M&A Deal Summary

Providence Equity Partners Acquires Tenstreet

On October 4, 2021, private equity firm Providence Equity Partners acquired software company Tenstreet from Spectrum Equity

Acquisition Highlights
  • This is Providence Equity Partners’ 14th transaction in the Software sector.
  • This is Providence Equity Partners’ 79th transaction in the United States.
  • This is Providence Equity Partners’ 1st transaction in Oklahoma.

M&A Deal Summary
Date 2021-10-04
Target Tenstreet
Sector Software
Buyer(s) Providence Equity Partners
Sellers(s) Spectrum Equity
Deal Type Secondary Buyout
Advisor(s) Daiwa Corporate Advisory Ltd. (DC Advisory) (Financial)
Choate Hall & Stewart (Legal)

Target

Tenstreet

Tulsa, Oklahoma, United States
Tenstreet is a web-based provider of driver recruiting software and workflow solutions for the trucking and transportation industry. Tenstreet is based in Tulsa, Oklahoma.

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Buyer(S) 1

Buyer

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.

DEAL STATS #
Overall 124 of 135
Sector (Software) 14 of 15
Type (Secondary Buyout) 31 of 38
State (Oklahoma) 1 of 1
Country (United States) 79 of 85
Year (2021) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-13 Blackboard

Reston, Virginia, United States

Blackboard is a global educational software company that allows thousands of higher education, K-12, professional, corporate and government organizations to extend teaching, learning and campus communication online to millions of students, parents and teachers. Blackboard was founded in 1997 and is based in Reston, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-22 Seesaw

San Francisco, California, United States

Seesaw is a platform for meaningful student engagement that helps children demonstrate and share their learning. It helps teachers in getting a clear understanding of a student’s strengths and areas for growth and can tailor instruction to accelerate learning. Seesaw was formed in 2015 and is based in San Francisco, California.

Buy -

Seller(S) 1

SELLER

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 8.2B USD
Size Mega
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $150 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.

DEAL STATS #
Overall 64 of 76
Sector (Software) 11 of 12
Type (Secondary Buyout) 6 of 10
State (Oklahoma) 1 of 1
Country (United States) 58 of 67
Year (2021) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-15 Definitive Healthcare

Framingham, Massachusetts, United States

Definitive Healthcare is a provider of data and intelligence on hospitals, physicians, and other healthcare providers. Definitive Healthcare was founded in 2011 and is based in Framingham, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-09 Zenwork

Fayetteville, Arkansas, United States

Zenwork is a cloud-based provider of digital tax compliance and regulatory reporting software for businesses. Zenwork helps businesses everywhere manage compliance at a time when changing state and federal mandates and a surge in the gig economy workforce have created new, complex tax reporting burdens. The company offers its customers modern, cost-effective solutions that transform resource-intensive, manual processes into highly automated, digital experiences. Zenwork was founded in 2011 and is based in Fayetteville, Arkansas.

Buy -
Mergr

Product

Company

Legal