M&A Deal Summary

Summit Partners and Stone Point Capital Acquire PrismHR

On April 24, 2017, growth capital firm Summit Partners and private equity firm Stone Point Capital acquired software company PrismHR from Accel-KKR

Acquisition Highlights
  • This is Summit Partners’ 56th and Stone Point Capital’s 3rd transaction in the Software sector.
  • This is Summit Partners’ 265th and Stone Point Capital’s 67th transaction in the United States.
  • This is Summit Partners’ 34th and Stone Point Capital’s 2nd transaction in Massachusetts.

M&A Deal Summary
Date 2017-04-24
Target PrismHR
Sector Software
Buyer(s) Summit Partners
Stone Point Capital
Sellers(s) Accel-KKR
Deal Type Secondary Buyout

Target

PrismHR

Hopkinton, Massachusetts, United States
PrismHR provides software and services, empowering human resource outsourcing service providers such as Professional Employer Organizations (PEOs) and Administrative Service Organizations (ASOs) to deliver world-class HR, benefits, and payroll to small and medium-sized businesses. PrismHR was founded in 1985 and is based in Hopkinton, Massachusetts.

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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 39.0B 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 303 of 386
Sector (Software) 56 of 68
Type (Secondary Buyout) 16 of 27
State (Massachusetts) 34 of 42
Country (United States) 265 of 319
Year (2017) 5 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-18 Focus Financial Partners

New York, New York, United States

Focus Financial Partners is a partnership of independent, fiduciary wealth management firms. Focus provides superior access to best practices, resources, and continuity planning for its partner firms that serve individuals, families, employers, and institutions with wealth management, benefits consulting, and investment consulting services. Focus Financial Partners is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-25 TeleSign

Marina del Rey, California, United States

TeleSign Corp. is a provider of Out-of-Band (OOB) authentication solutions for internet, software and financial transactions, identifying and substantially reducing online fraud and spam using a user's phone. TeleSign Corp. was established in 2005 and is headquartered in Marina del Rey, California.

Sell $230M
Buyer

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 79 of 114
Sector (Software) 3 of 5
Type (Secondary Buyout) 10 of 26
State (Massachusetts) 2 of 6
Country (United States) 67 of 101
Year (2017) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-18 Focus Financial Partners

New York, New York, United States

Focus Financial Partners is a partnership of independent, fiduciary wealth management firms. Focus provides superior access to best practices, resources, and continuity planning for its partner firms that serve individuals, families, employers, and institutions with wealth management, benefits consulting, and investment consulting services. Focus Financial Partners is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-14 SCS Financial

Boston, Massachusetts, United States

SCS Financial is an ultra-high-net-worth advisor and hedge fund-of-fund manager with more than $9 billion in assets under management. SCS serves families, family offices, and institutional investors through a conflict-free, open-architecture business model. SCS Financial was founded in 2002 and is based in Boston, Massachusetts.

Sell -

Seller(S) 1

SELLER

Accel-KKR

Menlo Park, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Accel-KKR is a private equity firm that seeks control and growth-oriented investments in middle-market technology companies. The Firm targets investments in public and private companies with revenues ranging from $15 to $150 million. Accel-KKR pursues transactions across multiple segments of the technology industry, including software, hardware and internet technologies, and IT enabled services. Accel-KKR's first fund was created in 2000 by Accel Partners and Kohlberg Kravis Roberts & Co. to invest in technology assets and businesses that were outside of each firm's core focus. Accel-KKR is based in Menlo Park, California.

DEAL STATS #
Overall 17 of 54
Sector (Software) 9 of 23
Type (Secondary Buyout) 2 of 16
State (Massachusetts) 3 of 4
Country (United States) 16 of 44
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-07 Abila

Austin, Texas, United States

Abila, Inc. is a provider of software and services to associations and nonprofit organizations that help them improve decision-making, execute with greater precision, increase engagement, and generate more revenue. With Abila solutions association and nonprofit professionals can use data and personal insight to make better financial and strategic decisions, enhance member and donor engagement and value, operate more efficiently and effectively, and increase revenue to better activate their mission. Abila combines decades of industry insight with technology know-how to serve nearly 8,000 customers across North America.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-05 ForgeRock

San Francisco, California, United States

ForgeRock is the digital identity management company transforming the way organizations interact securely with customers, employees, devices, and things. Organizations adopt the ForgeRock Identity Platform as their digital identity system of record to monetize customer relationships, address stringent regulations for privacy and consent (GDPR, HIPAA, FCC privacy, etc.), and leverage the internet of things. ForgeRock was founded in 2010 and is based in San Francisco, California.

Buy -
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