M&A Deal Summary

Silver Lake and GIC Acquire Zuora

On October 17, 2024, private equity firm Silver Lake and sovereign wealth fund GIC acquired internet software and services company Zuora for 1.7B USD

Acquisition Highlights
  • This is Silver Lake’s 21st and GIC’s 5th transaction in the Internet Software and Services sector.
  • This is Silver Lake’s 20th and GIC’s 12th largest (disclosed) transaction.
  • This is Silver Lake’s 95th and GIC’s 15th transaction in the United States.
  • This is Silver Lake’s 37th and GIC’s 4th transaction in California.

M&A Deal Summary

Date 2024-10-17
Target Zuora
Sector Internet Software and Services
Buyer(s) Silver Lake
GIC
Deal Type Going Private
Deal Value 1.7B USD
Advisor(s) Foros Group (Financial)
Goodwin Procter
Freshfields Bruckhaus Deringer (Legal)

Target

Zuora

Redwood City, California, United States
Entrance to Zuora headquarters in Foster City, California.
Entrance to Zuora headquarters in Foster City, California.
Zuora is a global SaaS platform powering subscription-based business models. Zuora's applications are designed to automate billing, commerce, and finance operations for companies providing subscription-based services. Zuora was founded in 2006 and is based in Redwood City, California.

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Buyer(S) 2

Buyer

Silver Lake

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 104.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.


DEAL STATS #
Overall 135 of 135
Sector (Internet Software and Services) 21 of 21
Type (Going Private) 17 of 17
State (California) 37 of 37
Country (United States) 95 of 95
Year (2024) 2 of 2
Size (of disclosed) 20 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-08 Eka

Bengaluru, India

Eka is a global provider of commodity management solutions with a specialty in the soft ags and energy markets. Eka was founded in 2001 and is based in Bengaluru, India.

Sell -
Buyer
DESCRIPTION

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.


DEAL STATS #
Overall 41 of 42
Sector (Internet Software and Services) 5 of 5
Type (Going Private) 5 of 5
State (California) 4 of 4
Country (United States) 15 of 15
Year (2024) 3 of 4
Size (of disclosed) 12 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-02 Reworld

Morristown, New Jersey, United States

Reworld is a provider of waste and energy services to municipal entities. The Company's 45 Energy-from-Waste facilities provide communities and businesses around the world with environmentally sound solid waste disposal by using waste to generate clean, renewable energy. Reworld was founded in 1962 and is based in Morristown, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-21 GasLog

Piraeus, Greece

GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated fleet consists of 27 LNG carriers (21 ships on the water and 6 on order). GasLog was founded in 2003 and is based in Piraeus, Greece.

Buy -