Transaction Summary

Transaction Summary

• On June 26^th, 2018, EQT Partners announced its acquisition of Prototyping & Design Software leader Zemax
• “Spurrier Capital Partners ran a superb process that maximized value and found the perfect partner for the Company’s next stage of growth,” said Michael Lustbader, Managing Partner at Arlington Capital Partners.  “We look forward to the opportunity to work with SCP again.
• “SCP developed a complete understanding of Zemax’s product portfolio, strategic position, and operations,” stated Mark Nicholson, Zemax CEO.  “This allowed them to take the lead in dealing with buyers and responding to diligence requests, which freed up management to continue running the business.  As such, the process was quite smooth and efficient, and we are poised to continue our upward trajectory under EQT.”
• “We were delighted to partner with the Zemax management team on this exciting transaction,” said Clark Spurrier, Founder and CEO of Spurrier Capital Partners.  “It was also great to work with Arlington Capital again.  They have done a great job of identifying best-in-class technology companies.  We were also pleased to support the technology community in Seattle a third time this year.”
• Zemax was backed by Arlington Capital Partners; this is SCP’s second transaction with ACP
• SCP acted as the exclusive strategic and financial advisor to Zemax

Transaction Summary

• On May 9^th, 2018, Symphony Technology Group announced its acquisition of Application Data Management leader Winshuttle
• “SCP’s knowledge of the market and buyers was critical to the success of this transaction,” said John Pierson, CEO of Winshuttle. “This underpinned their ability to connect us to decision-makers at the right buyers, craft positioning with each party, and ultimately help us select the right partner for the next phase of the Company’s growth.”
• “We were delighted to partner with the Winshuttle management team and Board on this exciting transaction,” said Clark Spurrier, Founder and CEO of Spurrier Capital Partners. “Winshuttle bolsters our leadership in the Data Management market and demonstrates our continued support of clients in the Seattle area.  Further, it reflects our focus on working with founder-owned Software vendors.  As a founder myself, I know the challenges of starting a business from the ground up, so I was thrilled to play a small role in seeing Vikram and Rajat realize their vision for Winshuttle.”
• Winshuttle was backed by Summit Partners, with continued involvement from its founders
• SCP acted as the exclusive financial and strategic advisor to Winshuttle

Transaction Summary

• On April 23rd, 2018, Vista Equity Partners announced its investment in Allocate Software
• SCP’s deep domain expertise within Healthcare Workforce Management provided Vista Equity Partners with a differentiated perspective to understand the value proposition of Allocate’s platform in the global market
• “We were excited to partner with the Vista Equity team on this investment and look forward to supporting Vista and Allocate as they continue to invest in the Company,” said Clark Spurrier, Founder and CEO of Spurrier Capital Partners. “This transaction builds upon SCP’s commitment to the Healthcare Technology sector and further demonstrates our deep domain expertise within Healthcare Workforce Management.”
• Allocate Software is based in London, UK, and was previously owned by leading European technology and tech-enabled services private equity firm Hg
• SCP acted as financial advisor to Vista Equity Partners

Transaction Summary

• On April 18^th, 2018, Tyler Technologies announced its acquisition of Public Sector Open Data SaaS leader, Socrata
• SCP’s knowledge of the Company and market helped the Board understand that Tyler represented a compelling offer and the best strategic alternative for the Company
• “We were thrilled to partner with the Socrata management team and Board on this process,” said Clark Spurrier, Founder and CEO of Spurrier Capital Partners.  “This transaction reflects SCP’s ongoing commitment to Data Management, Vertical SaaS, and the Seattle area.  Further, we are elated to play a small role in our government’s evolution towards a data-driven approach that will better serve citizens across the nation.”
• Lead investors included OpenView Venture Partners, Sapphire Ventures, Delta-V Capital, and Frazier Technology Ventures
• SCP acted as the exclusive financial and strategic advisor to Socrata

Transaction Summary

• On October 19, 2017, Fidelis Cybersecurity announced the acquisition of Advanced Threat Detection and Deception provider TopSpin Security
• TopSpin’s DECOYnet platform is the leading market solution for intelligent deception with automatic adaptation to changes in attacker behavior and network topology
• SCP assisted the Company with strategic positioning and in educating the market on the value proposition of levering Network Analytics and Deception capabilities for Advanced Threat Detection, where TopSpin is a preeminent leader
• TopSpin is based in Herzliya, Israel and was backed by industry-leading investors including Shlomo Kramer, Mickey Boodaei, Zohar Zisapel, and Rakesh Loonkar
• SCP acted as the exclusive financial and strategic advisor to TopSpin
• Press Release

Transaction Summary

Transaction Summary

• On April 12, 2017, Insight Venture Partners announced the acquisition of Channel Data Management software platform Zyme Solutions
• Zyme is the leader in providing visibility and decision-grade data to apex technology and industrial manufacturers for optimizing sales, marketing, and inventory programs in the indirect channel
• SCP assisted the Company with strategic positioning and in educating the market on the value proposition for the emerging practice of Channel Data Management, which Zyme pioneered.
• Zyme is based in Redwood Shores, CA and was backed by Susquehanna Growth Equity
• SCP acted as the exclusive financial and strategic advisor to Zyme
• Press Release

Transaction Summary

• On April 3, 2017, Dentsu Aegis Network US and iProspect announced the acquisition of Performance Marketing Solutions vendor Leapfrog Online for an undisclosed amount
• Leapfrog is a leading provider of conversion optimization and customer acquisition solutions for leading brands.  Its proprietary LFX Conversion Platform connects the disparate data across channels, both online and offline, to offer more actionable attribution, behavioral, and customer journey insights to ultimately capture more customer opportunities in methods that are more repeatable and scalable
• SCP worked with the Company to effectively communicate and position its proprietary customer experience and conversion optimization technology to seasoned strategic technology buyers and large agencies seeking to build capabilities for the disruptive migration to Performance Marketing
• Leapfrog is based in Evanston, Illinois and was backed by North Bridge Growth Equity
• SCP acted as the exclusive financial and strategic advisor to Leapfrog
• Press Release

Transaction Summary

• On January 11, 2016, NICE Systems announced the acquisition of Customer Interaction Analytics vendor Nexidia for $135MM in cash
• Atlanta, Georgia-based Nexidia is the leader in advanced speech and interaction analytics for some of the world’s largest contact centers, media and entertainment companies, government agencies, and legal firms
• SCP assisted the Company in educating potential buyers and partners on the capabilities and value of its highly innovative Neural Phonetic and Search Grid technologies, in addition to navigating the complexities of the competitive relationship with NICE and the challenges in transitioning to a higher percentage SaaS model
• Lead investors included HarbourVest Partners, H.I.G. Capital, Paladin Capital Group, Boston Millennia Partners, and Blue Cross Blue Shield Ventures
• SCP acted as the exclusive financial and strategic advisor to Nexidia
• Press Release

Transaction Summary

• On June 1, 2015, Sprinklr announced the acquisition of location-specific text analytics software vendor NewBrand for undisclosed terms
• SCP worked closely with the Company over a 24 month period, helping with strategic positioning, partnership activity, and the education of potential acquirers on NewBrand’s differentiated approach to analyzing vast amounts of customer experience data via proprietary NLP and machine learning techniques
• “That’s why Sprinklr has acquired NewBrand,” said Sprinklr CEO, Ragy Thomas. “Integration of NewBrand’s sophisticated text analytics into the Sprinklr platform will give clients new contextual insights and predictive analytics they can act upon to create even more valuable experiences for their customers.”
• NewBrand is based in Washington, D.C., and is one of four transactions on which SCP has advised in the DC metro area
• Lead investors included New Enterprise Associates and Revolution
• SCP acted as the exclusive financial and strategic advisor to NewBrand

Transaction Summary

• On May 8, 2015, ABRY Partners announced the acquisition of Federal Supply Chain Management vendor Compusearch Software Systems for undisclosed terms
• SCP helped the Company craft a narrative around its position as an “Industry Cloud,” serving all constituents in the federal supply chain, which entails tremendous network effects and barriers to entry
• “SCP was thrilled to work with Compusearch, the latest example of our support for leading, vertical application software vendors in key industries,” noted Clark Spurrier, SCP Founder and CEO.  “This transaction also represents one of three transactions we have executed with JMI, which reflects the importance of repeat clients and underpins our long-term commitment to leading financial sponsors.”
• Compusearch is based in Dulles, VA, and is one of four transactions on which SCP has advised in the DC metro area
• Lead investors included Arlington Capital Partners and JMI Equity; this is one of three transactions that SCP has executed with JMI
• SCP acted as the exclusive financial and strategic advisor to Compusearch

Transaction Summary

• On February 23, 2015, Hobsons announced the acquisition of the leading provider of student success and advising software for higher education institutions, Starfish Retention Solutions, for undisclosed terms
• Working within a tight timeframe upon receipt of an inbound offer, SCP conducted a thorough market check that resulted in several additional offers
• The transaction extends SCP’s leadership in guiding best-in-class vertical SaaS companies in strategic partnerships and outcomes
• “Student success and retention have been a growing focus for colleges as CIOs of institutions face increasing competition in enrollment, transfer/drop-out rates, and student-service expectations,” said Clark Spurrier, Founder and CEO of Spurrier Capital Partners.  “Starfish’s Enterprise Success Platform helps higher education institutions scale advising-centric business processes for students and we expect the combination with Hobsons to create the technology leader in managing the entire student lifecycle.”
• Starfish is based in Arlington, VA, and is one of several transactions on which SCP has advised in the DC metro area
• Lead investors included Novak Biddle Venture Partners and New Markets Venture Partners
• SCP acted as the exclusive financial and strategic advisor to Starfish

Transaction Summary

• On October 31, 2014, TA Associates announced the acquisition of mission-critical Policy Administration Software provider Insurity from Genstar Capital for undisclosed terms
• Insurity is one of two landmark transactions in P&C Insurance Software on which SCP has advised (following the 2011 sale of Duck Creek Technologies to Accenture)
• SCP worked with Insurity for the better part of a year on strategic positioning and accelerating partnership activity, and was ultimately successful in articulating the Company’s unique value proposition as the sole remaining independent Policy Administration vendor of any scale, representing an exciting platform opportunity for a new private equity investor
• “With the Insurity transaction, SCP cements its position as the unquestioned leader in financial advisory to the Insurance Software industry,” exclaimed Clark Spurrier, SCP Founder and CEO. “Having performed two of the most meaningful deals in Core Processing solutions, we look forward to helping old clients and new embrace new technologies in the categories of Analytics, Distribution, etc.”
• Insurity is based in Hartford, CT and was owned by Genstar Capital
• SCP acted as the exclusive financial and strategic advisor to Insurity

Transaction Summary

• On September 19, 2014, PGi announced the acquisition of enterprise webcasting platform vendor TalkPoint for undisclosed terms
• SCP worked closely with TalkPoint for 18 months in tailoring the Company’s positioning and messaging around its differentiated technology in a space often viewed as commoditized, yet ripe for disruption.  The TalkPoint team had quietly built a leading browser-based communications platform that powered some of the largest lightweight webcasting products in the market, which posed significant challenges and a heightened need for discretion as to not disrupt key partnerships
• “We are thrilled to be part of the success story that Nick and his team have built,” said SCP Managing Director, Mark Yurko.  “The TalkPoint transaction illustrates the innate confidentiality and flexibility of the process that we designed, and PGi represents a great home for the Company that will enable preservation of key TalkPoint partnership relationships.”
• “TalkPoint’s award-winning technology strengthens PGi’s suite of collaboration software and services and furthers our mission to help businesses improve productivity, accelerate innovation and increase revenue growth. The acquisition positions PGi as a clear leader in the high-growth, $500-plus million webcasting market,” said Boland T. Jones, PGi Founder, Chairman and CEO
• TalkPoint is based in New York City, and reflects SCP’s commitment to helping to drive the explosion of Enterprise Software in our home city
• SCP acted as the exclusive financial and strategic advisor to TalkPoint

Transaction Summary

• On July 7, 2014, Nuance announced the acquisition of Enterprise Capture vendor Notable Solutions for undisclosed terms
• SCP had worked with the Company for over three years, helping to articulate the Company’s market evolution from traditional Document Capture to an end-to-end Information Lifecycle Governance player with a leading position in Mobility
• The transaction was complicated by the level of competition between Nuance and NSi – SCP was able to quietly vet interest with a host of potential partners / buyers without impacting the Nuance discussions, so the Board was well-informed of its strategic alternatives before entering into advanced negotiations with Nuance
• “We were proud to continue to assert our leadership position in the broader BPM / ECM category, having already advised Global 360 on its sale to OpenText and Nintex on its sale to TA,” declared Clark Spurrier, SCP Founder and CEO. “Our work in those transactions informed our ability to support NSi in its market evolution, and we are excited to continue our work as new document and middleware architectures come to the fore.”
• NSi is based in Rockville, MD, and was backed by Edison Ventures
• SCP acted as the exclusive financial and strategic advisor to NSi

Transaction Summary

• On May 19, 2014, Google announced the acquisition of Secure Mobile Container vendor Divide (formerly known as Enterproid) for undisclosed terms
• SCP had worked with Divide for over a year, facilitating nearly a dozen partnership discussions, so that the Board had a strong view of its strategic alternatives when strategic interest emerged
• Mobile Device Management was viewed as largely consolidated and commoditized, so it was SCP’s charge to educate buyers on Divide’s differentiation from MDM and how the two can be complementary
• Divide had a broad universe of potential buyers (including Security, IT Management, Virtualization, ad Mobility), each with unique motivations for acquisition
• “SCP was excited to have helped Google make its initial push into the enterprise, with Divide forming the cornerstone of its new Android for Work offering,” noted Clark Spurrier, SCP Founder and CEO. “We look forward to continuing to work with Google and other Mobility leaders as they crystalize their Enterprise Mobility strategies across Security, Management, Collaboration, etc.”
• Divide is based in New York City, and reflects SCP’s commitment to helping to drive the explosion of Enterprise Software in our home city
• Lead investors included BOLDstart Ventures, Comcast Ventures, Genacast Ventures, Globespan Capital Partners, Google Ventures, NYC Seed, and Qualcomm Ventures
• SCP acted as the exclusive financial and strategic advisor to Divide

Transaction Summary

• On January 21, 2014, GE Healthcare announced the acquisition of Healthcare Workforce Management vendor API Healthcare for undisclosed terms
• API had previously entered into agreement to be acquired by Kronos, only to have the Department of Justice block the transaction, so SCP’s Strategic Audit was uniquely suited to quietly re-introduce the Company to the universe of potential acquirers
• API’s strategic landscape included a diverse array of buyers, many of whom are not traditional Software acquirers (e.g. General Electric), who required more time in the process to educate themselves on the Software opportunity
• “We were delighted to be involved in the evolution of an industry leader such as GE as they embark on an ambitious new Software and Industrial Internet strategy,” said Clark Spurrier, SCP Founder and CEO. “Healthcare is a strategic vertical for us, and Software companies that serve the industry are perfectly suited for our Strategic Audit, given the fragmentation in the sector and the consequent need for patient education of a broad and diverse group of potential buyers.”
• API Healthcare is based in Hartford, WI and was owned by Francisco Partners
• SCP acted as the exclusive financial and strategic advisor to API Healthcare

Transaction Summary

• On March 27, 2013, TA Associates and Updata Partners announced an acquisition of SharePoint Workflow ISV Nintex Group at a valuation of $222MM
• Assuming a 1x multiple of revenue for Nintex’s Services business, the valuation implies ~7x Nintex Software revenues, which would be the highest multiple among sizeable BPM transactions
• Nintex represents one four transactions that SCP has executed in BPM / ECM (the others being Notable Solutions, StoredIQ, and Global 360), making SCP the most active firm in that sector over the past five years
• Many buyers had questions about the SharePoint ecosystem (e.g. growth of SharePoint customers, threat of Microsoft developments on top of SharePoint), so it was SCP’s mission to craft a compelling narrative around the opportunity presented by many of the SharePoint trends
• “Nintex sought out SCP as the BPM experts after our successful outcome in the Global 360 transaction,” recounted Clark Spurrier, SCP Founder and CEO. “We were proud to bring to bear our knowledge of the sector to assist the company in positioning, outreach, and considerations of alternatives.”
• Nintex is based in Melbourne, Australia, and was backed by Macquarie Capital Group
• SCP acted as the lead financial and strategic advisor to Nintex

Transaction Summary

• On December 19, 2012, IBM announced the acquisition of Unstructured Information Management vendor StoredIQ for undisclosed terms
• SCP’s charge was to help buyers understand why StoredIQ could be a more successful transaction than that of its competitors, including HP / Autonomy, EMC / Kazeon, Symantec / Clearwell, etc.
• SCP was diligent in educating buyers on StoredIQ’s unique value proposition such that IBM ultimately acquired the Company for a technology that it had yet to release to market
• “StoredIQ was a great example of the Strategic Audit at work, given that our ability to connect the Company with buyers ensured that StoredIQ was well-known by decision-makers at acquirers as they were undergoing build vs. buy discussions,” cited Clark Spurrier, SCP Founder and CEO. “The transaction also represents our long-term support for Companies in the Austin area, dating back to my advisory of Silicon Labs in its IPO in 2000.”
• StoredIQ is based in Austin, TX and is one of several transactions on which SCP has advised in the city
• Lead investors included EMC Ventures, PerformanceEdge Partners, S3 Ventures, and Techxas Ventures
• SCP acted as the lead financial and strategic advisor to StoredIQ

Transaction Summary

• On June 14, 2012, Vista Equity Partners announced the acquisition of Recruitment CRM solutions leader Bullhorn for undisclosed terms
• Vista Equity sought out SCP for its expertise in Human Capital Management, with Clark Spurrier having advised industry leaders on strategic alternatives in the sector for the past decade
• SCP served as a credible facilitator between buyer and seller, helping management quantify the value that Vista could drive value for the Company via its brand, expertise, and resources
• “Vista’s decision to hire SCP in this transaction is the result of our long-time support for the firm and extensive knowledge in the sector,” noted Clark Spurrier, SCP Founder and CEO. “Having helped facilitate this transaction, we look forward to supporting Vista and Bullhorn as they take the Company to the next level.”
• Bullhorn is based in Boston, MA
• Lead investors included General Catalyst Partners, Hercules Technology Growth Capital, and Highland Capital Partners
• SCP acted as exclusive financial and strategic advisor to Vista Equity Partners

Transaction Summary

• On August 17, 2011, R.R. Donnelley & Sons Company announced the acquisition of Digital Content Aggregation & Distribution platform LibreDigital for undisclosed terms
• LibreDigital faced a disparate buyer universe, spanning Software vendors, traditional Media companies, Publishing Services providers, etc.
• SCP was able to drive value by helping the Company quantify a variety of its intangible assets, including publisher relationships, trademarked brand names, etc.
• “RR Donnelley’s acquisition of LibreDigital is an important development in the process of traditional media and publishing services companies embracing new technologies,” asserted Mark Yurko, SCP Managing Director. “We look forward to continuing to be a part of this evolution as Mobile and Social paradigms increasingly reshape the landscape.”
• LibreDigital is based in Austin, TX
• Lead investors included Adams Capital Management, HarperCollins Publishers, The New York Times, Noro-Moseley Partners, SSM Partners, and Triangle Peak Partners
• SCP acted as the exclusive financial and strategic advisor to LibreDigital

Transaction Summary

• On July 14, 2011, Accenture announced the acquisition of P&C Insurance Software vendor Duck Creek Technologies for undisclosed terms
• SCP focused on optimizing the positioning of Duck Creek’s services revenue, not typically a key value driver in Software transactions, as a unique opportunity for those Services Providers with an Insurance practice such as Accenture to significantly drive incremental higher-margin services beyond the core implementation work Duck Creek delivered
• SCP worked extensively with Duck Creek to model out financial scenarios for products and services within Accenture’s channel
• “The Duck Creek transaction is the poster child for our ability to connect the dots between the needs of our key contacts at public IT leaders and best-in-class private Software vendors,” stated Clark Spurrier, SCP Founder and CEO. “Accenture highlighted to us a focus on improving its P&C Insurance Claims Management platform, and we were able to respond by introducing them to the leading independent Policy Administration player.”
• Duck Creek is based in Bolivar, MO
• Lead investors included FirstMark Capital
• SCP acted as the exclusive financial and strategic advisor to Duck Creek Technologies

Transaction Summary

• On July 13, 2011, Open Text announced the acquisition of Business Process Management player Global 360 for a total consideration of $260 million
• The process was complicated in February 2011 by OpenText acquiring Global 360 competitor Metastorm (for a revenue multiple that reflected a 25+% discount to the price ultimately paid for G360); SCP’s ability to mediate between the two parties was crucial to keeping the lines of communication open to get the transaction through to closure following that development
• Global 360 and SCP worked together for over a year on reintroducing the Company to all of the potential acquirers, with a focus on highlighting its transition away from legacy Document Management software and growing leadership in Business Process Management and Dynamic Case Management
• “The Global 360 process is exactly what I envisioned when I started Spurrier Capital Partners,” noted Clark Spurrier, SCP Founder and CEO. “Helping a best-in-class late-stage private software vendor, backed by elite investors, articulate its unique value proposition to strategic buyers who have not tracked the Company’s innovation.  Of course, the involvement of CEO David Mitchell, with whom I have executed six transactions, is also emblematic of our focus on repeat business.”
• Global360 was based in Dallas, TX
• Lead investors included JMI Equity, Technology Crossover Ventures, and TA Associates
• SCP acted as the exclusive financial and strategic advisor to Global 360

Transaction Summary

• On March 29, 2011, GXS announced the acquisition of Enterprise Community Management leader Rollstream for an undisclosed amount
• SCP helped forge a partnership between Rollstream and SAP, which drove revenue for the former that helped it outpace its projections, which drove value as potential acquirers such as GXS periodically checked in on the Company’s operations
• The process was accelerated by Cisco’s investment in and partnership with Rollstream competitor Aravo, which prompted all potential acquirers to prioritize their evaluation of the sector. Evidence gathered throughout the Strategic Audit informed the Rollstream Board’s ability to react to that development
• “This transaction included a number of elements that all date back to my work with integration pioneer webMethods, which I took public in 2000,” recounted Clark Spurrier, SCP Founder and CEO. “B2B integration software, mid-Atlantic headquarters, and webMethods alumni.  We look forward to continuing to serve Companies with these characteristics.”
• Rollstream is based in McLean, VA
• Lead investors included Amplifier Ventures, Core Capital Partners, and Grotech Ventures
• SCP acted as the exclusive financial and strategic advisor to Rollstream

Transaction Summary

• On March 9, 2011, Enghouse Systems, a public enterprise software vendor based in Canada, announced the acquisition of Cloud Contact Center Infrastructure provider CosmoCom
• The SCP team had worked with CosmoCom for over five years, so has been a true stakeholder in the Company’s success throughout the relationship
• “CosmoCom is the poster child for our commitment to supporting clients throughout their entire lifecycle, with my having worked with the Company for over five years,” noted Clark Spurrier, SCP Founder and CEO. “Future clients should take comfort from our willingness and ability to support clients in this fashion, which is entirely unheard of in the investment banking industry.”
• CosmoCom is based in Melville, NY
• Lead investors included Intel Capital, SAIC Capital, and Technology Crossover Ventures
• SCP acted as the exclusive financial and strategic advisor to CosmoCom

Transaction Summary

• On April 6, 2010, Arrow Electronics, Inc. announced the acquisition of Reverse Logistics Technology leader Verical for undisclosed terms
• SCP was sought out by Verical investor Valhalla Partners for its proven ability to build competitive tension to drive value
• “SCP was delighted to serve Verical and Valhalla Partners in architecting an agreement that entails a successful outcome for all parties and sets up Arrow for success in the blossoming reverse logistics field,” mentioned Clark Spurrier, SCP Founder and CEO
• Verical is based in San Francisco, CA
• Lead investors included Valhalla Partners
• SCP acted as the exclusive financial and strategic advisor to Verical

Transaction Summary

• On February 3, 2010, IBM announced the acquisition of Master Data Management leader Initiate Systems for undisclosed terms
• Comparable Siperian sold to Informatica the same week of the Initate announcement at a significant discount to the Initiate valuation
• The Initiate process was complicated by the fact that the two Companies were competitors
• Initiate Systems is based in Chicago, IL
• Lead investors included Apex Venture Partners, EMC Ventures, Informatica, In-Q-Tel, MK Capital, Paladin Capital Group, Sandbox Industries, and Sigma Partners
• SCP supported Initiate management with an extended Strategic Audit