M&A Deal Summary

JMI Equity and TCV Acquire Clio

On September 4, 2019, private equity firms JMI Equity and TCV acquired internet software and services company Clio from Acton Capital

Acquisition Highlights
  • This is JMI Equity’s 35th and TCV’s 22nd transaction in the Internet Software and Services sector.
  • This is JMI Equity’s 11th and TCV’s 3rd transaction in Canada.
  • This is JMI Equity’s 2nd and TCV’s 1st transaction in British Columbia.

M&A Deal Summary
Date 2019-09-04
Target Clio
Sector Internet Software and Services
Buyer(s) JMI Equity
TCV
Sellers(s) Acton Capital
Deal Type Secondary Buyout

Target

Clio

Burnaby, British Columbia, Canada
Clio engages in cloud-based legal technology, empowers lawyers to be both client-centered and firm focused through a suite of cloud-based solutions, including practice management, CRM and client intake software. Clio has been transforming the industry for over a decade with 150,000 customers spanning 90 countries, and the approval of over 65 bar associations and law societies globally. Clio continues to transform and lead the industry with initiatives like the Legal Trends Report, the Clio Cloud Conference, and the Clio Academic Access Program. Clio was founded in 2008 and is based in Burnaby, British Columbia.

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Buyer(S) 2

Buyer

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 7.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Targeted businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit at least $10 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.

DEAL STATS #
Overall 108 of 127
Sector (Internet Software and Services) 35 of 41
Type (Secondary Buyout) 8 of 9
State (British Columbia) 2 of 3
Country (Canada) 11 of 12
Year (2019) 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-11 Unanet

Dulles, Virginia, United States

Unanet is a cloud professional services automation (PSA) and enterprise resource planning (ERP) software platform for government contractors and other professional services firms.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-24 Schoology

New York, New York, United States

Schoology, Inc. is a provider of software as a service (SaaS) Learning Management Systems (LMS) and collaboration tools to K-12 schools, higher education institutions, and corporate customers. Schoology, Inc. was founded in 2009 and is based in New York City.

Sell -
Buyer

TCV

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 21.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Technology Crossover Ventures (TCV) is a private equity and venture capital firm focused on investments in growth technology companies. TCV looks to provide capital for growth, recapitalizations, acquisitions, and buyouts of technology companies in sectors such as internet, financial technology, infrastructure & communications, and software. TCV targets opportunities in North America and looks to commit between $10 and $500 million of equity capital per transaction. TCV was formed in 1995 and is based in Palo Alto, New York City, and London.

DEAL STATS #
Overall 78 of 82
Sector (Internet Software and Services) 22 of 25
Type (Secondary Buyout) 4 of 6
State (British Columbia) 1 of 1
Country (Canada) 3 of 3
Year (2019) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-03 HireVue

South Jordan, Utah, United States

HireVue is a digital interviewing platform that provides recruitment screening and evaluation solutions for employers. HireVue is transforming the way companies discover, hire and develop the best talent by combining the power of video, games and AI for better hiring decisions. HireVue was founded in 2004 and is based in South Jordan, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-02 Oversight Systems

Atlanta, Georgia, United States

Oversight Systems is a web-based software solution that automates spending program compliance by comprehensively analyzing expense reports, purchase cards, and accounts payable transactions to identify fraud, non-compliant purchases, as well as inefficient and wasteful spending. Oversight Systems was founded in 2003 and is based in Atlanta, Georgia.

Buy -

Seller(S) 1

SELLER

Acton Capital

Investor Investor Investor Investor Investor

Category Venture Capital Firm
Founded 1999
PE ASSETS 600M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

Acton Capital is a late-stage venture capital firm focused on investing in web-based companies benefiting from the 'digital revolution'. The Firm has a special interest in companies and sectors benefiting from the transition to online activity and will consider opportunities across Europe and North America. Acton Capital Partners was formed in 1999 and is headquartered in Munich, Germany.

DEAL STATS #
Overall 8 of 17
Sector (Internet Software and Services) 3 of 7
Type (Secondary Buyout) 2 of 3
State (British Columbia) 1 of 2
Country (Canada) 1 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-25 Expertlead

Berlin, Germany

Expertlead is a global community of highly qualified tech freelancers. Expertlead’s mission is to support freelance tech professionals in all stages of self-employment from project acquisition and administrative tasks to continuous training and peer-to-peer learning. Working together with its community and using proprietary coding tests as well as rigorous technical interview processes, Expertlead vets, and selects the world's best senior developers, data science experts, experienced product/project managers as well as proficient UI/UX designers. Expertlead provides its clients with access to its exclusive community of highly qualified tech freelancers. Expertlead was founded in 2018 and is based in Berlin, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-18 Maple

Toronto, Ontario, Canada

Maple is a technology platform that tackles some of the world’s most meaningful issues in healthcare, starting with timely and convenient access to doctors and other healthcare providers. Maple allows patients to connect directly with doctors for medical care in minutes from their smartphone or computer 24/7, and also provides custom technology solutions for hospitals and clinics seeking to advance their delivery of care. Maple was founded in 2015 and is based in Toronto, Ontario.

Buy -
Mergr

Product

Company

Legal