M&A Deal Summary

Zix Acquires AppRiver

On January 15, 2019, Zix acquired internet software and services company AppRiver from Marlin Equity Partners for 275M USD

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

M&A Deal Summary
Date 2019-01-15
Target AppRiver
Sector Internet Software and Services
Buyer(s) Zix
Sellers(s) Marlin Equity Partners
Deal Type Add-on Acquisition
Deal Value 275M USD
Advisor(s) Evercore Group
DCS Advisory LLC (Financial)
Kirkland & Ellis (Legal)

Target

AppRiver

Gulf Breeze, Florida, United States
website
AppRiver LLC is a provider of cloud-based cybersecurity and productivity software and services to over 53,000 companies worldwide. AppRiver offers a comprehensive suite of security products, including advanced spam and virus filtering, web malware protection, email encryption, secure archiving and email continuity services. AppRiver LLC was launched in 2002 and headquartered in Gulf Breeze, Florida.

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Buyer(S) 1

Buyer

Zix

Dallas, Texas, United States

website

Category Company
Founded 1988
Sector Software
Employees543
Revenue 218M USD (2020)
DESCRIPTION

Zix is a provider of email security services. Zix also offers superior solutions in email data loss prevention and email bring your own device (BYOD) security. Zix is trusted by the nation’s most influential institutions in healthcare, finance, and government for easy-to-use secure email solutions that meet data protection and compliance needs. Zix was founded in 1988 and is based in Dallas, Texas.

DEAL STATS #
Overall 4 of 6
Sector (Internet Software and Services) 1 of 2
Type (Add-on Acquisition) 3 of 5
State (Florida) 1 of 1
Country (United States) 4 of 4
Year (2019) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-03 Erado

Renton, Washington, United States

Erado is a provider of archiving, supervision, eDiscovery, and analytics for the financial sector. Erado was established in 1994 and is based in Renton, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-08 Cirius Messaging

Vancouver, British Columbia, Canada

Cirius Messaging, Inc. is a provider of email encryption, e-signatures and secure file sharing solutions. Cirius Messaging is based in Vancouver, British Columbia.

Buy $14M

Seller(S) 1

SELLER

Marlin Equity Partners

Hermosa Beach, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2005
PE ASSETS 8.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Marlin Equity's headquarters in Hermosa Beach, California.
Marlin Equity's headquarters in Hermosa Beach, California.

Marlin Equity Partners is a private investment firm focused on acquiring distressed businesses with sales of $10 million to $2 billion. Marlin has a special interest in non-core or underperforming divisions of larger corporations, as well as companies facing some sort of financial, operational or market-related transition. Marlin is a generalist investor and will consider opportunities in technology (software, IT, payment systems, hardware, communications, internet), healthcare, consumer (apparel, retail, consumer products, food/beverage), services (business, financial, consumer, education), manufacturing (automotive, industrial, metals, plastics), aerospace, defense, and media. Marlin prefers businesses with scalable business models, strong installed customer bases, defensible market positions, and barriers to entry. Marlin Equity Partners was formed in 2005 and is based in Hermosa Beach, California with an additional office in London.

DEAL STATS #
Overall 33 of 56
Sector (Internet Software and Services) 8 of 14
Type (Add-on Acquisition) 25 of 38
State (Florida) 1 of 1
Country (United States) 28 of 42
Year (2019) 2 of 5
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-07 EdgeAQ

Nashville, Tennessee, United States

Edgenet, Inc. is a provider of cloud-based product content network (“PCN”) and home improvement configuration software and services. The company’s comprehensive suite of SaaS solutions enable the exchange of detailed product information that can be utilized by retailers, manufacturers and suppliers to manage product data and streamline sales processes. Edgenet’s PCN software platform allows suppliers to collect, upload and share product information, marketing attributes and logistical data with retailers and its configuration tools help facilitate and simplify the design, ordering and manufacturing of configurable products including windows, doors, decking and fencing.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-12 GiftCertificates.com

Omaha, Nebraska, United States

GiftCertificates.com is an e-commerce provider of innovative reward solutions and gift products for both the corporate and consumer markets. The Company’s service offering includes corporate prepaid incentive solutions, consumer direct gift cards and gift card fulfillment services for merchants. GiftCertificates.com’s core product, the SuperCertificate®, is a proprietary universal gift certificate which can be redeemed for hundreds of leading merchant gift cards.

Sell -
Mergr

Product

Company

Legal