M&A Deal Summary

Thoma Bravo, TA Associates and Arrowroot Capital Acquire Riskonnect

On June 7, 2017, private equity firms Thoma Bravo, TA Associates and Arrowroot Capital acquired software company Riskonnect from Level Equity Management

Acquisition Highlights
  • This is Thoma Bravo’s 24th, TA Associates’ 56th and Arrowroot Capital’s 2nd transaction in the Software sector.
  • This is Thoma Bravo’s 57th, TA Associates’ 208th and Arrowroot Capital’s 9th transaction in the United States.
  • This is Thoma Bravo’s 2nd, TA Associates’ 7th and Arrowroot Capital’s 1st transaction in Georgia.

M&A Deal Summary
Date 2017-06-07
Target Riskonnect
Sector Software
Buyer(s) Thoma Bravo
TA Associates
Arrowroot Capital
Sellers(s) Level Equity Management
Deal Type Secondary Buyout
Advisor(s) Financial Technology Partners
FTP Securities LLC (FT Partners) (Financial)
Dentons (Legal)

Target

Riskonnect

Kennesaw, Georgia, United States
Riskonnect is a provider of integrated risk management software. The Company develops and markets a suite of software solutions on a cloud computing model, helping clients elevate their risk management programs, safety solutions, and programs for the management of risks across the enterprise. It provides the risk management industry with the configurable solutions needed to reduce losses, control risk, and affect shareholder value. Riskonnect was founded in 2007 and is based in Kennesaw, Georgia.

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Buyer(S) 3

Buyer

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 59 of 139
Sector (Software) 24 of 59
Type (Secondary Buyout) 14 of 31
State (Georgia) 2 of 4
Country (United States) 57 of 120
Year (2017) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-13 GHX

Louisville, Colorado, United States

GHX is a provider of cloud-based supply chain management technology and services in order to help enable better patient care and savings by maximizing automation, efficiency, and accuracy of business processes. GHX offers healthcare providers and suppliers an open and neutral electronic trading exchange that delivers procurement and accounts payable automation, contract and inventory management, vendor credentialing and management, business intelligence, and other supply chain-related tools and services. GHX was formed in 2000 and is based in Louisville, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-14 Continuum Managed Services

Boston, Massachusetts, United States

Continuum Managed Services LLC is a managed IT service providers, giving them the technology platform, services and processes they need to simplify IT management and deliver exceptional service to their small and medium-sized clients. Continuum Managed Services LLC was established in 2011 and is headquartered in Boston, Massachusetts.

Buy -
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 265 of 364
Sector (Software) 56 of 86
Type (Secondary Buyout) 34 of 69
State (Georgia) 7 of 7
Country (United States) 208 of 263
Year (2017) 15 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-05 Biocomposites

Wilmington, North Carolina, United States

Biocomposites is a manufacturer and marketer of calcium compound biologics. Biocomposites is singularly focused on the development of innovative calcium compounds for surgical use. Their bone graft matrices can be used in the presence of infection for regenerating bone and managing dead space in a range of orthopedic procedures. Biocomposites sells directly to hospitals and through independent distributors, with the United States representing its largest market. Biocomposites was founded in 1997 and is based in Wilmington, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-21 LeadVenture

Lake Oswego, Oregon, United States

LeadVenture provides a suite of software tools serving dealers in industries such as powersports, RV, marine, independent automotive, tire and wheel, outdoor power equipment and others. Its solutions include full digital storefront solutions as well as electronic catalogue, dealer management software and data as a service. LeadVenture is based in Lake Oswego, Oregon.

Buy $140M
Buyer

Arrowroot Capital

Marina Del Rey, California, United States
Category Private Equity Firm
Founded 2014
Size Small
Type Sector Focused
DESCRIPTION

Arrowroot Capital is a private investment group focused on making growth capital investments in software-as-a-service and internet-based companies. The Firm looks to invest $5 to $25 million per transaction to support growth initiatives, liquidity for founders/investors, or acquisitions. Prospective companies are generally are b2b, offering mission-critical services. Arrowroot was formed in 2014 and is based in Santa Monica, California.

DEAL STATS #
Overall 9 of 27
Sector (Software) 2 of 10
Type (Secondary Buyout) 1 of 1
State (Georgia) 1 of 2
Country (United States) 9 of 23
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-07 Snaplogic

San Mateo, California, United States

Snaplogic is a cloud software solution that specializes in providing an “Integration Platform as a Service". The Company offers an easy-to-use integration design tool with over 400 pre-built connectors allowing non-technical users to rapidly perform complex integrations. Snaplogic was formed in 2006 and is based in San Mateo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-14 Agilence

Mount Laurel, New Jersey, United States

Agilence is a provider of cloud-based data analytics solutions for retail and food & beverage organizations. Agilence was founded in 2006 and is based in Mount Laurel, New Jersey.

Sell -

Seller(S) 1

SELLER

Level Equity Management

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2009
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Level Equity Management LLC is a private investment firm focused on providing equity and structured capital to growth businesses. Sectors of interest include e-commerce, healthcare services, IT, internet software, and media. Level Equity Management was formed in 2009 and is based in New York City.

DEAL STATS #
Overall 2 of 17
Sector (Software) 1 of 2
Type (Secondary Buyout) 2 of 5
State (Georgia) 1 of 4
Country (United States) 2 of 16
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-09 Aventri

Norwalk, Connecticut, United States

Aventri is a provider of cloud-based analytics and data-driven end-to-end event management and venue sourcing solutions. Open-source platform delivers innovative technology solutions to streamline the event process, providing real-time data and analytics on event performance, customer engagement, and increasing measurable event ROI. Aventri was formed in 2008 and is based in Norwalk, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-13 Fusion Risk Management

Chicago, Illinois, United States

Fusion Risk Management is a provider of cloud-based software solutions for business continuity, integrated risk management, IT disaster recovery, and crisis and incident management. Its products and services take organizations beyond legacy solutions and empower them to make data-driven decisions with a comprehensive and flexible approach through one system. Fusion and its team of experts are dedicated to helping companies achieve greater organizational resilience and mitigate risks within their businesses. Fusion Risk Management was founded in 2006 and is based in Chicago, Illinois.

Buy -
Mergr

Product

Company

Legal