M&A Deal Summary

Verra Mobility Acquires T2 Systems

On November 2, 2021, Verra Mobility acquired internet software and services company T2 Systems from Thoma Bravo, The Carlyle Group, Madison Capital Funding and Petra Capital Partners for 356M USD

Acquisition Highlights
  • This is Verra Mobility’s 1st transaction in the Internet Software and Services sector.
  • This is Verra Mobility’s largest (disclosed) transaction.
  • This is Verra Mobility’s 4th transaction in the United States.
  • This is Verra Mobility’s 1st transaction in Indiana.

M&A Deal Summary

Date 2021-11-02
Target T2 Systems
Sector Internet Software and Services
Buyer(s) Verra Mobility
Sellers(s) Thoma Bravo
The Carlyle Group
Madison Capital Funding
Petra Capital Partners
Deal Type Add-on Acquisition
Deal Value 356M USD
Advisor(s) Shea & Company LLC (Financial)

Target

T2 Systems

Indianapolis, Indiana, United States
website
T2 Systems is a provider of unified SaaS (Software as a Service) parking management solutions. T2 Systems's comprehensive portfolio of services includes solutions that help organizations manage parking permits, citations, gated parking facilities, and special events. T2 Systems was established in 1994 and is based in Indianapolis, Indiana.

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Buyer(S) 1

Buyer

Verra Mobility

Mesa, Arizona, United States

website


Category Company
Founded 2016
Sector Safety/Security
Employees640
Revenue 394M USD (2020)
DESCRIPTION

Verra Mobility is a global leader in smart mobility, serving the world's largest commercial fleets and rental car companies in managing tolling transactions and violations for more than 8.5 million vehicles and operating more than 4,000 red-light, speed, and school bus stop arm safety cameras. Verra Mobility maintains its leadership position in the marketplace through meaningful scale and has demonstrated consistent revenue growth underscored by its differentiated transaction processing model. Verra Mobility was founded in 2016 and is based in Mesa, Arizona.


DEAL STATS #
Overall 7 of 7
Sector (Internet Software and Services) 1 of 1
Type (Add-on Acquisition) 6 of 6
State (Indiana) 1 of 1
Country (United States) 4 of 4
Year (2021) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-21 Redflex Holdings

Melbourne, Australia

Redflex Holdings Ltd. is an Intelligent Transport Solutions (ITS) technology company that designs and creates smart and advanced solutions for a world on the move. Redflex develops, manufactures, and operates a wide range of platform-based solutions all utilizing advanced sensor and image capture technologies enabling active management of state and local motorways. Redflex Holdings was founded in 1997 and is based in Melbourne, Australia.

Buy AU$142M

Seller(S) 4

SELLER

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1980
PE ASSETS 91.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods and services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and has offices in San Francisco and Chicago.


DEAL STATS #
Overall 60 of 68
Sector (Internet Software and Services) 5 of 8
Type (Add-on Acquisition) 28 of 30
State (Indiana) 2 of 2
Country (United States) 57 of 63
Year (2021) 8 of 9
Size (of disclosed) 16 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-30 Pathwire

San Antonio, Texas, United States

Pathwire empowers companies around the world to solve complex communication problems. Through its powerful email API and intuitive email marketing solutions, Pathwire delivers over 250 billion emails a year for companies like DHL, Wikipedia, Toast, Lyft, and Microsoft. The company provides reliable, cloud-native infrastructure, local expertise, and smart solutions based on machine learning so companies can more easily reach their customers and build connected experiences. Pathwire is based in San Antonio, Texas.

Sell $1.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-11 Pendo

Raleigh, North Carolina, United States

Pendo.io is a web-based product experience platform using powerful analytics and guidance platform designed to help companies understand and influence how users interact with their software applications. The company's customers include leading software companies and digital enterprises, including Verizon, RE/MAX, LabCorp, OpenTable, Okta, Salesforce, and Zendesk. Pendo was founded in 2013 and is based in Raleigh, North Carolina.

Buy -
SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 84.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 415 of 433
Sector (Internet Software and Services) 15 of 15
Type (Add-on Acquisition) 177 of 182
State (Indiana) 3 of 3
Country (United States) 235 of 247
Year (2021) 18 of 22
Size (of disclosed) 65 of 130
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-28 Walbro

Tucson, Arizona, United States

Walbro is a large manufacturer of carburetors and a major manufacturer of ignition systems, fuel injection and air/fuel management components, and fuel storage and delivery components for engines targeted at outdoor power equipment, marine, recreational and two-wheel applications. Walbro is based in Tucson, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-03 CSS

Künzell, Germany

CSS is a software provider with a focus on accounting, controlling, human resources (HR) and adjacent software. CSS was founded in 1984 and is based in Künzell, Germany.

Buy -
SELLER

Madison Capital Funding

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2001
PE ASSETS 8.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Capital Funding is an affiliate of the New York Life Insurance Company. Madison Capital looks to fund leveraged buyouts, leveraged recapitalizations, add–on acquisitions, and various growth investments by investing across the capital structure. Madison Capital targets profitable companies with at least $3.5 million of EBITDA and can invest up to $200 million per transaction. Madison Capital Funding was formed in 2001 and is based in Chicago, Illinois.


DEAL STATS #
Overall 41 of 47
Sector (Internet Software and Services) 1 of 1
Type (Add-on Acquisition) 17 of 19
State (Indiana) 2 of 2
Country (United States) 41 of 47
Year (2021) 2 of 3
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-02 Choice Insurance Agency

Virginia Beach, Virginia, United States

Choice Insurance Agency is an insurance broker and industry leader that specializes in delivering strategic support for the profitable growth of property & casualty, life, health, and employee benefits insurance agencies. Choice Insurance Agency was formed in 1998 and is based in Virginia Beach, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-23 Race Winning Brands

Mentor, Ohio, United States

Race Winning Brands is a designer, manufacturer, and distributor of branded automotive aftermarket and powersports aftermarket products for enthusiast and racing consumers. RWB consists of a 12-brand portfolio of high-performance aftermarket product categories, with applications across a diverse group of automotive and powersports vehicle segments. According to industry research, the enthusiast powersport segment has seen annualized growth of 10-15 percent over the last 18 months with forecasted growth of six to eight percent over the next 12 months. Racing Winning Brands is based in Mentor, Ohio.

Sell -
SELLER

Petra Capital Partners

Nashville, Tennessee, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Petra Capital Partners is a private investment firm that invests in US-based, high-growth businesses operating in the business services, healthcare services, media/publishing, telecom, IT, and information services sectors. Target companies are generally cash-flow positive with revenues in excess of $10 million and growth rates above 20%. Petra can commit up to $20 million per transaction. The Firm typically invests in subordinated debentures with warrants to purchase equity securities. Petra Capital Partners is licensed as a SBIC. The Firm was formed in 1996 and is based in Nashville, Tennessee.


DEAL STATS #
Overall 26 of 28
Sector (Internet Software and Services) 3 of 3
Type (Add-on Acquisition) 16 of 16
State (Indiana) 3 of 3
Country (United States) 26 of 28
Year (2021) 3 of 4
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-15 JLab Audio

Tucson, Arizona, United States

JLab Audio is a consumer audio products company that offers retail partners and consumers quality products at an unsurpassed value by leveraging its expertise in designing and sourcing innovative goods. JLab Audio was established in 2005 and is based in Tucson, Arizona.

Sell $370M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 LSO

Austin, Texas, United States

LSO is a provider of parcel delivery services throughout the Southern United States. LSO offers its clients overnight, expedited ground, same-day, and last-mile logistics solutions. LSO was founded in 1991 and is based in Austin, Texas.

Sell -