M&A Deal Summary

TA Associates, EQT, Serent Capital and HgCapital Acquire WorkWave

On March 18, 2021, private equity firm TA Associates, private equity firm EQT, growth capital firm Serent Capital and private equity firm HgCapital acquired internet software and services company WorkWave from IFS

Acquisition Highlights
  • This is TA Associates’ 24th, EQT’s 11th, Serent Capital’s 9th and HgCapital’s 22nd transaction in the Internet Software and Services sector.
  • This is TA Associates’ 240th, EQT’s 36th, Serent Capital’s 48th and HgCapital’s 11th transaction in the United States.
  • This is TA Associates’ 8th, EQT’s 3rd, Serent Capital’s 1st and HgCapital’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2021-03-18
Target WorkWave
Sector Internet Software and Services
Buyer(s) TA Associates
EQT
Serent Capital
HgCapital
Sellers(s) IFS
Deal Type Divestiture

Target

WorkWave

Holmdel, New Jersey, United States
WorkWave is a provider of an intuitive cloud-based field service management and fleet management solutions that help enterprising organizations with a mobile workforce transform their businesses. WorkWave was founded in 1984 and is based in Holmdel, New Jersey.

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Buyer(S) 4

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 323 of 364
Sector (Internet Software and Services) 24 of 26
Type (Divestiture) 9 of 9
State (New Jersey) 8 of 9
Country (United States) 240 of 263
Year (2021) 10 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-17 StorageCraft

Draper, Utah, United States

StorageCraft provides backup, disaster recovery, system migration, virtualization and data protection solutions for servers, desktops and laptops on Windows and Linux platforms. The company’s integrated product suite is designed to reduce downtime, improve management and stability of systems and data, and lower the total cost of system ownership in both physical and virtual environments. StorageCraft was founded in 2003 and is based in Draper, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-22 Unit4

Sliedrecht, Netherlands

Unit4 is a global cloud-focused business software company aimed at helping dynamic public sector and commercial services organizations to embrace change simply, quickly and cost effectively in a market sector it calls 'Businesses Living IN Change' (BLINC)™. UNIT4 incorporates a number of the world’s leading change embracing software brands including Agresso, the flagship ERP suite for mid-sized services intensive organizations; Coda, the best-of-class financial management software; and FinancialForce.com, the cloud applications company formed with investment from Salesforce.com. Unit4 was founded in 1980 and is based in Sliedrecht, Netherlands.

Buy $2.0B
Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.

DEAL STATS #
Overall 249 of 315
Sector (Internet Software and Services) 11 of 21
Type (Divestiture) 44 of 51
State (New Jersey) 3 of 6
Country (United States) 36 of 59
Year (2021) 8 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-18 Desotec

Roeselare, Belgium

Desotec is an environmental service company focusing on mobile purification solutions mainly based on activated carbon technology. Desotec was founded in 1990 and is based in Roeselare, Belgium.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-30 Cerba HealthCare

Issy-les-Moulineaux, France

Cerba HealthCare is an operator of clinical pathology laboratories, with a number one position in France and strong market positions in Belgium and Luxembourg. The majority of Cerba's revenues are generated via routine lab tests. Cerba HealthCare was founded in 1967 and is based in Issy-les-Moulineaux, France.

Buy -
Buyer

Serent Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2008
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Serent Capital is a private equity firm focused on investing in profitable, growing businesses featuring scalable business models and operating in sectors undergoing significant change. Serent looks for companies with $5 to $100 million in growing annual sales where it can commit $20 to $200 million of capital. Target transaction situations include buyouts, recapitalizations, and growth financings. Serent Capital was formed in 2008 and is based in San Francisco, California.

DEAL STATS #
Overall 52 of 69
Sector (Internet Software and Services) 9 of 13
Type (Divestiture) 3 of 3
State (New Jersey) 1 of 2
Country (United States) 48 of 65
Year (2021) 4 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-24 CoConstruct

Charlottesville, Virginia, United States

CoConstruct is a provider of cloud-based project management tools help independent builders and remodelers coordinate their projects, communicate better with clients & crews, and control the financials of their jobs. CoConstruct was founded in 2005 and is based in Charlottesville, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-24 BQE

Torrance, California, United States

BQE develops innovative business management solutions for professional services firms. Its flagship product, BQE Core, is a native cloud-based solution that centralizes and streamlines the way firms enter and use data for time tracking, billing, project management, and accounting. BQE Core gives them the speed and insight necessary to rapidly make informed decisions, increase productivity, and grow profits. BQE was founded in 1995 and is based in Torrance, 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 126 of 151
Sector (Internet Software and Services) 22 of 25
Type (Divestiture) 10 of 10
State (New Jersey) 1 of 1
Country (United States) 11 of 19
Year (2021) 3 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-06 Prophix Software

Mississauga, Ontario, Canada

Prophix Software is a provider of CPM software serving mid-market companies across multiple industries worldwide, providing planning, budgeting and financial reporting software into the ‘office of the CFO’. Prophix’s software allows organizations to improve their financial reporting capabilities, while also standardizing and streamlining the budgeting process to generate significant ROI through a faster time to close, reduction in budgeting errors and an ability to reforecast in a more agile way. Prophix is a leader in its segment with over 1,600 customers, industry-leading retention rates and best-in-class customer NPS. Prophix Software was founded in 1987 and is based in Mississauga, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-24 Trace One

Paris, France

Trace One is a collaborative retail business platform for consumer-packaged-goods (CPG). The company provides one SaaS inclusive platform with multiple interlocking business applications, including product lifecycle management, sourcing, and compliance. It enables customers to create higher quality, trusted, and compliant own-branded goods faster, delivering benefits to their consumers and the environment. Trace One was formed in 2001 and is based in Paris, France.

Sell -

Seller(S) 1

SELLER

IFS

Linköping, Sweden
Category Company
Founded 1983
Sector Software
Employees3,700
DESCRIPTION

IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers—at the Moment of Service. IFS was founded in 1983 and is based in Linköping, Sweden.

DEAL STATS #
Overall 1 of 1
Sector (Internet Software and Services) 1 of 1
Type (Divestiture) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-02 Clevest Solutions

Richmond, British Columbia, Canada

Clevest Solutions, Inc. provides workforce automation software that connects the mobile workforce to office operations. Clevest Solutions is based in Richmond, British Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-22 Axios Systems

Edinburgh, United Kingdom

Axios Systems is a provider of cloud-based Enterprise Service Management (ESM) software. Axios Systems is based in Edinburgh, United Kingdom.

Buy -
Mergr

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