M&A Deal Summary

WatchGuard Acquires Panda Security S.L.

On March 9, 2020, WatchGuard acquired information technology company Panda Security S.L. from Atlantic Bridge, Investindustrial and HarbourVest Partners

Acquisition Highlights
  • This is WatchGuard’s 2nd transaction in the Information Technology sector.
  • This is WatchGuard’s 1st transaction in Spain.

M&A Deal Summary

Date 2020-03-09
Target Panda Security S.L.
Sector Information Technology
Buyer(s) WatchGuard
Sellers(s) Atlantic Bridge
Investindustrial
HarbourVest Partners
Deal Type Add-on Acquisition
Advisor(s) Jefferies (Financial)
Uría Menéndez Abogados (Legal)

Target

Panda Security S.L.

Bilbao, Spain
Panda Security S.L. is a global provider of advanced cybersecurity solutions. Panda Security offers a full portfolio of user-centric security products and services for protecting people, devices, and the networks they connect to from malicious websites, malware, spam, and other targeted attacks. With offerings for businesses and consumers alike, Panda Security offers advanced endpoint protection, sophisticated threat hunting services, and more. Designed for maximum protection with minimal complexity, the company packages its robust portfolio of security services to take the guesswork out of endpoint security.

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Buyer(S) 1

Buyer

WatchGuard

Seattle, Washington, United States

Category Company
Founded 1996
Sector Information Technology
DESCRIPTION

WatchGuard provides network security. The company’s Firebox X family of upgradeable appliances delivers the performance, functionality and security strength to meet the needs of small and medium sized organizations. All WatchGuard products include a LiveSecurity Service subscription for vulnerability alerts, software updates, expert security instruction, as well as individualized and self-help customer care. WatchGuard was founded in 1996 and is based in Seattle, Washington.


DEAL STATS #
Overall 6 of 6
Sector: Information Technology M&A 2 of 2
Type: Add-on Acquisition M&A Deals 5 of 5
Country: Spain M&A 1 of 1
Year: 2020 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-16 Strongarm

Wakefield, Massachusetts, United States

Percipient Networks LLC is a developer of simple, affordable, automated security solutions for small and midsize organizations. Percipient Networks LLC was established in 2014 and is based in Wakefield, Massachusetts.

Buy -

Seller(S) 3

SELLER

Atlantic Bridge

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2006
PE ASSETS 1.0B EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Atlantic Bridge is a growth capital firm focused on mid-market technology businesses across Europe, the US, Middle East, and China. Specific areas of interest include machine learning, robotics, computer visioning, cloud, IoT and big data. Atlantic Bridge generally prefers 'domain-specific companies' as well as businesses that can benefit from transatlantic opportunities. Atlantic Bridge was formed in 2006 and is based in Dublin.


DEAL STATS #
Overall 15 of 22
Sector: Information Technology M&A 3 of 4
Type: Add-on Acquisition M&A Deals 14 of 20
Country: Spain M&A 1 of 1
Year: 2020 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-25 SambaNova Systems

Palo Alto, California, United States

SambaNova Systems offers an integrated hardware and software solution with an architecture optimized for dataflow from algorithms to silicon, enabling a broad range of compute-intensive applications to run from the data center to the edge. SambaNova Systems was founded in 2017 and is based in Palo Alto, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-15 Ubimax

Bremen, Germany

Ubimax GmbH is a provider of fully integrated industrial augmented reality (AR) solutions. The solution platform Ubimax Frontline improves manual work processes across industries along the entire value chain on the basis of the latest wearable computing technologies. Ubimax was founded in 2014 and is based in Bremen, Germany.

Sell -
SELLER

Investindustrial

London, United Kingdom

Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 11.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Investindustrial is an investment firm focused on creating global leaders through organic growth and acquisitions. The Firm is operationally driven and seeks opportunities in Southern Europe. Areas of interest include services, consumer, retail, leisure, and industrial manufacturing. Investindustrial has offices in London, Luxembourg, Milan, Lugano, Barcelona, Shanghai, and New York.


DEAL STATS #
Overall 28 of 35
Sector: Information Technology M&A 1 of 1
Type: Add-on Acquisition M&A Deals 12 of 16
Country: Spain M&A 11 of 13
Year: 2020 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-19 Natra

Madrid, Spain

Natra is a Spanish multinational company specializing in producing chocolate products for the private label brand and other food companies, as well as in cocoa derivatives. The company’s consumer goods division is responsible for the manufacturing of chocolate tablets, countlines, spreads and Belgian chocolates and specialties, which are commercialized mainly in Europe, with Germany, France, Belgium, Holland, Spain and United Kingdom as main markets. Natra was founded in 1943 and is based in Madrid, Spain.

Buy €142M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-23 Knoll

East Greenville, Pennsylvania, United States

Knoll is a constellation of design-driven brands and people, working together with its clients to create inspired modern interiors, supporting clients wherever they work or live. The company's internationally recognized portfolio includes furniture, textiles, lighting, accessories, and architectural and acoustical elements. Knoll was founded in 1983 and is based in East Greenville, Pennsylvania.

Buy -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B 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 104 of 150
Sector: Information Technology M&A 16 of 19
Type: Add-on Acquisition M&A Deals 43 of 62
Country: Spain M&A 1 of 2
Year: 2020 M&A 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-02 NSI Industries

Huntersville, North Carolina, United States

NSI Industries is a provider of a wide variety of electrical connectors including insulated connectors and mechanical, digital time controls, time switches, wire management products, and related electrical components for construction, maintenance, and repair applications. NSI Industries was established in 1975 and is based in Huntersville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-10 Flash Networks

Neptune, New Jersey, United States

Flash Networks is a provider of optimization solutions that enable telecommunications operators to improve Radio Access Network spectral efficiency, boost network speed, optimize video and web traffic, and generate over-the-top revenues from the mobile internet. Flash Networks was formed in 1996 and is based in Neptune, New Jersey.

Sell -