Cloud & SaaS Acquisitions in 2019

Utilant, the provider of the Loss Control 360 SaaS platform, has acquired IMTI Systems via an asset acquisition to expand its loss control survey management capabilities and customer base. The deal (effective December 31, 2019) brings IMTI's experience, technology and data into Utilant's platform to broaden market share in the P&C insurance loss control market.

VMware, Inc. completed its acquisition of Pivotal Software, Inc., acquiring Pivotal for an enterprise value of approximately $2.7 billion and making Pivotal a wholly owned subsidiary. Pivotal's cloud-native platform and developer-focused offerings will be integrated into VMware's Tanzu portfolio to expand VMware's modern application and Kubernetes capabilities.

OpenText completed the acquisition of Carbonite, Inc., a provider of cloud-based data protection, backup, disaster recovery and endpoint security, for approximately $1.45 billion in cash. Carbonite becomes a wholly-owned subsidiary of OpenText as part of a strategic move to expand OpenText's cloud and endpoint data protection capabilities and extend EIM to SMBs and prosumers.

Diversis Capital Partners I LP, a Los Angeles-based private equity firm, has acquired WorldAPP, the Braintree, Massachusetts provider of the Form.com mobile workflow platform and Key Survey enterprise survey software. Diversis will supply growth capital and operational support to extend WorldAPP's platform capabilities and accelerate market penetration across industries such as oil & gas, financial services, retail, and restaurants.

Hg (via its Saturn 1 Fund) has acquired a majority stake in Personal & Informatik AG (P&I), a Germany‑headquartered provider of cloud‑based HR software, from funds advised by Permira for an enterprise value of €2 billion. Permira funds retain a substantial minority stake and Hg-managed funds will be the majority shareholder, marking the fourth investment from the Hg Saturn 1 Fund and reinforcing Hg's focus on cloud HR/SaaS businesses.

J.D. Power has acquired Trilogy Automotive, the automotive software division of Trilogy Enterprises, and will integrate Trilogy's SaaS-based lead management platform into its Autodata Solutions division to expand OEM digital dealer capabilities. Trilogy Automotive's leadership and employees will join J.D. Power to scale the combined offering for OEMs and dealers.

Absorb Software, a Silversmith Capital Partners–backed LMS provider, has acquired ePath Learning, a Connecticut-based cloud learning technology company. The deal is Absorb’s third acquisition of 2019 and is intended to expand Absorb’s footprint and capabilities in the fast-growing LMS/LXP market.

RE/MAX Holdings, Inc. acquired First, a Durham, North Carolina-based data science and machine-learning startup that provides an intelligent coaching and CRM-style app for real estate agents. The acquisition brings First's platform and team into RE/MAX's technology stack to give RE/MAX agents discounted exclusive access and to accelerate the brand's broader technology roadmap.

Affiliates of Francisco Partners and Evergreen Coast Capital Corporation have entered into a definitive agreement to acquire LogMeIn, Inc. for $86.05 per share in an all-cash transaction valuing the company at approximately $4.3 billion. The deal — approved by LogMeIn's board and expected to close in mid-2020 subject to approvals — will take the Boston-based SaaS company private to accelerate product investment and long-term growth.

H.I.G. Growth Partners has invested in Passport Labs as part of the company's $65 million Series D growth financing to support expansion of its mobility management platform. The capital will be used to grow Passport's software and ecosystem—enabling broader digital parking payments and new partnerships—across cities, universities and transit agencies.

Resurgens Technology Partners, an Atlanta-based software-focused private equity firm, made a strategic equity investment in OfficeSpace Software to support product investment and accelerate go-to-market initiatives. The partnership will fund enhancements to OfficeSpace’s SaaS workplace management platform and improve customer experience as the company scales.

CVC Fund VII (CVC Capital Partners) has agreed to acquire WebPros Group from Oakley Capital (Fund III), with Oakley Capital IV investing $200 million alongside CVC as a minority partner. The transaction continues WebPros’ buy-and-build strategy in web hosting automation software and positions the company for further product development and global growth; the group employs over 450 people across four continents.

Accel-KKR has made a majority growth investment in Duett AS, a Norway-based provider of SaaS accounting solutions for professional accountants and their clients. The capital will be used to accelerate Duett's vertical and geographic expansion across Scandinavia and beyond; Accel-KKR partners will join Duett's board to support scaling efforts.

Kayne Partners (Kayne Anderson) has invested in 3Cinteractive, a Boca Raton–based provider of mobile commerce and customer engagement platform services. The transaction is a growth-capital investment intended to support 3Cinteractive’s product and market expansion.

Dallas-based ParkHub acquired the client relationships of Wireless Carpark to consolidate parking-technology services and open new markets for ParkHub's subscription-based parking solutions. As part of the deal, ParkHub added Wireless Carpark president John W. Beyer and treasurer Matt Allen to its advisory board to support integration and client service continuity.

Marlin Equity Partners has acquired Logicalware Ltd. and will merge the business into Puzzel, a Marlin portfolio company. The acquisition adds Logicalware's email automation and customer service ticketing capabilities to Puzzel's CCaaS platform to expand functionality and grow Puzzel's presence in the U.K. market.

Workday, Inc. has completed its acquisition of Scout RFP, a cloud-based strategic sourcing and supplier engagement platform. Scout RFP will operate as Scout RFP, a Workday company, expanding Workday's capabilities in spend management and the office of procurement.

Duck Creek Technologies received a $120 million growth investment from Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek. The capital will be used to fund product development, accelerate international expansion, and to repurchase equity from certain existing investors; J.P. Morgan served as sole placement agent.

Suvoda LLC, a Conshohocken-based SaaS provider of clinical trial software, received a $40 million minority equity investment from Philadelphia-based private equity firm LLR Partners. The capital will support Suvoda's continued growth and expansion of its product offerings; LLR partner Howard Ross joined Suvoda's board.

LLR Partners provided a $30 million growth capital investment in Relay Network to accelerate development of its personalized mobile customer engagement platform and expand growth across healthcare, financial services and home services. Relay Network will use the proceeds to advance its product innovation and scale its enterprise customer base.

Brainshark, a sales readiness platform provider, has acquired Rekener, a sales scorecard and analytics provider founded in 2016. The acquisition integrates Rekener's data-driven sales scorecards into Brainshark's readiness and enablement solutions to provide deeper visibility into rep activities and improve coaching outcomes.

Snow Software has acquired Embotics, a hybrid cloud management platform provider, to strengthen its technology intelligence and hybrid/multicloud management capabilities. The deal brings Embotics' platform-neutral cloud management and automation capabilities into Snow's portfolio to deliver integrated visibility and management across on-premises, private, public and hybrid cloud environments.

SHL, the global HR technology and talent-assessment leader, has completed the acquisition of India-based Aspiring Minds, maker of the AMCAT assessment and AI-powered interviewing tools. The deal combines SHL’s validated workforce science with Aspiring Minds’ assessment, coding and video-interview capabilities to expand SHL’s global talent strategy and AI-powered assessment offerings.

Toronto-based content experience platform Uberflip acquired interactive content and lead-qualification vendor SnapApp in December 2019, integrating SnapApp’s team and capabilities to strengthen personalized content and demand generation functionality. The acquisition also accompanied Uberflip opening its first U.S. office in Boston to accelerate growth and better serve enterprise customers; SnapApp had been backed by Providence Equity Partners prior to the deal.

Funds managed by Stone Point Capital LLC acquired a majority stake in PrismHR, the Hopkinton, Massachusetts–based HR technology platform. The transaction brings Stone Point into partnership with existing investor Summit Partners (which remains invested) and follows prior ownership by Accel-KKR; the investment is intended to fuel PrismHR's growth and expand its HR/payroll capabilities for SMB-focused HR outsourcers.

Paris-based private equity firm Apax Partners has agreed to acquire 100% of Destiny from Mentha, with Destiny's management making a substantial reinvestment. Destiny is a Belgian secure cloud communications provider (VoIP, UCaaS, mobile and data networks) with ~220 employees in Belgium and the Netherlands; Apax says it will support the company's international expansion and continued acquisition strategy.

TrustArc has acquired Toronto-based Nymity to integrate Nymity's privacy research, assessment, and data subject rights capabilities into the TrustArc Privacy Management Platform. The deal expands TrustArc's global footprint (including stronger Canada and Europe operations) and accelerates development of next-generation, intelligence-driven privacy solutions.

iOFFICE, a provider of digital workplace and IWMS SaaS solutions, acquired ManagerPlus, a Utah-based asset and maintenance management SaaS provider. The acquisition expands iOFFICE's cloud-based asset management capabilities and forms part of a new Asset Management Division to broaden its IWMS offering.

Connectria has acquired WSM International to expand its cloud migration and professional services capabilities, enabling an end-to-end cloud offering that combines Connectria’s managed services and TRIA platform with WSM’s migration, DevOps and CCOE expertise. WSM brings nearly 250 employees, roughly $60 million in annual revenue and extensive experience across North America and Europe, accelerating Connectria’s ability to migrate and onboard customers to AWS and Azure securely and compliantly.

Medius AB, a Marlin Equity Partners-backed accounts-payable automation provider, has acquired Wax Digital, a UK-based provider of cloud sourcing and procurement software. The deal merges Wax's source-to-pay capabilities into Medius' product suite to create an integrated source-to-pay offering and expand Medius' footprint in Europe.

Luminate Capital Partners, a San Francisco-based private equity firm, made a strategic growth investment in Quantivate, a Seattle-based provider of SaaS governance, risk and compliance (GRC) software. The investment will support Quantivate’s product innovation, team expansion and market growth; Luminate partners will join Quantivate’s board. Financial terms were not disclosed.

Marlin Equity Partners' portfolio company Serenova has acquired ProScheduler WFM and will merge its workforce-management technology into Serenova's CxEngage CCaaS platform. The acquisition adds enterprise-grade forecasting and scheduling capabilities to Serenova's contact-center offering, expanding its functionality for global enterprises and BPOs.

Vobile acquired Zefr's Rights ID and Channel ID businesses to expand its video content protection and monetization platform, with financing provided by Accel-KKR Credit Partners. The deal integrates complementary content-monetization and viewer-engagement technologies to help content owners protect and monetize assets across online platforms.

Siemens has acquired Atlas 3D, a Plymouth, Indiana startup that developed Sunata, a cloud-based, GPU-accelerated metal 3D printing optimization software. Atlas 3D will join Siemens Digital Industries Software to enhance Siemens' additive manufacturing software capabilities and accelerate customers' ability to produce high-quality metal parts.

Brighton Park Capital acquired a majority stake in Relatient as part of a recapitalization and provided significant growth capital to accelerate the company's product development and customer growth. The investment positions Relatient to hire additional employees, expand its patient-engagement platform, and includes Eric A. Spiegel joining Relatient's board as chairman.

Boathouse Capital completed a growth (Series B) investment in Network for Good, a provider of donor management software for small nonprofits. The investment will fund product feature expansion and accelerate programs to help more small nonprofits modernize fundraising.

Real-estate technology platform MoxiWorks acquired Imprev, a provider of real-estate marketing automation services, to integrate Imprev’s automated marketing capabilities into MoxiWorks’ CRM and open platform. Vector Capital, a recent financial investor in MoxiWorks, supported the transaction; financial terms were not disclosed.

Sverica Capital Management has made a strategic growth investment in Gryphon Networks, a Boston-based provider of sales performance management and compliance SaaS. The investment will help Gryphon accelerate product development and expand its sales performance management functionality to meet increasing customer demand.

Providence Strategic Growth (PSG) has agreed to provide a €32 million growth investment in Net Reviews, a Marseille-based developer of SaaS customer review management software (trading as Verified Reviews/Avis Vérifiés). The investment will support Net Reviews' expansion across Europe and the Americas via organic growth and strategic acquisitions while the founding management team remains in place.

Affiliates of private equity firm ZMC have made a strategic investment in CommentSold, a Huntsville-based provider of social commerce SaaS and managed services. The minority growth investment will support CommentSold's product, technology and service expansion while founder Brandon Kruse remains CEO; terms were not disclosed.

Fortive Corporation has acquired Censis Technologies, a Franklin, Tennessee-based provider of SaaS surgical instrument tracking and sterile processing workflow solutions, from The Riverside Company. Riverside said it executed a value-creation plan during its ~5-year hold—growing the sales team, completing an add-on (Applied Logic) and materially expanding hospital penetration—before selling the business to Fortive.

Austin-based private equity firm Greenridge Investment Partners partnered with GrowthZone management to acquire GrowthZone, a Nisswa, Minnesota–headquartered provider of cloud-based association management software. RF Investment Partners provided debt financing and an equity co-investment to support the transaction; Greenridge plans to help GrowthZone invest in product development and customer support to accelerate growth.

RealPage, Inc. agreed to acquire Buildium LLC for an initial purchase price of $580 million in cash, expanding RealPage’s SMB-focused property management platform. Buildium is a leading SaaS property management solution serving over 17,000 customers and ~2 million units under management, with roughly $50 million in trailing-12-month revenue (expected $60 million run-rate by year-end 2019).

Rackspace acquired Onica, an AWS Premier Consulting Partner and managed services provider, from Sunstone Partners in a transaction announced November 2019 and expected to close in Q4 2019. Onica had grown to more than 350 consultants across North America after Sunstone’s 2017 investment; the acquisition strengthens Rackspace’s AWS managed cloud capabilities and cloud-native consulting footprint.

Charlesbank Technology Opportunities Fund (managed by Charlesbank Capital Partners), together with affiliated investors, invested more than $100 million in DoiT International as a growth equity investment. The capital will be used to accelerate development of DoiT's multi-cloud optimization software platform, scale its global cloud architect team, expand presence in North America and Europe, and support strategic acquisitions.

SparkPost announced it will acquire eDataSource to combine its high-volume email sending platform with eDataSource's inbox performance and deliverability analytics. The deal creates an integrated sending-and-analytics offering designed to improve inbox placement, engagement, and measurement for enterprise email marketers.

Q2 Holdings, Inc. (NYSE: QTWO) completed its acquisition of Lender Performance Group LLC ("PrecisionLender") in a cash transaction valued at approximately $510 million. The purchase brings PrecisionLender's enterprise SaaS loan-pricing and sales enablement capabilities into Q2 to expand its corporate banking and commercial lending product suite.

Symphony Talent has acquired SmashFly Technologies to combine Symphony Talent's employer brand and creative services with SmashFly's recruitment marketing and CRM platform. The deal expands the combined company's product capabilities and global footprint, positioning them to serve a broader set of large enterprise customers across healthcare, financial services, manufacturing and professional services.

PTC completed the acquisition of Onshape, a cloud-native CAD and product development SaaS platform, to accelerate PTC's transition to a SaaS delivery model and expand its cloud CAD capabilities. Onshape will operate as a SaaS business unit within PTC with Jon Hirschtick reporting to PTC's CEO.

Ellie Mae has signed a definitive agreement to acquire Capsilon, a San Francisco–based provider of AI-powered mortgage automation software. The acquisition integrates Capsilon's document recognition, data extraction and autonomous underwriting capabilities into Ellie Mae's Encompass Digital Lending Platform to deliver an end-to-end cloud-based mortgage automation solution.