Buyout (LBO, MBO, MBI) • Software

The Carlyle Group, Needham Capital Partners and Oak Hill Capital Acquire Blackboard

On May 1, 1999, private equity firms The Carlyle Group, Needham Capital Partners and Oak Hill Capital acquired software company Blackboard

Acquisition Context
  • This is The Carlyle Group’s 2nd, Needham Capital Partners’ 4th and Oak Hill Capital’s 1st transaction in the Software sector.
  • This is The Carlyle Group’s 21st, Needham Capital Partners’ 17th and Oak Hill Capital’s 3rd transaction in the United States.
  • This is The Carlyle Group’s 3rd, Needham Capital Partners’ 1st and Oak Hill Capital’s 1st transaction in Virginia.
Investment Fate
  • Blackboard went public in 2004.
  • Blackboard was sold to a financial buyer in 2011 for 1.6B USD.
  • Blackboard merged with another company in 2021.

Explore All 959 Buyout (LBO, MBO, MBI) Software Deals - Search the Database Free


M&A Deal Summary

Date May 1, 1999
Target Blackboard
Sector Software
Buyer(s) The Carlyle Group
Needham Capital Partners
Oak Hill Capital
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Blackboard

Reston, Virginia, United States
Blackboard is a global educational software company that allows thousands of higher education, K-12, professional, corporate and government organizations to extend teaching, learning and campus communication online to millions of students, parents and teachers. Blackboard was founded in 1997 and is based in Reston, Virginia.
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Buyers Overview 3

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


Deal Context for Buyer #
Overall 24 of 750
Sector: Software 2 of 57
Type: Buyout (LBO, MBO, MBI) 16 of 221
State: Virginia 3 of 25
Country: United States 21 of 350
Year: 1999 3 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-05-01 Anyday.com

Cambridge, Massachusetts, United States

Anyday.com provided time sensitive communications, commerce and media services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-05-27 Empi

St. Paul, Minnesota, United States

Empi was a medical device companies for rehabilitative medicine in the U.S.

Buy -
Buyer

Needham Capital Partners

New York, New York, United States

Category Private Equity Firm
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Needham Capital Partners is the private equity affiliate of mid-market investment bank Needham & Company. Needham Capital targets investments in clean technology, communications, consumer, financial services, healthcare, semiconductor, enterprise software/storage, networking, and industrial service companies. The Firm prefers to act as the lead investor and has a target investment size of $2 to $10 million. Investment proceeds are typically used to finance growth, or fund management buyouts/recapitalizations. Prospective companies are generally located in the US. Needham Capital Partners is based in New York City, with additional offices in Boston, Menlo Park, and San Francisco.


Deal Context for Buyer #
Overall 17 of 53
Sector: Software 4 of 14
Type: Buyout (LBO, MBO, MBI) 11 of 21
State: Virginia 1 of 2
Country: United States 17 of 53
Year: 1999 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-04-28 Rapid Logic

Alameda, California, United States

Rapid Logic, Inc. develops software products and services that enable embedded network device vendors to offer configuration, management and monitoring capabilities of their products in an open systems environment.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-05-05 CoWare

San Jose, California, United States

CoWare, Inc., is a supplier of software and services for electronic systems design and develops system-on-a-chip EDA software for the semiconductor industry.

Buy -
Buyer

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.


Deal Context for Buyer #
Overall 3 of 80
Sector: Software 1 of 3
Type: Buyout (LBO, MBO, MBI) 3 of 20
State: Virginia 1 of 1
Country: United States 3 of 73
Year: 1999 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-04-01 MeriStar Investment Partners Lessee

Washington, District of Columbia, United States

MeriStar Investment Partners Lessee, L.P. is a joint venture among MeriStar Hospitality Corporation, Interstate Hotels & Resorts, and Oak Hill Capital Partners. The portfolio includes several properties under the brand names Embassy Suites, Hilton, Marriott, and Sheraton.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-08-09 American Skiing Co.

Park City, Utah, United States

American Skiing Company is an operator of alpine ski, snowboard and golf resorts in the U.S.

Buy -