M&A Deal Summary

Summit Partners and TCV Acquire Liquidnet

On February 25, 2005, growth capital firm Summit Partners and private equity firm TCV acquired financial services company Liquidnet from TH Lee Putnam Ventures

Acquisition Highlights
  • This is Summit Partners’ 3rd and TCV’s 1st transaction in the Financial Services sector.
  • This is Summit Partners’ 153rd and TCV’s 21st transaction in the United States.
  • This is Summit Partners’ 7th and TCV’s 3rd transaction in New York.

M&A Deal Summary

Date 2005-02-25
Target Liquidnet
Sector Financial Services
Buyer(s) Summit Partners
TCV
Sellers(s) TH Lee Putnam Ventures
Deal Type Secondary Buyout

Target

Liquidnet

New York City, New York, United States
Liquidnet is an electronic platform that allows money management firms to execute block trades directly and anonymously across international markets. Liquidnet was founded in 1999 and is based in New York City.

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Buyer(S) 2

Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 159 of 415
Sector: Financial Services M&A 3 of 16
Type: Secondary Buyout M&A Deals 1 of 29
State: New York M&A 7 of 18
Country: United States M&A 153 of 335
Year: 2005 M&A 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-01 NameMedia

Waltham, Massachusetts, United States

NameMedia is a provider in the acquisition, development, and trading of digital real estate through a network of highly targeted websites and a marketplace for premium domain names. The company’s website development focuses on creating compelling online communities in niche categories. NameMedia was formed in 1999 and is based in Waltham, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-02 Actix

London, United Kingdom

Actix Limited is the international leader in wireless performance engineering software. Actix helps wireless operators squeeze more out of existing network investments and generate new revenue from wireless data services.

Buy -
Buyer

TCV

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 21.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Technology Crossover Ventures (TCV) is a private equity and venture capital firm focused on investments in growth technology companies. TCV looks to provide capital for growth, recapitalizations, acquisitions, and buyouts of technology companies in sectors such as internet, financial technology, infrastructure & communications, and software. TCV targets opportunities in North America and looks to commit between $10 and $500 million of equity capital per transaction. TCV was formed in 1995 and is based in Palo Alto, New York City, and London.


DEAL STATS #
Overall 22 of 85
Sector: Financial Services M&A 1 of 7
Type: Secondary Buyout M&A Deals 1 of 7
State: New York M&A 3 of 12
Country: United States M&A 21 of 70
Year: 2005 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-07 Webroot

Broomfield, Colorado, United States

Webroot, Inc. is a cybersecurity company. Webroot delivers next-generation endpoint security and threat intelligence services to protect businesses and individuals around the globe. Webroot's security approach harnesses the power of cloud-based collective threat intelligence derived from millions of real-world devices to stop threats in real time. Webroot was founded in 1997 and is headquartered in Broomfield, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Copper Mountain Networks

Palo Alto, California, United States

A leading provider of intelligent broadband access solutions.

Sell -

Seller(S) 1

SELLER

TH Lee Putnam Ventures

New York, New York, United States

Category Growth Capital Firm
Founded 1999
PE ASSETS 1.1B USD
Size Large
Type Sector Focused
DESCRIPTION

TH Lee Putnam Ventures (THLPV) is a technology-focused private equity firm affiliated with Thomas H. Lee Partners and Putnam Investments. THLPV's primary focus is on later-stage venture investments, but the firm will also consider public entities, middle market buyouts, recapitalizations and spinouts of corporate divisions. A typical investment is between $20 and $50 million. TH Lee Putnam Ventures was formed in 1999 and is based in New York City.


DEAL STATS #
Overall 1 of 9
Sector: Financial Services M&A 1 of 3
Type: Secondary Buyout M&A Deals 1 of 1
State: New York M&A 1 of 2
Country: United States M&A 1 of 8
Year: 2005 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-05 The Retirement Plan Company

Brentwood, Tennessee, United States

The Retirement Plan Company, LLC (TRPC) delivers retirement plan services to Plan Sponsors, Plan Participants, Financial Advisors and Third Party Administrators. Our commitment to technology allows us to craft creative retirement plan solutions for our varied client base

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Straive

Paranaque City, Philippines

Straive provides a comprehensive set of specialized services and technology solutions related to the creation, enrichment, and transformation of the published content. These services span a publisher's entire value chain, from author support and content development, through copy editing and typesetting, to digitalization, database management, and data analytics. Straive was founded in 1980 and is based in Paranaque City, Philippines.

Sell $159M