software

Marlin Acquires Hara Software

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Verisae, a portfolio company of Marlin Equity Partners, has acquired Hara Software, a provider of SaaS-based energy management software.

Hara Software is a provider of SaaS-based energy and sustainability management software. The company’s products are used to help businesses analyze, track and report energy, water, waste and other natural resource usage in order to manage cost savings opportunities, compliance requirements, efficiency targets and sustainability hurdles. The company is based in San Mateo, CA (www.hara.com).

“The acquisition of Hara supports our commitment to helping our customers achieve sustainable and profitable growth,” said Jerry Dolinsky, CEO of Verisae. “The addition of Hara is highly strategic and broadens the depth of our integrated sustainability platform.”

Verisae is a provider of SaaS solutions that manage asset and equipment maintenance, energy usage and environmental efficiency and compliance for companies in the grocery, specialty retail and food service industries. Verisae currently has a network of over 14,000 suppliers and more than 100,000 registered users managing three million assets across 29,000 sites in North America, Europe and Asia. The company is based in Minneapolis, MN (www.verisae.com).

“Hara offers a synergistic complement to Verisae’s current solution and customer base,” said Peter Chung, vice president at Marlin. “This transaction demonstrates our commitment to support Verisae’s growth.”

Marlin Equity Partners invests in businesses that have revenues of $20 million to $1 billion and that are in the process of undergoing varying degrees of operational, financial or market-driven change. Sectors of interest include technology, healthcare, consumer products and services, business services, manufacturing, aerospace & defense, distribution & logistics, and media. The firm has $2.6 billion of capital under management. Marlin is headquartered in Los Angeles with an additional office in London (www.marlinequity.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 10-10-13

Riverside Partners Acquires AMCAD

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Riverside Partners has completed its acquisition of a majority equity interest in AMCAD, an enterprise software company serving the public sector including state, county and local governments.

AMCAD provides software services to the broader government system including courts, jails, prosecutors, probation, parole, county clerks, recorders offices, and other government offices. The company’s current product offerings include an integrated justice platform, a platform for government records and document management, and various data access technologies. AMCAD has a national customer base with over 1,000 government clients in over 38 states. The company is based in Herndon, VA (www.AMCAD.com).

“We are pleased to partner with AMCAD at this exciting time and bring with us with the capital and resources to assist in executing AMCAD’s growth strategy,” said Ian Blasco, a General Partner at Riverside Partners. “AMCAD is an outstanding company that is in front of significant opportunity, and CEO Visagar Shyamsundar and his team are well positioned to capture additional market share across the various government markets. AMCAD’s proven track record, outstanding suite of software products and services, and industry focused approach to enterprise solutions will continue to drive greater success going forward.”

Riverside Partners invests in established and growing middle market healthcare and technology-oriented companies that have revenues from $20 million to $200 million and EBITDA’s from $5 million to $25 million. Riverside Partners is currently investing its fifth fund, Riverside Partners Fund V, L.P., with $561 million of capital commitments. The firm was founded in 1989 and is based in Boston (www.riversidepartners.com).

“I am incredibly excited to have Riverside Partners join with me and my team at AMCAD in our efforts to invest in our products to better serve our customers and to continue to grow AMCAD into an even more successful company,” said Visagar Shyamsundar, Chief Executive Officer of AMCAD. “Our demonstrated expertise within the public sector through our records and data management solutions and our justice software platform has established AMCAD as the preferred vendor for government customers. I am confident that, with Riverside Partners, AMCAD will be even better positioned to serve our customers, broaden our sales coverage, and accelerate the pace of innovation and development of our already market leading technology solutions to the government services sector.”

© 2013 PEPD • Private Equity’s Leading News Magazine • 9-19-13

Shore Points and Greyrock Acquire Colyar Consulting Group

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Shore Points Capital and Greyrock Capital Group have acquired Colyar Consulting Group, a provider of software and consulting services used by states to manage their participation in federal child nutrition programs. This investment represents the fifth investment in standalone software businesses sponsored by the principals of Shore Points Capital, and the second in partnership with Greyrock.

Colyar Consulting Group (CCG) is a developer of web-based software used for the administration of the nutrition programs and food distribution processes by state governments in support of United States Department of Agriculture Child Nutrition and related Food Distribution Programs. The National School Lunch Program is the largest programs supported by the company’s products. Colyar Consulting Group was founded in 1997 and is based in Phoenix (www.ccglink.com).

“Colyar Consulting Group is led by an outstanding and proven leadership team that impressed us with their years of domain expertise and the results they have generated. Shore Points and Greyrock look forward to working together, and with the CCG team, led by President and CEO Jeff Colyar, to enhance the value of the business for the benefit of customers, employees and shareholders,” said Ed Irwin, Managing Partner of Shore Points Capital.

Shore Points Capital makes equity investments in lower middle market businesses with enterprise values from $15 million to $75 million and EBITDAs of $2 million to $15 million. The firm has experience investing across a variety of industries, with a particular emphasis on business-to-business/enterprise software companies. Until 2006, the principals of Shore Points Capital operated as the North American private equity arm of BNP Paribas. The firm is based in New York (www.shorepointscapital.com).

Greyrock Capital Group provides mezzanine debt and equity to finance buyouts, recapitalizations and internal growth needs of middle-market companies. Greyrock has offices in San Francisco, Chicago and Wilton, CT (www.greyrockcapitalgroup.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 6-25-13

Peterson Partners Acquires Angoss Software

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Peterson Partners has acquired Angoss Software Corporation, a provider of predictive analytics software, for $8.4 million.

“Predictive analytics represents an emerging space that we are thrilled to enter with Angoss,” said Brandon Cope, partner at Peterson Partners. “In Angoss, companies have an ideal partner to gain competitive advantage through data-driven decision making. We look forward to helping Angoss realize their full potential in big data over the coming years.”

Angoss provides predictive analytics software products to the financial services, insurance, retail, health care and information communication and technology sectors. The company is headquartered in Toronto (www.angoss.com).

“This transaction bolsters our financial position moving forward and enables us to sustain strong relationships with our valued customers and employees,” said CEO Martin Galligan. “We are confident Peterson Partners will prove to be an invaluable partner in accelerating our growth and extending the power of predictive analytics.”

Peterson Partners invests from $2 million to $15 million in companies with revenues from $10 million to $50 million. The firm was founded in 1995 and has managed over $500 million in committed capital through eight funds. Peterson Partners is based in Salt Lake City (www.petersonpartnerslp.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 6-13-13

Riverside Acquires TerraSim

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Bohemia Interactive Simulations, a portfolio company of The Riverside Company, has acquired TerraSim, a provider of terrain generation software.

“TerraSim builds the world’s best terrain generation software. This acquisition accelerates Bohemia’s technical capabilities and should open new opportunities for the company,” said Riverside Partner Dr. Martin Scott, who leads Riverside’s Software and IT specialization in Europe. Working with Dr. Scott on the acquisition of TerraSim were Principal Adam Pietruszkiewicz, Vice President Ludek Palata and Vice President Marcin Goszyk.

TerraSim is a provider of terrain generation software that is used for the rapid production of 3D visualizations from heterogeneous user data. TerraSim’s software products are used in three major market segments: defense modeling and simulation; site modeling and intelligence database preparation; and civil applications including city and regional planning. The company was founded in 1996 by four members of the Digital Mapping Laboratory from the Computer Science Department at Carnegie Mellon University. TerraSim is based in Pittsburgh (www.terrasim.com).

A desert village imaged using TerraSim software

Bohemia Interactive plans to retain operations at TerraSim’s Pittsburgh office, using existing software and database engineers and leadership, while integrating the companies and capitalizing on the enhanced software capabilities for Bohemia’s products and services.

Bohemia Interactive Simulations, acquired by Riverside in December 2012, is a developer and provider of games for training technology and interactive simulation systems sold to defense, emergency and mission-critical customers. Bohemia supplies the U.S. Department of Defense, UK Ministry of Defense, Australian Defense Force and a range of other international clients. Bohemia’s flagship product, Virtual Battle Space 2 is the de-facto industry standard within its segment. The company was founded in 2001 and has offices in Orlando, FL; Prague, Czech Republic; Hampshire, UK; and Nelson Bay, Australia (www.bisimulations.com).

“We were considering acquiring TerraSim even before the Riverside acquisition,” said Bohemia CEO Pete Morrison. “They’re an exceptional company that brings outstanding technical knowhow. This immediately makes Bohemia a stronger and more capable company.”

The Riverside Company is a private equity firm focused on the smaller end of the middle market (“SEMM”). Riverside specializes in investing in SEMM companies (those valued up to $250 million) and partners with management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in more than 300 transactions with a total enterprise value of more than $6 billion. The firm’s current portfolio includes more than 75 companies. The Riverside Company is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-18-13

Grey Mountain Partners Exits AQS

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Grey Mountain Partners has sold its portfolio company AQS Holdings, a provider of software to commercial property and casualty insurance carriers, to Insurity.

AQS Holdings provides commercial property and casualty insurance carriers with software used for policy administration. AQS’ products enable increased speed to market, reduced operational costs, improved business processes and compliance with state regulations. The company is based in Hartland, WI (www.aqssolutions.com).

Insurity provides policy administration, claims, billing, and analytics software to more than 100 companies operating in the property & casualty insurance market. The company is based in Hartford, CT (www.insurity.com).

Grey Mountain Partners invests in middle market companies with enterprise values between $30 million and $150 million. The firm invests up to $75 million in control acquisitions across a range of industries. Grey Mountain is currently investing from its second fund, Grey Mountain Partners Fund II, LP. The firm was founded in 2003 and is based in Boulder, CO (www.greymountain.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 3-8-13

Madison Dearborn Invests in Aderant Holdings

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Madison Dearborn Partners has agreed to make an equity investment in Aderant Holdings, a developer of legal software.  Existing investors Vista Equity Partners and the Aderant management team, led by Chief Executive Officer Chris Giglio, will retain significant ownership positions.  The transaction is expected to be completed by the end of this year.

“We are very pleased to bring on an investor of Madison Dearborn’s stature and relevant industry expertise,” said Chris Giglio. “We are proud of our accomplishments since our founding in 1978 and, with the continued support and guidance of Vista Equity Partners and with the addition of our new investor Madison Dearborn, we are in a great position to continue our upward trajectory through the expansion of our services to our clients.”

Aderant Holding is a provider of business management software for law and professional services firms. Its software and services assist in business development, calendar/docket matter management with built-in court rules, client relationship management, practice and financial management, time and billing, case management, and business intelligence.  Aderant supports 3,200 clients in more than 30 countries and its clients represent 77 percent of the AmLaw 200 across all segments of the legal market. The company’s clients include Clifford Chance, Allens, Deloitte, Gibson Dunn & Crutcher, Grant Thornton, Greenberg Traurig, and Skadden Arps Slate Meagher & Flom. Aderant currently employs approximately 400 people located in 10 offices across five countries.  The company is based in Atlanta (www.aderant.com).

“As a financially and strategically sound company and an industry leader and innovator, Aderant is the type of organization we are focused on at Madison Dearborn,” said Doug Grissom, a managing director at Madison Dearborn and the head of the firm’s business and government services team. “We are pleased to be able to acquire approximately half of Vista Equity’s and Aderant management’s stakes in the business. We’re looking forward to working with Chris and his team and our new partners at Vista Equity to support Aderant and its continued growth.”

BofA Merrill Lynch served as financial advisor, Kirkland & Ellis served as legal counsel, and Ernst & Young provided accounting advice to Madison Dearborn. BMO Capital Markets and Marks Baughan were Aderant’s and Vista’s financial advisors, Kirkland & Ellis provided legal advice and McGladrey provided accounting services.

Madison Dearborn Partners has more than $18 billion of capital under management and makes new investments through its most recent funds, Madison Dearborn Capital Partners V and Madison Dearborn Capital Partners VI.  The firm invests in businesses across a spectrum of industries including basic industries; business and government services; consumer; financial services; health care; and telecom, media and technology services. Madison Dearborn Partners was founded in 1992 and is based in Chicago (www.mdcp.com).

Vista Equity Partners has more than $6.6 billion in committed capital and makes equity investments in enterprise software businesses and technology-enabled solutions companies.  The firm was founded in 2000 and has over 50 investment professionals operating out of Austin TX, Chicago, IL and San Francisco CA (www.vistaequitypartners.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12

Leeds Equity Partners Exits Ex Libris

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Leeds Equity Partners has signed an agreement to sell Ex Libris Global Holdings, a provider of cloud-based software, to Golden Gate Capital.

Ex Libris is s provider of cloud-based and on-premise content and knowledge management software solutions for academic and research institutions. The company serves over 5,000 institutions in 78 countries.  The company is headquartered in Jerusalem, Israel and offers its products worldwide through nine subsidiary locations and a network of 18 distribution partners (www.exlibrisgroup.com).

“Working together, the management team, led by Matti Shem Tov, and Leeds Equity were able to develop and execute on meaningful new growth opportunities through new product introductions, cloud-based solutions, geographic expansion and broader end market penetration.  Our joint collaboration enabled the implementation of a long-term investment plan that allowed Ex Libris to accelerate its technological leadership within the industry and better positioned the company to capitalize on emerging end market opportunities.  Leeds Equity is very proud of the work accomplished by Matti and his management team and is confident that Ex Libris will continue to lead the industry going forward,” said Robert Bernstein, Co-Founder and Senior Managing Director at Leeds Equity.

Leeds Equity Partners manages the largest private equity fund in the United States focused on investments in the education, training and business services industries. Founded in 1993, the firm has raised and managed over $1 billion of committed capital and invested in more than 20 companies. The firm is located in New York (www.leedsequity.com).

“On behalf of the Ex Libris management team, I would like to thank Leeds Equity for its tremendous support and valuable guidance in helping Ex Libris solidify its industry leading position,” said Matti Shem Tov, Ex Libris President and CEO.  “In Leeds Equity, Ex Libris had a partner that both supported the company’s ongoing business activities, while also emphasizing investment in long-term, strategic initiatives which have meaningfully changed the company’s position in the industry.  Under Leeds Equity’s ownership, Ex Libris has become a stronger company with a leading product suite that is positioned for continued growth in the dynamic education and research markets.”

Jefferies & Company served as financial advisor and Goodwin Procter served as legal counsel to Ex Libris for this transaction.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-19-12

Fox Paine Exits Paradigm

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Fox Paine and Company has sold Paradigm, a provider of geoscience software, to Apax Partners and JMI Equity in a $1 billion cash merger transaction.

Paradigm is a provider of geoscience software used in the exploration, discovery, and extraction of natural gas, oil, and other subsurface resources. The company is based in Houston (www.pdgm.com).

Fox Paine Fund II, which acquired then publicly traded Paradigm (NASDAQ: PDGM) in August 2002, realized a 7.8x return on the fund’s $83 million investment in the company. Overall to date, Fox Paine Fund II, which was established in 2000 with $1 billion in capital commitments from investors, has achieved a 40% per year net compounded annual return on all invested capital, including six platform corporate acquisitions, company growth initiatives, and “follow-on” acquisitions.

Fox Paine focuses on investing in special situations where the firm believes that its long-term strategic approach may assist a company’s efforts to significantly enhance enterprise value. The firm was founded in 1996 by Saul Fox and is based in Woodside, CA (www.foxpaine.com).

“Paradigm’s extraordinary growth over the course of our 10 year association is a result of the company’s unremitting commitment to geoscience and computational research and development, rapidly deploying the results of its prodigious research and development programs to create novel and continuously improve existing exploration and production solutions, and an unflagging commitment to serve and advance the interests of the company’s customers as well as the energy industry more generally,” said Saul Fox, Fox Paine’s CEO.

© 2012 PEPD • Private Equity’s Leading News Magazine • 8-31-12

TA Associates Invests in Coaxis

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Coaxis, the parent company of Viewpoint Construction Software, a provider of financial/accounting compliance, operational, project and document management software to construction companies, today announced that it has received a $76 million minority investment from TA Associates.

Coaxis, through its Viewpoint subsidiary, provides software for mid-sized and large construction firms, including general contractors, heavy/highway and specialty subcontractors. Coaxis/Viewpoint now counts 1,200 construction firms using their products. The company is based in Portland, OR (www.coaxis.net) (www.viewpointcs.com).

“TA’s investment is a vote of confidence in a talented management team that is transforming the information technology available to the construction market,” said Harry Taylor, a Director at TA Associates who will join Coaxis’ Board of Directors. “We have monitored the company’s progress for some time, and our observations, conversations with Viewpoint customers and market validation indicate that their products, services, values and collaborative company culture all differentiate the firm in this growing market.”

TA Associates makes buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. Since founding in 1968 TA has invested in over 400 companies globally and has raised more than $18 billion in capital. The firm has offices in Boston, MA; London, UK; Menlo Park, CA; and Mumbai, India (www.ta.com).

Vista Equity Partners Acquires Bullhorn

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Bullhorn, a staffing and recruiting software company, today announced that it has been acquired by Vista Equity Partners. “Vista’s financial strength and extensive software industry experience make them an ideal partner to help us realize our aggressive plans for product development and global expansion while maintaining high levels of satisfaction and support for our current customers,” said Art Papas, co-founder and CEO of Bullhorn.

Founded in 1999, Bullhorn pioneered the software-as-a-service (SaaS) model for staffing and recruiting software as well as innovations in mobile, candidate search, open API access, and social recruiting. Bullhorn’s recruiting CRM and social recruiting products serve more than 12,000 clients and 100,000 users in 126 countries. The company is headquartered in Boston, with offices in London and Sydney (www.bullhorn.com).

In 2011, Bullhorn marked significant growth, increasing revenue by 40 percent and adding 400 new clients. “Forty percent growth year-over-year is impressive at any time, but achieving that level of growth in a challenging economic climate is an even greater testament to the strength of the Bullhorn team. Bullhorn has shown that innovation can drive incredible growth in any economy,” said Alan Cline, principal and co-head of Vista Equity Partners Foundation Fund. “By combining our resources and expertise with this great management team and the talented employees of Bullhorn, we see a tremendous opportunity on the horizon as we work together to fuel the next stage of the company’s growth.”

Vista Equity Partners has more than $6.6 billion in committed capital and makes equity investments in enterprise software businesses and technology-enabled solutions companies. The firm was founded in 2000 and has over 50 investment professionals operating out of Austin TX, Chicago IL and San Francisco CA (www.vistaequitypartners.com).