M&A Deal Summary

Siris Capital Group and Farol Asset Management Acquire Digital River

On October 23, 2014, private equity firms Siris Capital Group and Farol Asset Management acquired internet software and services company Digital River for 840M USD

Acquisition Highlights
  • This is Siris Capital Group’s 1st and Farol Asset Management’s 1st transaction in the Internet Software and Services sector.
  • This is Siris Capital Group’s 9th and Farol Asset Management’s 3rd largest (disclosed) transaction.
  • This is Siris Capital Group’s 6th and Farol Asset Management’s 5th transaction in the United States.
  • This is Siris Capital Group’s 1st and Farol Asset Management’s 1st transaction in Minnesota.

M&A Deal Summary
Date 2014-10-23
Target Digital River
Sector Internet Software and Services
Buyer(s) Siris Capital Group
Farol Asset Management
Deal Type Going Private
Deal Value 840M USD
Advisor(s) Morgan Stanley (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Digital River

Minnetonka, Minnesota, United States
Digital River is an online business for software and game publishers, consumer electronics manufacturers, distributors, online retailers, and affiliates. Its multi-channel commerce solution, which supports both direct and indirect sales, is designed to help companies of all sizes maximize online revenues as well as reduce the costs and risks of running a global commerce operation. Digital River was founded in 1994 and is based in Minnetonka, Minnesota.

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Buyer(S) 2

Buyer

Siris Capital Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2011
PE ASSETS 2.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Siris Capital Group is a private equity firm focused on control investments in technology, telecommunications, and healthcare companies. Siris looks to acquire large companies valued from $250 million to $2 billion. The Firm was spun out of hedge fund SAC Capital Advisors in 2011. Siris Capital Group is based in New York City.

DEAL STATS #
Overall 6 of 20
Sector (Internet Software and Services) 1 of 4
Type (Going Private) 4 of 10
State (Minnesota) 1 of 1
Country (United States) 6 of 18
Year (2014) 3 of 3
Size (of disclosed) 9 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 Pulse Secure

San Jose, California, United States

Pulse Secure LLC provides easy, comprehensive software-driven Secure Access solutions for people, devices, things, and services that improve visibility, protection, and productivity for our customers. Pulse Secure LLC suites and SaaS platform uniquely integrate cloud, mobile, application, and network access to enable hybrid IT in a Zero Trust world. Over 24,000 enterprises and service providers across every vertical entrust Pulse Secure to empower their mobile workforce to securely access applications and information in the data center and cloud while ensuring business compliance.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-01 Airvana

Chelmsford, Massachusetts, United States

Airvana LP is a provider of 4G LTE and 3G small cell solutions that enable people to access communications, information and entertainment in the most challenging and high-value environments—offices, public venues and homes.

Sell -
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 6 of 23
Sector (Internet Software and Services) 1 of 2
Type (Going Private) 1 of 2
State (Minnesota) 1 of 1
Country (United States) 5 of 21
Year (2014) 4 of 5
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 Pulse Secure

San Jose, California, United States

Pulse Secure LLC provides easy, comprehensive software-driven Secure Access solutions for people, devices, things, and services that improve visibility, protection, and productivity for our customers. Pulse Secure LLC suites and SaaS platform uniquely integrate cloud, mobile, application, and network access to enable hybrid IT in a Zero Trust world. Over 24,000 enterprises and service providers across every vertical entrust Pulse Secure to empower their mobile workforce to securely access applications and information in the data center and cloud while ensuring business compliance.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-21 Airxcel

Wichita, Kansas, United States

Airxcel is a designer, manufacturer, and marketer of climate control systems for a variety of specialty end markets including recreational vehicles, telecommunication enclosures, and commercial/industrial applications. The company employees find opportunities to express creativity and innovation, enhance education and be productive team members in a supportive work environment. It conducts its business with respect and regard for its employees, customers, suppliers, financial partners, and communities in which it operates. Airxcel was formed in 1991 and is based in Wichita, Kansas.

Buy -
Mergr

Product

Company

Legal