M&A Deal Summary

Vista Equity Partners Acquires Alegeus

On August 7, 2018, private equity firm Vista Equity Partners acquired information technology company Alegeus from Lightyear Capital, Audax Private Debt and Constitution Capital Partners

Acquisition Highlights
  • This is Vista Equity Partners’ 14th transaction in the Information Technology sector.
  • This is Vista Equity Partners’ 85th transaction in the United States.
  • This is Vista Equity Partners’ 6th transaction in Massachusetts.

M&A Deal Summary

Date 2018-08-07
Target Alegeus
Sector Information Technology
Buyer(s) Vista Equity Partners
Sellers(s) Lightyear Capital
Audax Private Debt
Constitution Capital Partners
Deal Type Secondary Buyout
Advisor(s) BofA Securities
Triple Tree LLC (Financial)
Simpson Thacher & Bartlett (Legal)

Target

Alegeus

Waltham, Massachusetts, United States
Alegeus is a provider of benefits administration software, debit cards, and transaction processing solutions for consumer directed healthcare accounts, including flexible spending accounts, health reimbursement arrangements, and health savings accounts. Alegeus was formed in 2012 and is based in Waltham, Massachusetts.

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Buyer(S) 1

Buyer

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.


DEAL STATS #
Overall 93 of 149
Sector (Information Technology) 14 of 22
Type (Secondary Buyout) 23 of 35
State (Massachusetts) 6 of 17
Country (United States) 85 of 137
Year (2018) 6 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-17 NAVEX

Lake Oswego, Oregon, United States

NAVEX is a provider of ethics and compliance software, content and services helps organizations protect their people, reputation and bottom line. NAVEX was founded in 2012 and is based in Lake Oswego, Oregon.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-15 iCIMS

Holmdel, New Jersey, United States

iCIMS is a provider of cloud-based talent acquisition software to enable enterprises to attract, engage, hire and advance the best talent to build a diverse, winning workforce. iCIMS was formed in 1999 and is based in Holmdel, New Jersey.

Buy -

Seller(S) 3

SELLER

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 22 of 30
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 4 of 7
State (Massachusetts) 1 of 2
Country (United States) 18 of 24
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-24 Therapy Brands

Birmingham, Alabama, United States

Therapy Brands is a provider of fully-integrated practice management software and EHR solutions for mental and behavioral health providers. Therapy Brand's mission is to provide the best software and tools to manage your practice. Therapy Brands is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-26 ampliFI Loyalty Solutions

Naperville, Illinois, United States

ampliFI Loyalty Solutions is a provider of fully outsourced, customized credit and debit card loyalty programs exclusively focused on banks and credit unions nationwide. The company has delivered compelling rewards programs, unique earn and burn opportunities and card-linked programs to leverage merchant funded offers. ampliFI is based in Naperville, Illinois.

Buy $140M
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.


DEAL STATS #
Overall 41 of 51
Sector (Information Technology) 2 of 2
Type (Secondary Buyout) 17 of 24
State (Massachusetts) 5 of 5
Country (United States) 41 of 51
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-08 Intermedix

Fort Lauderdale, Florida, United States

Intermedix is a provider of healthcare information technology based business services to emergency providers. Intermedix was founded in 1983 and is based in Fort Lauderdale, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-24 Authority Brands

Columbia, Maryland, United States

Authority Brands is a parent company of two home service franchisors, The Cleaning Authority and Homewatch CareGivers. Together, these brands provide recurring home services through more than 300 franchise locations in the U.S., Canada, and Latin America. Authority Brands was formed in 2017 and is based in Columbia, Maryland.

Sell -
SELLER

Constitution Capital Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2008
PE ASSETS 5.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Constitution Capital Partners is a private equity and asset management firm focused on opportunities throughout North America. Constitution Capital typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. Constitution Capital Partners was formed in 2008 and is headquartered in Andover, Massachusetts.


DEAL STATS #
Overall 16 of 23
Sector (Information Technology) 1 of 2
Type (Secondary Buyout) 4 of 6
State (Massachusetts) 1 of 1
Country (United States) 15 of 20
Year (2018) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 CPI

Dothan, Alabama, United States

CPI is a vertically integrated civil infrastructure company operating across five southeastern states, with 35 hot-mix asphalt plants, nine aggregate facilities, and one liquid asphalt terminal. CPI was founded in 1999 and is based in Dothan, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-01 Telular

Chicago, Illinois, United States

Telular Corp. provides remote monitoring and asset tracking solutions for business and residential customers, enabling security systems and industrial applications to exchange actionable information wirelessly, typically through cellular and satellite technology.

Sell $525M