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In today's Daily Pitch, you'll find: - Our 2021 Annual Information Security Report takes a look at VC activity and emerging opportunities in the sector as cyberattacks continue to increase.
- Vista Equity Partners and Elliott Management have agreed to acquire software specialist Citrix for $16.5 billion, marking the third-largest SaaS take-private deal on record for PE.
- Crypto exchange operator FTX has garnered a $32 billion valuation in its third round in six months.
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| VCs made concentrated bets on cloud and identity security in 2021 | | Cyberattacks and breaches are on the rise, demonstrating how legacy information security vendors have not sufficiently evolved to address the vulnerabilities of software supply chains and cloud environments.
Our 2021 Annual Information Security Report dives deep into the sector's investment activity and adoption trends, comprehensively assessing emerging opportunities across market segments led by endpoint security, network security, and identity & access management. Key takeaways include: - Given the limitations faced by incumbents, infosec startups are capitalizing on emerging spaces such as cloud vulnerability scanning, fraud prevention and passwordless authentication.
- On the investment side of the equation, VCs funneled $25.6 billion into 938 infosec deals during 2021, a deal value increase of 130% year-over-year.
| | | | | | | | | | How Vista, Elliott's $16.5B Citrix buyout stacks up to other SaaS take-privates | |  | | (Just_Super/Getty Images) | | | Vista Equity Partners and Elliott Management have agreed to acquire workplace SaaS company Citrix for $16.5 billion, marking the third-largest SaaS take-private deal on record for private equity.
The Citrix deal illustrates PE's continuing investment in the evolving employment ecosystem, as many employers make a permanent shift to remote work. It comes a week after Vista invested $200 million in software-focused employment specialist Globalization Partners at a $4.2 billion valuation.
Under the agreement, Vista and Elliott—through its private equity arm Evergreen Coast Capital—will pay $104 a share in cash for the virtual-workspace software provider. | | | | | | | |
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| A message from Velocity Global | | |
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Download Velocity Global's new e-book, Maximize Your ROI: The Venture Capital Guide to Portfolio Company Global Success, to explore different global hiring scenarios and learn to identify the differences between a vendor and a strategic global expansion partner to avoid costly mistakes. Scenarios cover: - Managing benefits for international teams.
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- Encountering country-specific issues.
Get the e-book | | | | | | | |
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| FTX's valuation swells to $32B in fundraise for crypto exchange | |  | | (da-kuk/Getty Images) | | | Cryptocurrency exchange operator FTX has raised a $400 million Series C at a $32 billion valuation. The Bahamas-based company has now raised close to $2 billion across three rounds since July. - FTX says it is now the world' third-largest crypto exchange, but it does not operate in the US. For that purpose, the company created FTX US, an affiliate exchange, which last week raised its first outside round of $400 million at a valuation of $8 billion.
- All investors in FTX's Series C, such as Temasek, SoftBank's Vision Fund 2 and Tiger Global, also participated in its US affiliate's round.
- Earlier this month, the company launched a $2 billion venture fund for investing in crypto-focused startups.
- The flurry of activity comes amid a sharp pullback in the prices of cryptocurrencies and shares of FTX's main rival Coinbase, which has seen its price fall nearly 45% since its IPO in April.
- Since there is often a lag between the signing of terms and public announcements, it is possible that investors agreed to the price of the FTX deal before the market sell-off began this month.
| | | | | | | | | | The University of California system is seeking $1.22 billion in a lawsuit against 8minute Solar Energy, alleging that it misappropriated funds from a $150 million investment. [The Wall Street Journal]
Germany has embarked on an ambitious but challenging plan to transition to clean energy. Can the country show the rest of the world how to leave coal behind? [The New Yorker]
A look inside the controversial face-recognition technology that retailers like Macy's and Bloomingdale's are using to combat a rise in organized crime. [Forbes] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 453 Deals | 1673 People | 649 Companies | 42 Funds | | | | | | |
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| 2012 Vintage Global Secondaries Funds | | | | | | |
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| Bolt founder hands off CEO seat to Maju Kuruvilla | | | Founder Ryan Breslow has stepped aside as CEO of Bolt, the San Francisco-based developer of a checkout platform for digital retailers. Maju Kuruvilla, who became the company's COO in August of last year, will replace Breslow as CEO. Backed by investors including Invus Opportunities and HIG Growth, the company raised a $355 million Series E in January. Breslow will become Bolt's executive chairman. | | | | | |
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| Brazilian HR tech startup Gupy raises $94M | | | Gupy has raised 500 million reais (around $94 million) in a round co-led by SoftBank and Riverwood, with support from Endeavor Catalyst. Based in São Paulo and founded in 2015, the company offers an AI-based HR tech platform to help organizations recruit, select and train employees. | | | | | | | | Gandeeva brings in $40M Series A | | | | | | | | | Qlub emerges from stealth with $17M seed | | | Qlub has raised $17 million in seed financing co-led by Cherry Ventures and Point Nine Capital. The company is the developer of a payments platform for restaurants that enables customers to split and pay the bill by scanning a QR code. | | | | | | | | Brokerage app provider Bamboo banks $15M | | | Bamboo has raised a $15 million Series A round co-led by Greycroft and Tiger Global. Based in Nigeria, the company's investment platform gives people in Africa access to US stocks. | | | | | |
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| Apollo set to funnel $760M into media company Legendary Entertainment | | | Apollo Global Management has agreed to invest $760 million in Legendary Entertainment, which develops, produces, distributes and finances major motion picture and television projects. The media company, which also has comic book, virtual reality, licensing and merchandising divisions, has produced and co-financed franchises including "Dune" and "Godzilla vs. Kong." | | | | | | | | K1 invests $350M+ in Cyara | | | K1 Investment Management has invested over $350 million in Cyara, a Redwood City, Calif.-based provider of automated customer experience monitoring and testing solutions that's used by over 250 global brands. Existing backer PeakSpan Capital will maintain a minority stake in the company. | | | | | | | | O2 Investment Partners backs BerlinRosen | | | O2 Investment Partners has invested in BerlinRosen, a New York-based provider of strategic communications, public relations, consulting and digital advertising services. Founded in 2005, BerlinRosen has more than 270 communications and campaign strategists throughout New York, Washington, DC, and Los Angeles. | | | | | | | | Arcapita Group stakes property appraiser | | | | | | |
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| | | Mercer, an asset management business of insurance giant Marsh McLennan, has closed its sixth private investment fund on $4.8 billion in commitments. The vehicle will be used to invest in areas including private equity, private debt, infrastructure, real estate and sustainable opportunities. PIP VI's predecessor raised $2.7 billion in 2020. | | | | | | | | Nonantum Capital scores $575M for Fund II | | | Boston-based Nonantum Capital Partners has closed its second PE fund on a hard cap of $575 million. The vehicle will continue the strategy of its predecessor, backing founder-led, middle-market companies and corporate carveouts in the consumer, industrial and business services sectors. | | | | | | | | TCV snags $460M for latest fund | | | TCV has raised $460 million for a fund that will make expansion-stage investments. In January 2021, the firm amassed $4 billion for its 11th flagship vehicle, its largest fund to date. | | | | | | | | Equity Alliance raises $28.6M to back female and minority fund managers | | | Equity Alliance has closed a $28.6 million fund to invest in venture funds led by women and minority managers, The Wall Street Journal reported. The firm is chaired by Richard Parsons, the former CEO of Time Warner. | | | | | |
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"Economic resurgence paved the way for a record-setting 2021 in North American M&A, with 18,539 deals closing for a combined $2.8 trillion. The US and Canada have followed a similar trajectory, recovering their pre-pandemic GDP levels early in the year and, by the end of 2021, exceeding historical growth trendlines. Strong stock prices, low borrowing costs, and a positive economic outlook—inflation notwithstanding—spurred buyers."
Source: PitchBook's 2021 Annual Global M&A Report | | | | | |
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