M&A Deal Summary

Vista Equity Partners and Mubadala Capital Acquire Avalara

On August 8, 2022, private equity firm Vista Equity Partners and sovereign wealth fund Mubadala Capital acquired internet software and services company Avalara for 8.4B USD

Acquisition Highlights
  • This is Vista Equity Partners’ 42nd and Mubadala Capital’s 2nd transaction in the Internet Software and Services sector.
  • This is Vista Equity Partners’ 2nd and Mubadala Capital’s largest (disclosed) transaction.
  • This is Vista Equity Partners’ 121st and Mubadala Capital’s 9th transaction in the United States.
  • This is Vista Equity Partners’ 3rd and Mubadala Capital’s 1st transaction in Washington.

M&A Deal Summary

Date 2022-08-08
Target Avalara
Sector Internet Software and Services
Buyer(s) Vista Equity Partners
Mubadala Capital
Deal Type Going Private
Deal Value 8.4B USD
Advisor(s) Goldman Sachs (Financial)
Simpson Thacher & Bartlett
Perkins Coie LLP (Legal)

Target

Avalara

Seattle, Washington, United States
website
Avalara provides a suite of cloud-based solutions designed to improve accuracy and efficiency by automating the processes of determining taxability, identifying applicable tax rates, determining and collecting taxes, preparing and filing returns, remitting taxes, maintaining tax records, and managing compliance documents. Avalara was formed in 2004 and is based in Seattle, Washington.

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Buyer(S) 2

Buyer

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor

website


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 STATS #
Overall 132 of 143
Sector (Internet Software and Services) 42 of 47
Type (Going Private) 19 of 24
State (Washington) 3 of 3
Country (United States) 121 of 131
Year (2022) 6 of 8
Size (of disclosed) 2 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-13 Tomia

Vienna, Virginia, United States

Tomia is a provider of interconnect and settlement software solutions to telecom communication service providers (CSPs) worldwide. The Company’s products drive ROI for customers by enabling and optimizing the connecting, routing, and transfer of voice, video, and data from one CSP’s network to another. Tomia supports a global community of over 4,000 carriers, including 38 of the top 40, and processes over 300 billion voice, SMS, content, and data minutes each year. Tomia was founded in 1996 and is based in Vienna, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Citrix

Fort Lauderdale, Florida, United States

Citrix develops and sells products and services that enable the secure and reliable delivery of applications and data over public, private, or hybrid clouds or networks, to virtually any type of device. The Company markets and licenses its products directly to customers, over the Web, and through systems integrators, or SIs, in addition, to indirectly through value-added resellers, or VARs, value-added distributors, or VADs, original equipment manufacturers, or OEMs and service providers. Citrix was established in 1989 and is based in Ft. Lauderdale, Florida.

Sell -
Buyer

Mubadala Capital

Investor

website


Category Sovereign Wealth Fund
Founded 2002
PE ASSETS 276.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Mubadala Capital is a private equity firm focused on investing capital across a range of assets worldwide. The Firm primarily invests in private and public assets, but also considers credit, real estate, and alternatives. Mubadala invests in a variety of sectors including industrials, healthcare, energy, renewables, financial services, infrastructure, and business services. Mubadala Capital was founded in 2008 and is headquartered in Abu Dhabi, United Arab Emirates.


DEAL STATS #
Overall 36 of 40
Sector (Internet Software and Services) 2 of 2
Type (Going Private) 3 of 3
State (Washington) 1 of 1
Country (United States) 9 of 11
Year (2022) 7 of 9
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-08 Canada Cartage

Mississauga, Ontario, Canada

Canada Cartage is a provider of customer-located, dedicated trucking services and warehouse solutions to specific customers and reside at their locations. Canada Cartage was founded in 1914 and is based in Mississauga, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-18 TruFood Manufacturing

Pittsburgh, Pennsylvania, United States

TruFood Manufacturing is a contract manufacturer of branded and private-label nutrition bars, protein bars, chocolate moulded products, and baked goods. TruFood Manufacturing's products are sold at the club, grocery, drug, convenience, and department stores worldwide. TruFood Manufacturing was founded in 2002 and is based in Pittsburgh, Pennsylvania.

Buy -