M&A Deal Summary

Welsh Carson Anderson & Stowe Acquires Absorb Software

On April 20, 2021, private equity firm Welsh, Carson, Anderson & Stowe acquired internet software and services company Absorb Software, Inc. from Silversmith Capital Partners

Acquisition Highlights
  • This is Welsh Carson Anderson & Stowe’s 5th transaction in the Internet Software and Services sector.
  • This is Welsh Carson Anderson & Stowe’s 1st transaction in Canada.
  • This is Welsh Carson Anderson & Stowe’s 1st transaction in Alberta.

M&A Deal Summary

Date 2021-04-20
Target Absorb Software, Inc.
Sector Internet Software and Services
Buyer(s) Welsh, Carson, Anderson & Stowe
Sellers(s) Silversmith Capital Partners
Deal Type Secondary Buyout
Advisor(s) Shea & Company LLC (Financial)
Choate Hall & Stewart LLP (Legal)

Target

Absorb Software, Inc.

Calgary, Alberta, Canada
website
Absorb is a learning technology company. Absorb’s learning management system (LMS) centers around an intuitive user experience and a highly configurable, brand-specific interface, offering administrative, course builder, and reporting tools to its stakeholders. Absorb was established in 2003 and is based in Calgary, Alberta.

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Buyer(S) 1

Buyer

Welsh, Carson, Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1979
PE ASSETS 27.0B USD
SizeMega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


DEAL STATS #
Overall 89 of 93
Sector (Internet Software and Services) 5 of 5
Type (Secondary Buyout) 18 of 19
State (Alberta) 1 of 1
Country (Canada) 1 of 1
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-24 InnovAge Holding Corp.

Denver, Colorado, United States

InnovAge provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities through the Program of All-inclusive Care for the Elderly (PACE). InnovAge is dedicated to expanding this successful program to serve as many seniors as possible across the country. InnovAge was formed in 1990 and is based in Denver, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-21 Kindred Healthcare LLC

Louisville, Kentucky, United States

Kindred is a healthcare services company based in Louisville, Kentucky. Kindred provides healthcare services in 2,353 locations, including 97 transitional care hospitals, five inpatient rehabilitation hospitals, 98 nursing centers, 21 sub-acute units, 153 Kindred at Home hospice, home health and non-medical home care locations, 104 inpatient rehabilitation units (hospital-based), and a contract rehabilitation services business, RehabCare, which serves 1,875 non-affiliated facilities. Kindred was founded in 1985 and is based in Louisville, Kentucky.

Sell -

Seller(S) 1

SELLER

Silversmith Capital Partners

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2015
PE ASSETS 1.1B USD
SizeLarge
Type Sector Focused
DESCRIPTION

Silversmith Capital Partners is a private investment firm focused on growth capital investments in SaaS and healthcare IT/services companies. The Firm looks to invest $20 to $100 million in growing companies (20%+) with at least $10 million in revenue. Silversmith Capital Partners was established in 2015 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 2 of 2
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Alberta) 1 of 1
Country (Canada) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-16 Microblink Ltd.

London, United Kingdom

Microblink Ltd. is a provider in AI-powered computer vision software. The company offers a variety of SDKs for digitizing documents, automating processes, and eliminating manual data entry for mobile and web applications. Microblink was founded in 2013 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-18 Formstack LLC

Fishers, Indiana, United States

Formstack is a secure workplace productivity platform built to produce ingenious solutions to the everyday work that slows organizations down. Formstack was launched in 2006 and is headquartered in Fishers, Indiana.

Buy -