Vista Equity Partners, not SAP or Microsoft, to acquire Marketo
Tom Paine
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Private Equity firm Vista Equity Partners has reached an agreement to acquire marketing automation firm Marketo for $1.8 billion in cash.
The deal strikes me as being somewhat unusual as Marketo was still in a growth stage typically less amenable to PE financing, and it had considerable percieved value to strategic buyers. In fact, SAP and Microsoft were widely thought to be the two most likely acquirers. Some knowledgable people I follow had already assumed that SAP would be the buyer.
The aquuisition price of $35.25 represents a 64% premium over Marketo's share price on May 9, when the most recent reports that Marketo was being shopped surfaced.
The San Mateo, CA-based company, which went public in 2013, posted revenue of $210 million and a net loss of $71.5 million in 2015. Revenue grew from $150 million in 2014 and $96 million in 2013.
SAP acquired marketing systems vendor Hybris in 2013, and in fact has been trying to position it as a CRM alternative.
Links 5/31:PC Connection Buys Downingtown-based $200M Softmart; Dell buyout deal shortchanged shareholders, Delaware court rules
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PC Connection Buys Downingtown-based $200M Softmart as Ranks of Microsoft Licensing Partners Dwindle (CRN)
Thoma Bravo to submit binding offer for U.S.-based Qlik: sources (Reuters)
Delaware court rules Dell's $24.9 billion buyout priced 22 percent below fair value (Reuters)
Dell Buyout Deal Shortchanged Shareholders, Court Rules (NY Times: DealBook)
Oracle back in court Tuesday, this time facing HP (MarketWatch)
The Fundraising Wisdom That Helped Our Founders Raise $18B in Follow-On Capital (First Round Review)
Workday beats Q1 targets with sales up 38 percent (ZDNet)
Telecoms scramble to keep customers after half a million Canadians cut landlines last year
More than half a million Canadians hung up their home phones permanently in the past fiscal year, and the cord-cutting trend seems to be accelerating despite incentives offered by telecoms to keep customers on the line. As many as 540,000 subscribers cancelled their home phone services from the top five telecommunications providers – Bell, Rogers Communications…
Monday Highlights: Barclaycard Poised for Expansion; Comcast loses key Oregon tax rulings, 'tens of millions' at stake
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Barclaycard Poised for Expansion Boost in Staley’s New Model (Bloomberg)
Barclaycard US is based in Wilmington.
The new destination on NJ Turnpike? Exit 6A-Florence (Philadelphia Inquirer)
Diane Greene wants to put the enterprise front and center of Google Cloud strategy
(TechCrunch)
SAP set to reap from Asia Pacific's accelerated cloud adoption (ZDNet)
Multi-Tenant or Multi-Instance? ServiceNow exposes the debate
(Diginomica
Comcast loses key Oregon tax rulings, with 'tens of millions' at stake (Oregon Live)
Quintiles and IMS Health to Combine in ‘Merger of Equals’ (NY Times)
Completely missed this from earlier this month. Will take some time for me to understand logic behind it.
Deal to End Verizon Strike Gives Company Tools to Pare Work Force (NY Times)
Sunday highlights: Verizon's media strategy; Redoing King of Prussia, to some extent
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Verizon’s Multi-Billion-Dollar Play To Take On Netflix, Amazon, Google & Facebook (Fast Company)
Microsoft, SAP seen as possible buyers of Marketo (Silicon Valley Business Journal)
How TD Bank Is Transforming Its Data Infrastructure (Information Week)
Host Analytics – on the growth train (Diginomica)
Partners include QLIK and Dell Boomi.
A $1 billion boom (Philly.com)
Redoing King of Prussia, to some extent.
Philly Tech VentureWatch 5/29/2016: Viridity Energy, HudlHealth, VerbalizeIt, LoanStar
Tom Paine
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Subscribe in a readerPhilly-based Viridity Energy has raised $8.5 million in what it terms a "growth round." The company, which develops software which helps companies and institutions optimize their individual energy grids, has now raised $39 million in VC funding since its 2008 founding, according to CrunchBase. This round was led by its longtime investor AltEnergy, LLC; past investors have included Intel and Matsui.
Viridity provides demand response and demand management software technology and services, along with battery storage solutions, to high energy industrial and services users. Greentech Media does a much better job of describing what Viridity is currently up to than I ever could.
The company is working on construction of an 8.75 MW regenerative braking project with the Southeast Pennsylvania Transit Authority (SEPTA), Constellation, ABB and Saft. The original management team was composed mostly of veterans of Norristown-based PJM InterConnection, which manages the mid-Atlantic grid.
When I first covered Viridity, I wondered about the complexity of the software it was developing. The Greentech Media article mentioned that it had to simplify its stack a couple of years ago because of scaling issues. Viridity's attempt at real time management of some elements of a facility's energy usage could be particularly demanding from a software engineering point of view.
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| Audrey Zibelman / NY PSC Website |
Currently, there is an ongoing federal investigation into the Public Service office, which Politco in an article published Thursday seems to imply involves issues from Zibelman's tenure and could reach the Governor's office. No one has been accused of wrongdoing, Politico notes.
Malvern-based startup HudlHealth announced it is beginning operations.
HudlHealth also announced it had acquired Seratis, a graduate of DreamIt's healthcare incubator, and its "healthcare technology platform for secure messaging and care team transparency."
The primary aim of HudlHealth's platform is to reduce the miscommunication and wasted time prevalent in the healthcare system. From experiences both as a caregiver and patient, I concur that tremendous waste occurs due to lack of schedule coordination, and if HudlHealth can reduce a small portion of that its a worthy goal.
HudlHealth was founded by Robert Burg, who previously helped establish the life sciences business side of online sentiment analyzer Behavior Matrix (Blue Bell). Hudl, by the way, stands for "Healthcare Unified Digital Lifeline."
New York-based Smartling acquired New York-based VerbalizeIt to "expand its multimedia translation capabilities." VerbalizeIt was founded at Wharton, incubated at TechStars, and made an appearance on Shark Tank. Smartling CEO Jack Welde has a computer engineering degree fron Penn. First Round Capital has been an investor in Smartling since its first round. Terms weren't disclosed.
Smartling has raised over $60 million in VC funding.
Conshohocken-based LoanStar, who's President, Craig Haynes, is a TD Bank veteran, is offering a platform which enables banks to expand merchant lending progams, which have suffered since the bank crisis. LoanStar provides a mobile app which merchants can use onsite at the point of sale to seek approval.
Doylestown-based BioClinica may seek sale (Report)
Tom Paine
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Subscribe in a readerDoylestown-based BioClinica's private equity owner is exploring a sale, according to sources cited by Reuters.
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| BioClinica's eHealth unit is located in Audubon |
The clinical trial management services supplier, which was taken private in 2013 by JLL Partners for $123 million, could be valued at as much as $1.3 billion, the sources suggested to Reuters. It has apparently hired investment bank Jefferies LLC to run an auction.
Since going private, BioClinica has made several acquisitions, the most recent being its January acquisition of clinical trial payments specialist Clinverse, which was backed by Edison Partners. BioClinica is reported to have EBITDA (earnings before interest, taxes, depreciation and amortization ) in the $100 million range.
BioClinica was founded in 1990 as Bio-Imaging Technologies and has over 1200 employees, according to its website.
While several firms in the Philly area have one or more of the tools needed for clinical trials, the key to BioClinica's strategy has been to intregrate several of them.
Links 5/27: Latest on Fidelity's eMoney Advisor, Monetate, Dell Boomi
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eMoney Experiencing ‘Explosive’ Growth (Think Advisor)
Fidelity’s Big Bet Unveiled (Financial Advisor)
Apple Proposed Buying Time Warner, May Consider Netflix (Fortune)
Salesforce Partners Surprised By Fast-Moving AWS Relationship, But See Synergies Between The Cloud Vendors (CRN)
Monetate rebuilds (Philly.com)
SAP Partners See Opportunities, Challenges In New HANA Releases (CRN)
Dell Boomi Revamps Online Community for iPaaS, MDM and API Management (Integration Developer News)
Verizon Strike Appears Over; Workers Expected Back Next Week (Investor's Business Daily)
Links 5/26: Google beats Oracle in court; Veeva Systems beating Oracle in another way
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Google Prevails in Copyright Fight Against Oracle (Fortune)
John Bogle says extend 'clients first' fiduciary rule to all investors (MarketWatch)
SAP's Grand Plan to Lead the Digital World (CMS Wire)
Hershey CEO Aims for Greater Transparency and Consumer Trust with SAP S/4HANA, Analytics (ASUG News)
Whitman deletes another chapter in HP history as CSC and ES borg (The Register)
Oracle Rival Veeva Systems Beats Estimates, Lifts Guidance (Investor's Busimss Daily)
Veeva Surges 12% on FYQ1 Beat, Higher Q2 View; Raises Year View
(Barron's Tech Trader Daily)
Salesforce Connections – Oh, the places you (could) go… (Diginomica)
Google goes after Microsoft, Tableau, and others with a new free analytics tool (PCWorld)
Michael Wolff: Why Fat Is the New Skinny (TV Bundle) (Hollywood Reporter)
Comcast promises better service, adding Wi-Fi hotspots in Twin Cities (Minneapolis Star Tribune)
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