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Orbach Q&A: Strategics, VCs Drive Cloud Tech SurgeMichael Orbach is managing director at Cascadia Capital, a Seattle investment bank that advises on M&A and growth equity financing. Orbach runs the information technology practice at Cascadia. He took some time to speak with me by phone yesterday on the growth of cloud technology.
- Orbach Q&A: Strategics, VCs Drive Cloud Tech Surge
Michael Orbach is managing director at Cascadia Capital, a Seattle investment bank that advises on M&A and growth equity financing. Orbach runs the information technology practice at Cascadia. He took some time to speak with me by phone yesterday on the growth of cloud technology.
- Berkery's Shea Bullish on Information Sector Multiples
Private equity is hot, hot, hot for companies in the information sector. That's according to John Shea, COO of BerkeryNoyes, a New York investment bank which advises on and tracks deals in the information sector. Berkery targets the lower middle market, focusing on deals with a $25 million to $500 million enterprise value. What are information companies? Berkery defines them as a “marketplace of companies focused on the provision, management, or creation of data.” Or, more easily, all internet, media, and software businesses, Shea says.
- Thoma Bravo Promotes a Pair
Private equity firm Thoma Bravo promoted a pair of its principals to partner positions. Seth Boro and Holden Spaht, who each joined the PE firm in San Francisco in 2005 as vice presidents and were each promoted to principal roles two years later, have been named partner.
- Thoma Bravo Buys Manatron for International Land Systems
Thoma Bravo, the Chicago-based private equity firm, acquired Manatron Inc., a property tax and records management software data system based in Michigan to integrated into its International Land Systems asset. Based in Maryland, International Land Systems will integrate Manatron International into its platform as a separate division. Terms of the deal were not specified.
- Thoma Bravo Closes Buy of UPS's Logistics Technologies unit
Thoma Bravo, a San Francisco PE firm, has completed its acquisition of the logistics technologies unit of UPS. Financial terms weren't disclosed. The logistics technologies unit, based in Baltimore, Md., creates high-tech transportation routing and fleet management systems. Thoma Bravo has renamed the company Roadnet Technologies.
- Fundraising is Hard But Don't Tell That To JMI Equity
Fundraising has been difficult this year for many PE firms. Just don’t tell that to JMI Equity, which just closed its seventh fund at $875 million. JMI, which is based in Baltimore and San Diego, started marketing its newest pool in May and held a first close in July. At that time, JMI Equity Fund VII LP stood at $600 million. A final close occurred earlier this month with the pool topping its initial target of $800 million. JMI didn’t use a placement agent. Rufus King of Goodwin Procter was their attorney. The hard fundraising market didn't cause JMI to blink, says Harry Gruner, JMI’s co-founder and managing general partner. JMI’s decision to go out in May was part of the firm’s natural investment fundraising cycle, he says. Many firms typically start marketing for a new pool when their current fund is about three fourths invested. The firm's last fund, JMI Equity Fund VI LP, raised $600 million in 2007 and is about 80% invested, he says.