Sunstone Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Sunstone Partners has acquired 1 company. It has also invested in 1 other.

Sunstone Partners’ most common sectors for investment areinformation technology (47%) and business services (24%) . The Firm’s most common investment types include growth capital (77%) and venture (8%). In total, Sunstone Partners has invested in 7 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2022 when it acquired User Testing for $1.3B.

In the last 3 years, Sunstone Partners has exited 1 company. The Firm’s most common exit type is trade sale (50%).

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M&A Summary

  • M&A Total Activity15
    • M&A Buy Activity13
    • M&A Sell Activity2
  • Total Sectors Invested 4
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 3
  • M&A Advisors 2

Sunstone Partners

400 S El Camino Real, Suite 300,
San Mateo, California 94402
United States
(650) 289-4400
www.sunstonepartners.com
info@sunstonepartners.com

Sunstone Partners is a private investment firm focused on growth equity investments in and majority buyouts of tech companies. The Firm targets opportunities throughout North American and seeks businesses with at least $10 million in revenues and at least 20% of yearly growth. Sunstone Partners was formed in 2015 from a team that previously worked together at Trident Capital. The Firm is based in San Mateo, California.


Investment Criteria

Sectors of Interest: Business Services, Information Technology, Internet Software and Services, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Going Private, Growth Capital, Venture

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 10 -
Target EBITDA - -
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.8/yr) # 9 2 2 - - - 13
vol $1.3B $1.3B
Sell (0.2/yr) # 1 - 1 - - - 2
  15

Most Recent M&A

Company Date Value Type
User Testing, Inc. 2022-10-27 1.3B USD Going Private
San Francisco, California · www.usertesting.com
NetSPI LLC 2022-10-05 - Secondary Buyout
Minneapolis, Minnesota · www.netspi.com
OSF Global Services, Inc. 2022-04-13 - Venture
Quebec City, Quebec · www.osf.digital
Vcheck Global LLC 2021-11-30 - Growth Capital
Los Angeles, California · www.vcheckglobal.com
Stova 2021-06-17 - Growth Capital
Frederick, Maryland · www.stova.io
66degrees, Inc. 2020-10-20 - Growth Capital
Chicago, Illinois · www.66degrees.com
RSource LLC 2020-09-09 - Growth Capital
Boca Raton, Florida · www.knowtionhealth.com
Medical Technology Solutions LLC 2020-05-27 - Growth Capital
Valencia, California · www.medtechsolutions.com
Onica Group LLC 2019-11-04 - Add-on Acquisition
Santa Monica, California · www.onica.com
Avertium 2019-05-30 - Consolidation
Phoenix, Arizona · www.avertium.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 5 (45%) - 6 (46%) -
Internet Software and Services 2 (18%) 1.3B (100%) 3 (23%) 1.3B (100%)
Business Services 3 (27%) - 3 (23%) -
Healthcare Services 1 (9%) - 1 (8%) -
Total 11 $1.3B 13 $1.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (91%) 1.3B (100%) 12 (92%) 1.3B (100%)
  California 4 (36%) 1.3B (100%) 5 (38%) 1.3B (100%)
  Arizona 2 (18%) - 2 (15%) -
  Pennsylvania 1 (9%) - 1 (8%) -
  Maryland 1 (9%) - 1 (8%) -
  Illinois 1 (9%) - 1 (8%) -
  Florida 1 (9%) - 1 (8%) -
  Minnesota - - 1 (8%) -
Canada 1 (9%) - 1 (8%) -
  Quebec 1 (9%) - 1 (8%) -
Total 11 $1.3B 13 $1.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 8 (73%) - 10 (77%) -
Going Private 1 (9%) 1.3B (100%) 1 (8%) 1.3B (100%)
Consolidation 1 (9%) - 1 (8%) -
Venture 1 (9%) - 1 (8%) -
Total 11 $1.3B 13 $1.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 1 (50%) -
Trade Sale 1 (50%) -
Total 2 -

Top M&A Advisors

Legal Deals
Choate Hall & Stewart LLP
 2
Goodwin Procter
 1

Deal Values

buy # Total
> $1B 1 $1.3B
TOTAL $1.3B
Largest User Testing, Inc.
$1.3B (2022-10-27)

M&A Connections

Deals
Exited to
Investor(s)
50%
1 (50%)
Strategic(s)
50%
1 (50%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Middle-Market

PE Assets

800M USD

Established

2015

Specialist/Generalist

Specialist

Leadership

Arneek Multani

Co-Founder & Managing Director

Gus Alberelli

Co-Founder & Managing Director

John Moragne

Co-Founder & Managing Director

Mike Biggee

Co-Founder & Managing Director

Jennifer Gunn

CFO

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