Vector Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Vector Capital has acquired 2 companies. It has also invested in 3 others.

Vector Capital’s most common sectors for investment are software (37%) and information technology (22%). The Firm’s most common investment types include going private (35%) and buyout (lbo, mbo, mbi) (15%). In total, Vector Capital has invested in 14 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2016 when it acquired Sizmek for $1.6B.

In the last 3 years, Vector Capital has exited 5 companies. The Firm’s most common exit type is trade sale (63%). Vector Capital’s largest (disclosed) exit occurred in 2020 when it sold Saba Software for $1.4B.

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M&A Summary

  • M&A Total Activity65
    • M&A Buy Activity41
    • M&A Sell Activity24
  • Total Sectors Invested 9
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 31
  • M&A Advisors 12

Vector Capital

One Market Street, Steuart Tower, 23rd Floor,
San Francisco, California 94105
United States,
(415)293-5000
www.vectorcapital.com

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.


Investment Criteria

Sectors of Interest: Business Services, Communications, Environmental, Healthcare Services, Information Technology, Internet Software and Services, Media, Safety/Security, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Secondary Buyout, Stake Purchase, Venture, Merger

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

Transaction Criteria Min Max
Target Revenue 30 -
Target EBITDA - -
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.8/yr) # 32 2 2 2 3 - 41
vol $4.5B $1.6B $100M $6.2B
Sell (1.2/yr) # 18 1 1 1 2 1 24
vol $3.7B $185M $1.4B $5.3B
  65

Most Recent M&A

Company Date Value Type
Saba Software, Inc. 2020-02-24 1.4B USD Add-on Acquisition
Redwood Shores, California · www.saba.com
MoxiWorks 2019-09-12 - Growth Capital
Seattle, Washington · www.moxiworks.com
CollabNet, Inc. 2019-09-04 - Secondary Buyout
Brisbane, California · www.collab.net
Corel Corp. 2019-07-03 - Secondary Buyout
Ottawa, Ontario · www.corel.com
Tender Corp. 2019-02-01 - Recapitalization
Littleton, New Hampshire · www.tendercorp.com
Aspect Software, Inc. 2019-01-02 100M USD Secondary Buyout
Chelmsford, Massachusetts · www.aspect.com
Planful Inc. 2018-12-13 - Secondary Buyout
Redwood City, California · www.planful.com
KELA Group 2018-05-16 - Growth Capital
Tel Aviv, Israel · www.ke-la.com
Triton Digital LLC 2018-02-13 185M USD Add-on Acquisition
Sherman Oaks, California · www.tritondigital.com
CloudSense Ltd. 2017-11-03 - Growth Capital
London, United Kingdom · www.cloudsense.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
WatchGuard Technologies, Inc. 2006-08-17 Panda Security S.L. 2020-03-09 5
Seattle, Washington · www.watchguard.com Bilbao, Spain · www.pandasecurity.com
Tender Corp. 2019-02-01 RapidPure, Inc. 2019-10-22 2
Littleton, New Hampshire · www.tendercorp.com Lakeland, Minnesota · www.rapidpure.net
Sizmek, Inc. 2016-08-03 Peer39 2019-08-05 2
Austin, Texas · www.sizmek.com New York, New York · www.peer39.com
Tender Corp. 2019-02-01 Bushwacker Backpack & Supply Co. 2019-07-10 1
Littleton, New Hampshire · www.tendercorp.com Kalispell, Montana
Sizmek, Inc. 2016-08-03 Sizmek, Inc. - Data & Programmatic Platform 2019-05-01 1
Austin, Texas · www.sizmek.com Austin, Texas
Allegro Development Corp. 2014-07-24 Financial Engineering Associates, Inc. 2018-04-09 2
Dallas, Texas · www.allegrodev.com Berkeley, California · www.fea.com
WatchGuard Technologies, Inc. 2006-08-17 Percipient Networks LLC 2018-01-16 4
Seattle, Washington · www.watchguard.com Wakefield, Massachusetts · www.strongarm.io
WatchGuard Technologies, Inc. 2006-08-17 Datablink, Inc. 2017-08-08 3
Seattle, Washington · www.watchguard.com McLean, Virginia · www.datablink.com
Sizmek, Inc. 2016-08-03 Rocket Fuel, Inc. 2017-07-18 1
Austin, Texas · www.sizmek.com Redwood City, California · www.rocketfuel.com
ChyronHego Corp. 2015-03-09 Hybrid TV 2016-09-09 4
Melville, New York · www.chyronhego.com Montrouge, France · www.hybridtv.tv

M&A by Sector

Sector Current # Value All-time # Value
Software 5 (26%) 220M (11%) 15 (37%) 2.4B (38%)
Information Technology 5 (26%) 177M (9%) 9 (22%) 1.3B (20%)
Internet Software and Services 1 (5%) - 6 (15%) 745M (12%)
Technology Hardware 1 (5%) - 3 (7%) 108M (2%)
Marketing 2 (11%) 1.6B (80%) 2 (5%) 1.6B (26%)
Business Services 2 (11%) - 2 (5%) -
Consumer Products 2 (11%) - 2 (5%) -
Test/Measurement Equipment - - 1 (2%) 138M (2%)
Media 1 (5%) - 1 (2%) -
Total 19 $2.0B 41 $6.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (68%) 2.0B (100%) 32 (78%) 6.0B (96%)
  California 3 (16%) - 13 (32%) 791M (13%)
  Texas 2 (11%) 1.6B (80%) 3 (7%) 1.6B (26%)
  Connecticut - - 3 (7%) 1.6B (25%)
  Washington 2 (11%) 151M (8%) 2 (5%) 151M (2%)
  New York 1 (5%) 120M (6%) 2 (5%) 320M (5%)
  Massachusetts 1 (5%) 100M (5%) 1 (2%) 100M (2%)
  Missouri 1 (5%) 26M (1%) 1 (2%) 26M (< 1%)
  New Hampshire 1 (5%) - 1 (2%) -
  Florida 1 (5%) - 1 (2%) -
  North Carolina - - 1 (2%) 780M (13%)
  Maryland - - 1 (2%) 634M (10%)
  Utah - - 1 (2%) -
  New Jersey - - 1 (2%) -
United Kingdom 2 (11%) - 2 (5%) -
Israel 1 (5%) - 2 (5%) 160M (3%)
Canada - - 2 (5%) 77M (1%)
  Quebec - - 1 (2%) 77M (1%)
  Ontario - - 1 (2%) -
France 1 (5%) - 1 (2%) -
Austria 1 (5%) - 1 (2%) -
Ireland 1 (5%) - 1 (2%) -
Domestic 13 (68%) 2.0B (100%) 32 (78%) 6.0B (96%)
Cross-border 6 (32%) - 9 (22%) 237M (4%)
Total 19 $2.0B 41 $6.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Going Private 3 (16%) 1.9B (94%) 14 (34%) 6.0B (96%)
Buyout (LBO, MBO, MBI) - - 6 (15%) 138M (2%)
Secondary Buyout 5 (26%) 100M (5%) 6 (15%) 100M (2%)
Divestiture 3 (16%) 26M (1%) 5 (12%) 26M (< 1%)
Growth Capital 3 (16%) - 4 (10%) -
Recapitalization 2 (11%) - 2 (5%) -
Stake Purchase 2 (11%) - 2 (5%) -
Venture 1 (5%) - 2 (5%) -
Total 19 $2.0B 41 $6.2B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 10 (42%) 3.8B (73%)
Secondary Sale 7 (29%) -
Trade Sale 6 (25%) 1.4B (27%)
Merger 1 (4%) -
Total 24 $5.3B

Top M&A Advisors

Financial Deals
Harris Williams & Co.
 1
Citigroup Investment Banking
 1
Robert W. Baird & Co., Inc.
 1
Legal Deals
Shearman & Sterling LLP
 3
Kirkland & Ellis LLP
 2
Sidley Austin LLP
 2

Deal Values

buy # Total
> $1B 2 $2.9B
$100M to $1B 11 $3.1B
< $100M 3 $203M
TOTAL $6.2B
Largest Sizmek, Inc.
$1.6B (2016-08-03)
sell # Total
> $1B 2 $2.4B
$100M to $1B 7 $2.8B
TOTAL $5.3B
Largest Saba Software, Inc.
$1.4B (2020-02-24)

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
10 67%
Strategic(s)
33%
5 33%
Exited to
PE Firm(s)
33%
8 33%
Strategic(s)
67%
16 67%

Investor Summary

Size

Mega

PE Assets

3.4B USD

Established

1997

Specialist/Generalist

Specialist

Leadership

Alex Slusky

Founder, Managing Director & CIO

Robert Amen

Managing Director

David A. Baylor

Managing Director & Chief Operating Officer

Andy Fishman

Managing Director

David Fishman

Managing Director

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