With Backing from Leading Investors Clearlake,
Charlesbank and TA, Ivanti Poised to Continue Leadership in IT
Automation and Further Accelerate M&A Strategy
Ivanti, Inc. (“Ivanti”), the automation platform that makes
every IT connection smarter and more secure across devices,
infrastructure and people, today announced that Charlesbank Capital
Partners, LLC (“Charlesbank”) has signed a definitive agreement to
make a strategic investment in the company. Charlesbank, a leading
private investment firm managing more than $8 billion of capital,
will join existing investors Clearlake Capital Group, L.P.
(“Clearlake”) and TA Associates (“TA”) as an institutional
shareholder in Ivanti. Terms of the transaction were not
disclosed.
Ivanti provides solutions that automate IT and security
operations, enabling customers to discover, manage, secure and
service their IT infrastructure from cloud environments to edge
devices. Ivanti’s software is utilized by over 40,000 customers
across various industries and five continents, and its solutions
allow administrators to discover IT assets on-premises, in the
cloud and at the edge; improve IT service delivery; and reduce risk
with insights and automation.
In the past six months, Ivanti completed two transformative
acquisitions of MobileIron and Pulse Secure, strengthening its
Unified Endpoint Management (UEM) and Zero Trust Security
solutions, and announced the planned acquisition of Cherwell
Software, enhancing its IT Service Management (ITSM) and workflow
automation offerings. The recent strategic acquisitions
meaningfully increased Ivanti’s scale and addressable market while
strengthening its product portfolio. The additional capital from
Charlesbank will enable Ivanti to extend its market-leading
position further through product innovation and acquisitions.
Ivanti will continue to be led by CEO and Chairman Jim Schaper and
the current management team.
“Through our partnership with Clearlake and TA, Ivanti has
significantly scaled the business, accelerated revenue growth and
strengthened relationships with an expanding customer base,” said
Mr. Schaper. “We are excited to welcome Charlesbank, an
organization that shares both our values and our commitment to
serving our customers and helping them solve their business
challenges, as we continue innovating and delivering world-class
solutions to enable the everywhere workplace. The unique
combination of Clearlake, TA and now Charlesbank provides Ivanti
with the expertise and capital to accelerate organic growth
complemented with continued strategic acquisitions.”
“Ivanti is extraordinarily well-positioned to provide solutions
that enable organizations to collaborate and innovate freely,” said
Hiren Mankodi and Ryan Carroll, Managing Directors at Charlesbank.
“We were attracted to the company’s leadership track record, vision
and growth, as well as the value that has been created through
recent acquisitions and strategic operational initiatives. We look
forward to partnering with Clearlake, TA and the talented
management team at Ivanti on the next chapter for this exciting
company.”
Behdad Eghbali, Founder and Managing Partner, and Prashant
Mehrotra, Partner, of Clearlake, commented, "Since our initial
investment, Ivanti has significantly scaled its revenue, expanded
its breadth of solutions and strengthened its position in
attractive and rapidly growing markets. With the implementation of
our O.P.S.® approach, Ivanti has accelerated its revenue growth
through both organic and inorganic initiatives. Charlesbank joining
our partnership with TA further supports our original investment
thesis and sponsorship of the management team’s best-in-class
playbook."
“Since partnering with Ivanti in October 2020 alongside
Clearlake, the company has rapidly executed on its growth plan,
announcing three strategic acquisitions, successfully driving
numerous organic initiatives and more than doubling the business,”
said Harry Taylor and Hythem El-Nazer, Managing Directors of TA.
“We believe there remains significant opportunity to drive
additional innovation and growth given the increasing complexity of
IT environments. We are delighted to welcome Charlesbank as a new
investment partner and look forward to continuing to support Ivanti
in its next phase of growth.”
Charlesbank, Clearlake and TA will have equal representation on
the Ivanti Board of Directors. UBS Investment Bank and Citigroup
acted as financial advisors for Ivanti. Citigroup and UBS
Investment Bank also acted as capital markets advisors for Ivanti.
Sidley Austin LLP provided legal counsel for Ivanti, with Ropes and
Gray LLP representing Charlesbank. The transaction is expected to
close in the second quarter of 2021, pending customary regulatory
approvals and closing conditions.
About Ivanti
The Ivanti automation platform makes every IT connection smarter
and more secure across devices, infrastructure and people. From PCs
and mobile devices to virtual desktop infrastructure and the data
center, Ivanti discovers, manages, secures and services IT assets
from cloud to edge in the everywhere enterprise -- while delivering
personalized employee experiences. In the everywhere enterprise,
corporate data flows freely across devices and servers, empowering
workers to be productive wherever and however they work. Ivanti is
headquartered in Salt Lake City, Utah and has offices all over the
world. For more information, visit www.ivanti.com and follow
@GoIvanti.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a
middle-market private investment firm managing more than $8 billion
of capital. Charlesbank focuses on management-led buyouts and
growth capital financings, and also engages in opportunistic credit
and technology investments. The firm seeks to build companies with
sustainable competitive advantage and excellent prospects for
growth. For more information, please visit www.charlesbank.com.
About Clearlake
Clearlake Capital Group, L.P. is an investment firm founded in
2006 operating integrated businesses across private equity, credit
and other related strategies. With a sector-focused approach, the
firm seeks to partner with experienced management teams by
providing patient, long-term capital to dynamic businesses that can
benefit from Clearlake’s operational improvement approach, O.P.S.®
The firm’s core target sectors are technology, industrials and
consumer. Clearlake currently has approximately $30 billion of
assets under management and its senior investment principals have
led or co-led over 300 investments. The firm has offices in Santa
Monica and Dallas. More information is available at
www.clearlake.com and on Twitter @ClearlakeCap.
About TA Associates
TA is a leading global growth private equity firm. Focused on
targeted sectors within five industries – technology, healthcare,
financial services, consumer and business services – the firm
invests in profitable, growing companies with opportunities for
sustained growth, and has invested in more than 500 companies
around the world. Investing as either a majority or minority
investor, TA employs a long-term approach, utilizing its strategic
resources to help management teams build lasting value in high
quality growth companies. TA has raised $33.5 billion in capital
since its founding in 1968 and is committing to new investments at
the pace of over $3 billion per year. The firm’s more than 100
investment professionals are based in Boston, Menlo Park, London,
Mumbai and Hong Kong. More information about TA Associates can be
found at www.ta.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210309005394/en/
For Ivanti: Jenny Pfleiderer Ivanti Senior Lead
Corporate Communications Manager +1 925-878-5655
jenny.pfleiderer@ivanti.com
For Charlesbank Capital Partners: Maura Turner
617-619-5457 mturner@charlesbank.com
For Clearlake: Jennifer Hurson Lambert & Co. +1
845-507-0571 jhurson@lambert.com
For TA Associates: Marcia O’Carroll TA Associates
617-574-6796 mocarroll@ta.com
Philip Nunes BackBay Communications 617-391-0792
phil.nunes@backbaycommunications.com
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