M&A Deal Summary

Prospect Capital Management, Apax, Blue Cross Blue Shield Association and Cambia Health Solutions Acquire The TriZetto Group

On April 11, 2008, business development company Prospect Capital Management, private equity firm Apax, Blue Cross Blue Shield Association and Cambia Health Solutions acquired software company The TriZetto Group for 1.4B USD

Acquisition Highlights
  • This is Prospect Capital Management’s 2nd, Apax’s 10th, Blue Cross Blue Shield Association’s 1st and Cambia Health Solutions’ 1st transaction in the Software sector.
  • This is Prospect Capital Management’s , Apax’s 20th, Blue Cross Blue Shield Association’s and Cambia Health Solutions’ largest (disclosed) transaction.
  • This is Prospect Capital Management’s 39th, Apax’s 45th, Blue Cross Blue Shield Association’s 1st and Cambia Health Solutions’ 1st transaction in the United States.
  • This is Prospect Capital Management’s 2nd, Apax’s 2nd, Blue Cross Blue Shield Association’s 1st and Cambia Health Solutions’ 1st transaction in Colorado.
Investment Fate
  • The TriZetto Group was sold to a publicly-traded strategic buyer in 2014 for 2.7B USD.

M&A Deal Summary

Date 2008-04-11
Target The TriZetto Group
Sector Software
Buyer(s) Prospect Capital Management
Apax
Blue Cross Blue Shield Association
Cambia Health Solutions
Deal Type Going Private
Deal Value 1.4B USD
Advisor(s) UBS Investment Bank (Financial)

Target

The TriZetto Group

Denver, Colorado, United States
TriZetto office in Englewood, Colorado.
TriZetto office in Englewood, Colorado.
The TriZetto Group develops, licenses and manages software solutions for the US health insurance industry. The TriZetto Group is based in Denver, Colorado.

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Buyer(S) 4

Buyer

Prospect Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Business Development Company
Founded 1988
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.


DEAL STATS #
Overall 40 of 86
Sector (Software) 2 of 2
Type (Going Private) 2 of 5
State (Colorado) 2 of 2
Country (United States) 39 of 83
Year (2008) 4 of 7
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-07 PMFG

Dallas, Texas, United States

PMFG, Inc. is a provider of engineered equipment for the abatement of air pollution, the removal of contaminants from gases and liquids, industrial noise control, and heat-transfer through its two business segments — Environmental Systems and Process Products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-24 Hudson Products

Beasley, Texas, United States

Hudson Products Corp. is a provider of heat transfer solutions firms providing air-cooled heat exchangers and axial-flow fans to some of the largest processors in the petroleum, natural gas, power generation, petrochemical and chemical industries.

Buy -
Buyer

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 121 of 261
Sector (Software) 10 of 26
Type (Going Private) 9 of 21
State (Colorado) 2 of 5
Country (United States) 45 of 105
Year (2008) 4 of 7
Size (of disclosed) 20 of 53
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-27 Consort NT

Paris, France

Consort NT is an IT services firm focusing on communication and information technologies comprising three divisions: infrastructure services, application services, and engineering services. Consort NT is a leading IT outsourcing firm in the French market. Consort NT was founded in 1992 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-15 D+S Europe AG

Hamburg, Germany

D+S Europe AG is a provider for fashion ecommerce and Germany's leading service provider for customer contact management. With a comprehensive full-service solution it is becoming a leading partner for international ecommerce for the fashion and lifestyle trade.

Buy -
Buyer

Blue Cross Blue Shield Association

Chicago, Illinois, United States

Category Company
Sector Insurance
DESCRIPTION
Blue Cross Blue Shield's corporate headquarters on Michigan Avenue in Chicago, Illinois.
Blue Cross Blue Shield's corporate headquarters on Michigan Avenue in Chicago, Illinois.

The Blue Cross Blue Shield Association is a federation of 37 separate health insurance organizations and companies in the United States.


DEAL STATS #
Overall 1 of 3
Sector (Software) 1 of 1
Type (Going Private) 1 of 1
State (Colorado) 1 of 1
Country (United States) 1 of 3
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-15 The TriZetto Group

Denver, Colorado, United States

The TriZetto Group develops, licenses and manages software solutions for the US health insurance industry. The TriZetto Group is based in Denver, Colorado.

Sell $2.7B
Buyer

Cambia Health Solutions

Portland, Oregon, United States

Category Company
Sector Healthcare Services
DESCRIPTION

Cambia Health Solutions, Inc. provides health solutions in the United States.


DEAL STATS #
Overall 1 of 1
Sector (Software) 1 of 1
Type (Going Private) 1 of 1
State (Colorado) 1 of 1
Country (United States) 1 of 1
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-15 The TriZetto Group

Denver, Colorado, United States

The TriZetto Group develops, licenses and manages software solutions for the US health insurance industry. The TriZetto Group is based in Denver, Colorado.

Sell $2.7B