Updata Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Updata Partners has invested in 11 companies.

Updata Partners’ most common sectors for investment are software (43%) and information technology (20%). The Firm’s most common investment types include venture (65%) and growth capital (22%). In total, Updata Partners has invested in 21 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired Numara Software for $200M.

In the last 3 years, Updata Partners has exited 10 companies. The Firm’s most common exit type is trade sale (73%). Updata Partners’ largest (disclosed) exit occurred in 2015 when it sold Trustwave Holdings for $810M.

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M&A Summary

  • M&A Total Activity96
    • M&A Buy Activity56
    • M&A Sell Activity40
  • Total Sectors Invested 10
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 52

Updata Partners

2099 Pennsylvania Avenue NW, 8th Floor,
Washington, District of Columbia 20006
United States
(202) 618-8750
www.updatapartners.com
info@updata.com

Updata Partners is the investment affiliate of Updata Advisors, an East Coast US based investment bank. Updata Partners looks to invest in growth oriented information technology businesses from early-stage to buyout, with revenues up to $50 million. Updata Partners typically invests between $10 and $25 million as a lead or co-lead investor. Within information technology, Updata has specific interest in; infrastructure software, physical and digital security, storage software, educational software, internet and interactive technology, media and wireless infrastructure and services, financial technology software, retail technology, business intelligence, subscription-based and on-demand information services, and business services. Updata Partners was formed in 1998 and is based in Washington DC.


Investment Criteria

Sectors of Interest: Communications, Digital Media, E-Commerce, Information Technology, Internet Software and Services, Media, Software, Staffing

Target Transaction Types: Growth Capital, Recapitalization, Venture

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

Transaction Criteria Min Max
Target Revenue 5 50
Target EBITDA - -
Investment Size 10 25
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.6/yr) # 43 2 2 3 3 3 56
vol $212M $212M
Sell (2.4/yr) # 28 2 3 5 1 1 40
vol $1.8B $425M $2.3B
  96

Most Recent M&A

Company Date Value Type
Footage Firm, Inc. 2020-06-25 - Secondary Buyout
Arlington, Virginia · www.storyblocks.com
Liongard, Inc. 2020-05-14 - Venture
Houston, Tennessee · www.liongard.com
CData Software, Inc. 2020-03-25 - Venture
Chapel Hill, North Carolina · www.cdata.com
Practifi 2020-01-10 - Venture
Chicago, Illinois · www.practifi.com
Bigleaf Networks, Inc. 2019-09-24 - Venture
Beaverton, Oregon · www.bigleaf.net
Built In, Inc. 2019-07-16 - Venture
Chicago, Illinois · www.builtin.com
Amber Road, Inc. 2019-05-13 425M USD Add-on Acquisition
East Rutherford, New Jersey · www.amberroad.com
Adthena Ltd. 2019-03-13 - Venture
London, United Kingdom · www.adthena.com
Total Defense, Inc. 2018-10-10 - Add-on Acquisition
Islandia, New York · www.totaldefense.com
Glassbox Ltd. 2018-10-04 - Growth Capital
London, United Kingdom · www.glassboxdigital.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 5 (26%) - 24 (43%) 212M (100%)
Information Technology 5 (26%) - 11 (20%) -
Internet Software and Services 7 (37%) - 11 (20%) -
Staffing 1 (5%) - 3 (5%) -
Communications 1 (5%) - 2 (4%) -
Digital Media - - 1 (2%) -
Education - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Media - - 1 (2%) -
Technology Hardware - - 1 (2%) -
Total 19 - 56 $212M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (79%) - 51 (91%) 212M (100%)
  Virginia - - 7 (13%) -
  Illinois 3 (16%) - 5 (9%) -
  New York 2 (11%) - 5 (9%) -
  Massachusetts 1 (5%) - 5 (9%) 9M (4%)
  New Jersey - - 4 (7%) -
  California 2 (11%) - 3 (5%) -
  Florida 1 (5%) - 3 (5%) 200M (95%)
  Texas - - 3 (5%) -
  Oregon 2 (11%) - 2 (4%) -
  Pennsylvania 1 (5%) - 2 (4%) -
  North Carolina 1 (5%) - 2 (4%) -
  Tennessee 1 (5%) - 1 (2%) -
  Maryland 1 (5%) - 1 (2%) -
  District of Columbia - - 1 (2%) 3M (1%)
  Washington - - 1 (2%) -
  Utah - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Michigan - - 1 (2%) -
  Georgia - - 1 (2%) -
  Connecticut - - 1 (2%) -
  Arkansas - - 1 (2%) -
United Kingdom 2 (11%) - 2 (4%) -
Netherlands 1 (5%) - 2 (4%) -
Canada 1 (5%) - 1 (2%) -
  Ontario 1 (5%) - 1 (2%) -
Domestic 15 (79%) - 51 (91%) 212M (100%)
Cross-border 4 (21%) - 5 (9%) -
Total 19 - 56 $212M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 13 (68%) - 36 (64%) 12M (5%)
Growth Capital 6 (32%) - 12 (21%) -
Divestiture - - 3 (5%) 200M (95%)
Buyout (LBO, MBO, MBI) - - 1 (2%) -
Consolidation - - 1 (2%) -
PIPE - - 1 (2%) -
Recapitalization - - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 19 - 56 $212M

Exits by Deal Type

Type Total # Value
Trade Sale 16 (40%) 768M (34%)
Trade Sale - Public Company 13 (33%) 1.5B (66%)
Secondary Sale 6 (15%) -
IPO 2 (5%) -
Bankruptcy 1 (3%) -
Divestiture 1 (3%) -
Stake Sale 1 (3%) -
Total 40 $2.3B

Deal Values

buy # Total
$100M to $1B 1 $200M
< $100M 2 $12M
TOTAL $212M
Largest Numara Software, Inc.
$200M (2005-12-15)
sell # Total
$100M to $1B 7 $2.2B
< $100M 1 $72M
TOTAL $2.3B
Largest Trustwave Holdings, Inc.
$810M (2015-04-07)

M&A Connections

Deals %
Acquired from
Strategic(s)
100%
3 100%
Exited to
PE Firm(s)
23%
9 23%
Strategic(s)
77%
30 77%

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