Clearlake Capital Group LP has reached a deal to acquire NetDocuments, a cloud-based document management service provider, for an undisclosed amount. Clearlake’s investment will support the target’s product development initiatives and sales strategy.
NetDocuments, founded in 1999, has developed software for the legal industry to handle manage documents and emails. The target’s software combines security, mobility, disaster recovery, and collaboration capabilities for legal professionals. Orem, Utah-based NetDocuments is used in approximately 140 countries, by companies such as: Quicken Loans, Dorsey & Whitney LLP, and Nelson Mullins Riley & Scarborough. William Blair & Company LLC is serving as financial adviser to NetDocuments.
Clearlake is a middle-market private equity firm based in Santa Monica, California. The special situations investment firm targets a variety of sectors, including: technology, communications and business services, industrials, energy and power, and consumer products and services. The firm has nearly $3.5 billion in assets under management. Clearlake recently purchased data protection software provider Vision Solutions Inc. from Thoma Bravo LLC.
Deals for software-as-a-service (SaaS) companies are expected to soar throughout 2017, according to Mergers & Acquisitions’ Mid-Market Pulse (MMP). Recent SaaS deals include: Bregal Sagemount’s investment in Internet access provider Single Digits Inc.; Salesforce.com’s purchase of cloud-commerce services distributor Demandware Inc. (NYSE: DWRE); Thoma Bravo’s purchase of enterprise software developer Qlik Technologies Inc. and the firm's deal to acquire software maker Planview; Syncsort Inc.’s agreement to purchase data integration software developer Trillium Software ; and Dun & Bradstreet Corp.’s (NYSE: DNB) acquisition of sales data provider Avention.