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M&A Deal Summary

Thoma Bravo and Fortress Acquire Aucerna

On February 7, 2019, private equity firm Thoma Bravo and asset manager Fortress acquired software company Aucerna from Rubicon Technology Partners

Acquisition Highlights
  • This is Thoma Bravo’s 34th and Fortress’ 1st transaction in the Software sector.
  • This is Thoma Bravo’s 3rd and Fortress’ 1st transaction in Canada.
  • This is Thoma Bravo’s 2nd and Fortress’ 1st transaction in Alberta.
Investment Fate
  • Aucerna merged with another company in 2021.

M&A Deal Summary
Date 2019-02-07
Target Aucerna
Sector Software
Buyer(s) Thoma Bravo
Fortress
Sellers(s) Rubicon Technology Partners
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs
Pagemill Partners (Financial)
Perkins Coie (Legal)

Target

Aucerna

Calgary, Alberta, Canada
Aucerna is a provider of solutions for integrated planning, execution, and reserves in the energy industry. Aucerna is a global source of technology and expertise, serving more than 500 customers from 12 global offices including Calgary, Houston, London, and Singapore. Aucerna serves the energy industry’s largest base of customers, from super-majors and emerging operators to energy investors, consultants, and educational institutions. Aucerna is based in Calgary, Alberta.

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Buyer(S) 2

Buyer

Thoma Bravo

Chicago, Illinois, United States

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 77 of 143
Sector (Software) 34 of 62
Type (Secondary Buyout) 20 of 34
State (Alberta) 2 of 2
Country (Canada) 3 of 7
Year (2019) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-23 SRS Health

Montvale, New Jersey, United States

SRS offers productivity-enhancing EHR and healthcare IT solutions for specialists and other high-performance physicians. With over 5,000 providers, the EHR company has built the largest national network of high-performance practices successfully using an EHR. Preeminent among orthopaedists, SRS is also the solution of choice among prominent ophthalmologists, cardiologists, and other specialists.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-12 Ellie Mae

Pleasanton, California, United States

Ellie Mae automates and digitizes the trillion-dollar residential mortgage industry. Through its Digital Lending Platform, Ellie Mae provides technology services to all participants in the mortgage supply chain, including its over 3,000 customers and thousands of partners and investors participating in the open networks who provide liquidity to the market. Lenders rely on Ellie Mae to securely manage and facilitate the exchange of data across the ecosystem to enable the origination of mortgages while maintaining strict adherence to various local, state, and federal compliance requirements. Ellie Mae was formed in 1997 and is based in Pleasanton, California.

Buy $3.7B
Buyer

Fortress

New York, New York, United States
Category Asset Manager
Founded 1998
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Fortress is a public investment firm that manages hedge fund, credit, and private equity investments. Fortress' private equity practice primarily makes control-oriented investments in North American and Western European businesses with significant asset-bases and strong cash-flows. Fortress is open to investing in a wide range of sectors, however the Firm has tended towards capital intensive sectors. These include transportation, financials, senior living/healthcare, real estate, media & telecommunications, leisure and energy infrastructure. The pivate equity group also invests in publicly traded alternative investment vehicles, which Fortress refers to as 'castles' that primarily invest in real estate and real estate related debt. Fortress was formed in 1998 and is based in New York City.

DEAL STATS #
Overall 35 of 47
Sector (Software) 1 of 1
Type (Secondary Buyout) 3 of 8
State (Alberta) 1 of 1
Country (Canada) 1 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-07 Logan Circle Partners

Philadelphia, Pennsylvania, United States

Logan Circle Partners LP is an institutionally-focused, fundamental research-based investment manager providing clients actively managed investment solutions across a broad spectrum of fixed income strategies.

Sell $250M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-07 SNAAC

Mason, Ohio, United States

SNAAC is a specialty finance company that purchases and services retail sales finance contracts from auto dealers in the sale of new and used automobiles. SNAAC was founded in 1986 and is based in Mason, Ohio.

Sell -

Seller(S) 1

SELLER

Rubicon Technology Partners

Investor Investor Investor Investor Investor

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

Rubicon Technology Partners is a specialist private equity firm firm that invests in lower middle-market enterprise software and technology-enabled services companies. Rubicon looks to make control investments of $75 to $350 million in businesses generating $15 to $75 million in revenue. Target transaction situations include buyouts and recapitalizations of closely held private companies, corporate divestitures, carve-outs or spin-outs, buy and build opportunities, and shareholder liquidity events. Rubicon was founded in 2012 and is based in Boulder, Colorado.

DEAL STATS #
Overall 2 of 6
Sector (Software) 2 of 4
Type (Secondary Buyout) 2 of 3
State (Alberta) 1 of 1
Country (Canada) 1 of 1
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-04 Uplight

Boulder, Colorado, United States

Uplight is a provider of energy management software, hardware, and services for consumers and utility companies. Uplight data analytics on more than 123 million homes creates new business opportunities for any product or service provider connected to the home. Today, this includes electric and gas utilities, and energy retailers. Built over more than a decade, the Tendril Platform delivers real-time, ever-evolving data about the home and how people use energy in it. These rich insights help our customers improve customer acquisition, increase engagement and orchestrate home energy experiences. Uplight was founded in 2004 and is based in Boulder, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-10 Emplifi

Columbus, Ohio, United States

Emplifi is a provider of AI-driven customer engagement, digital self-service, and first-party consumer data management software. Emplifi’s technology enables companies to provide more efficient customer service, protect their brands, and increase customer loyalty. Emplifi was founded in 1995 and is based in Columbus, Ohio.

Sell -
Mergr

Product

Company

Legal