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M&A Deal Summary

Spectrum Equity Acquires ExamSoft Worldwide

On May 7, 2014, private equity firm Spectrum Equity acquired software company ExamSoft Worldwide from Teakwood Capital, Gemini Investors and Phoenix Strategy Investments

Acquisition Highlights
  • This is Spectrum Equity’s 9th transaction in the Software sector.
  • This is Spectrum Equity’s 44th transaction in the United States.
  • This is Spectrum Equity’s 2nd transaction in Florida.
Investment Fate
  • ExamSoft Worldwide was sold to a strategic buyer in 2020.

M&A Deal Summary
Date 2014-05-07
Target ExamSoft Worldwide
Sector Software
Buyer(s) Spectrum Equity
Sellers(s) Teakwood Capital
Gemini Investors
Phoenix Strategy Investments
Deal Type Recapitalization
Advisor(s) MHT Partners (Financial)

Target

ExamSoft Worldwide

Boca Raton, Florida, United States
ExamSoft Worldwide, Inc. is a provider of computer-based testing software, designed specifically for high stakes and medium stakes exams. The company provides a highly reliable, turnkey solution to academic institutions and professional certification entities, with unparalleled customer service support. ExamSoft Worldwide was founded in 1998 and is based in Boca Raton, Florida.

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Buyer(S) 1

Buyer

Spectrum Equity

Boston, Massachusetts, United States

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 50 of 102
Sector (Software) 9 of 16
Type (Recapitalization) 4 of 6
State (Florida) 2 of 2
Country (United States) 44 of 89
Year (2014) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-01 GrubHub

Chicago, Illinois, United States

GrubHub is an online and mobile food-ordering service that shows diners local restaurants available for delivery or pick up. GrubHub features online ordering restaurants and lists restaurant menus. Grubhub was founded in 1999 and is based in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-14 Verafin

St. John's, Newfoundland, Canada

Verafin is a leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.

Buy -

Seller(S) 3

SELLER

Teakwood Capital

Dallas, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Teakwood Capital is a private investment firm that invests in profitable, Southern-US based companies with up to $25 million in revenue. Teakwood generally seeks to fund growth capital needs and management buyouts, and seeks to commit at least $2 million of equity per transaction. Teakwood will not invest in early-stage financings, energy exploration, restaurants, or real estate, but the Firm will consider both control and non-control investment situations. Teakwood Capital was formed in 2005 and is based in Dallas, Texas.

DEAL STATS #
Overall 3 of 9
Sector (Software) 1 of 2
Type (Recapitalization) 1 of 1
State (Florida) 1 of 1
Country (United States) 3 of 9
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-31 Marketing Advocate

Centerville, Massachusetts, United States

Marketing Advocate provides an enterprise-class multi-touch nurture marketing solution. Multi-touch nurture marketing is a key requirement to generate sales-ready opportunities, but it is simply too much work and too complex for technology resellers to successfully implement on their own. Marketing Advocate offers a SaaS Through-Partner Marketing Automation (TPMA) solution that serves as an outsourced marketing engine to execute multi-touch marketing, track, score, nurture, and qualify leads, while allowing technology resellers to focus on their highest leverage activities—closing sales-ready opportunities.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-28 Marketing Advocate

Centerville, Massachusetts, United States

Marketing Advocate provides an enterprise-class multi-touch nurture marketing solution. Multi-touch nurture marketing is a key requirement to generate sales-ready opportunities, but it is simply too much work and too complex for technology resellers to successfully implement on their own. Marketing Advocate offers a SaaS Through-Partner Marketing Automation (TPMA) solution that serves as an outsourced marketing engine to execute multi-touch marketing, track, score, nurture, and qualify leads, while allowing technology resellers to focus on their highest leverage activities—closing sales-ready opportunities.

Sell -
SELLER

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.

DEAL STATS #
Overall 23 of 48
Sector (Software) 4 of 6
Type (Recapitalization) 5 of 5
State (Florida) 1 of 2
Country (United States) 23 of 48
Year (2014) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-01 Workplace Modular Systems

Londonderry, New Hampshire, United States

Workplace Modular Systems is a designer, manufacturer and distributor of premium modular workbench stations and accessories for commercial application in manufacturing, distribution, medical, research, educational, and government facilities. Workplace Modular Systems is based in Londonderry, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-12 KP

San Leandro, California, United States

KP is a provider of marketing and communication services. KP was founded in 1929 and is based in San Leandro, California.

Buy -
SELLER

Phoenix Strategy Investments

Investor Investor

Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Phoenix Strategy Investments LLC is an entrepreneurial investment company focused on small to medium-sized privately-held businesses valued below $20 million. Prospective transaction types include management buyouts and growth financings. Sectors of interest include business services, consumer services, distribution, engineering, financial services, franchising, manufacturing, and marketing. Phoenix Strategy was formed in 2002 and is based in Portsmouth, Rhode Island.

DEAL STATS #
Overall 1 of 2
Sector (Software) 1 of 1
Type (Recapitalization) 1 of 1
State (Florida) 1 of 1
Country (United States) 1 of 2
Year (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-16 ExamSoft Worldwide

Boca Raton, Florida, United States

ExamSoft Worldwide, Inc. is a provider of computer-based testing software, designed specifically for high stakes and medium stakes exams. The company provides a highly reliable, turnkey solution to academic institutions and professional certification entities, with unparalleled customer service support. ExamSoft Worldwide was founded in 1998 and is based in Boca Raton, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-05 Predictive Index

Westwood, Massachusetts, United States

Predictive Index is a workforce assessment platform that offers a unique combination of behavior and skill assessments based on a proven methodology incorporating data, technology, knowledge, and business expertise. The company has over 8,000 active business clients across 142 countries who are using The Predictive Index to keep its workforce charged 24/7. Predictive Index was founded in 1955 and is based in Westwood, Massachusetts.

Buy -
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