pitchbook.com
Open in
urlscan Pro
34.110.234.203
Public Scan
Submitted URL: https://url6380.news.pitchbook.com/ls/click?upn=-2B0Jlug6i80mluh5Xp2-2BZsfdSR-2BbC0M2D2Pkba6hdCewIL8Cy8hmrlGmVu-2FnsxnE3G-2FHVqijfN...
Effective URL: https://pitchbook.com/news/articles/private-equity-software-saas-blackstone
Submission: On April 13 via api from US — Scanned from DE
Effective URL: https://pitchbook.com/news/articles/private-equity-software-saas-blackstone
Submission: On April 13 via api from US — Scanned from DE
Form analysis 3 forms found in the DOM
<form class="top-menu-search search-form search-form_focused float-right-XL align-right" role="search" __bizdiag="863383717" __biza="WJ__">
<input type="text" name="query" maxlength="200" aria-label="Search" class="search-form__input" placeholder="Search">
<input type="hidden" name="refType" value="NA">
<button type="submit" aria-label="Search button" class="btn-search search-form__submit"></button>
</form><form id="comment-form" class="validated-form comment-form clearfix px-xl-30 pb-xl-30 mt-xl-30 mb-m-50" autocomplete="off" data-validated-form="" data-ajax-form="" novalidate="novalidate" __bizdiag="-105318708" __biza="WJV_">
<input type="hidden" name="itemUrl" value="private-equity-software-saas-blackstone">
<input type="hidden" name="contentType" value="article">
<label>
<p class="text-small">Name</p>
<input name="authorName" type="text" maxlength="200" data-rule-required="true" data-rule-custom-name="true" data-save="full-name">
</label>
<label>
<p class="text-small">Business email</p>
<input name="authorEmail" type="text" maxlength="200" data-rule-required="true" data-rule-custom-email="true" data-save="email">
</label>
<label class="optional">
<p class="text-small">Website <span class="optional-label"> (Optional)</span></p>
<input name="authorWebsite" type="text" maxlength="200" data-save="website">
</label>
<label>
<p class="text-small">Comment</p>
<textarea name="content" data-rule-required="true"></textarea>
</label>
<div class="re-captcha">
<div style="width: 304px; height: 78px;">
<div><iframe title="reCAPTCHA"
src="https://www.google.com/recaptcha/api2/anchor?ar=1&k=6LfrvxUTAAAAAGN6l9psIK7yoGOSnL09yd7n8ee1&co=aHR0cHM6Ly9waXRjaGJvb2suY29tOjQ0Mw..&hl=de&v=6MY32oPwFCn9SUKWt8czDsDw&size=normal&cb=nua2se7ssmzr" width="304"
height="78" role="presentation" name="a-n9qyefdf99vz" frameborder="0" scrolling="no" sandbox="allow-forms allow-popups allow-same-origin allow-scripts allow-top-navigation allow-modals allow-popups-to-escape-sandbox"
data-gtm-yt-inspected-11="true"></iframe></div><textarea id="g-recaptcha-response" name="g-recaptcha-response" class="g-recaptcha-response"
style="width: 250px; height: 40px; border: 1px solid rgb(193, 193, 193); margin: 10px 25px; padding: 0px; resize: none; display: none;"></textarea>
</div>
</div>
<div class="mt-xl-30 mt-s-20" data-submit-container="">
<input type="submit" value="Submit" class="XS-12 btn btn-primary btn-primary_teal">
</div>
</form>POST /subscribe
<form class="na-subscribe-form with-required-fields validated-form full-width max-width-100 px-xl-0" action="/subscribe" method="POST" id="subscribe-form" autocomplete="off" data-validated-form="" data-ajax-form="" novalidate="novalidate"
__bizdiag="1395837824" __biza="WJV_">
<div class="flex-container flex-wrap flex-justify-between">
<label class="na-subscribe-form__item">
<p>First name</p>
<input name="FirstName" type="text" maxlength="50" data-rule-required="true" data-rule-custom-name="true" data-save="first-name">
</label>
<label class="na-subscribe-form__item">
<p>Last name</p>
<input name="LastName" type="text" maxlength="50" data-rule-required="true" data-rule-custom-name="true" data-save="last-name">
</label>
</div>
<label>
<p>Business email</p>
<input name="Email" type="text" maxlength="200" data-rule-required="true" data-rule-custom-email="true" data-save="email">
</label>
<div class="agree-block shift-top-XL-25">
<label class="custom-checkbox pl-xl-20 mt-xl-20" data-tab="">
<input tabindex="-1" id="agree" name="agree" type="checkbox" data-rule-required="true" class="custom-checkbox__input">
<span tabindex="0" class="custom-checkbox__icon icon-check" data-tab-trigger=""></span>
<p class="element-description agree-block_description mb-xl-10"> I agree to receive PitchBook Data's electronic newsletters, updates, promotions and related messages regarding PitchBook Data's products. </p>
</label>
<p class="element-description agree-block_description mb-xl-0 pl-xl-20"> You can unsubscribe at any time by clicking on the unsubscribe link at the bottom of our emails. Please refer to our
<a href="/privacy-policy" target="_blank" class="agree-block__link underline-primary">privacy policy</a> or <a class="underline-primary agree-block__link" href="/contact" target="_blank">contact
us</a> for more details. </p>
</div>
<div class="re-captcha">
<div style="width: 304px; height: 78px;">
<div><iframe title="reCAPTCHA"
src="https://www.google.com/recaptcha/api2/anchor?ar=1&k=6LfrvxUTAAAAAGN6l9psIK7yoGOSnL09yd7n8ee1&co=aHR0cHM6Ly9waXRjaGJvb2suY29tOjQ0Mw..&hl=de&v=6MY32oPwFCn9SUKWt8czDsDw&size=normal&cb=rblgnd9e23cm" width="304"
height="78" role="presentation" name="a-tir53yexcf00" frameborder="0" scrolling="no" sandbox="allow-forms allow-popups allow-same-origin allow-scripts allow-top-navigation allow-modals allow-popups-to-escape-sandbox"
data-gtm-yt-inspected-11="true"></iframe></div><textarea id="g-recaptcha-response-1" name="g-recaptcha-response" class="g-recaptcha-response"
style="width: 250px; height: 40px; border: 1px solid rgb(193, 193, 193); margin: 10px 25px; padding: 0px; resize: none; display: none;"></textarea>
</div><iframe style="display: none;" data-gtm-yt-inspected-11="true"></iframe>
</div>
<div class="mt-xl-20" id="submitContainer">
<input type="submit" value="Subscribe" class="btn btn-primary btn-primary_orange btn-block-S">
</div>
<input type="hidden" name="formid" value="2820">
<input type="hidden" name="lpId" value="1246">
<input type="hidden" name="leadSource" value="Newsletter Subscribe">
<input type="hidden" name="_mkt_trk" value="id:942-MYM-356&token:_mch-pitchbook.com-1681365221667-84629">
<input type="hidden" name="formURL" id="formURL" value="https://pitchbook.com/news/articles/private-equity-software-saas-blackstone">
<input type="hidden" name="zoominfo_Company__c" id="zoominfo_Company__c" value="">
<input type="hidden" name="zoominfo_Title__c" id="zoominfo_Title__c" value="">
<input type="hidden" name="zoominfo_CompanyPhone__c" id="zoominfo_CompanyPhone__c" value="">
<input type="hidden" name="zoominfo_DirectPhone__c" id="zoominfo_DirectPhone__c" value="">
<input type="hidden" name="zoominfo_MobilePhone__c" id="zoominfo_MobilePhone__c" value="">
<input type="hidden" name="Zoominfo_PersonCountry__c" id="zoominfo_PersonCountry__c" value="">
<input type="hidden" name="Zoominfo_CompanyCountry__c" id="zoominfo_CompanyCountry__c" value=""><input type="hidden" id="Google_Click_ID__c" name="Google_Click_ID__c" value="">
</form>Text Content
* Request a free trial Log in * Products * Solutions * Data * News & Analysis * About * Blog Log in Request a free trial NEWS & ANALYSIS driven by the PitchBook Platform Articles Research Center All articles All * Europe * Venture capital * Private equity * M&A * Tech * Leveraged loans Research Center Subscribe Public-to-Private HOT SOFTWARE TAKE-PRIVATES ARE LOW ON LEVERAGE By Emily Burleson March 23, 2023 * Share: * * * * In the midst of a crisis in the banking sector, investors pulled off a string of high-profile deals worth a combined $18.5 billion to take several publicly traded software names private. The series of buyouts underscore the growing importance of the two key trends in the current dealmaking landscape: a decrease in the use of debt for financing and the growing importance of the take-private strategy in a time of sharply higher interest rates. Tech-focused PE investors like Silver Lake along with more generalist GPs like Blackstone have built up a rising tide of software take-private deals in the first quarter of 2023. Software-take private deals have made up more than one-third of all public-to-private buyouts so far in 2023, PitchBook reported earlier this month. A trio of deals announced last week that used lower-than-usual amounts of leverage illustrates the trend. The buyout firms financed these big take-privates with a debt ratio of only 9-50%, below the typical range of 60-80%, Reuters reported. SAP agreed on March 12 to sell its majority stake in analytics company Qualtrics to Silver Lake and the Canada Pension Plan Investment Board for about $12.4 billion. The firms' offer was announced in early March. The Qualtrics deal came together with a tiny debt ratio. Silver Lake said it obtained a $1 billion credit facility and a $1.75 billion equity commitment from CCP Investments to fund the acquisition, with the rest of the capital drawn from its LPs. On March 13, Symphony Technology Group announced a plan to buy out Momentive Global, which runs SurveyMonkey, for roughly $1.5 billion. The investor received a $450 million debt commitment from Silver Point and plans to fund the remaining $1.17 billion through equity, according to a filing with the Securities and Exchange Commission. One day after the Momentive deal, Blackstone agreed to buy event-planning platform Cvent from Vista Equity Partners and other shareholders in a $4.6 billion take-private deal. In addition to its own equity contribution, Blackstone secured a $1 billion loan to acquire Cvent and looped in the Abu Dhabi Investment Authority as a minority investor to help cover the rest, the firm said. Current majority owner Vista Equity Partners is also staying on in some capacity. Cvent would mark Blackstone's biggest software acquisition since buying out Quality Technology Services in August 2021, according to PitchBook data. It's part of Blackstone's late-winter software buyout tear. Cvent is one of three software companies that Blackstone this year has purchased or said it plans to buy out, already matching the total number of software buyouts the firm announced in 2022. In February, Blackstone's advertising automation specialist Simpli.fi agreed to acquire Bidtellect, a demand-side advertising platform. Last week, Blackstone-owned music-rights organization SESAC acquired AudioSalad, a metadata and digital media platform for the music industry. Financial terms of those deals were withheld. Blackstone didn't respond to a request for comment. Featured image by Matej Kastelic/Shutterstock An earlier version of this post included an incorrect year for the time period covered. The data covers the first quarter of 2023. * Share: * * * * Tags: * Public-to-Private * Private Equity * Software COMMENTS: Leave a comment Name Business email Website (Optional) Comment THANKS FOR COMMENTING Our team will review your remarks prior to publishing. Please check back soon to see them live. Join the more than 1.5 million industry professionals who get our daily newsletter! First name Last name Business email I agree to receive PitchBook Data's electronic newsletters, updates, promotions and related messages regarding PitchBook Data's products. You can unsubscribe at any time by clicking on the unsubscribe link at the bottom of our emails. Please refer to our privacy policy or contact us for more details. RELATED CONTENT Private Equity Nearly half of PE firms, portfolio companies doubt current management in survey March 30, 2023 Only a slight majority of PE firms and portcos believe they have the right executives in place. That's a problem when your returns hinge on great leadership. Public-to-Private Troubled Toshiba agrees to record $15B+ PE take-private March 23, 2023 The troubled Japanese conglomerate has accepted a $15 billion takeover offer from Japan Industrial partners—the country's biggest-ever PE-backed take-private. Buyouts Banking crisis puts pressure on PE money supply March 22, 2023 The banking crisis is set to perpetuate private equity firms financing challenges as more traditional lenders withdraw from the market. Load more Products * PitchBook Desktop * PitchBook Mobile * CRM Integration * Excel Plugin * Chrome Extension * Direct Data * Institutional Research Group * Morningstar Institutional Equity Research * Product Releases PitchBook for * Private Market Valuations * Venture Capital * Private Equity * Hedge Funds * Startups Profile Previews Solutions * Private Market Intel * Fundraising * Deal Sourcing * Due Diligence * Business Development * Networking * Deal Execution * Benchmarking * Asset Allocation Blog Webinars Video Library Data * Companies * Investors * Deals * M&A * Limited Partners * Funds * Financials * Advisors * Professionals * Debt * Lenders * Data Operations Leveraged Commentary and Data News & analysis * Reports * Newsletter * Advertise * Research & Analysis Team About * Customer Success * Client Testimonials * What Sets Us Apart * Press Inquiries * Partnerships * Careers Follow us * * * * * US Headquarters * +1 (206) 623.1986 * 901 Fifth Avenue * Suite 1200 * Seattle, WA 98164 European Headquarters * +44 (0) 20 8037.2308 * 1st Floor Saffron House * 6-10 Kirby Street * London EC1N 8TS * United Kingdom Asia-Pacific Headquarters * 80 Raffles Place * #41-01 UOB Plaza 1 * Singapore 048624 Contact Us * info@pitchbook.com * Request Research * Profile Request * Deal Submission * GDPR Compliance Follow us * * * * * © 2023 PitchBook. Win what’s next. All rights reserved. * Terms of Use * Privacy Policy We need your consent to proceed to PitchBook Our site uses cookies and other technologies to improve your experience and understand how you and other visitors use our site. You can configure your preferences at any time using the cookie policy tool. When you access our site, the companies listed in our cookie policy will use cookies on our site. Agree and Enter Close ✖