Add-on Acquisition • Internet Software and Services

Plaid Acquires Quovo

On January 8, 2019, Plaid acquired internet software and services company Quovo from Eight Roads for 200M USD

Acquisition Context
  • This is Plaid’s 1st transaction in the Internet Software and Services sector.
  • This is Plaid’s largest (disclosed) transaction.
  • This is Plaid’s 1st transaction in the United States.
  • This is Plaid’s 1st transaction in New York.

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M&A Deal Summary

Date January 8, 2019
Target Quovo
Sector Internet Software and Services
Buyer(s) Plaid
Sellers(s) Eight Roads
Deal Type Add-on Acquisition
Deal Value 200M USD

Target Company

Quovo

New York, New York, United States
Quovo is the developer of a platform to help programmers with investment and brokerage aggregation. The Company was formed in 2010 and is based in New York City.
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Buyer Overview 1

Buyer

Plaid

San Francisco, California, United States

Category Company
Founded 2013
Sector Internet Software and Services
Employees150
DESCRIPTION

Plaid is a financial technology company that helps developers connect consumers and businesses with financial institutions via APIs, infrastructure, and tools. Plaid was established in 2013 and is headquartered in San Francisco, California.


Deal Context for Buyer #
Overall 1 of 2
Sector: Internet Software and Services 1 of 1
Type: Add-on Acquisition 1 of 2
State: New York 1 of 1
Country: United States 1 of 2
Year: 2019 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-20 Cognito

Walnut, California, United States

Cognito is focused on simplifying consumer and business identity verification through cutting-edge technology integrations and partnerships. The group hones in on the problems that high-growth companies face to deliver products tailored for large onboarding volumes. It empowers companies with advanced tech that helps to optimize customer onboarding experience using developer-centric infrastructure, and an industry-first gradual verification approach, maximizing match rates. Cognito is based in Walnut, California.

Buy -

Seller Profile 1

SELLER

Eight Roads

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1969
PE ASSETS 11.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Eight Roads is a private investment firm focused on a variety of investment opportunities across the US, Europe, and Asia. The Firm is divided into several investment strategies including venture, principal investing, and real estate. Within the principal investments group, Eight Roads backs established growth businesses with long-term capital. Eight Roads does not have any sector preferences, but has experience in fintech, business services, and healthcare. Eight Roads is based in London.


Deal Context for Seller #
Overall 45 of 124
Sector: Internet Software and Services 9 of 26
Type: Add-on Acquisition 17 of 59
State: New York 2 of 5
Country: United States 25 of 66
Year: 2019 1 of 7
Size (of disclosed) 13 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 La Fourche

Paris, France

La Fourche is an ethical and supportive online supermarket that fights to make organic and responsible consumption accessible to all. The Forks reduces its margins on products as much as possible to offer prices up to 50% cheaper than in the trade. La Fourche was founded in 2018 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-21 Caplin Steriles

Chennai, India

Caplin Steriles is a developer of injectable pharmaceutical products that caters to the rapidly growing demand for injectable products in the regulated markets, especially the US and Europe. Caplin Steriles was founded in 2018 and is based in Chennai, Tamil Nadu.

Buy -