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M&A Deal Summary

Reverence Capital Partners and Farol Asset Management Acquire Transact

On March 7, 2019, private equity firms Reverence Capital Partners and Farol Asset Management acquired information technology company Transact from Blackboard

Acquisition Highlights
  • This is Reverence Capital Partners’ 1st and Farol Asset Management’s 2nd transaction in the Information Technology sector.
  • This is Reverence Capital Partners’ 6th and Farol Asset Management’s 11th transaction in the United States.
  • This is Reverence Capital Partners’ 1st and Farol Asset Management’s 2nd transaction in Arizona.
Investment Fate
  • Transact was sold to a publicly-traded strategic buyer in 2024 for 1.5B USD.

M&A Deal Summary
Date 2019-03-07
Target Transact
Sector Information Technology
Buyer(s) Reverence Capital Partners
Farol Asset Management
Sellers(s) Blackboard
Deal Type Divestiture

Target

Transact

Scottsdale, Arizona, United States
Transact is a provider of campus engagement and payments solutions and a first-mover innovator in NFC mobile credentials, Transact enables institutions to identify and engage students, elevating the student experience through mission-critical transactions. Transact is based in Scottsdale, Arizona.

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Buyer(S) 2

Buyer

Reverence Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
Size Small
Type Sector Focused
DESCRIPTION

Reverence Capital Partners is a specialist private investment firm focused on investing in global, middle-market financial services businesses. Specific areas of interest include insurance, asset/wealth management, depositories, finance, financial technology/payments, and capital markets. The Firm targets control and influence-oriented minority investments and typically collaborates with management to drive long-term success. Reverence Capital Partners was formed in 2013 and is based in New York City.

DEAL STATS #
Overall 6 of 16
Sector: Information Technology M&A 1 of 1
Type: Divestiture M&A Deals 3 of 5
State: Arizona M&A 1 of 3
Country: United States M&A 6 of 16
Year: 2019 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-21 Venerable

West Chester, Pennsylvania, United States

Venerable is a business with well-established, strategic investors, experienced in successfully building and growing insurance businesses with the patient, long-term capital. Venerable was founded in 2017 and is based in West Chester, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-09 Osaic

Scottsdale, Arizona, United States

Osaic provides comprehensive broker-dealer services, technology, and advisory programs through its four registered broker-dealers and Registered Investment Advisors. Osaic was founded in 1999 and is based in Scottsdale, Arizona.

Buy -
Buyer

Farol Asset Management

Investor Investor Investor

Category Private Equity Firm
Founded 2011
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Farol Asset Management is a private equity firm that looks to match institutional investors with direct investment opportunities. The Firm seeks to commit $5 to $30 million per transaction to support a variety of transaction situations and typically works with opportunities brought to it by private equity firms, fund-less sponsors, entrepreneurs and operating executives. Farol Asset Management was formed in 2011 and is headquartered in New York City.

DEAL STATS #
Overall 12 of 23
Sector: Information Technology M&A 2 of 3
Type: Divestiture M&A Deals 2 of 4
State: Arizona M&A 2 of 2
Country: United States M&A 11 of 21
Year: 2019 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-15 Gaylord Chemical

Covington, Louisiana, United States

Gaylord Chemical is a manufacturer of dimethyl sulfide (DMS) and dimethyl sulfoxide (DMSO), environmentally safe, non-toxic solvents with a variety of commercial applications in agriculture, microelectronics, petrochemical, pharmaceutical and other end markets. Gaylord Chemical was founded in 1988 and is based in Covington, Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-17 AIM Aerospace

Renton, Washington, United States

AIM Aerospace, Inc. is a designer and producer of advanced composite structures, systems, engine components and thermoplastic technology for the global aerospace industry. AIM Aerospace, Inc. was founded in 1988 and is based in Renton, Washington.

Sell $510M

Seller(S) 1

SELLER

Blackboard

Reston, Virginia, United States
Category Company
Founded 1997
Sector Software
Employees1,780
DESCRIPTION

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.

DEAL STATS #
Overall 1 of 4
Sector: Information Technology M&A 1 of 2
Type: Divestiture M&A Deals 1 of 4
State: Arizona M&A 1 of 1
Country: United States M&A 1 of 4
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-26 Fronteer

United Kingdom

Fronteer Ltd. including its flagship Ally product. Ally is designed to help institutions and instructors make course content more accessible for learners.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-10 Blackboard - Open LMS Business

District of Columbia, United States

Blackboard, Inc.'s Open LMS Business is a moodle-based SaaS LMS used to increase its focus on the innovations and services that are core to its client base.

Sell $32M
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