Buyout (LBO, MBO, MBI) • Software

Vista Equity Partners and Virgo Capital Acquire Accruent

On January 23, 2010, private equity firms Vista Equity Partners and Virgo Capital acquired software company Accruent

Acquisition Context
  • This is Vista Equity Partners’ 9th and Virgo Capital’s 2nd transaction in the Software sector.
  • This is Vista Equity Partners’ 19th and Virgo Capital’s 3rd transaction in the United States.
  • This is Vista Equity Partners’ 2nd and Virgo Capital’s 2nd transaction in Texas.
Investment Fate
  • Accruent was sold to a consortium of financial buyers in 2013.
  • Accruent was sold to a consortium of financial buyers in 2016.
  • Accruent was sold to a publicly-traded strategic buyer in 2018 for 2.0B USD.

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M&A Deal Summary

Date January 23, 2010
Target Accruent
Sector Software
Buyer(s) Vista Equity Partners
Virgo Capital
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Accruent

Austin, Texas, United States
Accruent, Inc. is a provider of physical resource management software. Accruent provides market planning, site selection, project management, lease administration, facilities and space management software that is purpose-built for specific industries to deliver greater customer value. Accruent, Inc. was founded in 1995 and is based in Austin, Texas.
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Buyers Overview 2

Buyer

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.


Deal Context for Buyer #
Overall 22 of 155
Sector: Software 9 of 62
Type: Buyout (LBO, MBO, MBI) 11 of 27
State: Texas 2 of 24
Country: United States 19 of 143
Year: 2010 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-22 MRI Software

Solon, Ohio, United States

MRI Software is a provider of real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. MRI develops lasting client relationships based on nearly five decades of expertise and insight. MRI Software was founded in 1971 and is based in Solon, Ohio.

Buy $128M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-03 Ventyx

Atlanta, Georgia, United States

Ventyx, Inc. was a provider of software solutions, data and related services to the energy, utility and other asset-intensive industries.

Sell $1.0B
Buyer

Virgo Capital

Austin, Texas, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 100M USD
Size Small
Type Sector Focused
DESCRIPTION

Virgo Capital is a private equity firm focused on making control investments in lower middle-market software and technology-enabled service companies. Virgo Capital pursues businesses with revenues between $10 and $30 million. Virgo Capital was formed in 2005 and has offices in Austin, Texas and Oklahoma City, Oklahoma.


Deal Context for Buyer #
Overall 3 of 9
Sector: Software 2 of 4
Type: Buyout (LBO, MBO, MBI) 2 of 3
State: Texas 2 of 4
Country: United States 3 of 9
Year: 2010 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-14 iProfile

Austin, Texas, United States

iProfile is a provider of high technology company sales and marketing organizations the information they need to create demand, qualify accounts, penetrate new accounts, and accelerate sales. iProfile offers organization charts, in-depth profiles, and contacts for the IT organizations of the leading companies in the world.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-18 HealthAxis

Tampa, Florida, United States

HealthAxis is a provider of modern Core Administrative Processing Solutions and related software and services to healthcare payors. We offer our clients scalable and flexible solutions for their most complex challenges. Its next-generation enterprise solution suite, HxOne, is a comprehensive healthcare management solution that combines our HxPro, core benefits administration software platform, HxLogic, data-driven analytics tools, and HxOps, tech-enabled business process outsourcing capabilities under one unified offering. HealthAxis was founded in 1965 and is based in Tampa, Florida.

Buy -