Barracuda Networks, KKR and Thoma Bravo | August 18, 2022
KKR, a leading global investment firm, and Barracuda Networks, Inc. (“Barracuda” or the “Company”) a leading provider of cloud-first security solutions, today announced that KKR’s investment funds have completed an acquisition of Barracuda from Thoma Bravo, a leading software investment firm. Financial terms of the transaction were not disclosed.
Barracuda is a cloud-first provider of cybersecurity solutions for small and medium sized enterprises (SMEs). More than 200,000 customers worldwide count on Barracuda to protect their email, networks, applications, and data.
“We’re ready to deliver on our next phase of growth with KKR and remain dedicated to investing in our team and product portfolio to provide innovative cybersecurity solutions for our customers and partners, We‘re grateful to Thoma Bravo for their valuable strategic and operational support over the last four years.”
-Hatem Naguib, CEO of Barracuda
We are excited to complete this transaction and begin working with the Barracuda team to support their continued growth and delivery of next generation cloud-first cybersecurity solutions that protect SMEs from an evolving landscape of threats, said John Park, a Partner at KKR.
Barracuda has been a tremendous partner over the last four years and has experienced strong product, customer and revenue growth, We have enjoyed working closely with Hatem and his team through multiple acquisitions and operational improvements, and we are confident that the company is well-positioned for continued success,said Chip Virnig, a Partner at Thoma Bravo.
J.P. Morgan served as exclusive financial advisor to Thoma Bravo and Barracuda. Kirkland & Ellis LLP served as legal counsel to Thoma Bravo and Barracuda. Simpson Thacher & Bartlett LLP served as legal counsel to KKR. Guggenheim Securities, DBO Partners and Barclays served as financial advisors to KKR.
About Barracuda Networks
At Barracuda we strive to make the world a safer place. We believe every business deserves access to cloud-first, enterprise-grade security solutions that are easy to buy, deploy, and use. We protect email, networks, data, and applications with innovative solutions that grow and adapt with our customers' journey. More than 200,000 organizations worldwide trust Barracuda to protect them – in ways they may not even know they are at risk — so they can focus on taking their business to the next level.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.
About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $114 billion in assets under management as of March 31, 2022. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 380 companies representing over $190 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco.
FINANCIAL MANAGEMENT,INVESTMENT MANAGEMENT
Miracle Mile Advisors, Karp Capital Management and Corsair | September 17, 2022
Miracle Mile Advisors and Karp Capital Management announced today that they intend to combine, creating an award-winning, national wealth advisory firm with over $4 billion in assets under management serving clients from five main offices. In conjunction with the transaction, the combined company will receive a significant investment from Corsair Capital, a leading private equity firm in the financial and business services industries. The combination and subsequent Corsair investment is expected to be completed in November 2022, subject to customary closing conditions.
Karp Capital is a wealth management firm based in the San Francisco Bay area, with over $1.2 billion in client assets. Peter Karp founded Karp Capital in 2004 as an independent alternative to larger brokerage firms, providing sophisticated financial planning, investment advice, and retirement services to high-net-worth individuals and business owners with a specific expertise in the automotive sector.
“Miracle Mile and Karp Capital coming together is a unique partnership. We share a strong cultural alignment and dedication to providing clients with highly customized, fiduciary advice. Our focus on providing wealth management services to the automotive, RV, and powersports spaces complement Miracle Mile’s broad foundation in advanced financial planning and wealth advisory services,”
- Peter Karp
Miracle Mile is a national, award-winning wealth advisor headquartered in Los Angeles, with offices in New York, Chicago and Portland. Founded in 2007, Miracle Mile provides clients with highly-customized financial advice across all aspects of their balance sheet. Miracle Mile is consistently ranked as one of the Top 50 Fastest Growing RIAs nationally, one of the Best Places to Work for financial advisors, and has multiple Forbes and Barron’s top-ranked advisors.
We are fortunate to have developed an amazing culture and growth track record that has attracted some of the best and brightest advisory teams in the industry, and the addition of Karp Capital is a perfect example. As we scale the combined firm and enhance the service offering to our clients, we have found an incredible partner in Corsair. Their deep industry expertise and network will be instrumental in our future success, With our combined capabilities, we believe we can offer a differentiated partnership, culture, and set of resources to other wealth management firms looking to grow and thrive,said Duncan Rolph, Managing Partner.
Corsair expects to leverage its deep fintech and wealth management expertise to support Miracle Mile, as it accelerates the growth trajectory, enhances the client experience, and builds on its history of successful acquisitions and partnerships. Corsair’s investment in Miracle Mile expands on its successful track record of investing in the asset and wealth management sector.
We have been looking at the wealth advisory space for several years, trying to find the right platform company we found it in Miracle Mile. Their unwavering commitment to clients, incredible management team, market-leading growth, and award-winning culture makes the newly combined firm a perfect fit, said Gunnar Overstrom, a partner at Corsair. Tony Ling, a managing director at Corsair, added Miracle Mile is uniquely positioned as an ideal partner for high-growth advisors and their clientele.
The Asset & Wealth Management Investment Banking team of Raymond James served as financial advisor to Miracle Mile and Karp Capital on the combination and recapitalization, Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to Miracle Mile and Venable LLP served as legal counsel to Karp Capital. Simpson Thacher & Bartlett LLP served as legal counsel and Ardea Partners LP and Waller Helms Advisors served as financial advisor to Corsair Capital.
About Miracle Mile Advisors
Miracle Mile Advisors is a registered investment advisor committed to providing dynamic financial planning and custom investment management to high-net-worth individuals, families, business owners and institutions. Miracle Mile’s advisors integrate clients’ ambitions with best-in-class guidance, advice, and technology, and have been recognized across leading industry awards such as Barron’s, Financial Times, Forbes, Inc., and InvestmentNews.
About Karp Capital Management
Karp Capital Management is a registered investment advisor serving as a trusted partner for highly successful individuals, businesses, and families. Karp Capital simplifies the complexity in the financial lives of their clients and integrates clients’ entire wealth picture with their long-term aspirations so that they are confident about achieving what is important to them.
Corsair is a global specialist investment firm offering opportunities for investors and solutions for companies across financial & business services and infrastructure. The firm has almost three decades of experience partnering with businesses at the crossroads of technology transformation and financial services complexity and established its complementary infrastructure investment practice in 2015. Corsair has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception.
Avalara | August 09, 2022
Avalara, Inc., a leading provider of tax compliance automation for businesses of all sizes, today announced it has entered into a definitive agreement to be acquired by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, in partnership with institutional co-investors.
Under the terms of the agreement, Vista will acquire all outstanding shares of Avalara common stock for $93.50 per share in an all-cash transaction valued at $8.4 billion, inclusive of Avalara’s net debt. The per share purchase price represents a premium of 27 percent over the Company’s closing share price as of July 6, 2022, the last trading day prior to media reports regarding a potential transaction.
Founded in 2004, Avalara’s success is built up on an extensive partner network; large tax content data and repository to help customers stay up to date on dynamic tax rules and regulations; and its cloud-native, end-to-end multi-product tax compliance portfolio. In partnering with Vista, Avalara will look to build on its successful platform by refining its go-to-market strategy, expanding its international workforce, streamlining its systems architecture, and continuing to pursue value-accretive M&A opportunities.
"For nearly two decades, Avalara has ambitiously pursued its vision to automate global compliance, making tax less taxing for businesses and governments around the world. As a leader in this category, we believe our continued investment in innovation and experience is exciting for our customers, partners, and employees. We are pleased to partner with Vista and will benefit from their expertise in enterprise software as we build and improve upon our cloud compliance platform.”
- Scott McFarlane, co-founder and CEO of Avalara
Vista has built a reputation as a preferred partner for founder-led, next-generation software companies, We look forward to working with Scott and the entire Avalara team to advance their vision and continue delivering innovative solutions to customers,said Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director.
Avalara is a mission-critical platform serving customers in a variety of end-markets, including retail, manufacturing, hospitality, and software, Avalara’s solutions, its commitment to product innovation, and its network of extensive partner integrations, resellers, and accountants make it a true leader in the space,said Adrian Alonso, Managing Director at Vista.
The transaction, which was unanimously approved by the Avalara Board of Directors, is expected to close in the second half of 2022, subject to customary closing conditions, including approval by Avalara shareholders and receipt of regulatory approval. Closing of the transaction is not subject to a financing condition.
Upon completion of the transaction, Avalara’s shares will no longer trade on the New York Stock Exchange, and Avalara will become a private company. The company will continue to operate under the Avalara name and brand.
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Avalara, and Simpson Thacher & Bartlett LLP and Perkins Coie LLP are acting as legal counsel.
Kirkland & Ellis LLP is acting as legal counsel for Vista.
Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Brazil, Europe, and India. More information at avalara.com.
About Vista Equity Partners
Vista is a leading global investment firm with $96 billion in assets under management as of March 31, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity.
Aktia | September 06, 2022
Aktia Launches Rare Dark Green Corporate Bond Fund. In addition to long-term financial returns, the UI-Aktia Sustainable Corporate Bond aims to achieve significant social and environmental benefits by investing in European sustainable development bonds. Initially, the fund will be available to both domestic and foreign professional institutional investors, but it will made available to retail investors as well at a later stage.
Aktia has launched the new UI-Aktia Sustainable Corporate Bond fund on 1 September 2022. It is classified as a so-called dark green fund in accordance with Article 9 of the EU Sustainable Finance Disclosure Regulation. The fund invests only in green, social, and responsible bonds as well as sustainability-linked bonds (SLB), and each investment object is also required to have a positive net impact, considering, for example, the impact on society and the environment.
In assessing the sustainability of investment objects the corporate bond fund uses, for example, the ISS ESG climate risk analysis as well as company-specific ESG assessments and analyses. Aktia also utilises ESG data produced by Morningstar (Sustainalytics). The investment objects’ net impact on the social and ecological environment are continuously analysed and reported through the AI-based impact tool developed by the Finnish Upright Project.
“Aktia has been carrying out portfolio management that takes sustainable development into account for a long time, and we have been reporting on the impact profiles of our equity and corporate bond funds via Upright’s tool since 2019. However, there is a growing demand on the market for investment products with clearly measurable sustainability impacts. It is great to be involved in the creation of this dark green corporate bond fund, which is still rare even in Europe, and where investment objects do not only comply with the sustainable development objects but also generate significant social or environmental benefits,”
- Jonne Sandström, Portfolio Manager of the new fund
UI-Aktia Sustainable Corporate Bond will initially be available to professional institutional investors, but the objective is to make the fund available to retail investors at a later stage. The fund is also sold to professional institutional investors internationally through Universal-Investment-Luxembourg S.A., Aktia's fund distribution partner in Europe. In Finland, the pension insurance company Veritas has entered the fund as a seed investor with EUR 20 million.
As a pension investor, it is important for us to invest responsibly but without compromising returns. This fund combines the skills of experienced portfolio managers and the innovative mindset of a startup – and it does all this with domestic expertise. We want to support concrete actions to promote sustainability, says Ville Iso-Mustajärvi, Portfolio Manager at Veritas.
While UI-Aktia Sustainable Corporate Bond primarily invests in investment grade bonds, it can diversify up to 20% of its investments to high yield bonds with a rating of at least BB -. An exception to this is unrated bonds, in which up to 3% of the fund can be invested. The largest individual sectors for the fund's investments are financial services and utilities, with a wide company-level diversification. Regarding sustainable corporate bond categories, the majority of investments are directed towards green bonds.
Aktia has taken ESG issues into account for a long time in its investment activities. The company also systematically develops its climate strategy published in 2021. As part of its climate strategy, Aktia joined the international Net Zero Asset Managers initiative at the end of 2021. The initiative in support of emission restrictions, which has become a financial standard, offers more concrete tools for sustainability work. Aktia has also participated in CDP’s Non-Disclosure Campaign and the CDP-led Science Based Targets project. Moreover, Aktia reports annually on climate change in the CDP portal. In 2021, Aktia became a public supporter of TFCD (Task Force on Climate-related Financial Disclosures) and reports in accordance with these recommendations. As an indication of Aktia's expertise in financial management, Morningstar awarded Aktia as Finland's best fund house in February 2022. Aktia won the award as the best fixed income fund house for the eighth time.