M&A Deal Summary

Thomas H. Lee Partners Acquires CARET

On March 10, 2021, private equity firm Thomas H. Lee Partners acquired internet software and services company CARET from Providence Equity Partners

Acquisition Highlights
  • This is Thomas H. Lee Partners’ 5th transaction in the Internet Software and Services sector.
  • This is Thomas H. Lee Partners’ 67th transaction in the United States.
  • This is Thomas H. Lee Partners’ 5th transaction in California.

M&A Deal Summary
Date 2021-03-10
Target CARET
Sector Internet Software and Services
Buyer(s) Thomas H. Lee Partners
Sellers(s) Providence Equity Partners
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)
Weil Gotshal & Manges (Legal)

Target

CARET

San Diego, California, United States
CARET is a vertical SaaS provider for compliance-focused professional services markets. Our purpose-built cloud infrastructure puts customers’ business data and vital applications into a virtual workspace that is accessible anywhere, anytime and from any device, enabling small and midsize legal and accounting firms to grow an efficient, secure, client-focused practice. CARET was founded in 1983 and is based in San Diego, California.

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Buyer(S) 1

Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 78 of 90
Sector (Internet Software and Services) 5 of 5
Type (Secondary Buyout) 27 of 32
State (California) 5 of 7
Country (United States) 67 of 77
Year (2021) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-08 Ashling Partners

Chicago, Illinois, United States

Ashling Partners is a professional services & technology firm that drives efficiency gains and process improvement through Robotic Process Automation (RPA), Process Discovery, and targeted Artificial Intelligence (AI). Ashling Partners was founded in 2017 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-26 Bazaarvoice

Austin, Texas, United States

Bazaarvoice is a social software and data analytics company, brings the voice of customers to the center of business strategy for more than 700 global clients like Best Buy, Costco, Dell, Macy's, P&G, Panasonic, QVC, and USAA. On a monthly basis, more than one-half billion consumers utilize the Bazaarvoice Network to view and share authentic consumer-generated content, including ratings and reviews, as well as curated visual content, across 5,000 brand and retail websites. This visibility into shopper behavior allows Bazaarvoice to capture unique first-party data and insights that enable its targeted advertising and personalization solutions. Bazaarvoice was founded in 2005 and is based in Austin, Texas.

Buy -

Seller(S) 1

SELLER

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.

DEAL STATS #
Overall 88 of 100
Sector (Internet Software and Services) 11 of 13
Type (Secondary Buyout) 25 of 31
State (California) 6 of 7
Country (United States) 59 of 68
Year (2021) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-03 Node4

Derby, United Kingdom

Node4 is a provider of integrated IT solutions, hybrid infrastructure, and cloud-enabled managed services to small and medium-sized businesses. Node4 was established in 2004 and is headquartered in Derby, England.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-25 Pineapple Payments

Pittsburgh, Pennsylvania, United States

Pineapple Payments is a payment processing technology company that provides omni-channel payment acceptance tools for merchants of all shapes and sizes, from startups to large scale enterprises. Pineapple Payments brings versatile payment enablement technology and payment concierge services to merchants of all sizes in an ever-changing payment processing landscape. Pineapple Payments was founded in 2016 and is based in Pittsburgh, Pennsylvania.

Sell -
Mergr

Product

Company

Legal