M&A Deal Summary

Vector Capital, HarbourVest Partners and Valhalla Partners Acquire SafeNet

On March 6, 2007, private equity firm Vector Capital, private equity firm HarbourVest Partners and venture capital firm Valhalla Partners acquired information technology company SafeNet for 634M USD

Acquisition Highlights
  • This is Vector Capital’s 2nd, HarbourVest Partners’ 6th and Valhalla Partners’ 4th transaction in the Information Technology sector.
  • This is Vector Capital’s 6th, HarbourVest Partners’ 47th and Valhalla Partners’ largest (disclosed) transaction.
  • This is Vector Capital’s 9th, HarbourVest Partners’ 28th and Valhalla Partners’ 16th transaction in the United States.
  • This is Vector Capital’s 1st, HarbourVest Partners’ 1st and Valhalla Partners’ 2nd transaction in Maryland.
Investment Fate
  • SafeNet was sold to a strategic buyer in 2015 for 890M USD.

M&A Deal Summary

Date 2007-03-06
Target SafeNet
Sector Information Technology
Buyer(s) Vector Capital
HarbourVest Partners
Valhalla Partners
Deal Type Going Private
Deal Value 634M USD

Target

SafeNet

Belcamp, Maryland, United States
website
SafeNet is a digital information security company. SafeNet protect, control the access to, and manage most sensitive data and high value software applications.

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Buyer(S) 3

Buyer

Vector Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Vector Capital is a private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector targets both public and private company investments. Prospective businesses typically have strong customer bases, high gross margins, and at least $30 million in sales. Vector Capital was formed in 1997, after spinning out from Ziff Brothers Investments. The Firm is based in San Francisco, California.


DEAL STATS #
Overall 10 of 45
Sector (Information Technology) 2 of 9
Type (Going Private) 5 of 15
State (Maryland) 1 of 1
Country (United States) 9 of 37
Year (2007) 1 of 2
Size (of disclosed) 6 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-15 Open Solutions

Glastonbury, Connecticut, United States

Open Solutions LLC is a provider of software and software-enabled outsourcing solutions to banks, thrifts and credit unions.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-02 Printronix

Irvine, California, United States

Printronix is a manufacturer of line matrix printers. Printronix business services a diverse group of customers that operate across healthcare, food and beverage, manufacturing and logistics, and other sectors. Printronix was founded in 1974 and is based in Irvine, California.

Buy $108M
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B 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 47 of 222
Sector (Information Technology) 6 of 25
Type (Going Private) 6 of 27
State (Maryland) 1 of 5
Country (United States) 28 of 131
Year (2007) 3 of 18
Size (of disclosed) 47 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-20 Acision

Reading, United Kingdom

Acision Ltd. is a provider of converged mobile messaging solutions for text and multimedia messaging for 300 customers, who serve over 1 billion consumers worldwide. They also provide voice and video mail services and are a leading provider of intelligent payment solutions for both pre- and post-paid users, and innovative products for content and media and customer intelligence management that offers real-time analysis of customer behaviour.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-09 The Sun Products

Wilton, Connecticut, United States

The Sun Products Corp. is a manufacturer and marketer of fabric care and household products.

Buy -
Buyer

Valhalla Partners

Vienna, Virginia, United States

Investor Investor Investor

website


Category Venture Capital Firm
Founded 2002
PE ASSETS 440M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Valhalla Partners is a private equity and venture capital firm focused primarily on providing capital to technology companies in the Mid-Atlantic US. Valhalla will invest at all company stages, including early-stage needs as well as more mature company situations such as divestitures. Sub-sectors of tech Valhalla will consider include software, internet, digital media, mobile, and data storage. Valhalla Partners was formed in 2002 and is based in Vienna, Virginia.


DEAL STATS #
Overall 16 of 41
Sector (Information Technology) 4 of 10
Type (Going Private) 3 of 3
State (Maryland) 2 of 4
Country (United States) 16 of 41
Year (2007) 3 of 4
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Nirvanix

San Diego, California, United States

Nirvanix is the leading provider of enterprise-class cloud storage services designed specifically for customers with expectations of extreme security, reliability and redundancy. Under its CloudComplete™ portfolio, Nirvanix is the only company that offers fully managed public, hybrid and private cloud storage services with usage-based pricing. The company's battle-hardened, proven second generation technology is utilized by leading IT OEMs and is fully integrated with third-party backup and archiving software products and appliances, enabling One Click to the Cloud™. Nirvanix has global customers accessing its Cloud Storage Network™, from SMBs to Fortune 500 companies.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-15 Mobius Management Systems

Rye, New York, United States

Software for document-centric e-business applications.

Sell $210M