M&A Deal Summary

STG and Sixth Street Partners Acquire Avid

On August 9, 2023, private equity firm STG and asset manager Sixth Street Partners acquired software company Avid for 1.4B USD

Acquisition Highlights
  • This is STG’s 25th and Sixth Street Partners’ 4th transaction in the Software sector.
  • This is STG’s 4th and Sixth Street Partners’ 4th largest (disclosed) transaction.
  • This is STG’s 47th and Sixth Street Partners’ 20th transaction in the United States.
  • This is STG’s 6th and Sixth Street Partners’ 3rd transaction in Massachusetts.

M&A Deal Summary
Date 2023-08-09
Target Avid
Sector Software
Buyer(s) STG
Sixth Street Partners
Deal Type Going Private
Deal Value 1.4B USD
Advisor(s) Goldman Sachs (Financial)
Sidley (Legal)

Target

Avid

Burlington, Massachusetts, United States
Avid is a provider of audio and video technology for media organizations and independent professionals. Company customers use Avid solutions to create, distribute, and monetize the most prestigious and award-winning films, videos, music recordings, TV shows, live concerts, and news broadcasts. Avid was founded in 1987 and is based in Burlington, Massachusetts.

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Buyer(S) 2

Buyer

STG

Menlo Park, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

STG is a private equity firm focused on making investments in software and services companies. STG looks to leverage operational expertise in helping its portfolio companies 'increase customer value' and grow. In addition to its focus within the software/services sectors, STG also has interest in healthcare, pharmaceuticals manufacturing, consumer packaged goods, retail, financial services, and communications. STG was formed in 2002 and is based in Menlo Park, California.

DEAL STATS #
Overall 62 of 63
Sector (Software) 25 of 25
Type (Going Private) 2 of 3
State (Massachusetts) 6 of 6
Country (United States) 47 of 47
Year (2023) 5 of 5
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-07 Wrike

San Jose, California, United States

Wrike provides a cloud-based collaborative work management platform that allows users to work within a single digital workspace. The Company’s platform integrates with numerous enterprise applications and enables teams, departments and whole organizations to plan, manage and collaborate on projects and tasks in real-time, resulting in more efficient processes and executive visibility. Wrike is based in San Jose, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-24 MediaValet

Vancouver, British Columbia, Canada

MediaValet is a provider of enterprise digital asset management (DAM), video content management, and creative operations software. MV delivers unparalleled enterprise-class security, reliability, redundancy, compliance, and scalability while offering a global footprint of any DAM solution. In addition to providing enterprise, cloud-native DAM capabilities at a global scale, desktop-to-server-to-cloud support for creative teams, and overall cloud redundancy and management for all source, WIP, and final assets, the company offers integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Wrike, Drupal, WordPress, and many other best-in-class 3rd party applications. MediaValet is based in Vancouver, British Columbia.

Buy $80M
Buyer

Sixth Street Partners

Category Asset Manager
Founded 2009
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sixth Street is a global alternative asset manager and lender that offers a wide range of capital solutions to small, medium, and large companies. The Firm maintains a variety of investment vehicles focused on growth companies, infrastructure, insurance, agriculture as well as other strategies. Sixth Street was established in 2009 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 22 of 26
Sector (Software) 4 of 4
Type (Going Private) 3 of 4
State (Massachusetts) 3 of 3
Country (United States) 20 of 23
Year (2023) 4 of 6
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-01 EverBank

Jacksonville, Florida, United States

EverBank provides full-service, nationwide banking and lending services to consumer, commercial and institutional clients through a variety of channels, including online, its Florida-based financial centers and at other business offices throughout the country. EverBank is based in Jacksonville, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-11 GreenSky

Atlanta, Georgia, United States

GreenSky is a technology company powering commerce at the point of sale for a growing ecosystem of merchants, consumers, and banks. The company's highly scalable, proprietary, and patented technology platform enables merchants to offer frictionless promotional payment options to consumers, driving increased sales volume and accelerated cash flow. Banks leverage GreenSky’s technology to provide loans to super-prime and prime consumers nationwide. GreenSky was formed in 2006 and is based in Atlanta, Georgia.

Buy -
Mergr

Product

Company

Legal