Clearlake Capital Buys Data Protection Software Provider from Thoma Bravo
Private equity firm Clearlake Capital Group LP. will buy Vision Solutions Inc., a data protection software developer from Thoma Bravo LLC.
Terms of the deal were not disclosed, and the transaction is expected to close in the second quarter. Vision Solutions, based in Irvine, California, provides data centers with software solutions for protecting and migrating data, applications and systems of enterprises to the cloud. The firm has about 12,000 customers in more than 70 countries, including Fortune 500 companies.
Clearlake Capital, based in Santa Monica, California, targets companies in industrials, energy and power, technology, communications, business services, and consumer products and services sectors. The PE firm has more than $3.5 billion under management.
Clearlake managing partner Behdad Eghbali says the firm will work with Vision Solutions’ management to build out its Vision Power Systems and Double-Take Software businesses. Vision Solutions CEO Nicolaas Vlok says he plans to “aggressively pursue growth and evaluate M&A opportunities” with Clearlake’s backing.
Vision Solutions is valued by its customers for being platform agnostic, with software for almost every hybrid IT setup, says Prashant Mehrotra, Clearlake partner, including IBM Power Systems, Windows and Linux platforms.
Clearlake’s financial advisers on the deal include UBS Investment Bank, Evercore Partners Inc. (NYSE: EVR) and Foros. For Vision Solutions and Thoma Bravo, Jefferies LLC was the financial adviser. Kirkland & Ellis was legal adviser for Thoma Bravo. Antares Capital is providing a fully underwritten facility for the deal and will act as administrative agent. Clearlake’s Eghbali, Mehrotra, and Paul Huber will join Vision’s board of directors.
Thomas Bravo’s recent exits from investments have included two deals in 2015: its sale of Embarcadero Technologies Inc., a maker of data-system-design software, to Idera Inc., provider of server-monitoring technology in 2015 and Kelso & Co. completed the acquisition of information technology company Sirius Computer Solutions Inc.
Thoma Bravo also made acquisitions in 2015, including partnering with PE firm Silver Lake Partners in 2015 to buy software developer SolarWinds Inc. (NYSE: SWI) for $4.5 billion and one of its portfolio companies, Hyland Software Inc., announced plans to acquire LawLogix Group Inc. from PNC Riverarch Capital and Akoya Capital Partners. Thoma Bravo won Mergers & Acquisitions’ 2014 M&A Mid-Market Award for Deal of the Year.
Clearlake’s recent deals include a stake in snacks company That’s How We Roll LLC, in March, through its Better For You Holdings and its purchase of CNI Enterprises Inc., a manufacturer of interior car trim products in 2015.
Several data-protection-related deals have been announced lately, including TA Associates announcing in January that it would buy backup software provider StorageCraft Technology Corp. for $187 million Corp. and SuperCom (Nasdaq: SPCB), solutions will acquire Safend Ltd., a data theft protection software provider.