Buyout (LBO, MBO, MBI) • Internet Software and Services

Welsh Carson Anderson & Stowe, TCV and Long Ridge Equity Partners Acquire Avetta

On March 21, 2018, private equity firm Welsh Carson Anderson & Stowe, private equity firm TCV and growth capital firm Long Ridge Equity Partners acquired internet software and services company Avetta

Acquisition Context
  • This is Welsh Carson Anderson & Stowe’s 5th, TCV’s 20th and Long Ridge Equity Partners’ 2nd transaction in the Internet Software and Services sector.
  • This is Welsh Carson Anderson & Stowe’s 79th, TCV’s 63rd and Long Ridge Equity Partners’ 10th transaction in the United States.
  • This is Welsh Carson Anderson & Stowe’s 1st, TCV’s 1st and Long Ridge Equity Partners’ 1st transaction in Utah.
Investment Fate
  • Avetta was sold to a consortium of financial buyers in 2024.

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M&A Deal Summary

Date March 21, 2018
Target Avetta
Sector Internet Software and Services
Buyer(s) Welsh Carson Anderson & Stowe
TCV
Long Ridge Equity Partners
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) William Blair (Financial)

Target Company

Avetta

Lehi, Utah, United States
Avetta is a provider of a cloud-based supply chain risk management platform. Avetta connects global organizations across several industries including oil/gas, telecom, construction materials, facilities management, and many others, with qualified and vetted suppliers, contractors, and vendors. Avetta was founded in 2003 and is based in Lehi, Utah.
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Buyers Overview 3

Buyer

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1979
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


Deal Context for Buyer #
Overall 82 of 104
Sector: Internet Software and Services 5 of 7
Type: Buyout (LBO, MBO, MBI) 35 of 42
State: Utah 1 of 1
Country: United States 79 of 99
Year: 2018 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 GetWellNetwork

Bethesda, Maryland, United States

GetWellNetwork is a digital health technology company that provides interactive patient engagement solutions to help healthcare providers engage, educate, and empower patients across the care continuum. Its patient‑centered platform integrates with clinical systems to improve care experiences, outcomes, and operational performance in hospitals and care settings. GetWellNetwork was founded in 2000 and is based in Bethesda, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-04 US Radiology Specialists

Raleigh, North Carolina, United States

US Radiology Specialists is a provider of patient care across our national network. US Radiology Specialists is based in Raleigh, North Carolina.

Buy -
Buyer

TCV

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 21.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Technology Crossover Ventures (TCV) is a private equity and venture capital firm focused on investments in growth technology companies. TCV looks to provide capital for growth, recapitalizations, acquisitions, and buyouts of technology companies in sectors such as internet, financial technology, infrastructure & communications, and software. TCV targets opportunities in North America and looks to commit between $10 and $500 million of equity capital per transaction. TCV was formed in 1995 and is based in Palo Alto, New York City, and London.


Deal Context for Buyer #
Overall 73 of 85
Sector: Internet Software and Services 20 of 26
Type: Buyout (LBO, MBO, MBI) 11 of 12
State: Utah 1 of 2
Country: United States 63 of 70
Year: 2018 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-07 Zepz

London, United Kingdom

Zepz with its online service platform WorldRemit, lets people send money to friends and family living abroad, using a computer, smartphone or tablet. Zepz was founded in 2010 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-15 Avalara

Durham, North Carolina, United States

Avalara provides a suite of cloud-based solutions designed to improve accuracy and efficiency by automating the processes of determining taxability, identifying applicable tax rates, determining and collecting taxes, preparing and filing returns, remitting taxes, maintaining tax records, and managing compliance documents. Avalara was formed in 2004 and is based in Durham, North Carolina.

Sell -
Buyer

Long Ridge Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2007
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Long Ridge Equity Partners is a private investment firm focused on the financial services sector. The Firm seeks growth capital and special situation investments. Specific areas of interest include financial technology, specialty finance, securities and trading, asset management, payments, and exchanges. Long Ridge was formed in 2007 and is based in New York City.


Deal Context for Buyer #
Overall 11 of 25
Sector: Internet Software and Services 2 of 6
Type: Buyout (LBO, MBO, MBI) 4 of 4
State: Utah 1 of 1
Country: United States 10 of 21
Year: 2018 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-28 SALI Fund Management

Austin, Texas, United States

SALI Fund Services is a provider of turn-key solutions for insurance dedicated funds. SALI Fund Services was founded in 2002 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-18 ProcessUnity

Concord, Massachusetts, United States

ProcessUnity is a provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk, and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors from initial due diligence and onboarding through termination. ProcessUnity was founded in 2003 and is based in Concord, Massachusetts.

Buy -