Secondary Buyout • Internet Software and Services

TA Associates Acquires IntraLinks Holdings

On June 18, 2007, private equity firm TA Associates acquired internet software and services company IntraLinks Holdings from TowerBrook Capital Partners, Apax and Pamlico Capital

Acquisition Context
  • This is TA Associates’ 4th transaction in the Internet Software and Services sector.
  • This is TA Associates’ 135th transaction in the United States.
  • This is TA Associates’ 12th transaction in New York.
Investment Fate
  • IntraLinks Holdings went public in 2010.
  • IntraLinks Holdings was sold to a strategic buyer in 2016 for 821M USD.
  • IntraLinks Holdings was divested to a consortium of buyers in 2017 for 1.0B USD.
  • IntraLinks Holdings was sold to a publicly-traded strategic buyer in 2018 for 1.5B USD.

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M&A Deal Summary

Date June 18, 2007
Target IntraLinks Holdings
Sector Internet Software and Services
Buyer(s) TA Associates
Sellers(s) TowerBrook Capital Partners
Apax
Pamlico Capital
Deal Type Secondary Buyout
Advisor(s) Credit Suisse Investment Banking (Financial)
Heller Ehrman LLP (Legal)

Target Company

IntraLinks Holdings

New York City, New York, United States
IntraLinks Holdings, Inc. is a global content collaboration company that provides cloud-based solutions to control the sharing, distribution and management of high value content within and across organizations according to the highest-level of security and the most stringent compliance regulations. Over 90,000 clients, 99% of the Fortune 1000 companies, have depended on Intralinks to digitally transform and simplify critical business processes, and secure high-value information. With a 20-year track record of enabling high-stakes transactions and business collaborations valued at more than $31.3 trillion, Intralinks is a trusted provider of easy-to-use, enterprise strength, cloud-based collaboration technology.
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Buyer Overview 1

Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.


Deal Context for Buyer #
Overall 148 of 375
Sector: Internet Software and Services 4 of 31
Type: Secondary Buyout 4 of 75
State: New York 12 of 23
Country: United States 135 of 271
Year: 2007 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-08 Florida Career College

Fort Lauderdale, Florida, United States

Florida Career College now offers programs in the fields of allied health, massage therapy, information technology and business. Florida Career College was founded in 1982 and is based in Fort Lauderdale, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-19 Compbenefits

Roswell, Georgia, United States

CompBenefits Corporation provides dental and vision care benefit plans in the United States.

Sell $360M

Seller Profiles 3

SELLER

TowerBrook Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 22.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TowerBrook Capital Partners is a private equity firm focused on leveraged buyouts, leveraged build-ups and distressed situation investments throughout North America and Europe. TowerBrook prefers control-oriented investments and actively pursues complex situations that other firms may avoid. Target sectors include consumer services, distribution, beverages, pharmaceuticals, media, technology, communications, software, and healthcare. TowerBrook Capital Partners was established in 2001 and is headquartered in New York City.


Deal Context for Seller #
Overall 9 of 47
Sector: Internet Software and Services 1 of 2
Type: Secondary Buyout 3 of 10
State: New York 2 of 4
Country: United States 6 of 24
Year: 2007 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-07 Infopro Digital

Gentilly, France

Infopro Digital is a business-to-business (“B2B”) professional information services provider. The Company is active in three divisions: (i) Software, Data & Leads, which provides tailor-made information and decision-making tools delivered through software packages and digital platforms; (ii) Knowledge & Networking, which produces and delivers industry-specific content and solutions (subscriptions, training, events, etc.); and (iii) Global Trade Shows, which organises industry-specific exhibitions for professionals. Infopro Digital was founded in 2001 and is based in Gentilly, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-01 Dialogic

Milpitas, California, United States

Dialogic is an IT services company that supercharges the impact of applications and amplifies the capacity of congested networks. Dialogic was founded in 1983 and is based in Milpitas, California.

Buy -
SELLER

Apax

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.


Deal Context for Seller #
Overall 28 of 175
Sector: Internet Software and Services 2 of 16
Type: Secondary Buyout 9 of 61
State: New York 2 of 8
Country: United States 8 of 66
Year: 2007 12 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-07 Infopro Digital

Gentilly, France

Infopro Digital is a business-to-business (“B2B”) professional information services provider. The Company is active in three divisions: (i) Software, Data & Leads, which provides tailor-made information and decision-making tools delivered through software packages and digital platforms; (ii) Knowledge & Networking, which produces and delivers industry-specific content and solutions (subscriptions, training, events, etc.); and (iii) Global Trade Shows, which organises industry-specific exhibitions for professionals. Infopro Digital was founded in 2001 and is based in Gentilly, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-05 Cengage

Boston, Massachusetts, United States

Cengage is an education and technology company that offers valuable options at affordable price points, including industry-leading initiative Cengage Unlimited, the first-of-its-kind all-access digital subscription service for higher education. The company embraces innovation to create learning experiences that build confidence and momentum toward the future students want. It also serves K-12, library, and workforce training markets around the world. Cengage was formed in 2014 and is Headquartered in Boston, Massachusetts.

Buy $7.8B
SELLER

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.


Deal Context for Seller #
Overall 10 of 61
Sector: Internet Software and Services 1 of 6
Type: Secondary Buyout 3 of 21
State: New York 2 of 7
Country: United States 10 of 59
Year: 2007 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-24 MetroPCS Communications

Richardson, Texas, United States

MetroPCS Communications, Inc. is a provider of wireless communications services in several metropolitan areas of the US, including SanFrancisco, Miami and Atlanta. MetroPCS offers simple, flat-rate calling plans that provide unlimited usage within a local calling area with no long-term contracts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 American Community Newspapers

Leesburg, Virginia, United States

American Community Newspapers LLC is a publisher of community newspapers, daily newspapers, a weekly shopper and business and specialty publications.

Sell -