M&A Deal Summary

TPG, TA Associates and HarbourVest Partners Acquire Planview

On November 10, 2020, private equity firms TPG, TA Associates and HarbourVest Partners acquired software company Planview from Thoma Bravo for 1.6B USD

Acquisition Highlights
  • This is TPG’s 28th, TA Associates’ 67th and HarbourVest Partners’ 25th transaction in the Software sector.
  • This is TPG’s 47th, TA Associates’ 3rd and HarbourVest Partners’ 32nd largest (disclosed) transaction.
  • This is TPG’s 241st, TA Associates’ 233rd and HarbourVest Partners’ 125th transaction in the United States.
  • This is TPG’s 30th, TA Associates’ 26th and HarbourVest Partners’ 19th transaction in Texas.

M&A Deal Summary
Date 2020-11-10
Target Planview
Sector Software
Buyer(s) TPG
TA Associates
HarbourVest Partners
Sellers(s) Thoma Bravo
Deal Type Secondary Buyout
Deal Value 1.6B USD
Advisor(s) J.P. Morgan Securities
DBO Partners (Financial)
Kirkland & Ellis (Legal)

Target

Planview

Austin, Texas, United States
Planview is a provider of IT Governance software solutions to the Global 2000 with applications that help companies optimize the utilization of resources and manage/monitor IT projects. Planview was formed in 1989 and is based in Austin, Texas.

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Buyer(S) 3

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 376 of 421
Sector (Software) 28 of 35
Type (Secondary Buyout) 57 of 72
State (Texas) 30 of 34
Country (United States) 241 of 276
Year (2020) 15 of 16
Size (of disclosed) 47 of 105
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-09 Viking Cruises

Woodland Hills, California, United States

Viking Cruises offers destination-focused journeys on rivers, oceans, and lakes around the world. Designed for experienced travelers with interests in science, history, culture, and cuisine. Viking Cruises was founded in 1997 and is based in Woodland Hills, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-11 Expanse

San Francisco, California, United States

Expanse is the first automated global Internet intelligence company. Expanse indexes every device on the public Internet every hour to provide comprehensive information about an organization’s Internet-facing risks. Expanse was founded in 2012 and is based in San Francisco, California.

Sell $670M
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 310 of 364
Sector (Software) 67 of 86
Type (Secondary Buyout) 49 of 69
State (Texas) 26 of 28
Country (United States) 233 of 263
Year (2020) 12 of 15
Size (of disclosed) 3 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-05 Priority

Rosh Haayin, Israel

Priority is a fully-integrated, comprehensive ERP software solution serving a wide spectrum of industries and organizations, including multi-national and multi-lingual corporations. Its main modules include: finance, manufacturing, logistics, human resources, time and attendance, payroll, business intelligence, project management and customer service and support. Priority was founded in 1986 and is based in Rosh Haayin, Israel.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-16 Thinkproject

München, Germany

Thinkproject is a provider of cross-enterprise collaboration and workflow software to the construction and engineering industries. Thinkproject was established in 2000 and is headquartered in München, Germany.

Sell -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 209 of 223
Sector (Software) 25 of 26
Type (Secondary Buyout) 51 of 55
State (Texas) 19 of 21
Country (United States) 125 of 134
Year (2020) 8 of 9
Size (of disclosed) 32 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-12 Allegro

Poznan, Poland

Allegro is an online marketplace in Poland that connects consumers with merchants. With more than 20 million users per month, 13 million active buyers and 125,000 merchants. Allegro offers consumers a vibrant and expansive shopping experience, and merchants excellent commercial opportunities. The group also operates Ceneo.pl - Poland’s leading online price comparison website, and eBilet – the leading event ticket sales site in Poland. Allegro was founded in 1999 and is based in Poznan, Poland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 Signature Foods Belgium

Turnhout, Belgium

Signature Foods Belgium is a producer of chilled spreadable salads and convenience food. Signature Foods Belgium was founded in 2006 and is based in Turnhout, Belgium.

Buy -

Seller(S) 1

SELLER

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 53 of 79
Sector (Software) 23 of 33
Type (Secondary Buyout) 16 of 23
State (Texas) 8 of 11
Country (United States) 51 of 73
Year (2020) 6 of 6
Size (of disclosed) 11 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-13 MedeAnalytics

Richardson, Texas, United States

MedeAnalytics provides evidence-based insights to solve a real problem that plagues healthcare – how to use the immense amount of patient data collected along the care continuum to deliver cost-effective care and promote a healthier population. Its analytics platform delivers intelligence that helps healthcare organizations detect their greatest areas of risk and identify opportunities to improve their financial health. It empowers providers and health plans to collaborate and use data to strengthen their operations and improve the quality of care. MedeAnalytics was founded in 1994 and is based in Richardson, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-03 Flexera

Itasca, Illinois, United States

Flexera is a provider of strategic software solutions for application usage management. The Company's solutions help clients deliver continuous compliance optimized usage and maximized value to application producers and their customers. Flexera was founded in 1987 and is based in Itasca, Illinois.

Buy $2.9B
Mergr

Product

Company

Legal