M&A Deal Summary

TPG Acquires Convey

On September 5, 2019, private equity firm TPG acquired information technology company Convey from New Mountain Capital

Acquisition Highlights
  • This is TPG’s 25th transaction in the Information Technology sector.
  • This is TPG’s 234th transaction in the United States.
  • This is TPG’s 8th transaction in Florida.
Investment Fate
  • Convey went public in 2021.
  • Convey was sold to a financial buyer in 2022 for 1.1B USD.

M&A Deal Summary
Date 2019-09-05
Target Convey
Sector Information Technology
Buyer(s) TPG
Sellers(s) New Mountain Capital
Deal Type Secondary Buyout
Advisor(s) Barclays Investment Bank (Financial)
Ropes & Gray (Legal)

Target

Convey

Fort Lauderdale, Florida, United States
Convey is a specialized healthcare technology and business process outsourcing firm that is committed to providing clients with healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics. Convey was founded in 2003 and is based in Fort Lauderdale, Florida.

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Buyer(S) 1

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.

DEAL STATS #
Overall 358 of 421
Sector (Information Technology) 25 of 31
Type (Secondary Buyout) 53 of 72
State (Florida) 8 of 12
Country (United States) 234 of 276
Year (2019) 15 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-04 CollabNet

Alpharetta, Georgia, United States

CollabNet is a provider of collaborative software development and delivery solutions. CollabNet provides a suite of tools that allow software developers at companies of all sizes to more effectively collaborate on projects and manage the software development process. CollabNet was founded in 1999 and is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-12 Satsumarx

South San Francisco, California, United States

Satsumarx is a clinical-stage biopharmaceutical company focused on developing STS101 as an important and differentiated therapeutic option for the acute treatment of migraines. Satsumarx was incorporated in 2016 and is headquartered in South San Francisco, California.

Sell -

Seller(S) 1

SELLER

New Mountain Capital

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 28 of 45
Sector (Information Technology) 6 of 8
Type (Secondary Buyout) 6 of 11
State (Florida) 4 of 4
Country (United States) 25 of 42
Year (2019) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-22 Finvi

Muncie, Indiana, United States

Finvi is a provider of enterprise software that automates complex workflows and accelerates revenue recovery for clients in the healthcare, accounts receivable management (ARM), and government markets. Finvi was founded in 1980 and is based in Muncie, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-26 Emids

Franklin, Tennessee, United States

Emids is a global provider of healthcare technology expertise and consulting services and solutions that serve payers, providers and tech enablers. emids helps bridge the critical gaps in accessible, affordable, high-quality healthcare by providing advisory consulting services, custom application development, and data solutions. Services include EHR application deployment and management, analytics, data integration and governance, software development and testing, and business intelligence.

Buy -
Mergr

Product

Company

Legal