The private equity world has been buzzing with activity in 2024, providing an alternative source of liquidity for technology startups and scale-ups looking for an exit. One notable deal was EQT’s acquisition of a majority stake in cybersecurity firm Acronis for around $4 billion. EQT also made a move to pick up enterprise middleware company WSO2 for $600 million.
Private equity firms have also been active in the public markets, with 97 take-private deals taking place so far in 2024. Of these deals, 46 were in the technology sector. TechCrunch has highlighted some of the major acquisitions in the tech space valued at $1 billion or more:
1. Adevinta: Norwegian media group Schibsted spun out Adevinta as a stand-alone business in 2019. Private equity firms Permira and Blackstone led a consortium to take Adevinta private in a $13 billion deal.
2. Smartsheet: Enterprise software company Smartsheet is being taken private by Vista Equity Partners and Blackstone in an $8.4 billion deal. The acquisition is expected to conclude by January 31, 2025.
3. Squarespace: U.K.-based private equity firm Permira announced plans to acquire website builder Squarespace in a $6.9 billion deal, expected to close in Q4 2024.
4. Nuvei: Canadian fintech Nuvei entered into an agreement to be taken private by Advent International in a $6.3 billion deal, expected to close in late 2024 or early 2025.
5. PowerSchool: K-12 education software provider PowerSchool is being taken private by Bain Capital in a $5.6 billion transaction expected to conclude in the second half of 2024.
6. Darktrace: U.K. cybersecurity giant Darktrace is set to go private in a $5.3 billion deal led by private equity giant Thoma Bravo, expected to close by the end of 2024.
7. Instructure: Educational technology company Instructure is being taken private by KKR in a $4.8 billion deal expected to close in late 2024.
8. Alteryx: Data analytics software provider Alteryx was taken private in a $4.4 billion deal by Clearlake Capital Group and Insight Partners, with the transaction closing in March this year.
9. EngageSmart: Vista Equity Partners acquired customer engagement software provider EngageSmart in a $4 billion deal, which closed in January.
10. Rover: Pet-sitting marketplace Rover was acquired by Blackstone for $2.3 billion, in a deal that closed in February.
11. Everbridge: Critical event management software company Everbridge was acquired by Thoma Bravo for $1.8 billion, with the transaction closing in July.
12. Kahoot: Gamified e-learning platform Kahoot was acquired by a consortium led by Goldman Sachs Asset Management for $1.7 billion, with the deal closing in January.
13. Model N: Pricing, incentives, and compliance automation platform Model N was taken private by Vista Equity Partners in a $1.25 billion deal that concluded in June 2024.
These acquisitions showcase the vibrant activity in the tech PE space, with private equity firms making significant moves to reshape and revitalize various technology companies.
