M&A Deal Summary

TA Associates Acquires Veracode

On March 15, 2022, private equity firm TA Associates acquired information technology company Veracode from Thoma Bravo for 2.5B USD

Acquisition Highlights
  • This is TA Associates’ 32nd transaction in the Information Technology sector.
  • This is TA Associates’ largest (disclosed) transaction.
  • This is TA Associates’ 251st transaction in the United States.
  • This is TA Associates’ 25th transaction in Massachusetts.

M&A Deal Summary
Date 2022-03-15
Target Veracode
Sector Information Technology
Buyer(s) TA Associates
Sellers(s) Thoma Bravo
Deal Type Secondary Buyout
Deal Value 2.5B USD
Advisor(s) Deutsche Bank Corporate & Investment Banking (Financial)

Target

Veracode

Burlington, Massachusetts, United States
Veracode develops products to help secure web, mobile and third-party applications across the software development lifecycle. Veracode's complete set of offerings help customers reduce the risk of data breaches, increase the speed of secure software delivery, meet compliance requirements, and cost effectively secure their software assets- whether that’s software they make, buy or sell. Veracode was founded in 2005 and is based in Burlington, Massachusetts.

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Buyer(S) 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 STATS #
Overall 340 of 364
Sector (Information Technology) 32 of 36
Type (Secondary Buyout) 59 of 69
State (Massachusetts) 25 of 25
Country (United States) 251 of 263
Year (2022) 4 of 15
Size (of disclosed) 1 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-14 Stonewall Kitchen

York, Maine, United States

Stonewall Kitchen is a specialty food and home goods producer selling jams and jellies at local farmers' markets with a flavorful line of distinctive and high-quality products. Stonewall expanded the brand to include sauces, condiments, crackers, and baking mixes, always focusing on innovative product development, beautiful packaging, and exceptional guest service. Stonewall Kitchen was founded in 1991 and is based in York, Maine.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-30 TouchTunes

New York, New York, United States

TouchTunes operates an out-of-home network of interactive entertainment systems in North America. The Company offers digital-downloading and pay-per-play commercial jukebox to bars, restaurants, retailers, and entertainment centers. TouchTunes was founded in 1998 and is based in New York City.

Buy -

Seller(S) 1

SELLER

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 63 of 79
Sector (Information Technology) 16 of 20
Type (Secondary Buyout) 18 of 23
State (Massachusetts) 3 of 3
Country (United States) 60 of 73
Year (2022) 1 of 6
Size (of disclosed) 6 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-11 Project44

Chicago, Illinois, United States

Project44 is a provider of cloud-based platforms that connects, automates, and provides visibility into key transportation processes to accelerate insights and drive better decisions. Project44 was founded in 2014 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-20 Anaplan

Miami, Florida, United States

Anaplan develops cloud-based software for creating sales, operations, and finance models and business plans. Anaplan was founded in 2008 and is based in Miami, Florida.

Buy $10.7B
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