M&A Deal Summary

STG, Ontario Teachers Pension Plan, AlpInvest Partners and Clearlake Capital Acquire RSA Security

On February 18, 2020, private equity firm STG, pension Ontario Teachers Pension Plan, private equity firm AlpInvest Partners and private equity firm Clearlake Capital acquired information technology company RSA Security from DELL EMC for 2.1B USD

Acquisition Highlights
  • This is STG’s 17th, Ontario Teachers Pension Plan’s 11th, AlpInvest Partners’ 1st and Clearlake Capital’s 7th transaction in the Information Technology sector.
  • This is STG’s 2nd, Ontario Teachers Pension Plan’s 10th, AlpInvest Partners’ and Clearlake Capital’s 7th largest (disclosed) transaction.
  • This is STG’s 30th, Ontario Teachers Pension Plan’s 59th, AlpInvest Partners’ 1st and Clearlake Capital’s 57th transaction in the United States.
  • This is STG’s 5th, Ontario Teachers Pension Plan’s 5th, AlpInvest Partners’ 1st and Clearlake Capital’s 3rd transaction in Massachusetts.

M&A Deal Summary
Date 2020-02-18
Target RSA Security
Sector Information Technology
Buyer(s) STG
Ontario Teachers Pension Plan
AlpInvest Partners
Clearlake Capital
Sellers(s) DELL EMC
Deal Type Divestiture
Deal Value 2.1B USD

Target

RSA Security

Bedford, Massachusetts, United States
RSA Security is a provider of intelligence-driven security solutions. RSA enables customers to cost-effectively secure critical information assets and online identities wherever they live and at every step of the way, and manage security information and events to ease the burden of compliance. RSA Security was established in 1982 and is based in Bedford, Massachusetts.

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Buyer(S) 4

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 43 of 63
Sector (Information Technology) 17 of 21
Type (Divestiture) 15 of 21
State (Massachusetts) 5 of 7
Country (United States) 30 of 47
Year (2020) 4 of 6
Size (of disclosed) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-18 NetWitness

Bedford, Massachusetts, United States

NetWitness is a provider of network threat analysis software to governments, financial institutions and large enterprises worldwide. NetWitness was founded in 1997 and is based in Bedford, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-12 Nomis Solutions

Brisbane, California, United States

Nomis Solutions is a fast-growing Fintech software company that combines cutting-edge Silicon Valley approaches to big data, advanced modeling, and deep analytics into the industry-leading price optimization SaaS software platform. The company helps large and medium-sized retail banks better understand their customers and grow their businesses. It helps these banks deliver win-win products and pricing in an environment that is increasingly competitive and highly disruptive. Nomis Solutions was formed in 2004 and is based in San Bruno, California.

Buy -
Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 132 of 175
Sector (Information Technology) 11 of 13
Type (Divestiture) 13 of 15
State (Massachusetts) 5 of 5
Country (United States) 59 of 72
Year (2020) 1 of 15
Size (of disclosed) 10 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-21 Impulsora del Desarrollo y el Empleo en América Latina

Mexico City, Mexico

Impulsora del Desarrollo y el Empleo en América Latina is an independent publicly-traded company that engages in the development, promotion, operation, and administration of infrastructure projects in Mexico and Latin America. IDEAL is one of the largest infrastructure companies in Latin America, with 18 infrastructure concessions in different sectors, including toll roads, water, energy, social infrastructure, and logistics terminals. Impulsora del Desarrollo y el Empleo en América Latina was founded in 2005 and is based in Mexico City, Mexico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-19 Duo Bank of Canada

Toronto, Ontario, Canada

Duo Bank of Canada is a Canadian Bank founded on a mission to provide value-driven financial products that are clear and simple, to help Canadians focus on what matters to them. Duo Bank specializes in turnkey and customizable financial services solutions designed to deepen customer loyalty and grow sales. The growing complement of products and services includes credit cards, rewards, and related protection services. Duo Bank of Canada is based in Toronto, Ontario.

Buy -
Buyer

AlpInvest Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 42.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AlpInvest Partners is a global asset manager principally focused on private equity fund investments as well as acquiring secondary positions. In addition to fund investing, AlpInvest also looks to co-invest with GPs in a variety of direct transactions. AlpInvest Partners was established in 2000 and is headquartered in New York, New York.

DEAL STATS #
Overall 1 of 2
Sector (Information Technology) 1 of 1
Type (Divestiture) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-04 Sicame

Pompadour, France

Sicame designs, manufactures and sells a complete range of specialised electrical equipment and accessories for transmission and distribution networks. Sicame was founded in 1955 and is based in Pompadour, France.

Buy -
Buyer

Clearlake Capital

Santa Monica, California, United States
Category Private Equity Firm
Founded 2006
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.

DEAL STATS #
Overall 60 of 90
Sector (Information Technology) 7 of 10
Type (Divestiture) 4 of 9
State (Massachusetts) 3 of 7
Country (United States) 57 of 85
Year (2020) 3 of 10
Size (of disclosed) 7 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 IXS

Lebanon, Tennessee, United States

IXS is composed of two divisions, Ground Effects, and IXS Coatings. Ground Effects is the market leader for OEM spray-on pickup truck bedliners, and the division provides additional margin-enhancing vehicle upfit services. IXS Coatings includes LINE-X, a franchisor of 500+ branded service locations and the industry’s largest aftermarket retailer of spray-on bedliners, as well as industrial coating solutions with deep expertise in the formulation of polyurea coatings and high-speed robotic applications that enable bedliner production at OEM scale. IXS is based in Lebanon, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-24 Whitestar Asset Management

Dallas, Texas, United States

Whitestar Asset Management is a credit-focused investment management firm, with an emphasis on managing and providing other services with respect to CLOs and related credit securities. Its team of talented professionals has deep experience in investing in and managing bank loans, loan acquisition, loan origination, credit analysis, portfolio management, trading, collateralized loan obligation (CLO) investing, and CLO deal structuring and compliance. Whitestar Asset Management is based in Dallas, Texas.

Buy -

Seller(S) 1

SELLER

DELL EMC

Hopkinton, Massachusetts, United States
Category Company
Founded 1979
Sector Information Technology
Employees63,900
Revenue 24.4B USD (2014)
DESCRIPTION
EMC's corporate headquarters in Hopkinton, Massachusetts.
EMC's corporate headquarters in Hopkinton, Massachusetts.

Dell EMC, a part of Dell Technologies, enables organizations to modernize, automate and transform their data center using industry-leading converged infrastructure, servers, storage and data protection technologies. This provides a trusted foundation for businesses to transform IT, through the creation of a hybrid cloud, and transform their business through the creation of cloud-native applications and big data solutions. Dell EMC, formerly EMC Corp., was established in 1979 and is based in Hopkinton, Massachusetts.

DEAL STATS #
Overall 9 of 9
Sector (Information Technology) 5 of 5
Type (Divestiture) 8 of 8
State (Massachusetts) 3 of 3
Country (United States) 9 of 9
Year (2020) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-18 NetWitness

Bedford, Massachusetts, United States

NetWitness is a provider of network threat analysis software to governments, financial institutions and large enterprises worldwide. NetWitness was founded in 1997 and is based in Bedford, Massachusetts.

Sell -
Mergr

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