M&A Deal Summary

TA Associates, Spotlight Equity Partners and HgCapital Acquire Mitratech

On September 15, 2015, private equity firms TA Associates, Spotlight Equity Partners and HgCapital acquired software company Mitratech from Vista Equity Partners

Acquisition Highlights
  • This is TA Associates’ 47th, Spotlight Equity Partners’ 4th and HgCapital’s 17th transaction in the Software sector.
  • This is TA Associates’ 191st, Spotlight Equity Partners’ 5th and HgCapital’s 3rd transaction in the United States.
  • This is TA Associates’ 22nd, Spotlight Equity Partners’ 1st and HgCapital’s 1st transaction in Texas.
Investment Fate
  • Mitratech was sold to a consortium of financial buyers in 2021 for 1.6B USD.

M&A Deal Summary

Date 2015-09-15
Target Mitratech
Sector Software
Buyer(s) TA Associates
Spotlight Equity Partners
HgCapital
Sellers(s) Vista Equity Partners
Deal Type Secondary Buyout
Advisor(s) Marks Baughan (Financial)
Goodwin Procter (Legal)

Target

Mitratech

Bee Cave, Texas, United States
Mitratech is a provider of corporate legal process automation and compliance management software to Fortune 1000 companies. Mitratech’s unified platform enables open, flexible enterprise and extra price collaboration in high-liability corporate operations. Mitratech was founded in 1987 and is based in Bee Cave, Texas.

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Buyer(S) 3

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 STATS #
Overall 232 of 375
Sector: Software M&A 47 of 90
Type: Secondary Buyout M&A Deals 22 of 75
State: Texas M&A 22 of 29
Country: United States M&A 191 of 271
Year: 2015 M&A 10 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-28 DigiCert

Lehi, Utah, United States

DigiCert is a provider of high-assurance digital certificates, certificate management software solutions, and public-key infrastructure solutions, which enable authentication and encryption for web servers and internet of things devices. DigiCert was founded in 2003 and is headquartered in Lehi, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-25 NSE India

Mumbai, India

NSE is the dominant equities exchange in India. NSE India's robust state-of-the-art technology platform offers high levels of robustness, safety and resilience for trading and investment opportunities across all asset classes and for all categories of investors. NSE is focused on investor protection and disciplined development of the Indian capital market landscape. NSE India was founded in 1992 and is based in Mumbai, Maharashtra.

Buy -
Buyer

Spotlight Equity Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2012
Size Small
Type Sector Focused
DESCRIPTION

Spotlight Equity Partners is a private equity firm focused on middle-market tech and software companies throughout the US. Spotlight looks to invest $5 to $50 million per transaction and generally seeks control. Spotlight Equity Partners has offices in San Francisco and New York City.


DEAL STATS #
Overall 5 of 9
Sector: Software M&A 4 of 7
Type: Secondary Buyout M&A Deals 2 of 3
State: Texas M&A 1 of 1
Country: United States M&A 5 of 9
Year: 2015 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-06 SirsiDynix

Lehi, Utah, United States

SirsiDynix is a provider of integrated library systems (ILS) software, which is specialized enterprise resource planning software for libraries used to automate and optimize the entire operation of a library as well as enhance a library’s ability to serve its users and community. SirsiDynix was founded in 1979 and is based in Lehi, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-01 Cfive

Anaheim Hills, California, United States

Cfive develops software solutions that connect innovative community corrections agencies with the information they need to reduce recidivism, improve lives, and keep communities safe. Cfive Solutions was founded in 1999 and is based in Anaheim Hills, California.

Buy -
Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


DEAL STATS #
Overall 78 of 153
Sector: Software M&A 17 of 48
Type: Secondary Buyout M&A Deals 22 of 51
State: Texas M&A 1 of 2
Country: United States M&A 3 of 21
Year: 2015 M&A 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-29 SimonsVoss Technologies

Unterfoehring, Germany

SimonsVoss Technologies GmbH is an electronic lock company.

Sell €210M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-11 CASA Rehabilitation Holding

Oberursel, Germany

CASA Rehabilitation Holding GmbH is a private German provider of elderly care services, specialising in high quality, affordable assisted living.

Sell -

Seller(S) 1

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 26 of 72
Sector: Software M&A 11 of 28
Type: Secondary Buyout M&A Deals 10 of 17
State: Texas M&A 4 of 15
Country: United States M&A 23 of 68
Year: 2015 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-14 Solera

Westlake, Texas, United States

Solera is a provider of risk and asset management data and software as a service solution for the automotive and insurance industries. Solera was formed in 1966 and is based in Westlake, Texas.

Buy $6.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-25 Kibo

Dallas, Texas, United States

Kibo is a cloud-based omnichannel commerce platform for retailers and branded manufacturers. Kibo's e-commerce, distributed order management, mobile point-of-sale, and personalization solutions help customers stay agile and drive connectivity. Kibo’s unified cloud commerce platform is used by over 450 clients across 50+ countries and powers over $7 billion in online shopping revenue. Kibo was formed in 2016 and is based in Dallas, Texas.

Buy -