M&A Deal Summary

Summit Partners Acquires Trintech

On January 3, 2018, growth capital firm Summit Partners acquired software company Trintech from Spectrum Equity and Vista Equity Partners

Acquisition Highlights
  • This is Summit Partners’ 58th transaction in the Software sector.
  • This is Summit Partners’ 273rd transaction in the United States.
  • This is Summit Partners’ 20th transaction in Texas.

M&A Deal Summary
Date 2018-01-03
Target Trintech
Sector Software
Buyer(s) Summit Partners
Sellers(s) Spectrum Equity
Vista Equity Partners
Deal Type Recapitalization
Advisor(s) William Blair (Financial)

Target

Trintech

Plano, Texas, United States
Trintech is a provider of integrated software solutions for the Last Mile of Finance. From the time a transaction occurs to the time financial statements are issued, Trintech's innovative Unity Suite automates data collection, account reconciliation, financial close management, financial reporting, XBRL, and financial control testing. Trintech was founded in 1993 and is based in Plano, Texas.

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Buyer(S) 1

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 313 of 387
Sector (Software) 58 of 68
Type (Recapitalization) 12 of 13
State (Texas) 20 of 26
Country (United States) 273 of 320
Year (2018) 3 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 VeriShip

Kansas City, Missouri, United States

VeriShip is a SaaS-based logistics spend management and payments platform used by corporate shippers. VeriShip helps shippers gain granular visibility into parcel spend, save money on contractual and erroneous charges, and consolidate and automate payments to carriers. VeriShip was founded in 2004 and is based in Kansas City, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-10 Perforce

Minneapolis, Minnesota, United States

Perforce is a provider of enterprise-scale software solutions to technology developers and development operations (“DevOps”) teams requiring productivity, visibility, and scale during all phases of the development lifecycle. Perforce was founded in 1995 and is headquartered in Minneapolis, Minnesota.

Sell -

Seller(S) 2

SELLER

Spectrum Equity

Boston, Massachusetts, United States

Investor 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 51 of 76
Sector (Software) 7 of 12
Type (Recapitalization) 1 of 2
State (Texas) 1 of 3
Country (United States) 46 of 67
Year (2018) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-17 Net Health

Pittsburgh, Pennsylvania, United States

Net Health is a provider of software solutions for specialized outpatient care. Net Health offers EHR solutions serve five medical specialty markets and offer clients an end-to-end solution that includes practice management tools, clinical workflow documentation, revenue cycle management, expert coaching, and analytics. Net Health was founded in 1993 and is based in Pittsburgh, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-16 Expert Institute

New York, New York, United States

Expert Institute is a technology-driven platform for connecting qualified experts in every field with lawyers looking for technical expertise, consultative support, expert witness testimony, and case-specific guidance. The Company combines a vast database of pre-screened experts with a talented case management team capable of custom recruiting experts to fit the specific needs of our clients. Expert Institute was founded in 2010 and is based in New York City.

Buy -
SELLER

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.

DEAL STATS #
Overall 33 of 70
Sector (Software) 14 of 28
Type (Recapitalization) 2 of 3
State (Texas) 6 of 13
Country (United States) 30 of 65
Year (2018) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Tribute Technology

Middleton, Wisconsin, United States

Tribute Technology provides website design and development, online obituary applications, case management software, extensive funeral payment technology including credit card processing, ACH payments, crowdfunding, financing, and life insurance assignments, floral eCommerce solutions, digital marketing services, and personalization software for keepsakes, funeral stationery, and video. Tribute Technology is based in Middleton, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-23 Main Street Hub

Austin, Texas, United States

Main Street Hub, Inc.is a full‐service marketing platform that integrates social media, customer reviews,mobile and email marketing to help local businesses get more customers and keep them coming back while saving them valuable time. Main Street Hub, Inc. was established in 2010 and is based in Austin, Texas.

Sell $175M
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