

424 Capital is a growth capital partner that makes control equity investments in lower middle-market companies within B2B Tech-Enabled Services. 424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. Focusing primarily on investments in North America, we invest in companies that are profitable, growing, and that align with our values of honesty, integrity, and impact. 424 Capital was founded in 1995 and is headquartered in Wakefield, Massachusetts.

DEAL STATS #
Overall 5 of 10
Sector (Internet Software and Services) 2 of 2
Type (Add-on Acquisition) 3 of 6
State (Massachusetts) 2 of 2
Country (United States) 4 of 9
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-21 Verge Health

Mount Pleasant, South Carolina, United States

Verge Health offers SaaS solutions that automate and streamline complex administrative processes in the hospital system. Verge Health was founded in 2001 and is based in Mount Pleasant, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 Radian Generation

Charlotte, North Carolina, United States

Radian Generation is a global asset management firm serving the renewable power industry providing both software and tech-enabled services to some of the world’s largest investors in commercial and utility-scale solar and wind infrastructure. The company’s services optimize plant and portfolio performance to improve the ROI for asset owners. The Radian team is a group of top industry experts, armed with their proprietary LENS technology platform, who deliver measurable results through the automation of proven best practices of solar and wind asset management. Radian Generation was founded in 2013 and is based in Charlotte, North Carolina.

Buy -
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