M&A Deal Summary

Veritas Capital Acquires Finalsite

On December 1, 2021, private equity firm Veritas Capital acquired internet software and services company Finalsite from Bridge Growth Partners and HarbourVest Partners

Acquisition Highlights
  • This is Veritas Capital’s 4th transaction in the Internet Software and Services sector.
  • This is Veritas Capital’s 33rd transaction in the United States.
  • This is Veritas Capital’s 1st transaction in Connecticut.

M&A Deal Summary

Date 2021-12-01
Target Finalsite
Sector Internet Software and Services
Buyer(s) Veritas Capital
Sellers(s) Bridge Growth Partners
HarbourVest Partners
Deal Type Secondary Buyout

Target

Finalsite

Glastonbury, Connecticut, United States
Finalsite is a SaaS-based learning and communications platform for K-12 independent and public schools and higher education institutions in the U.S. and internationally. The platform manages all aspects of a school’s web presence and facilitates the distribution of digital content across school communities and in classrooms via a proprietary, SaaS-based software suite accessed through desktops and mobile devices. Finalsite was founded in 1998 and is based in Glastonbury, Connecticut.

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Buyer(S) 1

Buyer

Veritas Capital

New York, New York, United States

Category Private Equity Firm
Founded 1992
PE ASSETS 40.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Veritas Capital is a private equity investment firm that targets investments in defense, aerospace, government services, media/telecommunications, consumer products, and specialty manufacturing companies. Veritas generally partners with management when pursuing investments. Prospective transaction situations include buyouts, growth capital investments, and leveraged recapitalizations. Veritas Capital was established in 1992 and is based in New York City.


DEAL STATS #
Overall 33 of 41
Sector (Internet Software and Services) 4 of 4
Type (Secondary Buyout) 6 of 7
State (Connecticut) 1 of 1
Country (United States) 33 of 40
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-22 athenahealth

Boston, Massachusetts, United States

athenahealth is a provider of Internet-based business services for physician practices. The Company's service offerings are based on proprietary web-native practice management and electronic health record (EHR) software, a continuously updated payer knowledge-base, integrated back-office service operations, and live patient communications services. athenahealth was founded in 1997 and is based in Boston, Massachusetts.

Sell $17.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 SolAero

Albuquerque, New Mexico, United States

SolAero is a manufacturer of highly efficient, radiation-hard solar cells, Coverglass Interconnected Cells (CICs), and solar panels for space power applications. Since 2001, SolAero products have powered 160 successful space missions with zero on-orbit failures. SolAero Technologies was founded in 1998 and is based in Albuquerque, New Mexico.

Sell $80M

Seller(S) 2

SELLER

Bridge Growth Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2013
Size Small
Type Sector Focused
DESCRIPTION

Bridge Growth Partners is a private equity firm that targets investments in the technology and technology-enabled financial services sectors. Bridge Growth Partners pursues growth situations and will consider opportunities throughout the US. Bridge Growth Partners was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 3 of 5
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 3 of 4
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-08 Salient CRGT

Fairfax, Virginia, United States

Salient CRGT’s diverse, hard-working team provides a wide range of technology and mission support services to U.S. federal government agencies. The company has earned the unwavering trust of customers, who cite deep expertise, exceptionally responsive approach, and high-value solutions for consistently ensuring their success. Founded in 1998, Salient CRGT is a privately held company headquartered in Fairfax, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-21 Accedian

Montreal, Quebec, Canada

Accedian is a provider of highly accurate network performance monitoring and assurance solutions. Accedian's software and technology are used by the world’s largest mobile, enterprise, and carrier networks to monitor, test, and ultimately ensure the real-time quality of service (QoS) and quality of experience (QoE) for operators. Accedian Networks was founded in 2004 and is based in Montreal, Quebec.

Sell -
SELLER

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 117 of 132
Sector (Internet Software and Services) 6 of 7
Type (Secondary Buyout) 32 of 34
State (Connecticut) 4 of 4
Country (United States) 75 of 83
Year (2021) 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-26 Consol Glass

Johannesburg, South Africa

Consol Glass is a manufacturer of glass packaging products on the African continent and operates 7 manufacturing sites (4 in SA, 1 in Kenya, 1 in Nigeria, and 1 in Ethiopia) strategically located in close proximity to customers. Consol Glass was founded in 1946 and is based in Johannesburg, South Africa.

Buy R10.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 SAFE Boats

Bremerton, Washington, United States

SAFE Boats designs and builds highly reliable and extremely durable vessels that help keep military, law enforcement and fire professionals safe as they carry out their duties, protect citizens and work to save lives. SAFE Boats was founded in 1996 and is based in Bremerton, Washington.

Sell -