Top Ten Tech M&A Transactions This Week 10/4/24 by Ascento Capital
10/2/24 EQT-backed Zayo, TPG vie for Crown Castle assets worth nearly $10 billion, sources say
Fiber network owner Zayo Group and buyout firm TPG are competing to acquire the fiber and wireless assets of Crown Castle, in a deal that could be valued at nearly $10 billion, according to people familiar with the matter
Zayo, which is owned by buyout firms EQT AB and DigitalBridge, and TPG are the two remaining bidders for the assets, which include Crown Castle's fiber business and its small cell business, which provides wireless services and technology, the sources said, requesting anonymity as the discussions are confidential.Both units are worth less than $5 billion each and it is possible that Crown Castle could choose to sell only one of the assets, one of the sources said. If both assets are sold, the deal is likely to be valued between $8 billion and $10 billion, the source added.
10/2/24 Mastercard acquires Minna Technologies to upgrade subscription experience
Paytech giant Mastercard has agreed to acquire Swedish subscription management fintech?Minna Technologies?for an undisclosed sum. Founded in 2016 and headquartered in Gothenburg, Minna creates technology that assists consumers in managing their subscriptions directly within banking applications and websites.
The firm claims to be the only B2B2C platform with an automated subscription management engine, bank-grade compliance, and the “widest global subscriptions and payments coverage” serving over 120 million users. Gaurav Mittal, EVP and CEO of Mastercard’s Ethoca, explains the rationale behind the move, stating that as subscriptions continue to play a “big role in people’s lives”, businesses recognize the increasing value in “subscription-related services” for their ability to foster “long-term, deeper relationships with consumers.”
10/2/24 Iomart bolsters cloud capabilities with ￡57m Atech buyout
Glasgow-based cloud computing company iomart has acquired Atech Support, a Microsoft solutions provider, for ￡57 million. The deal, funded through existing cash and banking facilities, is expected to significantly boost Iomart’s capabilities and offerings in the UK mid-market.
Atech, with 150 employees and numerous Microsoft certifications, brings a wealth of expertise in cloud solutions, managed security services, and digital transformation. Lucy Dimes, CEO of iomart, said the acquisition aligns with the firm’s “bigger, better, bolder” strategy and strengthens its position as a leading provider of secure cloud services.
10/1/24 Gogo Business Aviation to acquire Satcom Direct
Two aviation connectivity providers will become one with Gogo Business Aviation’s acquisition of Satcom Direct.?Both US companies provide hardware for internet and other satellite communications to?private jet operators.?
According to the companies’ filing, Gogo will acquire Satcom Direct for $375m in cash and five million shares of Gogo stock. An additional $225m could be paid to Satcom Direct’s current owners, depending on the company’s continued financial success. Satcom Direct is expected to generate about $485m in the next year.?
10/1/24 Equativ Expands Retail Media Division with Kamino Retail Acquisition
Equativ, the global independent ad tech company, announced the strategic acquisition of?Kamino Retail, the flexible and agnostic on-site retail media platform designed for retailers. Supported by Bridgepoint, its primary investor, Equativ has tripled in size over the last three years, driving significant growth and innovation across the ad tech landscape.?
This expansion enhances Equativ’s retail media capabilities and expands upon the company’s?recent merger with Sharethrough, which created one of the largest global independent ad marketplaces. With more than 20 years of experience in ad tech, Equativ, present in 18 countries, has also established strategic relationships with the largest international advertising agencies, premium publishers, and Fortune 500 brands.
10/1/24 VisiQuate Joins Forces with Accel-KKR to Propel Growth and Innovation
VisiQuate, a leading provider of advanced revenue cycle analytics, AI-powered workflow, and automation, today announced its acquisition by Accel-KKR, a global technology-focused investment firm. This strategic partnership marks a new chapter in VisiQuate's journey, leveraging Accel-KKR's extensive resources and strategic expertise to support the company's continued growth and innovation.
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The healthcare industry is at a pivotal moment, with increasing demands for accelerated ROI, efficiency, accuracy, and cost effectiveness. Denials, underpayments and other forms of revenue and process leakage have been rising, with over?$265 billion?of annual waste1?in healthcare spending due to administrative complexity, resulting in billions of unclaimed revenue and costs for healthcare providers.
10/1/24 Thoma Bravo to Buy Majority Stake in German IT Firm USU Product
Thoma Bravo agreed to acquire a majority stake in technology services firm USU Product, marking the buyout firm’s second investment in a German-speaking region within a year. USU Product, which is a subsidiary of USU Software AG, will continue to operate under its existing management team, according to a statement on Tuesday, confirming an earlier Bloomberg News report.
USU Software will keep a minority holding of about 25% after the deal, which values the technology services unit at about €200 million ($223 million) to €300 million, people familiar with the matter have said. USU Software was taken private earlier this year by the company’s founding shareholder, Udo Strehl, who is chairman of its supervisory board.
10/1/24 TPG, GIC Agree To Buy Techem For $7.5B: Look To Expand 'Across Europe And Beyond'
TPG Inc.?TPG?shares are trading lower on Tuesday after the company’s subsidiary,?TPG Rise Climate, teamed up with?GIC?to acquire?Techem Group?for around $7.5 billion. The purchase price will be paid in two installments: one at closing and the remaining balance in July 2027.
TPG Rise Climate — one of the largest private equity funds focused on global climate solutions — invests in companies that facilitate meaningful decarbonization at scale. The transaction is anticipated to close in the first half of 2025, pending regulatory approvals. The acquisition of Techem marks the fund’s largest transaction to date, with GIC making a significant minority investment.
10/1/24 Dragos acquires Network Perception to enhance operational technology network visibility
Industrial control system cybersecurity company?Dragos Inc.?announced today that it had acquired operational technology solutions provider?Network Perception Inc.?for an undisclosed price.
Founded in 2014, Network Perception specializes in OT network security and offers tools for?network visibility, auditing and segmentation. The company’s flagship platform, NP-View, offers network mapping, real-time updates and compliance features. They’re designed to help?industries such as utilities, oil and gas, healthcare and financial services safeguard critical infrastructure by simplifying network visualization and reducing attack surfaces.
10/1/24 Sage Acquires Supply Chain Software Platform Anvyl
Accounting software provider Sage is enhancing its supply chain solution capabilities by acquiring Anvyl, a New York-based technology firm focused on the high-growth $20 billion supply chain software sector.?Financial terms of the deal weren’t disclosed.
“Our acquisition of Anvyl reinforces Sage’s commitment to offering comprehensive back-office solutions for small and midsized businesses, particularly in supply chain management,” Mark Hickman, managing director, North America at Sage, said in a statement. “This move aligns with our strategy to expand beyond financials, providing a broader range of tools to help businesses thrive.”
Ascento Capital is an investment bank that specializes in the technology sector and provides advisory services for mergers & acquisitions, capital raises and valuations for technology companies in the United States and internationally.
If you are interested in exploring your company's options, please contact:
Ben Boissevain
Managing Partner