Updata Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Updata Partners has invested in 4 companies.

Updata Partners’ most common sectors for investment aresoftware (45%) and information technology (24%) . The Firm’s most common investment types include venture (67%) and growth capital (22%). In total, Updata Partners has invested in 21 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired Numara Software for $200M.

In the last 3 years, Updata Partners has exited 1 company. The Firm’s most common exit type is trade sale (71%). Updata Partners’ largest (disclosed) exit occurred in 2015 when it sold Trustwave Holdings for $810M.

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M&A Summary

  • M&A Total Activity109
    • M&A Buy Activity65
    • M&A Sell Activity44
  • Total Sectors Invested 10
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 52

Updata Partners

2100 L Street NW Suite 500,
Washington, District of Columbia 20037
United States
www.updatapartners.com
info@updata.com

Updata Partners is the investment affiliate of Updata Advisors, an East Coast US based investment bank. Updata Partners looks to invest in growth oriented information technology businesses from early-stage to buyout, with revenues up to $50 million. Updata Partners typically invests between $15 and $100 million as a lead or co-lead investor. Within information technology, Updata has specific interest in; infrastructure software, physical and digital security, storage software, educational software, internet and interactive technology, media and wireless infrastructure and services, financial technology software, retail technology, business intelligence, subscription-based and on-demand information services, and business services. Updata Partners was formed in 1998 and is based in Washington DC.


Investment Criteria

Sectors of Interest: Communications, Digital Media, E-Commerce, Information Technology, Internet Software and Services, Media, Software, Staffing

Target Transaction Types: Growth Capital, Recapitalization, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom

Transaction Criteria Min Max
Target Revenue 5 50
Target EBITDA - -
Investment Size 15 100
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.6/yr) # 57 4 4 - - - 65
vol $212M $212M
Sell (0.6/yr) # 41 2 1 - - - 44
vol $2.5B $45M $2.6B
  109

Most Recent M&A

Company Date Value Type
Nerdio 2022-12-14 - Venture
Chicago, Illinois · www.getnerdio.com
Benivo 2022-09-13 - Growth Capital
London, United Kingdom · www.benivo.com
MP Objects B.V. 2022-08-15 45M USD Add-on Acquisition
Rotterdam, Netherlands · www.mpo.com
Improvado, Inc. 2022-05-13 - Venture
San Diego, California · www.improvado.io
Shufti Pro 2022-03-16 - Venture
London, United Kingdom · www.shuftipro.com
Land Technologies Ltd. 2021-10-08 - Venture
London, United Kingdom · www.land.tech
Acuity Insights, Inc. 2021-08-18 - Growth Capital
Toronto, Ontario · www.acuityinsights.com
Glassbox Ltd. 2021-06-10 - IPO
Tel Aviv, Israel · www.glassboxdigital.com
Vector Remote Care LLC 2021-04-26 - Venture
Bend, Oregon · www.vectorremote.com
Living Security 2021-03-30 - Venture
Austin, Texas · www.livingsecurity.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 10 (42%) - 29 (45%) 212M (100%)
Information Technology 7 (29%) - 15 (23%) -
Internet Software and Services 4 (17%) - 10 (15%) -
Staffing 1 (4%) - 3 (5%) -
Communications 1 (4%) - 2 (3%) -
Digital Media - - 2 (3%) -
Education - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Media 1 (4%) - 1 (2%) -
Technology Hardware - - 1 (2%) -
Total 24 - 65 $212M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (75%) - 55 (85%) 212M (100%)
  Virginia - - 7 (11%) -
  Illinois 4 (17%) - 6 (9%) -
  Texas 3 (13%) - 5 (8%) -
  Massachusetts 1 (4%) - 5 (8%) 9M (4%)
  New York 1 (4%) - 4 (6%) -
  New Jersey - - 4 (6%) -
  Oregon 3 (13%) - 3 (5%) -
  Florida 1 (4%) - 3 (5%) 200M (95%)
  California 1 (4%) - 3 (5%) -
  Ohio 2 (8%) - 2 (3%) -
  Pennsylvania 1 (4%) - 2 (3%) -
  North Carolina 1 (4%) - 2 (3%) -
  District of Columbia - - 1 (2%) 3M (1%)
  Georgia - - 1 (2%) -
  Connecticut - - 1 (2%) -
  Arkansas - - 1 (2%) -
  Washington - - 1 (2%) -
  Utah - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Michigan - - 1 (2%) -
  Maryland - - 1 (2%) -
United Kingdom 4 (17%) - 4 (6%) -
Netherlands - - 3 (5%) -
Canada 2 (8%) - 2 (3%) -
  Ontario 2 (8%) - 2 (3%) -
Israel - - 1 (2%) -
Domestic 18 (75%) - 55 (85%) 212M (100%)
Cross-border 6 (25%) - 10 (15%) -
Total 24 - 65 $212M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 18 (75%) - 43 (66%) 12M (5%)
Growth Capital 6 (25%) - 14 (22%) -
Divestiture - - 3 (5%) 200M (95%)
Buyout (LBO, MBO, MBI) - - 1 (2%) -
Consolidation - - 1 (2%) -
PIPE - - 1 (2%) -
Recapitalization - - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 24 - 65 $212M

Exits by Deal Type

Type Total # Value
Trade Sale 16 (36%) 768M (30%)
Trade Sale - Public Company 15 (34%) 1.8B (70%)
Secondary Sale 7 (16%) -
IPO 3 (7%) -
Bankruptcy 1 (2%) -
Divestiture 1 (2%) -
Stake Sale 1 (2%) -
Total 44 $2.6B

Deal Values

buy # Total
$100M to $1B 1 $200M
< $100M 2 $12M
TOTAL $212M
Largest Numara Software, Inc.
$200M (2005-12-15)
sell # Total
$100M to $1B 8 $2.4B
< $100M 2 $117M
TOTAL $2.6B
Largest Trustwave Holdings, Inc.
$810M (2015-04-07)

M&A Connections

Deals
Acquired from
Strategic(s)
5%
3 (5%)
Exited to
Investor(s)
18%
8 (18%)
Strategic(s)
73%
32 (73%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Middle-Market

PE Assets

1.5B USD

Established

1998

Specialist/Generalist

Specialist

Leadership

Barry Goldsmith

Co-Founder & Operating Partner

Ira Cohen

Co-Founder & Operating Partner

John Burton

Co-Founder & Operating Partner

Greg Olear

CFO

Carter Griffin

General Partner

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