M&A Deal Summary

PDI Software Acquires Cybera

On December 8, 2020, PDI Software acquired internet software and services company Cybera from Spring Capital Partners, Adams Street Partners, Sumeru Equity Partners and Claritas Capital

Acquisition Highlights
  • This is PDI Software’s 5th transaction in the Internet Software and Services sector.
  • This is PDI Software’s 15th transaction in the United States.
  • This is PDI Software’s 1st transaction in Tennessee.

M&A Deal Summary
Date 2020-12-08
Target Cybera
Sector Internet Software and Services
Buyer(s) PDI Software
Sellers(s) Spring Capital Partners
Adams Street Partners
Sumeru Equity Partners
Claritas Capital
Deal Type Add-on Acquisition

Target

Cybera

Franklin, Tennessee, United States
Cybera is a provider of security as a service virtual application networks to enterprises. Cybera solves the networking and security needs of highly distributed enterprises. Cybera was founded in 2001 and is based in Franklin, Tennessee.

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Buyer(S) 1

Buyer

PDI Software

Alpharetta, Georgia, United States
Category Company
Founded 1983
Sector Software
DESCRIPTION

PDI Software is a provider of enterprise-class retail automation software to convenience store retailers and wholesale petroleum marketers. PDI develops, sells and supports a software solution for managing back-office and day-to-day management processes such as accounting, product pricing, inventory, fuel purchasing, card processing and employee scheduling for retail convenience store and wholesale fuel businesses. PDI Software was founded in 1983 and is based in Alpharetta, Georgia.

DEAL STATS #
Overall 17 of 25
Sector (Internet Software and Services) 5 of 9
Type (Add-on Acquisition) 14 of 20
State (Tennessee) 1 of 1
Country (United States) 15 of 20
Year (2020) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 ControlScan - Managed Security Services

Alpharetta, Georgia, United States

ControlScan, Inc.'s Managed Security Services specializes in delivering the technical expertise and security know-how required to keep your business secure. ControlScan, Inc.'s Managed Security Services is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-27 GasBuddy

Boston, Massachusetts, United States

GasBuddy is a consumer app and website to help consumers find cheap gas prices. The GasBuddy app currently generates fuel pricing information on 150,000 stations across North America. While most of its peer-to-peer interactions are from users searching and posting local gas prices, the app also enables reviews of facilities and supports wayfinding. GasBuddy was founded in 2000 and is based in Boston, Massachusetts.

Buy -

Seller(S) 4

SELLER

Spring Capital Partners

Lutherville, Maryland, United States

Investor Investor

Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Spring Capital Partners is a mezzanine finance provider for small to medium-sized businesses. Spring invests $2 to $20 million, primarily in the form of subordinated debt with equity features in each transaction. The Firm does not have an industry focus. Spring Capital looks for businesses located in the Mid-Atlantic US with revenues between $10 and $150 million. Spring Capital Partners was formed in 1999 and has offices in Baltimore, Maryland and Radnor, Pennsylvania.

DEAL STATS #
Overall 22 of 25
Sector (Internet Software and Services) 2 of 3
Type (Add-on Acquisition) 15 of 18
State (Tennessee) 1 of 1
Country (United States) 22 of 25
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-15 Altus Receivables Management

Kenner, Louisiana, United States

Altus Receivables Management provides commercial debt recovery services to customers in the United States and abroad. The Company is a commercial receivable management agency offering receivable management outsourcing, domestic and international commercial collections, audit collection, and business receivable management training. Altus Receivables Management was established in 1994 and is based in Kenner, Louisiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-21 V12 Data

Wesley Chapel, Florida, United States

V12 Data is a provider of Data-as-a-Service (DaaS) and Right Time Marketing, delivering market leading data products, real time technologies, and powerful analytics to power the right connections. V12 Data was founded in 1978 and is based in Wesley Chapel, Florida.

Sell -
SELLER

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1972
PE ASSETS 60.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.

DEAL STATS #
Overall 83 of 96
Sector (Internet Software and Services) 15 of 16
Type (Add-on Acquisition) 44 of 51
State (Tennessee) 1 of 1
Country (United States) 76 of 88
Year (2020) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-26 Accuity Delivery Systems

Mount Laurel, New Jersey, United States

Accuity Delivery Systems is a revenue cycle management business that provides clinical documentation improvement, coding and quality assurance and provider education services to its hospital clients. Accuity Delivery Systems is based in Mount Laurel, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-11 ClassDojo

San Francisco, California, United States

ClassDojo is a school communication platform that teachers, students, and families use every day to build close-knit communities by sharing what’s being learned in the classroom home through photos, videos, and messages. ClassDojo was founded in 2011 and is based in San Francisco, California.

Buy -
SELLER

Sumeru Equity Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2014
Size Small
Type Sector Focused
DESCRIPTION

Sumeru Equity Partners, Inc. is a technology-focused private equity firm that makes investments in mid-market software, technology enabled services, and hardware companies with a focus on growth. Sumeru Equity Partners typically invests between $25 and $200 million in companies with revenues greater than $10 million. Sumeru Equity Partners was formed in 2014 and is based in Foster City, California.

DEAL STATS #
Overall 7 of 11
Sector (Internet Software and Services) 4 of 5
Type (Add-on Acquisition) 2 of 6
State (Tennessee) 1 of 1
Country (United States) 5 of 8
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-23 Ceros

New York, New York, United States

Ceros is a content creation platform that empowers marketers and designers to create rich, engaging content, without code. Ceros was founded in 2007 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-06 Velocity Technology Solutions

Charlotte, North Carolina, United States

Velocity Technology Solutions, Inc. is a provider of enterprise software hosting and systems integration services to mid-market businesses and government entities. Velocity Technology Solutions was founded in 2003 and is based in Charlotte, North Carolina.

Sell -
SELLER

Claritas Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Claritas Capital is a private investment group focused on direct company and real estate investing. The Firm's equity group looks to partner with management in pursuit of healthcare, business services, and technology platform investments. Claritas does not have any company stage preferences and generally seeks to invest $2 to $5 million per transaction. The Firm's real estate group seeks to provide mezzanine debt and equity to retail, commercial, and multi-family properties. Claritas Capital was formed in 2002 and is based in Nashville, Tennessee.

DEAL STATS #
Overall 11 of 11
Sector (Internet Software and Services) 3 of 3
Type (Add-on Acquisition) 8 of 8
State (Tennessee) 7 of 7
Country (United States) 11 of 11
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-18 Cogitativo

Berkeley, California, United States

Cogitativo is a passionate team of expert explorers driven to transform healthcare. Spanish for meditative and contemplating, Cogitativo was created with the purpose of thinking deeply about the issues affecting the healthcare system. Cogitativo was founded in 2015 and is based in Berkeley, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-18 emocha

Baltimore, Maryland, United States

emocha is a digital health company that radically improves medication adherence amongst patients with chronic and infectious diseases. emocha was founded in 2008 and is based in Baltimore, Maryland.

Buy -
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