Boss Insights - Tech M&A Round Up - 14th August 2020

Roper Technologies to Acquire Vertafore for $5.5 Billion
Sarasota, Florida, August 13, 2020 ... Roper Technologies, Inc., a diversified technology company, has announced that it has reached a definitive agreement to acquire Vertafore in an all-cash transaction valued at approximately $5.35 billion. Vertafore’s cloud-based software provides agency management, compliance, workflow, and data solutions that simplify and automate the complex property and casualty insurance lifecycle. More than 20,000 agencies and 1,000 insurance carriers rely on Vertafore to streamline their processes, improve efficiency, and drive productivity. Commenting, Neil Hunn, Roper’s President and CEO, said: “Vertafore is a fantastic business characterized by clear leadership in its niche market, a strong management team, high customer retention, and a long track record of consistent revenue and cash flow growth. The acquisition of Vertafore is a great example of our disciplined capital deployment strategy which focuses on durable, long term cash flow compounding.” Vertafore’s management team, led by CEO, Amy Zupon, will continue to lead the business.

Upland Software Announces Public Offering to Raise $119M to Fund Acquisition Strategy
Austin - 11th August 2020 - Austin-based Upland Software is seeking a fresh $119 million to fuel its acquisition strategy. Upland’s cloud software enables thousands of organizations to engage with customers on key digital channels, optimize sales team performance, manage projects and IT costs, and automate critical document workflows. This is Upland’s second public offering and is expected to raise $119 million to support the company's acquisition strategy. To-date, Upland has acquired more than two dozen companies since it was founded about a decade ago. This latest offering is expected to close August 14th - after which the underwriters have a 30-day window to purchase an additional 525,000 shares at the same price. During an earnings call on 6th August, Upland Chairman and CEO, Jack McDonald, indicated the company will pause any acquisitions until the fourth quarter of 2020, according to the Statesman. He said: “As mentioned, we are pausing M&A for the short term while nurturing an active pipeline of deals. And my guess is that 2021 will be a great and a busy year for acquisitions. And who knows, we may start things back up in the fourth quarter of this year.”

Equinix Expands to India with Acquisition of GPX India for US$161 Million
Redwood City, California – 10th August 2020 - Equinix, Inc, the global interconnection and data center company, has announced its expansion into India through the acquisition of the India operations of GPX Global Systems, Inc. The all-cash transaction value of US$161 million represents a multiple of approximately 15x the projected EBITDA at full utilization. The acquisition is expected to close in Q1 2021, subject to customary closing conditions including regulatory approval. The acquisition will extend Platform Equinix® to India with the addition of two world-class, highly interconnected data centers, providing a platform for additional expansion across the country. GPX India offers a cloud dense environment and access to major cloud services, including Amazon Direct Connect, Google Cloud Dedicated Interconnect and Oracle Cloud Infrastructure FastConnect. GPX India also has an interconnection solution that enables customers to connect to multiple cloud platforms designed to address the vast appetite for cloud services in the country where the cloud services market is expected to grow threefold to more than US$7.1 billion from 2018 to 2022.

Duck Creek Technologies Prices Initial Public Offering
Boston - 13th August 2020 - Duck Creek Technologies, Inc, a provider of SaaS-delivered enterprise software to the property and casualty (“P&C”) insurance industry, has announced the pricing of its initial public offering of 15,000,000 shares of its common stock at a price of $27.00 per share. The shares are expected to begin trading on the Nasdaq Global Select Market on August 14, 2020 under the symbol “DCT.” The offering is expected to close on August 18, 2020 subject to customary closing conditions. Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are serving as lead book-running managers for the proposed offering. Barclays and RBC Capital Markets are also acting as book-running managers for the proposed offering. JMP Securities, Needham & Company, Stifel, William Blair, D.A. Davidson & Co, Raymond James and Loop Capital Markets are acting as co-managers for the proposed offering.

MRI Software Acquires MacMunnis to Expand Offering For Corporate Occupiers
Solon, Ohio – 6th August 2020 – MRI Software, a real estate software solutions company, has acquired MacMunnis, Inc, an established provider of lease administration solutions to enterprise businesses, managing complex lease portfolios. MacMunnis’ services and software expand the MRI @Work suite, broadening and deepening MRI’s ability to serve the end-to-end requirements of commercial real estate occupiers and helping them reduce the time to value from their software investments. Commenting on the acquisition, Patrick Ghilani, Chief Executive Officer of MRI Software, said: “Our combined client groups will benefit from even deeper industry knowledge and a world-class services infrastructure that can help CRE leaders drive digital transformation and innovation in their organizations. Together, we look forward to helping real estate occupiers put technology at the heart of their businesses as they take on and overcome today’s market challenges.”

Intercontinental Exchange Enters Definitive Agreement to Acquire Ellie Mae from Thoma Bravo
Atlanta, GA and Pleasanton, CA – 6th August 2020 – Intercontinental Exchange (ICE), an operator of global exchanges and clearing houses and provider of mortgage technology, data and listing services, has announced that it has entered into a definitive agreement to acquire Ellie Mae®, a cloud-based platform provider for the mortgage finance industry. The transaction with Ellie Mae, a portfolio company of Thoma Bravo, a private equity investment firm, values Ellie Mae at approximately $11 billion. The deal, following ICE’s taking a majority stake in MERS in 2016, purchasing the remainder in 2018, and acquiring Simplifile in 2019, establishes ICE, through its growing ICE Mortgage Services network, as the leading provider of end-to-end electronic workflow solutions serving the evolving U.S. residential mortgage industry. Jeffrey C. Sprecher, Founder, Chairman and CEO of Intercontinental Exchange, said: “Twenty years after we founded Intercontinental Exchange to provide a transparent trading platform for the energy industry, and following two decades of providing continued innovation to help customers navigate global markets, we are pleased to announce the acquisition of Ellie Mae, which will help us similarly transform the mortgage marketplace.”

SAP Invests in Vistex, Companies Deepen Strategic Relationship
Hoffman Estates, IL - 4th August 2020 — Vistex, Inc. has announced it has received an equity investment from SAP SE. The move marks a key milestone in the 16-year relationship between the companies and underscores SAP’s focus to accelerate innovation with its ecosystem on behalf of its customers. Vistex helps companies facilitate sales and marketing while reducing risk, accelerating digital transformation, and helping to future-proof their SAP investments. Vistex solutions are sold as SAP Solution Extensions. The company’s software manages mission-critical programs, including pricing, trade, royalties and incentives, as part of the enterprise management system. Its solutions run inside or alongside SAP Business Suite applications, as well as SAP S/4HANA®, offering real-time insights into program performance. Karl Fahrbach, Chief Partner Officer at SAP, said: “Vistex is a pioneer in developing ERP solution extensions for the unique needs of industries ranging from media to agriculture, to consumer products and automotive. More than ever, businesses need tools like those developed by Vistex to remain agile and adapt to ever-changing economic trends while offering the ability to make smarter, faster business decisions based on real-time data.”

Recruiting Start Up Apploi Has Acquired Healthgig
New York - 3rd August 2020 - Recruitment platform Apploi has acquired credential management startup Healthgig. Apploi’s platform helps organizations find and recruit talent, communicate with potential new employees, and work through offers and the final steps of hiring. The company has been getting deeper into the health care space over the last year, including adding former Everyday Health CEO, Ben Wolin, to its Board of Directors. More than 3,000 health facilities across the United States were using Apploi for recruiting and hiring. When the COVID-19 pandemic broke out in the U.S., health facilities were trying to rapidly hire and onboard health care professionals. But credentialing–making sure licenses, medical information, etc., are current–in particular was a pain point that needed standardization and efficiency. “We have a lot of companies using us for recruiting and onboarding, so the next kind of step in the puzzle is adding credentialing,” Apploi CEO Adam Lewis said in an interview with Crunchbase News.

MRI Software Has Acquires Housing Partners Broadens Front-line Digital Services for Social Housing Tenants
London – 5th August, 2020 – MRI Software, a global leader in real estate software solutions, has announced the acquisition of Housing Partners, a specialist technology provider for the social housing sector in the UK and Ireland. The strategic acquisition strengthens MRI’s suite of residential property management technology options. Housing Partners’ solutions are used by social housing providers, local authorities and directly by tenants. Its expertise and technology will deepen MRI’s ability to provide people-focused digital solutions, with emphasis on mission-critical issues such as homelessness and tenant safety. As part of the MRI Living offering, these capabilities will drive increased innovation for the benefit of tenants and make it easier for providers to comply with regulation, identify trends and improve services.

SilverSun Technologies Acquires Prairie Technology Solutions Group
East Hanover, NJ – 4th August 2020 - via NEWMEDIAWIRE -- SilverSun Technologies, Inc. (SSNT), a national provider of transformational business applications and IT services, has acquired Prairie Technology Solutions Group, LLC, a Chicago-based managed services provider (MSP) which provides managed IT services, cybersecurity and business continuity and disaster recovery services for small and medium-sized businesses. Mark Meller, CEO of SilverSun, stated, "We are pleased to announce this exciting transaction.  This acquisition will help us in our plans to expand our MSP business to other regions where we currently have significant numbers of customers from our other technology businesses, including  Phoenix, Southern California, the Pacific Northwest, and North Carolina.”

Apple Acquires softPOS Start Up Mobeewave
Montreal – 1st August 2020 - Apple has reportedly acquired Canadian SoftPOS start up, Mobeewave, in a deal which turns iPhone's into contactless payment terminals. Montreal-based Mobeewave’s software allows users to accept contactless payments via their phones. The system works with an app and doesn’t require hardware beyond a Near Field Communications, or NFC chip, which iPhones have included since 2014. The firm already has agreements in place with National Bank of Canada, Australia's Commonwealth Bank and Polskie Platnosci as well as a deal with Samsung to incorporate the tech into their handsets. According to Bloomberg, Apple paid $100 million for the company.

14 August 2020