M&A Deal Summary

Hellman & Friedman, TPG and K1 Investment Management Acquire Checkmarx

On March 16, 2020, private equity firm Hellman & Friedman, private equity firm TPG and growth capital firm K1 Investment Management acquired software company Checkmarx from Insight Partners for 1.2B USD

Acquisition Highlights
  • This is Hellman & Friedman’s 11th, TPG’s 27th and K1 Investment Management’s 15th transaction in the Software sector.
  • This is Hellman & Friedman’s 27th, TPG’s 62nd and K1 Investment Management’s largest (disclosed) transaction.
  • This is Hellman & Friedman’s 1st, TPG’s 3rd and K1 Investment Management’s 2nd transaction in Israel.

M&A Deal Summary
Date 2020-03-16
Target Checkmarx
Sector Software
Buyer(s) Hellman & Friedman
TPG
K1 Investment Management
Sellers(s) Insight Partners
Deal Type Secondary Buyout
Deal Value 1.2B USD

Target

Checkmarx

Ramat Gan, Israel
Checkmarx is a provider of Application Security Testing (AST) software that helps developers identify and address critical vulnerabilities in an application’s code. Checkmarx was founded in 2006 and is based in Ramat Gan, Israel.

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Buyer(S) 3

Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.

DEAL STATS #
Overall 74 of 88
Sector (Software) 11 of 12
Type (Secondary Buyout) 23 of 26
Country (Israel) 1 of 1
Year (2020) 1 of 3
Size (of disclosed) 27 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-20 The Ultimate Software Group

Weston, Florida, United States

The Ultimate Software Group, Inc. is a provider of cloud-based human capital management (HCM) solutions. Ultimate delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively. The Ultimate Software Group was founded in 1990 and is based in Weston, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-03 Associated Materials

Cuyahoga Falls, Ohio, United States

Associated Materials is a manufacturer of exterior residential building products, which are distributed through company-owned distribution centers and independent distributors across North America. Associated Materials was founded in 1947 and is based in Cuyahoga Falls, Ohio.

Sell -
Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.

DEAL STATS #
Overall 368 of 421
Sector (Software) 27 of 35
Type (Secondary Buyout) 56 of 72
Country (Israel) 3 of 3
Year (2020) 7 of 16
Size (of disclosed) 62 of 105
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-10 Everlaw

Oakland, California, United States

Everlaw is a cloud-native e-discovery solution that unlocks the collaborative power of teams to investigate issues more thoroughly, uncover a truth more quickly, and present their findings more clearly. Everlaw was founded in 2010 and is based in Oakland, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-15 Onfido

London , United Kingdom

Onfido is a biometric and identity verification (IDV) technology provider that enables the know-your-customer (KYC), anti-money-laundering (AML), user registration, and identification processes for blue-chip customers in 60+ countries around the world. Onfido was founded in 2012 and is based in London, United Kingdom.

Buy -
Buyer

K1 Investment Management

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2011
Size Small
Type Sector Focused
DESCRIPTION

K1 Investment Management, LLC is a West Coast US-based private equity firm investing in high-growth private companies across North America. The Firm has a special interest in enterprise software companies and looks to provide meaningful strategic and operational guidance when working with portfolio companies. K1 Investment Management was established in 2011 and is headquartered in El Segundo, California.

DEAL STATS #
Overall 28 of 50
Sector (Software) 15 of 25
Type (Secondary Buyout) 3 of 4
Country (Israel) 2 of 5
Year (2020) 2 of 4
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-27 Gravyty

Medford, Massachusetts, United States

Gravyty provides a suite of SaaS-based fundraiser enablement solutions that empower frontline fundraisers to personalize outreach, build new relationships with prospects, and deepen relationships with donors faster and more efficiently than with traditional methods. By transforming how fundraisers build relationships with top donors, Gravyty customers expand their fundraising workforces without making additional hires, build donor pipeline at scale, inspire giving, and raise revenue on their missions to change our world. Gravyty was founded in 2009 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-13 accessiBe

Bnei Brak, Israel

accessiBe provides an AI-powered web accessibility solution that makes web accessibility simple, automatic, immediate, and affordable. The company’s proprietary technology scans and modifies websites’ code and behavior in real-time, to be accessible for people with disabilities and compliant with the ADA and WCAG 2.1. accessiBe was founded in 2018 and is based in Bnei Brak, Israel.

Buy -

Seller(S) 1

SELLER

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 23 of 40
Sector (Software) 11 of 18
Type (Secondary Buyout) 9 of 17
Country (Israel) 1 of 1
Year (2020) 1 of 3
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-06 Armis

San Francisco, California, United States

Armis is a provider of enterprise IoT security services. Armis discovers devices on and off the network, continuously analyzes endpoint behavior to identify risks and attacks, and protects critical information and systems by identifying suspicious or malicious devices and quarantining them. Armis was established in 2015 and is based in San Francisco, California.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-19 CarTrawler

Dublin, Ireland

CarTrawler is a technology company providing fully managed online car rental solutions to travel partners in 174 countries. Working across all travel industry segments and geographic markets, CarTrawler enables online travel retailers to add car rental to their portfolio of products and services, creating an additional revenue stream that requires no investment on their part. CarTrawler was formed in 2004 and is headquartered in Dublin, Ireland.

Sell -
Mergr

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