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| 10 standout European deals that shaped 2020 | |  | | Takeaway.com's acquisition of Just Eat created Europe's largest food delivery company. (Courtesy of Just Eat Takeaway.com) | | | It didn't take long to realize that this wasn't going to be a normal year on the M&A dealmaking front, but the past 12 months have been nothing if not surprising.
When it comes to deals worth at least $5 billion, 2020 has been characterized by a quiet summer bookended by busy months. These 10 European buyouts and acquisitions stand out from the crowd. | | | | | | | | | | High-profile public debuts push DevOps IPO value past $58B in 2020 | | Through Q3, IPOs in the DevOps space generated $58.4 billion, a 28% increase over 2019's full-year value—with three months still to go. While exit activity has been subdued in terms of deal count, IPOs for tech companies including Snowflake and Unity have driven up the aggregate value.
The pandemic has put a spotlight on the pressure to digitize, creating both opportunities and obstacles for different companies, depending on their level of digital sophistication, according to our Q3 Emerging Tech Research report on Cloudtech and DevOps. Other takeaways include: - Venture investments in Q3 reached $2.2 billion, bringing the year's total to $5.6 billion, on pace to surpass 2019's figure
- Late-stage deal activity is on pace to set a record, reflecting the broader VC trend of increased focus on more mature startups
- Communication and collaboration startups have raised $1 billion through Q3 amid the shift to remote work
| | | | | | | | | | Thoma Bravo caps big year with $10.2B deal for property management platform | | In a year when tech investments have surged, Thoma Bravo agreed over the weekend to acquire RealPage, a Texas-based provider of property management software, in a deal worth about $10.2 billion, including debt. The firm will pay $88.75 per share in cash for RealPage, marking a 31% premium to the company's closing stock price Friday. RealPage will now have a 45-day period to see if it can solicit a higher bid. Its stock surged 28.8% Monday, settling at $87.33 per share.
The deal would continue a massive run for Thoma Bravo, a tech-focused buyout shop led by billionaire founder Orlando Bravo. In 2020 alone, the firm acquired cybersecurity company Sophos for $3.9 billion, purchased IT management software company Flexera Software for around $2.9 billion and sold Ellie Mae, a provider of mortgage origination software, to New York Stock Exchange parent company Intercontinental Exchange for $3.75 billion. The firm has also raised a whopping $22.8 billion across three funds.
Related read: Mega-deals underscore PE's growing embrace of VC deals in tech | | | | | | | | | | SoftBank targets $525M for first SPAC | | SoftBank has joined the 2020 SPAC wave, with plans to raise $525 million through an IPO of its first blank-check company, according to an SEC filing. The SPAC, dubbed SVF Investment Corp., will be overseen by SoftBank Investment Advisers, which manages the firm's Vision Funds. SoftBank is also looking to create at least two more SPACs, Axios reported.
The new SPAC will target a tech-related company, with a potential focus on sectors such as robotics, AI or computational biology. SoftBank is also setting its sights on a company it hasn't already invested in, Bloomberg and Axios reported.
SoftBank is the latest high-profile investor to join the growing list of SPAC sponsors this year. Venture capital firms like FirstMark Capital, Ribbit Capital and Lux Capital have all backed SPACs in recent months, along with a host of private equity firms. | | | | | | | | | | Following the journey of $100 as it moves through an unpredictable, rollercoaster of a year on the US stock market. [Financial Times]
With all of his foreign assignments canceled, one Swedish photographer refocused on his homeland and all the beauty it has to offer. [The New York Times]
The coronavirus is reshaping the way families view nursing homes. Will that shift continue once the pandemic is over? [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 460 Deals | 1272 People | 407 Companies | 31 Funds | | | | | | |
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| 2011 Vintage Global Buyout Funds | | | | | | |
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| OneTrust hits $5.1B valuation | | | Cybersecurity company OneTrust has raised a $300 million Series C at a $5.1 billion valuation. TCV led the round, and existing investors Insight Partners and Coatue participated. With headquarters in both Atlanta and London, OneTrust was valued at $2.7 billion in February, according to a PitchBook estimate. More than half of Fortune 500 companies use OneTrust's software, which helps businesses comply with privacy and security regulations. | | | | | | | | Supply chain startup Project44 lands $100M | | | Project44 has raised a $100 million Series D led by Insight Partners. The Chicago-based company is the operator of a supply chain platform designed to help shippers and logistics companies manage deliveries. In June 2019, Project44 raised $20 million at a $280 million valuation, according to PitchBook data. | | | | | | | | | Bolt has raised $75 million in a Series C1 co-led by WestCap and General Atlantic. The San Francisco-based company is the developer of a fast, secure checkout platform for online shoppers and retailers. The funding comes roughly five months after Bolt was valued at $500 million, according to PitchBook data. | | | | | | | | Israel's Trigo collects $60M Series B | | | Trigo has raised $60 million in a round led by 83North, with participation from Red Dot Capital, Tesco and others. The Tel Aviv-based company is a developer of checkout software intended to help shoppers pay for items without having to wait in line at store checkouts. | | | | | |
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| CapVest to pick up Inspired Pet Nutrition in SBO | | | | | | | | | TJC to take over lumber company from MDP | | | The Jordan Company has agreed to purchase a majority stake in Specialty Building Products, a manufacturer of lumber, wood composite and other related products, from Madison Dearborn Partners, which has owned the company since 2017. A previous Bloomberg report indicated MDP was looking to sell the Georgia-based company at an enterprise valuation of about $1.1 billion. | | | | | | | | Revelstoke backs Family Care Center | | | Revelstoke Capital Partners has invested in Family Care Center, a Colorado-based provider of outpatient psychiatric services to members of the US armed forces, veterans and their families. Founded in 2016, FCC specializes in treating depression, post-traumatic stress disorder and other chronic mental health conditions. | | | | | |
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| PE shops to unload Acima in $1.6B+ exit | | | Investors including Aries Capital Partners, Arklow Holdings and Comvest Partners have agreed to sell Acima, a Salt Lake City-based provider of financing services, to Rent-A-Center in a cash-and-stock deal worth more than $1.6 billion. The transaction consists of nearly $1.3 billion in cash and 10.8 million shares of Rent-A-Center stock worth about $377 million. | | | | | | | | Health insurance startup Oscar files for IPO | | | Oscar has filed confidentially with the SEC for an IPO. Earlier this month, the New York-based health insurance specialist raised $140 million in a round led by Tiger Global. Its other backers include Founders Fund, General Catalyst and Khosla Ventures. Oscar was valued at $3.2 billion in 2018, according to a PitchBook estimate. | | | | | |
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| Snoop Dogg's Casa Verde rounds up $100M+ for new fund | | | Casa Verde Capital, the VC firm co-founded by Snoop Dogg, has raised over $100 million for its second fund, according to SEC filings. That's more than double the firm's previous fund, which closed on $45 million in 2018. Casa Verde invests in the cannabis sector and has backed companies including online marijuana marketplace Dutchie and Bespoke Financial, which provides short-term loans for cannabis companies. | | | | | |
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| Peloton strikes $420M deal with Precor | | | Peloton, a provider of online, at-home interactive fitness products, has agreed to acquire Precor, a Washington-based manufacturer of exercise equipment, in a deal worth $420 million. As part of the transaction, Peloton will acquire Precor's production facilities in Washington and North Carolina, and Precor will operate under the Peloton brand. | | | | | |
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