M&A Deal Summary

UKG Acquires Ascentis

On March 9, 2022, UKG acquired internet software and services company Ascentis from Summit Partners

Acquisition Highlights
  • This is UKG’s 5th transaction in the Internet Software and Services sector.
  • This is UKG’s 19th transaction in the United States.
  • This is UKG’s 1st transaction in Minnesota.

M&A Deal Summary
Date 2022-03-09
Target Ascentis
Sector Internet Software and Services
Buyer(s) UKG
Sellers(s) Summit Partners
Deal Type Add-on Acquisition
Advisor(s) Cowen Group, Inc. (Financial)

Target

Ascentis

Eden Prairie, Minnesota, United States
Ascentis is a provider of cloud-based, software-as-a-service (SaaS) human capital management (HCM) solutions and integrated payroll services. Ascentis offers a comprehensive, end-to-end suite of human resources, benefits, payroll, timekeeping, and talent management products to more than 1,000 customers throughout the U.S. and Canada. The company’s SaaS-based solutions increase productivity by automating HR and payroll processes, reducing costs, providing meaningful insights into organizational trends, and empowering employees in all aspects of the HR and benefits process. Ascentis was founded in 1994 and is based in Eden Prairie, Minnesota.

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Buyer(S) 1

Buyer

UKG

Lowell, Massachusetts, United States
Category Company
Founded 1977
Sector Internet Software and Services
DESCRIPTION

UKG is a provider of cloud-based workforce management solutions. Company solutions, which include time and labor, scheduling, talent management, human resources, payroll, absence management, labor activity tracking, data collection, self-service and workforce analytics are designed for a wide range of businesses and organizations from single-site to large multi-site enterprises. UKG was founded in 1977 and is based in Lowell, Massachusetts.

DEAL STATS #
Overall 23 of 25
Sector (Internet Software and Services) 5 of 6
Type (Add-on Acquisition) 19 of 21
State (Minnesota) 1 of 1
Country (United States) 19 of 19
Year (2022) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-28 Interboro

San Juan, Puerto Rico

Interboro offers solutions and services to optimize the administration of human resources. The company offers consulting services and support for: the management of time and attendance, payroll processing, and every aspect of the administration of Human Resources. Interboro was formed in 1934 and is based in San Juan, Puerto Rico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-03 Quorbit

Oxford, United Kingdom

Quorbit specializes in long-term workforce planning solutions for people in frontline and hourly roles. The company helps large and complex organizations strategically plan future workforce decisions with detailed modeling, associated labor budgets, and recruitment strategies. Built in the Google Cloud Platform which also powers UKG solutions Quorbit forecasts staffing needs years into the future, empowering organizations to optimize operations while proactively crafting growth and learning opportunities for all people. Quorbit

Buy -

Seller(S) 1

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 273 of 285
Sector (Internet Software and Services) 24 of 28
Type (Add-on Acquisition) 123 of 127
State (Minnesota) 9 of 9
Country (United States) 239 of 246
Year (2022) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-24 Highwire

Burlington, Massachusetts, United States

Highwire is part of the partner elevation movement for builders and owners of capital projects. Enterprises use Highwire’s SaaS platform to ensure their contracting partners deliver great work, on budget and on schedule, by collaborating with them to dynamically mitigate safety, financial, quality and sustainability risks throughout every project lifecycle.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-30 18 Week Support

London, United Kingdom

18 Week Support is an insourcing provider to the NHS with clinical demand, capacity management, and waiting list initiatives across both outpatients and day-case surgery. It sees new patients, including virtual clinics, follow-up patients, and importantly performs a comprehensive range of day cases and some inpatient procedures, including Endoscopy. The company allows to significantly increase the number of patients seen, reducing waiting lists and meeting RTT expectations. 18 Week Support was formed in 2014 and is based in London, United Kingdom.

Buy -
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