True Wind Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, True Wind Capital has acquired 1 company. It has also invested in 4 others.

True Wind Capital’s most common sectors for investment aresoftware (34%) and business services (25%) . The Firm’s most common investment types include growth capital (59%) and divestiture (9%). In total, True Wind Capital has invested in 9 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2017 when it acquired LeadVenture for $140M.

In the last 3 years, True Wind Capital has exited 2 companies. The Firm’s most common exit type is trade sale (100%). True Wind Capital’s largest (disclosed) exit occurred in 2021 when it sold Zix for $860M.

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M&A Summary

  • M&A Total Activity14
    • M&A Buy Activity12
    • M&A Sell Activity2
  • Total Sectors Invested 6
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 9
  • M&A Advisors 6

True Wind Capital

True Wind Capital Management L.P.

Four Embarcadero Center Suite 2100,
San Francisco, California 94111
United States
(415) 780-9975
www.truewindcapital.com
hello@truewindcapital.com

True Wind Capital Management LLC is a private investment firm focused on technology companies. True Wind pursues a variety of transaction types across all company stages, including management buyouts, growth financings, stake purchases, and venture. True Wind Capital Management was formed in 2015 and is based in San Francisco, California.


Investment Criteria

Sectors of Interest: Business Services, Healthcare Services, Information Technology, Internet Software and Services, Life Science, Machinery, Manufacturing, Media, Medical Products, Retail, Semiconductors, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, PIPE, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.4/yr) # 5 2 2 3 - - 12
vol $140M $140M
Sell (0.4/yr) # - - 1 1 - - 2
vol $860M $860M
  14

Most Recent M&A

Company Date Value Type
The Switch Enterprises LLC 2022-12-22 - Trade Sale
Osterville, Massachusetts · www.theswitch.tv
Sterling Capital Brokers Ltd. 2022-02-22 - Growth Capital
Toronto, Ontario · www.sterlingcapitalbrokers.com
Merative L.P. 2022-01-21 - Divestiture
Ann Arbor, Michigan · www.merative.com
W Energy Software 2022-01-13 - Growth Capital
Tulsa, Oklahoma · www.wenergysoftware.com
Pegasus Transtech LLC 2021-12-14 - Growth Capital
Tampa, Florida · www.transflo.com
e-Emphasys Technologies, Inc. 2021-11-17 - Growth Capital
Cary, North Carolina · www.vitaledge.com
Zix Corp. 2021-11-08 860M USD Trade Sale
Dallas, Texas · www.zix.com
AIA Contract Documents 2020-10-30 - Growth Capital
Washington, District of Columbia · www.aiacontracts.com
Viking Cloud, Inc. 2020-02-06 - Growth Capital
Chicago, Illinois · www.vikingcloud.com
Zix Corp. 2019-01-15 - Stake Purchase
Dallas, Texas · www.zix.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 3 (30%) - 4 (33%) -
Business Services 3 (30%) - 3 (25%) -
Information Technology 2 (20%) - 2 (17%) -
Internet Software and Services 1 (10%) 140M (100%) 1 (8%) 140M (100%)
Financial Services 1 (10%) - 1 (8%) -
Media - - 1 (8%) -
Total 10 $140M 12 $140M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (90%) 140M (100%) 11 (92%) 140M (100%)
  Illinois 2 (20%) - 2 (17%) -
  Texas 1 (10%) - 2 (17%) -
  Oregon 1 (10%) 140M (100%) 1 (8%) 140M (100%)
  Oklahoma 1 (10%) - 1 (8%) -
  North Carolina 1 (10%) - 1 (8%) -
  Michigan 1 (10%) - 1 (8%) -
  Florida 1 (10%) - 1 (8%) -
  District of Columbia 1 (10%) - 1 (8%) -
  Massachusetts - - 1 (8%) -
Canada 1 (10%) - 1 (8%) -
  Ontario 1 (10%) - 1 (8%) -
Total 10 $140M 12 $140M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 6 (60%) - 7 (58%) -
Going Private 1 (10%) 140M (100%) 1 (8%) 140M (100%)
Divestiture 1 (10%) - 1 (8%) -
PIPE 1 (10%) - 1 (8%) -
Stake Purchase - - 1 (8%) -
Venture 1 (10%) - 1 (8%) -
Total 10 $140M 12 $140M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 2 (100%) 860M (100%)
Total 2 $860M

Top M&A Advisors

Financial Deals
Robert W. Baird & Co., Inc.
1
Legal Deals
Kirkland & Ellis
2
Simpson Thacher & Bartlett
1
Gibson, Dunn & Crutcher
1

Deal Values

buy # Total
$100M to $1B 1 $140M
TOTAL $140M
Largest LeadVenture
$140M (2017-06-21)
sell # Total
$100M to $1B 1 $860M
TOTAL $860M
Largest Zix Corp.
$860M (2021-11-08)

M&A Connections

Deals
Acquired from
Strategic(s)
8%
1 (8%)
Exited to
Strategic(s)
100%
2 (100%)

FAQ

When was True Wind Capital founded?

True Wind Capital was founded in 2015.

What type of investor is True Wind Capital?

True Wind Capital is a private equity firm.

Where is True Wind Capital headquartered?

True Wind Capital is headquartered in San Francisco, California.

How much capital does True Wind Capital have under management?

True Wind Capital has 560M USD under management.

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