M&A Deal Summary

OpenText Acquires StreamServe

On October 27, 2010, OpenText acquired business services company StreamServe from Apax, Pharos Capital Group and Azini Capital Partners for 71M USD

Acquisition Highlights
  • This is OpenText’s 1st transaction in the Business Services sector.
  • This is OpenText’s 21st largest (disclosed) transaction.
  • This is OpenText’s 11th transaction in the United States.
  • This is OpenText’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2010-10-27
Target StreamServe
Sector Business Services
Buyer(s) OpenText
Sellers(s) Apax
Pharos Capital Group
Azini Capital Partners
Deal Type Add-on Acquisition
Deal Value 71M USD
Advisor(s) Needham & Co. LLC (Financial)

Target

StreamServe

Burlington, Massachusetts, United States
StreamServe, Inc. is a provider of enterprise content management solutions for banking, supply chain, insurance, and utilities industries.

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Buyer(S) 1

Buyer

OpenText

Waterloo, Ontario, Canada
Category Company
Founded 1991
Sector Software
Employees23,700
Revenue 4.5B USD (2023)
DESCRIPTION

OpenText is an independent software provider of enterprise information management (EIM). Open Text was founded in 1991 and is based in Waterloo, Ontario.

DEAL STATS #
Overall 20 of 45
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 15 of 36
State (Massachusetts) 1 of 3
Country (United States) 11 of 32
Year (2010) 2 of 2
Size (of disclosed) 21 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-22 Nstein Technologies

Montreal, Quebec, Canada

Nstein Technologies develops and markets leading-edge content management software for the media, publishing and entertainment industries. Its Ntelligent Content Management Suite enables the centralization, enrichment and publication of textual and rich media assets using advanced text mining. Nstein helps publishers significantly increase their content monetization and reduce their operational costs through cross media publishing and multichannel delivery. Nstein is headquartered in Montreal, Canada, with offices in the USA and Europe.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-02 Metastorm

Baltimore, Maryland, United States

With a focus on enterprise visibility, resource optimization, efficiency and agility, Metastorm offers market software for enterprise and business architecture (EA), business process analysis (BPA) and business process management (BPM).

Buy $182M

Seller(S) 3

SELLER

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.

DEAL STATS #
Overall 58 of 172
Sector (Business Services) 4 of 6
Type (Add-on Acquisition) 23 of 60
State (Massachusetts) 1 of 3
Country (United States) 19 of 64
Year (2010) 15 of 18
Size (of disclosed) 46 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-26 Panrico Donuts Canarias SA

Barcelona, Spain

Leading Spanish and Portuguese bakery company (branded pastries and sliced bread) with a portfolio of pre-eminent brands such as Donuts, Donettes, Panrico and Bollycao.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-07 Power Paper

Petah Tikva, Israel

A leading provider of micro-powered devices, and printable, thin, flexible and environment friendly batteries that can be used in multiple applications.

Sell -
SELLER

Pharos Capital Group

Dallas, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Pharos Capital Group is a private equity firm that provides later-stage equity funding to companies at or near cash-flow break even. Investment funds are typically used to support growth, acquisitions, management buyouts, or recapitalization. Pharos looks to commit $20 to $50 million per transaction. Target sectors include healthcare, business services, and technology. Pharos prefers US-based opportunities. Pharos Capital Group was formed in 1998 and is based in Dallas, Texas.

DEAL STATS #
Overall 13 of 23
Sector (Business Services) 1 of 2
Type (Add-on Acquisition) 6 of 11
State (Massachusetts) 2 of 2
Country (United States) 12 of 22
Year (2010) 4 of 5
Size (of disclosed) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-28 Nursefinders

San Diego, California, United States

Nursefinders, Inc. is a nurse staffing companies to hospitals and other healthcare facilities and a major provider of home healthcare services. Through its network of approximately 120 medical staffing and home health care offices, Nursefinders provides RNs, LPN/LVNs, home health aides, therapists, medical social workers, nursing assistants, companions and other healthcare and medical clerical professionals to more than 4,200 hospitals, nursing homes, healthcare centers and patients across the U.S.

Sell $220M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-23 Atherotech

Birmingham, Alabama, United States

Atherotech is a clinical reference laboratory specializing in diagnostic testing for cardio-metabolic disease. The Company’s proprietary “VAP” test allows physicians to identify at-risk patients through a variety of cholesterol and lipid bio-markers with much greater accuracy and at significantly lower cost to the health care system than competitive testing products. The company’s state-of-the-art central laboratory processes millions of tests annually.

Sell -
SELLER

Azini Capital Partners

Investor Investor

Category Secondary Investor
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Azini Capital Partners LLP is a private investment group focused acquiring secondary interests in growth-oriented companies. The Firm looks to acquire minority positions (> 15%) in companies with at least $10 million in revenue. The Firm prefers acquiring interests in tech-oriented or tech-enabled companies. Azini Capital was established in 2004 and is based in London.

DEAL STATS #
Overall 3 of 20
Sector (Business Services) 1 of 2
Type (Add-on Acquisition) 2 of 17
State (Massachusetts) 1 of 1
Country (United States) 1 of 6
Year (2010) 3 of 4
Size (of disclosed) 5 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-01 Starhome Mach

Zurich, Switzerland

Starhome Mach is a roaming solutions company. It is a software that allows mobile network operators to capture and manage mobile phone customers who are outside of their home country. For example enabling short dial codes, such as access to voicemail, to work whilst abroard. Deployed in 200 mobile network operators worldwide.

Sell $80M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-07 Sonim Technologies

San Mateo, California, United States

Sonim Technologies is a provider of the rugged, water-submersible mobile phones designed specifically for workers in demanding and hazardous environments. They specialize in workforce-critical communication tools for vertical industries including construction, security guarding, oil, gas and chemical operations, utilities, transportation and logistics, forestry, agriculture and defense. Sonim Technologies was founded in 2007 and is based in San Mateo, California.

Buy -
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