ABCDEFGHIJKLMNOPQRSTUVWX
1
All Tracked Software M&A Deals in 2023
2
CompaniesEmployeesDeal DateDeal Size% AcquiredBuyerDescriptionCurrent Financing StatusUniverseCEO (at time of deal)Raised to DateDeal SynopsisInvestorsInvestors WebsitesSellersRevenueEBITDAHQ LocationCompany Country/TerritoryService Providers (Sell-side Intermediaries)Service Providers (Buy-side)Service Providers (Sell-side)Post ValuationCompany Website
3
VMware38,30022-Nov-202389,000.00100.00%Broadcom
VMware is an industry titan in virtualizing IT infrastructure and became a stand-alone entity after spinning off from Dell Technologies in November 2021. The software provider operates in three segments: licenses; subscriptions and software as a service; and services. VMware's solutions are used across IT infrastructure, application development, and cybersecurity teams, and the company takes a neutral approach to being the cohesion between cloud environments. The Palo Alto, California, firm operates and sells on a global scale, with about half its revenue from the United States, through direct sales, distributors, and partnerships.
Formerly VC-backed
Debt Financed, Private Equity, Publicly Listed, Venture Capital
Rangarajan Raghuram7,272.87
The company was acquired by Broadcom (General Purpose Semiconductors) (NAS: AVGO) for $89 billion on November 22, 2023. The acquisition enables Broadcom's global enterprise clients to adopt private and hybrid cloud environments while making them more secure. American Stock Transfer & Trust Company has advised on the deal.
Broadcom (General Purpose Semiconductors) (NAS: AVGO) (Hock Tan)
Broadcom (General Purpose Semiconductors) (NAS: AVGO) (www.broadcom.com)
Dell Technologies, Silver Lake
13,611.003,473.00Palo Alto, CAUnited States
American Stock Transfer & Trust Company (Advisor: General to Company), Santander Corporate & Investment Banking (Advisor: General to Company), The Goldman Sachs Group (Advisor: General to Company, Stephan Feldgoise)
Bank of America (Advisor: General to Broadcom (General Purpose Semiconductors)), Barclays (Advisor: General to Broadcom (General Purpose Semiconductors)), Barclays Investment Bank (Advisor: General to Broadcom (General Purpose Semiconductors), Gary Posternack), BofA Securities (Advisor: General to Broadcom (General Purpose Semiconductors), Kevin Brunner), Brunswick Group (Advisor: General to Broadcom (General Purpose Semiconductors), Simon Sporborg), Cahill Gordon & Reindel (Legal Advisor to Broadcom (General Purpose Semiconductors), William Hartnett JD), Citigroup (Advisor: General to Broadcom (General Purpose Semiconductors), Tyler Dickson), Citigroup Global Markets (Advisor: General to Broadcom (General Purpose Semiconductors)), Cleary Gottlieb Steen & Hamilton (Legal Advisor to Broadcom (General Purpose Semiconductors), George Cary JD), Credit Suisse (Advisor: General to Broadcom (General Purpose Semiconductors), David Wah JD), Credit Suisse Securities (USA) (Advisor: General to Broadcom (General Purpose Semiconductors)), Joele Frank (Advisor: Communications to Broadcom (General Purpose Semiconductors), Joele Frank), Miles & Stockbridge (Legal Advisor to Broadcom (General Purpose Semiconductors), Alfred Wurglitz JD), Morgan Stanley (Advisor: General to Broadcom (General Purpose Semiconductors), Anthony Armstrong), Nishimura & Asahi (Legal Advisor to Broadcom (General Purpose Semiconductors)), O'Melveny & Myers (Legal Advisor to Broadcom (General Purpose Semiconductors), Andrew Dolak JD), Wachtell, Lipton, Rosen & Katz (Legal Advisor to Broadcom (General Purpose Semiconductors), David Karp JD), Wells Fargo (Advisor: General to Broadcom (General Purpose Semiconductors))
American Stock Transfer & Trust Company (Advisor: General to Company), Axinn, Veltrop & Harkrider (Legal Advisor to Company, John Harkrider JD), Dentons (Legal Advisor to Company), FGS Global (Advisor: Communications to Company), Gibson, Dunn & Crutcher (Legal Advisor to Company, Saee Muzumdar), J.P. Morgan (Advisor: General to Company, Madhu Namburi), Kahn Swick & Foti (Legal Advisor to Company), MoginRubin (Legal Advisor to Company), Santander Corporate & Investment Banking (Advisor: General to Company), Sard Verbinnen (Advisor: Communications to Company), Simpson Thacher & Bartlett (Legal Advisor to Silver Lake, Atif Azher JD), The Goldman Sachs Group (Advisor: General to Company, Stephan Feldgoise)
89,000.00
www.vmware.com
4
Activision Blizzard9,10113-Oct-202368,700.00100.00%Microsoft
Activision Blizzard was formed in 2008 by the merger of Activision, one of the largest console video game publishers, and Blizzard, one of largest PC video game publishers. The combined firm remains one of the world's largest video game publishers. Activision's impressive franchise portfolio includes World of Warcraft, which boasts more than $8 billion of lifetime sales, and Call of Duty, which has sold over 175 million copies across 14 titles over 12 years.
Formerly PE-Backed
Debt Financed, M&A, Private Equity, Publicly Listed, Venture Capital
Robert Kotick7,583.33
The company was acquired by Microsoft (NAS: MSFT) for $68.7 billion on October 13, 2023. The acquisition helps Microsoft to expand its offerings into the development of metaverse gaming platforms.
Microsoft (NAS: MSFT) (Satya Nadella)
Microsoft (NAS: MSFT) (www.microsoft.com)
Saudi Arabia's Public Investment Fund, Tencent Holdings, Waverton Investment Management, Zevenbergen Capital Investments
8,706.002,817.00
Santa Monica, CA
United States
Allen & Company (Advisor: General to Company, Nancy Peretsman), Brunswick Group (Advisor: General to Company, Jonathan Doorley), Morgan Stanley (Advisor: General to Company, Anthony Armstrong)
Compass Lexecon (Advisor: General to Microsoft, Dennis Carlton Ph.D), CRA International (Advisor: General to Microsoft), Osler, Hoskin & Harcourt (Legal Advisor to Microsoft), Sidley Austin (Legal Advisor to Microsoft, Christopher Shenk), Simpson Thacher & Bartlett (Legal Advisor to Microsoft, Alan Klein JD), The Goldman Sachs Group (Advisor: General to Microsoft), Weil, Gotshal & Manges (Legal Advisor to Microsoft, Michael Moiseyev JD)
Allen & Company (Advisor: General to Company, Nancy Peretsman), Brunswick Group (Advisor: General to Company, Jonathan Doorley), Compass Lexecon (Legal Advisor to Company, Dennis Carlton Ph.D), FGS Global (Advisor: Communications to Company), Kahn Swick & Foti (Legal Advisor to Company, Charles Foti Jr.), MoginRubin (Legal Advisor to Company), Morgan Stanley (Advisor: General to Company, Anthony Armstrong), Skadden, Arps, Slate, Meagher & Flom (Legal Advisor to Company, Sonia Nijjar JD), Slaughter and May (Legal Advisor to Company, Claire Jeffs)
68,700.00
www.activisionblizzard.com
5
Splunk (NAS: SPLK)8,87021-Sep-202328,000.00100.00%Cisco
Splunk is a cloud-first software company that focuses on analyzing machine data. The company is a major player in two markets: security, and full-stack monitoring and analysis. The San Francisco-based firm focuses on enterprise clients, with more than 90% of the Fortune 100 using its solutions. The firm's top line consists of the sale of software licenses, cloud subscriptions, and maintenance and support.
Formerly VC-backed
M&A, Private Equity, Publicly Listed, Venture Capital
Graham Smith1,652.77
The company reached a definitive agreement to be acquired by Cisco Systems (NAS: CSCO) for $28 billion on September 21, 2023. The acquisition will accelerate Cisco's strategy to securely connect everything to make anything possible. The transaction is expected to close by the end of the third quarter of calendar year 2024.
Cisco Systems (NAS: CSCO) (Charles Robbins)
Cisco Systems (NAS: CSCO) (www.cisco.com)
Hellman & Friedman
3,842.9760.11
San Francisco, CA
United States
Morgan Stanley (Advisor: General to Company, Anthony Armstrong), Qatalyst Partners (Advisor: General to Company, George Boutros), Woodside Capital Partners (Advisor: General to Company)
Citigroup (Advisor: General to Cisco Systems), Clifford Chance (Legal Advisor to Cisco Systems, Nelson Jung), Consello Group (Advisor: General to Cisco Systems), J.P. Morgan (Advisor: General to Cisco Systems), Latham & Watkins (Legal Advisor to Cisco Systems, Justin Hamill JD), RBC Capital Markets (Advisor: General to Cisco Systems), Simpson Thacher & Bartlett (Legal Advisor to Cisco Systems, Alan Klein JD), The Goldman Sachs Group (Advisor: General to Cisco Systems, Ryan Limaye), Tidal Partners (Advisor: General to Cisco Systems, David Handler), Wells Fargo (Advisor: General to Cisco Systems)
Cooley (Legal Advisor to Company, Ben Beerle JD), Cravath, Swaine & Moore (Legal Advisor to Company, Margaret Segall JD), Freshfields Bruckhaus Deringer (Legal Advisor to Company, Joseph Halloum), Kirkland & Ellis (Legal Advisor to Hellman & Friedman, Richard Campbell JD), Morgan Stanley (Advisor: General to Company, Anthony Armstrong), Qatalyst Partners (Advisor: General to Company, George Boutros), Skadden, Arps, Slate, Meagher & Flom (Legal Advisor to Company, Michael Ringler JD), Woodside Capital Partners (Advisor: General to Company)
28,000.00
www.splunk.com
6
Black Knight4,10005-Sep-202311,700.00100.00%Intercontinental Exchange
Black Knight Inc is a technology company that, through its subsidiaries, provides software, data, and analytics solutions to the mortgage and consumer loan, real estate, and capital markets industry. The company's product portfolio includes software solutions to support loan origination, processing and servicing, and data and analytics solutions such as automated valuation models, data integration, risk assessment, among others. Black Knight's business is organized in two segments: software solutions and data/analytics. The majority of revenue comes from the company's software solutions segment, and most of the company's revenue is earned in the United States.
Corporate Backed or AcquiredDebt Financed, M&A, Publicly ListedJoseph Nackashi5,150.00
The company was acquired by Intercontinental Exchange (NYS: ICE) for $11.7 billion on September 5, 2023. The acquisition significantly strengthens ICE's mortgage technology ecosystem extends track record of digitizing vital networks.
Intercontinental Exchange (NYS: ICE) (Jeffrey Sprecher)
Intercontinental Exchange (NYS: ICE) (www.ice.com)
 1,712.30736.1Jacksonville, FLUnited StatesContinental Stock Transfer & Trust (Advisor: General to Company)
Credit Suisse Securities (USA) (Advisor: General to Intercontinental Exchange), Morgan Lewis (Legal Advisor to Intercontinental Exchange), Potter Anderson & Corroon (Legal Advisor to Intercontinental Exchange, Michael Tumas JD), Shearman & Sterling (Legal Advisor to Intercontinental Exchange), Shearman & Sterling (Legal Advisor to Intercontinental Exchange, Rory O'Halloran JD), The Goldman Sachs Group (Advisor: General to Intercontinental Exchange), Wells Fargo Securities (Advisor: General to Intercontinental Exchange), Womble Bond Dickinson (Legal Advisor to Intercontinental Exchange)
Ademi (Legal Advisor to Company), Citigroup Global Markets (Advisor: General to Company), Continental Stock Transfer & Trust (Advisor: General to Company), Cravath, Swaine & Moore (Legal Advisor to Company, Minh Ngo JD), J.P. Morgan (Advisor: General to Company), Kahn Swick & Foti (Legal Advisor to Company, Lewis Kahn JD), PNC Capital Markets (Advisor: General to Company), Shearman & Sterling (Legal Advisor to Company), Sullivan & Cromwell (Legal Advisor to Company), Wachtell, Lipton, Rosen & Katz (Legal Advisor to Company, Edward Herlihy JD)
11,700.00
www.blackknightinc.com
7
Adenza2,00001-Nov-202310,500.00100.00%Nasdaq
Developer of cloud-enabled front-to-back technology software intended for financial markets. The company's platform offers an integrated suite of trading and risk management processing systems for derivatives and treasury products, enabling financial institutions and corporate treasuries to improve reliability, adaptability, and scalability across several verticals, including capital markets, investment management, central banking, clearing, treasury, liquidity, and collateral.
Formerly PE-BackedDebt Financed, Private EquityDidier Bouillard268.02
The company was acquired by Nasdaq (NAS: NDAQ) for $10.5 billion on November 1, 2023. The acquisition comprised $5.75 billion in cash and 85.6 million shares of Nasdaq common stock, based on the volume-weighted average price per share over 15 consecutive trading days prior to signing.
Nasdaq (NAS: NDAQ) (Adena Friedman)
Nasdaq (NAS: NDAQ) (www.nasdaq.com)
Thoma Bravo590New York, NYUnited States
HSBC Securities (Canada) (Advisor: General to Thoma Bravo), Jefferies Financial Group (Advisor: General to Company), Jefferies Financial Group (Advisor: General to Thoma Bravo), Piper Sandler (Advisor: General to Company), Piper Sandler (Advisor: General to Thoma Bravo), Qatalyst Partners (Advisor: General to Company), Qatalyst Partners (Advisor: General to Thoma Bravo), SRS Acquiom (Advisor: General to Company)
Brunswick Group (Advisor: General to Nasdaq), J.P. Morgan Securities (Advisor: General to Nasdaq), JP Morgan Chase (Advisor: General to Nasdaq), The Goldman Sachs Group (Advisor: General to Nasdaq), Wachtell, Lipton, Rosen & Katz (Legal Advisor to Nasdaq, David Lam JD)
Barclays (Advisor: General to Company), Barclays (Advisor: General to Thoma Bravo), Barclays Investment Bank (Advisor: Financial Due Diligence to Thoma Bravo), Barclays Investment Bank (Advisor: General to Company), Citigroup (Advisor: Financial Due Diligence to Company), Citigroup (Advisor: Financial Due Diligence to Thoma Bravo), Cooley (Legal Advisor to Company, Russell Anderson), Evercore Group (Advisor: General to Company), HSBC Securities (Canada) (Advisor: General to Company), HSBC Securities (Canada) (Advisor: General to Thoma Bravo), Jefferies Financial Group (Advisor: General to Company), Jefferies Financial Group (Advisor: General to Thoma Bravo), Kirkland & Ellis (Legal Advisor to Company, Peter Stach JD), Kirkland & Ellis (Legal Advisor to Thoma Bravo, Peter Stach JD), Piper Sandler (Advisor: General to Company), Piper Sandler (Advisor: General to Thoma Bravo), Qatalyst Partners (Advisor: General to Company), Qatalyst Partners (Advisor: General to Thoma Bravo), SRS Acquiom (Advisor: General to Company)
10,500.00
www.adenza.com
8
National Instruments8,51111-Oct-20238,200.00100.00%Emerson Electric
National Instruments provides testing and measurement equipment and integrated, software-led solutions to serve high-complexity automated testing in late product development. NI serves a long tail of more than 30,000 customers in myriad end markets but focuses on the semiconductor, transportation, and aerospace and defense verticals.
Corporate Backed or AcquiredDebt Financed, M&A, Publicly ListedEric Starkloff1,145.00
The company was acquired by Emerson Electric (NYS: EMR) for $8.2 billion on October 11, 2023. The acquisition will result in increasing growth, cohesiveness and end market diversification across Emerson's portfolio.
Emerson Electric (NYS: EMR) (Surendralal Karsanbhai)
Emerson Electric (NYS: EMR) (www.emerson.com)
 1,729.83330.65Austin, TXUnited StatesBofA Securities (Advisor: General to Company), Mackenzie Partners (Advisor: General to Company)
Centerview Partners (Advisor: General to Emerson Electric), Davis Polk (Legal Advisor to Emerson Electric, Frank Azzopardi), Red Chalk Group (Consulting to Emerson Electric), Sidley Austin (Legal Advisor to Emerson Electric, Kai Liekefett Ph.D), The Goldman Sachs Group (Advisor: General to Emerson Electric)
Ademi (Legal Advisor to Company), BofA Securities (Advisor: General to Company), Computershare (Advisor: General to Company), Mackenzie Partners (Advisor: General to Company), Wachtell, Lipton, Rosen & Katz (Legal Advisor to Company, Adam Emmerich JD)
8,200.00www.ni.com
9
Micro Focus International11,01931-Jan-20237,598.85100.00%OpenText
Micro Focus International is an enterprise software company supporting the technology needs and challenges. Its solutions help organizations leverage existing IT investments, enterprise applications and emerging technologies to address complex, rapidly evolving business requirements while protecting corporate information at all times. Its product portfolios are Security, IT Operations Management, Application Delivery Management, Information Management and Governance and Application Modernization and Connectivity.
Formerly PE-Backed
Debt Financed, Private Equity, Publicly Listed, Venture Capital
Stephen Murdoch9,327.00
The company was acquired by OpenText (TSE: OTEX) for GBP 6.247 billion on January 31, 2023 on January 31, 2023. Through this acquisition, OpenText aims to help enterprise professionals secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric with a new generation of tools that include cybersecurity, digital operations management, applications modernization and delivery and AI and analytics.
OpenText (TSE: OTEX) (Mark Barrenechea)
OpenText (TSE: OTEX) (www.opentext.com)
Elliott Investment Management
2,601.56390.16
Newbury, United Kingdom
United KingdomBrunswick Group (Advisor: General to Company, Jonathan Glass)
Allen & Overy (Legal Advisor to OpenText, Annabelle Croker), Barclays (Advisor: General to OpenText), Barclays Investment Bank (Advisor: General to OpenText), BMO Capital Markets (Advisor: General to OpenText), Citigroup Global Markets (Advisor: General to OpenText), Cleary Gottlieb Steen & Hamilton (Legal Advisor to OpenText, Craig Brod JD), Joele Frank (Advisor: Communications to OpenText, Matthew Sherman), Khoshaim & Associates (Legal Advisor to OpenText, Zeyad Khoshaim JD), Royal Bank (Advisor: General to OpenText)
Bank of America (Advisor: General to Company), Brunswick Group (Advisor: General to Company, Jonathan Glass), Cravath, Swaine & Moore (Legal Advisor to Company, George Schoen JD), Financial Conduct Authority (Advisor: General to Company), Jefferies International (Advisor: General to Company, Philip Noblet), Numis Securities (Advisor: General to Company), Slaughter and May (Legal Advisor to Company, Harry Hecht), The Goldman Sachs Group (Advisor: General to Company)
7,598.85
www.microfocus.com
10
Yandex (NAS: YNDX)26,40019-May-20237,000.0051.00%Solid Management
Yandex NV is an internet and technology company and operating internet search engines in Russia. It builds products and services powered by machine learning. The company operates through the following segments namely, Search and Portal; E-commerce, Mobility and Delivery; Plus and Entertainment Services; Classifieds; Media Services; Classifieds, and Other Business units. The search and Portal segment offers services in Russia, Belarus, and Kazakhstan which generates most of the revenue.
Formerly PE-Backed
M&A, Private Equity, Publicly Listed, Venture Capital
Dmitry Pirogov 
The company has received bids to be acquired by VTB (MISX: VTBR), Mr. Vladimir Potanin, Mr. Vagit Alekperov, Mr. Viktor Rashnikov, Mr. Roman Abramovich and Mr. Alexey Mordashov for $7 billion on May 19, 2023. Subsequently, the deal was cancelled.
   8,742.752,146.70Moscow, RussiaRussia   13,725.49
www.yandex.com
11
Vezbi2427-Apr-20236,558.0586.70%World Partners for Healthcare
Developer of a community-driven mobile application designed to host an interactive virtual community. The company offers a virtual platform to create an interactive community to share vlogs, message, list public events, manage daily tasks and sell or purchase a product, thereby enabling creators and aspiring community leaders to build an online oasis where like-minded individuals can interact, share opinions, experiences, and support each other's efforts.
Corporate Backed or AcquiredM&AKetan Seth 
The company was acquired by World Partners for Healthcare (PINX: WPFH) for $6.558 billion on April 27, 2023.
WPF Holdings (PINX: WPFH)
WPF Holdings (PINX: WPFH) (www.wpf-holdings.com)
 Pasadena, CAUnited States   7,564.06www.vezbi.com
12
Allfunds Bank (AMS: ALLFG)94922-Feb-20235,930.43100.00%
Allfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2022, Allfunds had EUR 1.3 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 139,000 funds from 3,000 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France.
Formerly PE-BackedM&A, Private Equity, Publicly ListedJuan Alcaraz 
The company had received bids to be acquired by Euronext (PAR: ENX) for EUR 5.5 billion on February 22, 2023. Subsequently, the deal was canceled.
   2,882.96272.47Madrid, SpainSpain   5,930.43
www.allfunds.com
13
Better (NAS: BETR)4,00022-Aug-20235,000.00 Aurora Acquisition Corp
Better Home & Finance Holding Co is a digital-first homeownership company whose services included mortgage, real estate, title, and homeowners insurance. The company has combined technology innovation and fresh thinking with a deep customer focus with the goal to revolutionize the homeownership industry.
Formerly VC-backedPublicly Listed, Venture CapitalVishal Garg1,204.00
The company Aurora Acquisition Corp. through a reverse merger, resulting in the combined entity trading on the Nasdaq Stock Exchange under the ticker symbol BETR on March 9, 2023.
Aurora Acquisition (Prabhu Narasimhan)
Aurora Acquisition (www.aurora-acquisition.com)
1/0 Capital, 10X Capital, 369 Growth Partners, 9Yards Capital, AGNC Investment, Aliya Capital Partners, Ally Financial, Ally Ventures, Alpha Leonis Partners, Alumni Ventures, American Express Ventures, Arceau Capital, Artfo Holdings, Calm Ventures, Citigroup, Empede Capital Partners, EQUIAM, Esalen Ventures, Fantail Ventures, Fenway Summer, G Squared, Gaingels, Goldman Sachs Growth Equity, GrayArch Partners, HBS Alumni Angels of Brazil, Healthcare of Ontario Pension Plan, IA Ventures, KCK Global, KCK Group, Kleiner Perkins, L Catterton, Makai VC, Mango.vc, Manhattan West Asset Management, Millennia Capital, Moderne Ventures, Montauk Ventures, Parkway Venture Capital, Pine Brook Partners, Ping An Voyager Partners, Raison Asset Management, Sax Capital, SiO Capital (Texas), Sparq Capital (United States), The Goldman Sachs Group
98.21New York, NYUnited StatesBofA Securities (Advisor: General to Company)Barclays (Advisor: General to Aurora Acquisition)
BofA Securities (Advisor: General to Company), Sullivan & Cromwell (Legal Advisor to Company, Jared Fishman JD)
7,700.00www.better.com
14
Apptio1,30010-Aug-20234,610.00100.00%International Business Machines
Developer of business management software as a service application designed to transform the way Information Technology (IT) runs its business and makes decisions. The company offers technology business management (TBM) solutions, cost transparency, service costing, financial management, bill of it, budgeting and forecasting, agile investment management and cloud cost management, thereby enabling information technology leaders to manage the cost and quality of information technology services by providing visibility into the total cost of information technology services.
Formerly PE-Backed
Debt Financed, Private Equity, Publicly Listed, Venture Capital
Sunny Gupta395.59
The company was acquired by International Business Machines (NYS: IBM) for $4.61 billion on August 10, 2023. The acquisition of the company will accelerate the advancement of International Business Machines's IT automation capabilities and enable enterprise leaders to deliver enhanced business value across technology investments. HSBC Securities (USA) has advised on the deal.
International Business Machines (NYS: IBM) (Arvind Krishna)
International Business Machines (NYS: IBM) (www.ibm.com)
Vista Equity Partners
Bellevue, WAUnited StatesHSBC Securities (USA) (Advisor: General to Company), Qatalyst Partners (Advisor: General to Company)
Hogan Lovells (Legal Advisor to International Business Machines, William Yavinsky JD), Paul, Weiss, Rifkind, Wharton & Garrison (Legal Advisor to International Business Machines, Steven Williams JD), Wells Fargo (Advisor: General to International Business Machines)
HSBC Securities (USA) (Advisor: General to Company), Kirkland & Ellis (Legal Advisor to Vista Equity Partners, Stuart Casillas JD), Markel Group (Underwriter to Company), Qatalyst Partners (Advisor: General to Company)
4,610.00www.apptio.com
15
SimCorp2,80029-Sep-20234,600.5794.00%Deutsche Börse Group
SimCorp is a Denmark-based provider of software solutions to asset management firms, wealth management firms, sovereign wealth funds, pension funds, insurance companies, and other businesses in the financial services industry. The firm offers an integrated back-to-front customizable solution to support the investment management process. Its capabilities include business consulting, automated workflows, risk and performance analytics, and data reporting. SimCorp operates in the Nordic region, Europe, Middle East, North America, and Asia-Pacific.
Corporate Backed or AcquiredM&A, Publicly ListedChristian Kromann 
The company (CSE:SIM) was acquired by Deutsche Börse Group (ETR:DB1) for EUR 4.3 billion on September 29, 2023.
Deutsche Börse Group (ETR: DB1)
Deutsche Börse Group (ETR: DB1) (www.deutsche-boerse.com)
 625.9167.3
Copenhagen, Denmark
DenmarkCredit Suisse (Advisor: General to Company)
Cravath, Swaine & Moore (Legal Advisor to Deutsche Börse Group, Aaron Gruber JD), EY (Tax to Deutsche Börse Group, Christopher Lynch), Hengeler Mueller (Legal Advisor to Deutsche Börse Group, Daniel Moritz JD), Linklaters (Legal Advisor to Deutsche Börse Group), Morgan Stanley (Advisor: General to Deutsche Börse Group), Plesner (Legal Advisor to Deutsche Börse Group, Thomas Laursen), Sullivan & Cromwell (Legal Advisor to Deutsche Börse Group, Carsten Berrar)
Covington & Burling (Legal Advisor to Company, Uri Doron), Credit Suisse (Advisor: General to Company), Deutsche Bank (Advisor: General to Company), Hengeler Mueller (Legal Advisor to Company, Daniel Moritz JD), Kromann Reumert (Legal Advisor to Company), Linklaters (Legal Advisor to Company)
4,894.23
www.simcorp.com
16
EVO Payments2,40024-Mar-20234,000.00100.00%Global Payments
Provider of payment processing services catering to small and mid-size enterprises, multinational companies and organizations across the Americas and Europe. The company offers payment transaction processing, fraud & loss prevention, cashback, accelerated funding, currency conversion, loyalty programs and receivables management services along with merchant acquiring solutions, including integrated solutions for retail transactions at physical business locations, as well as eCommerce and mobile transactions, thereby providing solutions that promote business growth, increase customer loyalty and enhance data security in the markets.
Formerly PE-Backed
Debt Financed, M&A, Private Equity, Publicly Listed
James Kelly2,299.83
The company was acquired by Global Payments (NYS: GPN) for $4 billion on March 24, 2023. The transaction will expand Global Payments' geographic footprint into attractive new geographies such as Poland, Germany, Chile, and upon closing, Greece, as well as enhance its scale in existing markets, including the United States, Canada, Mexico, Spain, Ireland and the United Kingdom.
Global Payments (NYS: GPN) (Cameron Bready)
Global Payments (NYS: GPN) (www.globalpayments.com)
Madison Dearborn Partners
543.08155.2Atlanta, GAUnited States 
Barclays (Advisor: General to Global Payments), Barclays Investment Bank (Advisor: General to Global Payments), BofA Securities (Advisor: General to Global Payments, Kevin Brunner), Evercore Group (Advisor: General to Global Payments), Greenhill & Company (Advisor: General to Global Payments), H/Advisors Abernathy (Advisor: Communications to Global Payments, Dan Scorpio), J.P. Morgan Securities (Advisor: General to Global Payments), The Goldman Sachs Group (Advisor: General to Global Payments), Uria Menendez (Legal Advisor to Global Payments, Jaime Pereda Espeso), Wachtell, Lipton, Rosen & Katz (Legal Advisor to Global Payments, Jacob Kling JD)
Citigroup (Advisor: General to Company), Freshfields Bruckhaus Deringer (Legal Advisor to Company), King & Spalding (Legal Advisor to Company, Keith Townsend JD), Kirkland & Ellis (Legal Advisor to Madison Dearborn Partners, Jon-Michael Wheat JD), Roxburgh Milkins (Legal Advisor to Company, Jason Milkins)
4,000.00
www.evopayments.com
17
Imperva1,40004-Dec-20233,600.00100.00%Thales Group
Developer of data security software intended to protect data and all paths to it through all stages of digital transformation. The company's platform specializes in offering a range of services including cloud-based security services consisting of web application firewall services, database protection, data masking, load balancing, attack analysis, behavior analytics and content delivery network, providing visibility and control over high-value business data across critical systems within the data center for companies across healthcare, finance, retail and telecom sectors.
Formerly PE-Backed
Debt Financed, Private Equity, Publicly Listed, Venture Capital
Pam Murphy263.25
The company was acquired by Thales Group (PAR: HO) for $3.6 billion on December 4, 2023.
Thales Group (PAR: HO) (Patrice Caine)
Thales Group (PAR: HO) (www.thalesgroup.com)
Quiet Capital, Sprout Capital Partners, Thoma Bravo
San Mateo, CAUnited States 
Centerview Partners (Advisor: General to Thales Group), Citigroup (Advisor: General to Thales Group), Cleary Gottlieb Steen & Hamilton (Legal Advisor to Thales Group), Morgan Stanley (Advisor: General to Thales Group)
FGS Global (Advisor: General to Thoma Bravo), Kirkland & Ellis (Legal Advisor to Company, Corey Fox)
3,600.00
www.imperva.com
18
SG Digital (Entertainment Software)1,50001-Mar-20233,400.00100.00%Light & Wonder
Provider of casino games software company based in Las Vegas, Nevada. The company offers casino management systems, software, and games.
Corporate Backed or AcquiredM&AMatt Davey 
The company was acquired by Light & Wonder (NAS: LNW) for $3.4 billion on March 1, 2023. This acquisition is giving Light & Wonder a significant presence in the online casino market.
Light & Wonder (NAS: LNW)
Light & Wonder (NAS: LNW) (www.lnw.com)
 Las Vegas, NVUnited States   3,400.00
www.sgdigital.com
19
Asia Innovations Group Limited1,00003-Apr-20232,500.00 Magnum Opus Acquisition Ltd
Developer of entertainment mobile applications intended to provide social platforms for star chasers. The company develops many different applications including UPlive, L'amour, Suprefans, and Pengpeng, targeting various young netizens' communities in gaming, dating, social media, and pop culture. Their aim is to bring Asia's mobile social products to the world.
Formerly VC-backedVenture CapitalXingzhi Tian208
The company Magnum Opus Acquisition Ltd through a reverse merger, resulting in the combined entity trading on the New York Stock Exchange under the ticker symbol OPA on April 3, 2023.
Magnum Opus Acquisition
Magnum Opus Acquisition (www.opusacquisition.com)
Allied Investors Group, Bali Venture Partners, Block VC, Bradbury Group, China Creation Ventures, Eudaimonia Capital, Gang Mai, Hugo Barra, INBlockchain, Index Ventures, Jonathan Teo, Kleiner Perkins, Mike Krieger, MSA Capital, Nicoya Capital Group, Pantera Capital, Queens Road Capital, Syren Capital Advisors, Ventech, White Star Capital, Wicklow Capital, Yorkville Advisors, Yorkville Capital Management
Beijing, ChinaChinaEvercore Group (Advisor: General to Company)White & Case (Legal Advisor to Magnum Opus Acquisition)
Evercore Group (Advisor: General to Company), Incentrum Group (Advisor: General to Company), Kirkland & Ellis (Legal Advisor to Company, Jesse Sheley JD), XCap Partners (Advisor: General to Company)
 
www.asiainnovations.com
20
StreamSets20818-Dec-20232,130.00100.00%International Business Machines
Developer of a data integration platform designed to build and run smart data pipelines. The company offers a data integration platform with features such as a single experience for all patterns, and mission control for hybrid and multi-cloud and smart data pipelines, enabling data engineers to move information seamlessly and securely to and from any part of their digital backbone.
Formerly VC-backedDebt Financed, M&A, Venture CapitalGirish Pancha 
The company reached a definitive agreement to be acquired by International Business Machines (NYS: IBM) for EUR 2130 million on December 18, 2023.
International Business Machines (NYS: IBM) (Rob Thomas)
International Business Machines (NYS: IBM) (www.ibm.com)
Software
San Francisco, CA
United States 
Cravath, Swaine & Moore (Legal Advisor to International Business Machines, George Schoen JD), Noerr (Legal Advisor to International Business Machines, Julian Lemor)
Hengeler Mueller (Legal Advisor to Software, Martin Ulbrich JD), Simpson Thacher & Bartlett (Legal Advisor to Software, Elizabeth Cooper JD), Uria Menendez (Legal Advisor to Software, Pedro Ravina)
2,130.00
www.streamsets.com
21
Transporeon1,40003-Apr-20232,038.68100.00%Trimble
Developer of cloud-based logistics platform designed to facilitate intelligent transport logistics. The company's platform specializes in offering web-based centralized transport management, market intelligence and benchmarking, freight procurement and rate management, transport execution, dock scheduling and yard management, enabling manufacturers, retailers and wholesalers to increase competitiveness, lower costs, reduce waste and solve complex freight problems through automation, real-time insights and network participation.
Formerly PE-BackedDebt Financed, Private Equity, Venture CapitalStephan Sieber 
The company was acquired by Trimble (NAS: TRMB) for EUR 1.9 billion on April 3, 2023.
Trimble (NAS: TRMB) (Robert Painter)
Trimble (NAS: TRMB) (www.trimble.com)
Hg, HgCapital Trust, Supply Chain Ventures
149.82Ulm, GermanyGermany
Blättchen & Partner (Advisor: General to Company), Brunswick Group (Advisor: General to Hg, Azadeh Varzi), The Goldman Sachs Group (Advisor: General to Company)
Centerview Partners (Advisor: General to Trimble), Davis Polk (Legal Advisor to Trimble, Jason Kyrwood), FGS Global (Advisor: Communications to Trimble), Skadden, Arps, Slate, Meagher & Flom (Legal Advisor to Trimble)
Blättchen & Partner (Advisor: General to Company), Brunswick Group (Advisor: General to Hg, Azadeh Varzi), Latham & Watkins (Legal Advisor to Hg, Oliver Felsenstein), Latham & Watkins (Legal Advisor to HgCapital Trust, Oliver Felsenstein), POELLATH (Legal Advisor to Company, Benedikt Hohaus Ph.D), The Goldman Sachs Group (Advisor: General to Company), Wardynski & Partners (Legal Advisor to HgCapital Trust, Monika Gorska)
2,038.68
www.transporeon.com
22
Inhabit (Knoxville)2,36107-Dec-20232,000.00 
Developer of property management software for residential, commercial and vacation rental management industries. The company's platform offers property, vacation management, rent payment processing, accounting, distribution channel management, background screening and renters' insurance to small and medium-sized property managers, thereby primarily serving the multifamily, single-family residential, student housing, affordable housing and commercial markets.
Private Equity-BackedDebt Financed, Private EquityLisa Stinnett 
The company is rumored to be in talks regarding a potential acquisition for an estimated $2 billion on December 7, 2023.
   Knoxville, TNUnited States   2,000.00
www.inhabit.com
23
Kum & Go2,28329-Aug-20232,000.00100.00%Maverik
Operator of a chain of convenience stores based in Des Moines, Iowa. The company is engaged in running convivence stores and developing an online ordering application to offer food, drinks, snacks, and gasoline service stations, thereby enabling consumers to have a one-stop shop for daily basic necessities.
Corporate Backed or AcquiredDebt Financed, M&ATanner Krause200
The company, a subsidiary of Krause Group was acquired by Maverik, a subsidiary of FJ Management for $2 billion on August 29, 2023. The acquisition creates convenience store network across the Midwest and Rocky Mountain regions, growing Maverik's footprint to over 800 stores in 20 states with approximately 14,000 Team Members.
Maverik (Chuck Maggelet)
Maverik (www.maverik.com)
Krause GroupDes Moines, IAUnited StatesJP Morgan Chase (Advisor: General to Company)
BofA Securities (Advisor: Financial Due Diligence to Maverik), Kirkland & Ellis (Legal Advisor to Maverik, Karen Flanagan JD), Vedder Price (Legal Advisor to Maverik, Michael Nemeroff JD)
BMO Capital Markets (Advisor: Financial Due Diligence to Krause Group), J.P. Morgan Securities (Advisor: Financial Due Diligence to Krause Group), JP Morgan Chase (Advisor: General to Company)
2,000.00
www.kumandgo.com
24
WideOrbit50822-Feb-20231,600.00100.00%Constellation Software
Developer of an advertisement management platform intended to make it easier to buy and sell advertising. The company's platform maximizes efficiencies with tools that consolidate all media buying and selling efforts within a unified platform, enabling media businesses to create value on both sides of media transactions.
Formerly VC-backedDebt Financed, Venture CapitalEric Mathewson104.76
The company was acquired by Constellation Software (TSE: CSU) and Lumine Group (TSX: LMN), a subsidiary of Volaris Group, for $1.6 billion on February 22, 2023.
Constellation Software (TSE: CSU) (Mark Miller), Lumine Group (TSX: LMN)
Constellation Software (TSE: CSU) (www.csisoftware.com), Lumine Group (TSX: LMN) (www.luminegroup.com)
Ali Partovi, Brian O'Kelley, Cyan Banister, Georges Harik, Hadi Partovi, Headline, Justin Beavers, Khosla Ventures, Liberty Venture Partners, Mayfield Fund, Meredith, Paul Bricault, Scott Banister, SharesPost, Sixth Street Specialty Lending, The New York Times
14
San Francisco, CA
United States 
Alston & Bird (Legal Advisor to Lumine Group, Aaron Dixon JD), McCarthy Tetrault (Legal Advisor to Constellation Software, Wendi Locke), McCarthy Tetrault (Legal Advisor to Lumine Group, Wendi Locke)
Davies Ward Phillips & Vineberg (Legal Advisor to Company, Robert Murphy), Wilson Sonsini Goodrich & Rosati (Legal Advisor to Company)
1,600.00
www.wideorbit.com
25
ServiceMax56203-Jan-20231,460.00100.00%PTC
Developer of a cloud-based field service management platform intended for medical device manufacturing, equipment dealers, industrial equipment, oil & gas and telecommunications sectors. The company's platform includes features such as work order management, scheduling and dispatch, inventory management, contract management and analytics, thereby helping businesses improve their field service operations, increase efficiency and provide better service to their customers.
Formerly PE-BackedDebt Financed, Private Equity, Venture CapitalNeil Barua200
The company was acquired by PTC (NAS: PTC) for $1.46 billion on January 3, 2023. The acquisition strengthens PTC's closed-loop product lifecycle management (PLM) offerings by extending the digital thread of product information into downstream enterprise asset management (EAM) and FSM capabilities.
PTC (NAS: PTC) (James Heppelmann)
PTC (NAS: PTC) (www.ptc.com)
Salesforce Ventures, Silver Lake
Pleasanton, CAUnited States Centerview Partners (Advisor: General to PTC), Goodwin (Legal Advisor to PTC, Edward Amer JD)
Barclays (Advisor: General to Company), Ropes & Gray (Legal Advisor to Company, Eric Issadore), Ropes & Gray (Legal Advisor to Silver Lake, Eric Issadore)
1,460.00
www.servicemax.com
26
Reward Gateway65016-May-20231,437.38100.00%Edenred
Developer of an employee engagement platform committed to building better, stronger and more resilient organizations by bridging the engagement gap between employers and employees. The company's all-in-one platform streamlines and centralizes employee reward and recognition, discounts, communications, surveys, well-being and flexible benefits, helping clients to connect, recognize and support their people.
Formerly PE-BackedDebt Financed, Private EquityNick Burns 
The company was acquired by Edenred (PAR: EDEN) for EUR 1.26 billion on May 16, 2023. The acquisition helps Edenred in rolling out the offering in another six major countries in Continental Europe.
Edenred (France) (PAR: EDEN) (Bertrand Dumazy)
Edenred (France) (PAR: EDEN) (www.edenred.fr)
Abry Partners, Castik Capital
London, United Kingdom
United Kingdom 
Cleary Gottlieb Steen & Hamilton (Legal Advisor to Edenred (France)), Lazard (Advisor: General to Edenred (France))
Paul Hastings (Legal Advisor to Abry Partners, Anu Balasubramanian), Paul Hastings (Legal Advisor to Castik Capital, Anu Balasubramanian), Skadden Arps Slate Meagher & Flom Pension Plan (Legal Advisor to Company)
1,437.38
www.rewardgateway.com
27
ESI Group98503-Nov-20231,429.7450.60%Keysight Technologies
Esi Group SA provides virtual prototyping software and services. Its vision is to be a software partner in selected virtual test markets, leveraging its predictive physics IP and platform for enabling clean, safe and productive industry. It functions through the Edition and Distribution of software and Consulting Services segments. The segments include licensing of proprietary software, distribution of solutions and licenses by subsidiaries and network of third-party distributors, specialized research and digital projects for creation of preindustrial digital simulation models, joint industrial engineering projects and engineering and other services. Geographically it operates in Europe, the Middle East and the African region which drives key revenue, Asia-Pacific and the Americas.
Formerly PE-BackedPrivate Equity, Publicly Listed, Venture CapitalCristel de Rouvray 
The company was acquired by Keysight Technologies (NYS: KEYS) for EUR 1.352 billion on November 3, 2023. The acquisition will help Keysight to further expand its software prototyping capabilities into computer-aided engineering, enabling customers to accelerate time to market and lower operational costs, while reducing their environmental footprint.
Keysight Technologies (NYS: KEYS) (Adi Srinivasan)
Keysight Technologies (NYS: KEYS) (www.keysight.com)
Briarwood Chase Management, Crown Energy
141.4517.84Rungis, FranceFranceEvercore Group (Advisor: General to Company)
BNP Paribas (Advisor: General to Keysight Technologies, Aashish Rathi), Paul Hastings (Legal Advisor to Keysight Technologies), Willkie Farr & Gallagher (Legal Advisor to Keysight Technologies, Gavin Gordon)
Evercore Group (Advisor: General to Company), King & Spalding (Legal Advisor to Company, Laurent Bensaid), McDermott Will & Emery (Legal Advisor to Company, Nicolas Lafont), Willkie Farr & Gallagher (Legal Advisor to Briarwood Chase Management, Gavin Gordon)
2,825.57
www.esi-group.com
28
Syntellis Performance Solutions46007-Aug-20231,381.00100.00%Strata Decision Technology
Developer of enterprise performance management software designed for healthcare, higher education and financial institutions. The company's software specializes in data and analytics systems to help finance professionals with their performance by acquiring insights, accelerating decisions and advancing their business plans, enabling clients to budget, model scenarios and analyze before making any decision.
Formerly PE-BackedDebt Financed, Private EquityFlint Brenton11.19
The company was acquired by Strata Decision Technology, a subsidiary of Roper Technologies (NAS: ROP), for $1.38 billion on August 7, 2023.
Strata Decision Technology (John Martino)
Strata Decision Technology (www.stratadecision.com)
Madison Dearborn Partners, Thoma Bravo
Chicago, ILUnited States
SRS Acquiom (Advisor: General to Company), William Blair & Company (Advisor: General to Company), William Blair & Company (Advisor: General to Madison Dearborn Partners), William Blair & Company (Advisor: General to Thoma Bravo)
 
Kirkland & Ellis (Legal Advisor to Madison Dearborn Partners, Mark Fennell JD), Kirkland & Ellis (Legal Advisor to Thoma Bravo, Mark Fennell JD), SRS Acquiom (Advisor: General to Company), William Blair & Company (Advisor: General to Company), William Blair & Company (Advisor: General to Madison Dearborn Partners), William Blair & Company (Advisor: General to Thoma Bravo)
1,381.00
www.syntellis.com
29
MosaicML7712-Jul-20231,300.00100.00%
Developer of software infrastructure and artificial intelligence training algorithms designed to improve the efficiency of neural networks. The company's application is designed to recompose machine learning models using algorithmic techniques such as sparsity and networking pruning, enabling users to efficiently and easily train large-scale AI models, in their secure environments, on their proprietary data.
Formerly VC-backedVenture CapitalNaveen Rao33.73
The company was acquired by Databricks for $1.3 billion on July 12, 2023.
Databricks (Ali Ghodsi)
Databricks (www.databricks.com)
AME Cloud Ventures, ARK Venture Fund, Atlas Venture, Correlation Ventures, DCVC, E14 Fund, Frontline Ventures, Future Ventures (San Francisco), Lux Capital, Maverick Ventures, Neo (Consulting Services (B2B)), Playground Global, Samsung NEXT Ventures
San Francisco, CA
United States Fenwick & West (Legal Advisor to Databricks, David Bell JD)Orrick (Legal Advisor to Company, Scott Iyama JD)1,300.00
www.mosaicml.com
30
Paya30023-Feb-20231,300.00100.00%Nuvei
Paya Holdings Inc is a provider of integrated payment and frictionless commerce solutions that help customers accept and make payments, expedite the receipt of money, and increase operating efficiencies. Its operating segment includes Integrated Solutions and Payment Services. The company generates maximum revenue from the Integrated Solutions segment. The Integrated Solutions segment represents the delivery of credit and debit card payment solutions, and to a lesser extent, ACH processing solutions to customers via integrations with software partners across strategic vertical markets. Integrated Solutions partners also include vertical-focused front-end Customer Relationship Management software providers as well as back-end Enterprise Resource Planning and accounting solutions.
Formerly PE-Backed
Debt Financed, M&A, Private Equity, Publicly Listed, Venture Capital
Jeffrey Hack859.86
The company was acquired by Nuvei (TSE: NVEI) for $1.3 billion on February 23, 2023. The acquisition helps Nuvei to support its growth and strengthen its presence in new segments where it has a hold.
Nuvei (TSE: NVEI) (Philip Fayer)
Nuvei (TSE: NVEI) (www.nuvei.com)
 282.7459.67Atlanta, GAUnited StatesJ.P. Morgan Securities (Advisor: General to Company), Raymond James Financial (Advisor: General to Company, Jonathan Steele)
Bank of Montreal (Advisor: General to Nuvei), Barclays (Advisor: General to Nuvei), BMO Capital Markets (Advisor: General to Nuvei), Davis Polk (Legal Advisor to Nuvei, Matthew Bacal JD), Evercore Group (Advisor: General to Nuvei), RBC Capital Markets (Advisor: General to Nuvei), Royal Bank of Canada (Advisor: General to Nuvei), Stikeman Elliott (Legal Advisor to Nuvei)
J.P. Morgan Securities (Advisor: General to Company), Kirkland & Ellis (Legal Advisor to Company, Sarkis Jebejian), Raymond James Financial (Advisor: General to Company, Jonathan Steele)
1,300.00www.paya.com
31
iLearningEngines35027-Apr-20231,285.00 Arrowroot Acquisition
iLearningEngines Inc is an AI and automation platform that empowers its customers to productize their institutional knowledge by transforming it into actionable intellectual property that enhances outcomes for employees, customers and other stakeholders. Its platform enables enterprises to build intelligent Knowledge Clouds that incorporate large volumes of structured and unstructured information across disparate internal and external systems and to automate organizational processes that leverage these Knowledge Clouds to improve performance. The company combines its offerings with vertically focused capabilities and data models to operationalize AI and automation to effectively and efficiently address critical challenges facing its customers.
Venture Capital-Backed
Debt Financed, M&A, Publicly Listed, Venture Capital
Harish Chidambaran14.37
The company reached a definitive agreement to Arrowroot Acquisition through a reverse merger, resulting in the combined entity trading on the NASDAQ Stock Exchange under the ticker symbol AILE as of April 27, 2023.
Arrowroot Acquisition
 
Stage 1 Ventures, TEDCO
360.778.63Bethesda, MDUnited StatesLincoln International (Advisor: Fairness Opinion to Company)Goodwin (Legal Advisor to Arrowroot Acquisition, John Mutkoski JD)
Cooley (Legal Advisor to Company, Joshua Holleman JD), Integrated Corporate Relations (Advisor: Communications to Company, Kevin McLaughlin), Lincoln International (Advisor: Fairness Opinion to Company)
 
www.ilearningengines.com
32
WillowTree1,00003-Jan-20231,225.0086.00%Telus International
Provider of full-service digital product consultancy services intended to help brands drive growth. The company offers mobile strategy development, custom app and web development, product design, prototyping and mobile marketing services, enabling clients to give end-users a quality digital product experience.
Formerly PE-BackedDebt Financed, M&A, Private EquityTobias Dengel7.96
The company was acquired by Telus International (TSE: TIXT), a subsidiary of Telus (TSE: T), for $1.225 billion on January 3, 2023. The acquisition brings key tech talent and diversity to Telus International's portfolio of next-generation solutions and further augments its digital consulting and innovative client-centric software development capabilities.
Telus International (TSE: TIXT) (Darren Entwistle)
Telus International (TSE: TIXT) (www.telusinternational.com)
Constitution Capital Partners, Insignia Capital Group
Charlottesville, VA
United StatesCanaccord Genuity (Advisor: General to Insignia Capital Group, Dudley Baker)
Barclays (Legal Advisor to Telus International), Osler, Hoskin & Harcourt (Legal Advisor to Telus International, Andrew MacDougall), Rothschild & Cie Gestion (Advisor: General to Telus International), Scotiabank (Advisor: General to Telus International), Shearman & Sterling (Legal Advisor to Telus International, Scott Petepiece)
Canaccord Genuity (Advisor: General to Company, Dudley Baker), Canaccord Genuity (Advisor: General to Insignia Capital Group, Dudley Baker), Davis & Gilbert (Legal Advisor to Company), Davis & Gilbert (Legal Advisor to Insignia Capital Group), Kirkland & Ellis (Legal Advisor to Company, Kevin Coenen), Kirkland & Ellis (Legal Advisor to Insignia Capital Group, Kevin Coenen)
1,424.42
www.willowtreeapps.com
33
Denso (ITS Business) 01-Jan-20231,200.00100.00%Denso
Developer of a software platform based in Tokyo, Japan. The business unit offers intelligent transportation systems services relating to different modes of transport and traffic management and enables users to be better informed and make coordinated use of transport networks.
Corporate Backed or AcquiredM&A  
The business unit of Denso (TKS:6902) was acquired by Kapsch (WBO: KTCG) for $1.2 billion in January 2023. The acquisition expanded Kapsch TrafficCom's product portfolio and gave it a larger foothold in the Japanese market.
Kapsch (WBO: KTCG)
Kapsch (WBO: KTCG) (www.kapsch.net)
DensoTokyo, JapanJapan   1,200.00 
34
Kurbo Health4601-Mar-20231,000.00100.00%Abbott
Developer of a mobile fitness platform created to help users lose weight and stay fit. The company's mobile applications and web-based coaching videos for children and families focus on losing weight and adopting healthier lifestyles enabling families to modify their behaviors and lead healthier lives.
Formerly VC-backedVenture CapitalJoanna Strober 
The company, a subsidiary of WW (NAS: WW), was acquired by Abbott (NYS: ABT) for $1 billion in March 2023.
Abbott (NYS: ABT)
Abbott (NYS: ABT) (www.abbott.com)
WWPalo Alto, CAUnited States   1,000.00www.kurbo.com
35
Netspend (Consumer Business) 31-Mar-20231,000.00100.00%Search
Operator of payment services based in Austin, Texas. The company provides streamlined payroll options to support the workforce and help attract new talent.
Private Equity-BackedPrivate Equity  
The consumer business of NetSpend was acquired by Searchlight Capital Partners and Rev for $1 billion on March 31, 2023.
Rev (Roy Sosa), Searchlight Capital Partners (Christopher Cruz)
Rev (www.revworldwide.com), Searchlight Capital Partners (www.searchlightcap.com)
NetSpendAustin, TXUnited StatesEvercore Group (Advisor: General to NetSpend)
EY (Accounting to Rev), EY (Accounting to Searchlight Capital Partners), Gunderson Dettmer (Legal Advisor to Rev, Wesley Watts JD), Jefferies Financial Group (Advisor: General to Rev), McKinsey & Company (Advisor: Financial Due Diligence to Rev), Nomura Holdings (Advisor: General to Rev), Paul, Weiss, Rifkind, Wharton & Garrison (Legal Advisor to Searchlight Capital Partners, Taurie Zeitzer JD)
Evercore Group (Advisor: General to NetSpend), Wachtell, Lipton, Rosen & Katz (Legal Advisor to NetSpend, Jacob Kling JD)
1,000.00 
36
Pismo49207-Jul-20231,000.00100.00%Visa
Developer of a cloud-based payment processing platform designed to impact people's lives positively all over the globe. The company's platform offers features including CRM, billing, acquiring network management, client acquisition, and credit analysis, enabling clients to boost and optimize their financial offerings.
Formerly VC-backedVenture CapitalRicardo Josua108.89
The company was acquired by Visa (NYS: V) for $1 billion on July 7, 2023.
Visa (NYS: V)
Visa (NYS: V) (www.usa.visa.com)
Accel, Amazon.com, B3(Brazil), Falabella, Headline, PruVen Capital, Redpoint eventures, SoftBank Group
Sao Paulo, BrazilBrazilThe Goldman Sachs Group (Advisor: General to Company)
AZB & Partners (Legal Advisor to Visa, Ashwath Rau), Carey Olsen (Legal Advisor to Visa, Alistair Russell), Paul Hastings (Legal Advisor to Visa, Chris Daniel), Skadden, Arps, Slate, Meagher & Flom (Legal Advisor to Visa)
Gunderson Dettmer (Legal Advisor to Redpoint eventures), J. Sagar Associates (Legal Advisor to Company, Rupinder Malik), Ogier (Legal Advisor to Company, Giorgio Subiotto), The Goldman Sachs Group (Advisor: General to Company), Wilson Sonsini Goodrich & Rosati (Legal Advisor to Company, Matt Squires JD)
1,000.00www.pismo.io
37
Loom25830-Nov-2023975100.00%Atlassian
Developer of a work communication tool designed for people to get their messages through instantly shareable videos. The company's tool helps users capture, record, and narrate a video that can be instantly shared with a link without switching applications or uploading content, enabling business teams to share and record nearly one million videos every month.
Formerly VC-backedDebt Financed, Venture CapitalJoseph Thomas243.2
The company was acquired by Atlassian (NAS: TEAM) for $975 million on November 30, 2023.
Atlassian (NAS: TEAM) (Michael Cannon-Brookes)
Atlassian (NAS: TEAM) (www.atlassian.com)
1517 Fund, American Patent Agency, Andreessen Horowitz, Ashton Kutcher, Brian Balfour, Coatue Management, Daniel Gross, David Okuniev, Dylan Field, Edelweiss, Elementum Ventures, Eric Wittman, General Catalyst, ICONIQ Growth, Kevin Systrom, Kleiner Perkins, Long Journey Ventures, Mathilde Collin, Mike Krieger, No Talking Capital, Point Nine Capital, RTA Ventures, Sequoia Capital, Slack Fund, Venrex Investment Management
San Francisco, CA
United StatesSRS Acquiom (Advisor: General to Company)Cleary Gottlieb Steen & Hamilton (Legal Advisor to Atlassian)
Gunderson Dettmer (Legal Advisor to Coatue Management), SRS Acquiom (Advisor: General to Company), Wilson Sonsini Goodrich & Rosati (Legal Advisor to Company, Todd Cleary JD)
975www.loom.com
38
SMS Assist85205-Jan-2023950100.00%Lessen
Provider of business services intended to deliver unprecedented transparency and control within the facilities maintenance industry. The company offers a scalable, proprietary, cloud-based technology platform that integrates SMS operations directly with a company's client locations and subcontracted affiliates, enabling clients to reduce customer costs for maintaining their properties, while improving service quality and speed of delivery.
Formerly VC-backedVenture CapitalMichael Rothman259
The company was acquired by Lessen for $950 million on January 5, 2023.
Lessen (Jay McKee)
Lessen (www.lessen.com)
Bill Comrie, Brad Powers, Diego Berdakin, DV Partners, Frank Gerber, Gabe Greenbaum, Goldman Sachs Asset Management, Granite Creek Capital Partners, HDS Capital, Insight Partners, Jeff Vinik, John Cook, KWC Management, M13, Peter Liu, Pritzker Group Venture Capital, Sam Ross-Skinner, Scott Langmack, William Young
Chicago, ILUnited StatesEvercore Group (Advisor: General to Company), J.P. Morgan (Advisor: General to Company)Fenwick & West (Legal Advisor to Lessen, Kris Withrow JD)
Evercore Group (Advisor: General to Company), Gibson, Dunn & Crutcher (Legal Advisor to Goldman Sachs Asset Management, Richard Birns JD), J.P. Morgan (Advisor: General to Company), Katten (Legal Advisor to Company, Matthew Brown JD), Kirkland & Ellis (Legal Advisor to Pritzker Group Venture Capital, Matthew Goulding JD), Skadden, Arps, Slate, Meagher & Flom (Legal Advisor to Company)
950
www.smsassist.com
39
SADA Systems50001-Dec-2023800100.00%Insight Enterprises
Provider of business and cloud technology consulting services intended to assist in management and automation of IT operations. The company's IT consulting services include enterprise consulting, cloud platform migration, custom application development, managed IT services and IT infrastructure management, enabling businesses to drive growth and operations forward by assessing current IT infrastructure and providing premier IT consultative services.
Corporate Backed or AcquiredDebt Financed, M&ATony Safoian 
The company was acquired by Insight Enterprises (NAS: NSIT) for USD 800 million on December 1, 2023. The acquisition advances Insight's strategy and further strangthens its unique position as a leading Solutions Integrator offering market-leading multicloud solutions at scale.
Insight Enterprises (NAS: NSIT) (Dee Burger)
Insight Enterprises (NAS: NSIT) (www.insight.com)
 Los Angeles, CAUnited States Snell & Wilmer (Legal Advisor to Insight Enterprises, Jeffrey Scudder JD)Fenwick & West (Legal Advisor to Company, Ethan Skerry JD)800www.sada.com
40
Unicorn Platform428-Aug-2023800100.00%MarsX
Developer of a AI-powered website building platform intended to serve startups, solo-entrepreneurs and hackers. The company's platform offers web development and design, landing page, marketing, pricing and conversion, thereby enabling customers to create websites without design or development.
Corporate Backed or AcquiredM&AAlexander Isora 
The company was acquired by MarsX for $800 million on August 28, 2023.
MarsX (John Rush)
MarsX (www.marsx.dev)
 Toronto, CanadaCanada   800
www.unicornplatform.com
41
Rovio Entertainment55817-Aug-2023778.0596.30%Sega Sammy Holdings
Rovio Entertainment Corp is a games entertainment company that creates, develops, and publishes mobile games and conducts licensing business in various entertainment and consumer product categories. Its games include Angry Birds Dream Blast and Angry Birds 2.
Formerly VC-backed
Debt Financed, M&A, Publicly Listed, Venture Capital
Alexandre Pelletier-Normand
111.95
The company was acquired by Sega Sammy Holdings (TKS: 6460) for EUR 706 million on August 17, 2023. The acquisition helps Sega Sammy Holdings to grow rapidly in the global gaming market and bolster its own live service mobile game portfolio.
Sega Sammy Holdings (TKS: 6460) (Haruki Satomi)
Sega Sammy Holdings (TKS: 6460) (www.segasammy.co.jp)
 317.0541.65Espoo, FinlandFinlandBofA Securities (Advisor: General to Company), The Goldman Sachs Group (Advisor: General to Company)Jones Day (Legal Advisor to Sega Sammy Holdings, Kaarli Eichhorn)
BofA Securities (Advisor: General to Company), Danske Bank (Legal Advisor to Company), Hannes Snellman Attorneys (Legal Advisor to Company), Roschier (Legal Advisor to Company, Antti Ihamuotila), The Goldman Sachs Group (Advisor: General to Company)
807.94www.rovio.com
42
Bitcoin Depot (NAS: BTM)12630-Jun-2023755 
Bitcoin Depot Inc is the fastest-growing multi-cryptocurrency ATM Network offering users the ability to buy and sell.
CorporationPublicly ListedBrandon Mintz 
The company acquired GSR II Meteora Acquisition (NAS: GSRM) through a reverse merger, resulting in the combined entity trading on the NASDAQ Stock Exchange under the ticker symbol BTM on June 30, 2023.
GSR II Meteora Acquisition (Gus Garcia)
GSR II Meteora Acquisition (www.gsrmet.com)
 685.5232.65Atlanta, GAUnited States   755
www.bitcoindepot.com
43
Best Assistant 13-Dec-2023750100.00%Mynd.ai
Operator of online education platform intended to connect and collaborate educators with students and parents. The company provides online education courses to its users and students, enabling users to access education resources with convenience.
Formerly PE-BackedPrivate Equity 176.2
The company was acquired by Mynd.ai (NYS: GEHI) for $750 million on December 13, 2023.
Mynd.ai
Mynd.ai (www.Mynd.ai)
Ascendent Capital Partners, NetDragon Websoft, Realization Capital Partners
Cayman IslandsCayman Islands  
Cleary Gottlieb Steen & Hamilton (Legal Advisor to Company), Shearman & Sterling (Legal Advisor to Company, Doreen Lilienfeld JD)
750 
44
Rovio Entertainment55822-Mar-2023726.9160.00%Sega Sammy Holdings
Rovio Entertainment Corp is a games entertainment company that creates, develops, and publishes mobile games and conducts licensing business in various entertainment and consumer product categories. Its games include Angry Birds Dream Blast and Angry Birds 2.
Formerly VC-backed
Debt Financed, M&A, Publicly Listed, Venture Capital
Alexandre Pelletier-Normand
 
The company was in talks to be acquired by Playtika (NAS: PLTK) for EUR 683 million on an undisclosed date. Subsequently, the deal was cancelled on March 22, 2023.
   334.0546.41Espoo, FinlandFinland   1,211.51www.rovio.com
45
InstaDeep32431-Jul-2023723.55100.00%BioNTech
Developer of a decision-making platform designed to ensure talent retention and provide training. The company's platform offers a host of AI programs from optimized pattern-recognition and GPU-accelerated insights to self-learning decision-making systems, machine learning, and predictive analytics to optimize decisions, enabling businesses to improve efficiency related to manufacturing, and logistics, mobility, and energy, thereby increasing return on investments.
Formerly VC-backedVenture CapitalKarim Beguir108.88
The company was acquired by BioNTech (NAS: BNTX) for GBP 562 million on July 31, 2023. The acquisition helps BioNTech's pioneering position in the field of AI-powered drug discovery, design and development.
BioNTech (NAS: BNTX) (Ugur Sahin)
BioNTech (NAS: BNTX) (www.biontech.com)
Adam Sadiq, Africinvest, Alpha Intelligence Capital, Alphabet, Beyond1435, BlackPine Group, Bossanova Investimentos, CDIB Capital Group, Chimera Capital, Endeavor Catalyst, Group 42, Malek Meslemani, Plug and Play Tech Center, Synergie
London, United Kingdom
United Kingdom Choate (Legal Advisor to BioNTech, Cecilia Vega JD)
CMS (Legal Advisor to Company, Valentina Santambrogio), Latham & Watkins (Legal Advisor to Chimera Capital, Eyad Latif JD)
723.55
www.instadeep.com
46
Optimal Blue30014-Sep-2023705100.00%Constellation Software
Operator of an online mortgage marketplace platform catering to investors, lenders and originators. The company's platform connects mortgage originators with secondary investors through its repository of searchable and actionable loan programs and loan-level price data, enabling them to enhance workflow efficiencies and stay competitive and confidently execute profitable lending strategies.
Formerly PE-BackedDebt Financed, Private EquityKevin McMahon 
The company was acquired by Constellation Software (TSE: CSU) for $705 million on September 14, 2023.
Constellation Software (TSE: CSU) (Scott Smith)
Constellation Software (TSE: CSU) (www.csisoftware.com)
Black Knight, Compass Analytics
Plano, TXUnited States Womble Bond Dickinson (Legal Advisor to Constellation Software, Shari Bacsardi JD)
Shearman & Sterling (Legal Advisor to Black Knight, Cody Wright JD), Wachtell, Lipton, Rosen & Katz (Legal Advisor to Company, Edward Herlihy JD)
705
www2.optimalblue.com
47
Burgiss65002-Oct-202369766.00%MSCI
Provider of portfolio management software and data analytics designed to streamline investments. The company's products feature portfolio monitoring and reporting, performance measurement and benchmarking, cash flow forecasting, document management, investor administration and exposure analysis, enabling asset managers, asset owners and financial intermediaries who invest in private capital to make data-driven decisions.
Corporate Backed or AcquiredM&AJames Kocis190
The company was acquired by MSCI (NYS: MSCI) for $697 million on October 2, 2023. The acquisition provides MSCI with comprehensive data and deep expertise in all private assets, enabling investors to evaluate fundamental information, measure and compare performance, understand exposures, manage risk and conduct robust analytics.
MSCI (NYS: MSCI) (Henry Fernandez)
MSCI (NYS: MSCI) (www.msci.com)
 90Hoboken, NJUnited States Davis Polk (Legal Advisor to MSCI, William Chudd JD) 1,056.06
www.burgiss.com
48
Max by Leumi Card1,40027-Mar-202368786.01%Clal Insurance Enterprises Holdings
Provider of credit services intended to offer easy payment options. The company offers a portfolio of financial services specializing in card issuing, acquiring and processing, as well as other payment and credit services, providing services tailored to the customer's profile with affordable clearing fees.
Formerly PE-BackedDebt Financed, Private EquityRon Painaro 
The company was acquired by Clal Insurance Enterprises Holdings (TAE: CLIS) for $687 million on March 27, 2023. The transaction values the company at an estimated $798.8 million.
Clal Insurance Enterprises Holdings (TAE: CLIS) (Yoram Naveh)
Clal Insurance Enterprises Holdings (TAE: CLIS) (www.clalbit.co.il)
Allied Group (Israel), Menora Mivtachim, Warburg Pincus
Bnei Brak, IsraelIsrael  Gornitzky & Company (Legal Advisor to Warburg Pincus)798.8www.max.co.il
49
Roadzen (NAS: RDZN)10520-Sep-202368329.22%Vahanna Tech Edge
Roadzen Inc is an insurance technology company on a mission to transform global auto insurance powered by advanced AI. Its clients comprise major insurers, fleets, and carmakers to small fleets, brokers, and insurance agents that use Roadzen's technology to build new products, sell insurance, process claims, and improve road safety. Roadzen's work in telematics and computer vision has earned recognition as an AI innovator by publications such as Forbes, Fortune, and Financial Express.
Venture Capital-BackedDebt Financed, Publicly Listed, Venture CapitalMohit Pasricha4.78
The company was acquired by Vahanna Tech Edge Acquisition through a reverse merger, resulting in the combined entity trading on the Nasdaq Stock Exchange under the ticker symbol RDZN and RDZNW on September 20, 2023
Vahanna Tech Edge Acquisition I (Karan Puri)
Vahanna Tech Edge Acquisition I (www.vahannatech.com)
13books Capital, Anthill Ventures, CAC CAPITAL, Cambridge Innovations, Eos Venture Partners, JAFCO Asia, PJC, WI Harper Group
16.54-13.14Burlingame, CAUnited StatesMizuho Securities (Advisor: General to Company), Pi Capital Advisors (Advisor: General to Company)
DMD Advocates (Legal Advisor to Vahanna Tech Edge Acquisition I), Gibson, Dunn & Crutcher (Legal Advisor to Vahanna Tech Edge Acquisition I), SHEUMACK GMA (Advisor: General to Vahanna Tech Edge Acquisition I), Sidley Austin (Legal Advisor to Vahanna Tech Edge Acquisition I, Michael Heinz JD)
King & Spalding (Legal Advisor to 13books Capital, Daniel Kahan JD), King & Spalding (Legal Advisor to Eos Venture Partners, Daniel Kahan JD), Mizuho Securities (Advisor: General to Company), Pi Capital Advisors (Advisor: General to Company), Winston & Strawn (Legal Advisor to Company, David Sakowitz JD)
965www.roadzen.io
50
SKS365 Group50001-Nov-2023675.2100.00%Lottomatica
Developer of sports betting and gaming platforms intended for the Italian market. The company specializes in sports betting, live betting, virtual sports and gaming to provide omnichannel retail and online experience, thereby bringing entertainment to customers in a responsible, safe and sustainable way.
Private Equity-BackedPrivate EquityAlexander Martin 
The company reached a definitive agreement to be acquired by Lottomatica (CHIX: GAMEm) for EUR 639 million on November 1, 2023. The acquisition will allow the company to access new opportunities and develop synergies, expand its product and service offerings, and benefit from new skills and resources.
Lottomatica Group (Guglielmo Angelozzi)
Lottomatica Group (www.lottomaticagroup.com)
Ramphastos Investments
320.178.96San Giljan, MaltaMaltaLazard (Advisor: General to Company)
Latham & Watkins (Legal Advisor to Lottomatica Group, Stefano Sciolla), Mediobanca (Advisor: General to Lottomatica Group), Sidley Austin (Legal Advisor to Lottomatica Group, Ramy Wahbeh JD)
Gianni & Origoni (Legal Advisor to Company), Lazard (Advisor: General to Company), Radovanović Stojanović & Partners (Legal Advisor to Company), Schindler Attorneys (Legal Advisor to Company)
675.2
www.sks365.com
51
Near (Los Angeles)41423-Mar-2023675 
Near Intelligence Inc is a global, full stack data intelligence software as a service platform that stitches and enriches data on people and places from which its customers can derive actionable intelligence of consumer behavior to help its customers make meaningful decisions.
Formerly VC-backedDebt Financed, Publicly Listed, Venture CapitalAnil Mathews282.62
The company acquired KludeIn I Acquisition through a reverse merger for $675 million, resulting in the combined entity trading on the Nasdaq Exchange under the ticker symbol NIR on March 23, 2023.
KludeIn I Acquisition (Mary Krishnamoorthy)
 
Blue Torch Capital, Cisco Investments, Comcast Ventures, Global Brain, Greater Pacific Capital, JP Morgan Asset Management, OurCrowd, Peak XV Partners, Revolution (Washington DC), Telstra Ventures, UM, Wolfpack Ventures
59.05-79.36Los Angeles, CAUnited StatesThe Benchmark Company (Advisor: General to Company)
Cantor Fitzgerald (Advisor: General to KludeIn I Acquisition), Ellenoff Grossman & Schole (Legal Advisor to KludeIn I Acquisition)
Gunderson Dettmer (Legal Advisor to Telstra Ventures), Kirkland & Ellis (Legal Advisor to Company, Daniel Dusek), The Benchmark Company (Advisor: General to Company)
 www.near.com
52
Rhodium Enterprises5013-Oct-2023671 Silversun Technologies
Developer and manufacturer of liquid cooling systems and proprietary software intended to optimize the performance, efficiency, and control of its miners, infrastructure, and operations. The company offers an integrated technology platform, thereby helping keep miners online and extracting heat that could otherwise lead to equipment damage or failure.
CorporationPublicly ListedChase Blackmon 
The company reached a definitive agreement to be acquired by Silversun Technologies (NAS: SSNT) through a reverse merger on September 29, 2022. Subsequently, the deal was canceled on October 13, 2023.
  Imperium.TXUnited States    www.rhdm.com
53
Casetext7717-Aug-2023650100.00%Thomson Reuters
Developer of a research platform designed to offer the public access to legal research by tapping the knowledge of the legal community. The company's platform automates key legal research tasks by leveraging artificial intelligence and machine learning technologies to analyze litigation documents and uses that information to algorithmically query the law, enabling clients to offer litigation services effectively.
Formerly VC-backedDebt Financed, Venture CapitalJacob Heller67.98
The company was acquired by Thomson Reuters (TSE: TRI), a subsidiary of The Woodbridge Group, for $650 million on August 17, 2023.
Thomson Reuters (TSE: TRI) (Steve Hasker)
Thomson Reuters (TSE: TRI) (www.thomsonreuters.com)
8VC, A-Grade Investments, Avichal Garg, Bart Lorang, Ben Davenport, BoxGroup, Bridge Investments, BuildGroup, Canvas Ventures, Chad Byers, Charlie Cheever, Chintaka Ranatunga, Crosslink Capital, Darian Shirazi, David Beyer, David Tisch, Florian Huber, Formation 8, Good News Ventures, Hard Yaka, Ilya Sukhar, Jeff Hammerbacher, KBW Ventures, Kevin Moore, Klaus von Sayn-Wittgenstein, Leo Polovets, Paul Buchheit, PROOF, Red Sea Ventures, Richard Morrison, Robert Emrich, Ryan Flynn, Saad AlSogair, Seth Berman, Socii Capital, SSV, Susa Ventures, SV Angel, Thomas Glocer, Touchdown Ventures, Union Square Ventures, Y Combinator, Yuan Kun
San Francisco, CA
United StatesMarks Baughan Securities (Advisor: General to Company)
Holland & Knight (Legal Advisor to Thomson Reuters, Victoria Zerjav JD), Latham & Watkins (Legal Advisor to Thomson Reuters, Peter Harwich JD)
Marks Baughan Securities (Advisor: General to Company), Orrick (Legal Advisor to Company, John Bautista)
650
www.casetext.com
54
Isovalent16021-Dec-2023650100.00%Cisco
Developer of open-source cloud-native networking platform designed to assist enterprises in connecting, monitoring, and securing mission-critical workloads in modern, cloud-native ways. The company's platform delivers improved networking and security capabilities to the challenging and demanding enterprise uses for high scale and churn, advanced networking, security and visibility, enabling clients to access a simple and efficient way to define and enforce both network-layer and application-layer security policies based on container or pod identity.
Venture Capital-BackedVenture CapitalThomas Graf69
The company reached a definitive agreement to be acquired by Cisco Investments, a subsidiary of Cisco Systems (NAS: CSCO), for $650 million on December 21, 2023. The acquisition will strengthen Cisco's role in supporting the open-source ecosystem.
Cisco Investments
Cisco Investments (www.ciscoinvestments.com)
Andreessen Horowitz, Friends & Family Capital, Garima Kapoor, Google Cloud Platform, Grafana Labs, M12, M2 Capital, Mango Capital (Venture Capital), Mirae Asset Capital, SV Angel, Thomvest Ventures
Cupertino, CAUnited States 
Fenwick & West (Legal Advisor to Cisco Investments, Douglas Cogen JD), Vischer (Legal Advisor to Cisco Investments, Gian-Andrea Caprez)
Wenger Vieli AG (Legal Advisor to Company, Barbara Brauchli Rohrer)650
www.isovalent.com
55
Micromine28002-Aug-2023629.49100.00%Aspen Technology
Developer of modular data management software designed to deliver insights on mining data. The company's software integrates with modeling, estimation and design tools that can capture, manage and interpret critical mining and exploration data, enabling clients to achieve operational and business growth.
Private Equity-BackedM&A, Private EquityAndrew Birch 
The company reached a definitive agreement to be acquired by Aspen Technology (NAS: AZPN), a subsidiary of Emerson Electric (NYS: EMR), for AUD 935.595 million on July 27, 2022. Subsequently, the deal was cancelled.
  
L Capital, Potentia Capital, Saniel Ventures
Nedlands, Australia
Australia
JP Morgan Asset Management (Advisor: General to Company), JP Morgan Asset Management (Advisor: General to L Capital), JP Morgan Asset Management (Advisor: General to Potentia Capital)
 
Johnson Winter & Slattery (Legal Advisor to Company), Johnson Winter & Slattery (Legal Advisor to L Capital), Johnson Winter & Slattery (Legal Advisor to Potentia Capital), JP Morgan Asset Management (Advisor: General to Company), JP Morgan Asset Management (Advisor: General to L Capital), JP Morgan Asset Management (Advisor: General to Potentia Capital), PwC (Advisor: General to Company)
629.49
www.micromine.com
56
Talon Cyber Security14728-Dec-2023625100.00%Palo Alto Networks
Developer of a cybersecurity technology designed to boost the commercialization of security controls for the hybrid workforce. The company's technology protects against a new category of threats posed by distributed work and accelerated cloud usage, enabling businesses to increase their workforce productivity and flexibility while dealing with cybersecurity.
Formerly VC-backedVenture CapitalOfer Ben-Noon143
The company was acquired by Palo Alto Networks (NAS: PANW) for $625 million on December 28, 2023. The acquisition will help the company to securely access business applications from any device, including mobile and other non-corporate devices, while delivering seamless user experiences.
Palo Alto Networks (NAS: PANW) (Lee Klarich)
Palo Alto Networks (NAS: PANW) (www.paloaltonetworks.com)
Assaf Rappaport, Avi Shua, Ballistic Ventures (California), Cyverse Capital, Entrée Capital, Evolution Equity Partners, Falcon Fund, George Kurtz, Israeli Mapped Ventures, Lightspeed Venture Partners Israel, Merlin Ventures, Michael Shaulov, Nadir Izrael, Sorenson Ventures, SYN Ventures, Team8, Yevgeny Dibrov, Zohar Zisapel
Tel Aviv, IsraelIsraelQatalyst Partners (Advisor: General to Company)
Arnon, Tadmor-Levy (Legal Advisor to Palo Alto Networks, Barry Levenfeld JD), Latham & Watkins (Legal Advisor to Palo Alto Networks, Joshua Dubofsky JD)
Goodwin (Legal Advisor to Company, William Schnoor Jr.), Qatalyst Partners (Advisor: General to Company)
625
www.talon-sec.com
57
QENTA Payment Solutions40008-Nov-2023622 
Provider of payment services intended to give the latest technologies in cashless payment processing to the Austrian and Central European markets. The company's platform offers enterprises, financial institutions, and individuals solutions that combine our suite of advanced financial services with asset tokenization and other cutting-edge blockchain technologies, it comprehensive payment systems, advice on offline and online payments, security requirements, and risk-free online payments solutions, enabling their clients to avail of international payment strategies tailored to their sales channels.
Private Equity-BackedM&A, Private Equity, Venture CapitalBrent Jong 
The company had reached a definitive agreement to acquire Blockchain Coinvestors Acquisition I (NAS: BCSA) for $622 million through a reverse merger, resulting in the combined entity trading on the Nasdaq Stock Exchange on November 10, 2022. Subsequently, the deal was canceled on November 8, 2023.
  
Emergent Technology Holdings, Green Sands Equity, Tribe Capital
Houston, TXUnited States    www.qenta.com
58
Palm NFT Studio5529-Jun-2023610100.00%Candy
Operator of a non-fungible token ecosystem intended for culture and creativity. The company's platform connects payment tokens with artists and rights holders looking to establish NFT marketplaces, enabling clients to seek new collaborators.
Formerly VC-backedVenture CapitalDaniel Heyman36.9
The company was acquired by Candy, a subsidiary of Galaxy Digital Holdings (TSE: GLXY), for $610 million on June 29, 2023.
Candy
Candy (www.candy.com)
Griffin Gaming Partners, M12, RRE Ventures, Sfermion, SK C&C, The LAO, Third Kind Venture Capital, Warner Bros. Entertainment
Dover, DEUnited States Sullivan & Cromwell (Legal Advisor to Candy, Matthew Goodman)Gibson, Dunn & Crutcher (Legal Advisor to Company, Edwards Batts JD)610
www.palmnftstudio.com
59
PayU2,85401-Aug-2023610100.00%The
Developer of a global payment platform intended to allow merchants to accept payments in any market. The company's platform offers a wide range of common and alternative payment methods, enabling merchants to make hassle-free online payments.
Formerly VC-backedM&A, Venture CapitalAnirban Mukherjee 
The company was acquired by Rapyd for $610 million on August 1, 2023.
Rapyd Financial Network
Rapyd Financial Network (www.rapyd.net)
Prosus
Amsterdam, Netherlands
Netherlands Latham & Watkins (Legal Advisor to Rapyd Financial Network, Robbie McLaren)Allen & Overy (Legal Advisor to Prosus, Ninwa Alan)610
corporate.payu.com
60
Velodyne Lidar40710-Feb-2023600100.00%Ouster
Developer of autonomous technology intended to focus on the safety, efficiency, and sustainability of vehicles. The company's technology provides smart, powerful lidar products which is known for its broad portfolio of technologies and software that offers flexibility, quality, and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities, and security, enabling industries to transform lives and communities by advancing safer mobility for all.
Formerly VC-backed
Debt Financed, M&A, Publicly Listed, Venture Capital
Theodore Tewksbury
375
The company was acquired by Ouster (NYS: OUST) for $600 million on February 10, 2023.
Ouster (NYS: OUST)
Ouster (NYS: OUST) (www.ouster.com)
Baidu, Graf Industrial
44.87-165.17San Jose, CAUnited StatesBofA Securities (Advisor: General to Company)Barclays (Advisor: General to Ouster), Latham & Watkins (Legal Advisor to Ouster, Mark Bekheit JD)
BofA Securities (Advisor: General to Company), Skadden, Arps, Slate, Meagher & Flom (Legal Advisor to Company)
600
www.velodynelidar.com
61
Banzai International (Media and Information Services)
8514-Dec-2023580 
Banzai International Inc is a marketing technology (MarTech) company that produces data-driven marketing and sales solutions for businesses of all sizes. Its mission is to help its customers accomplish their mission by enabling better marketing, sales, and customer engagement outcomes. The company sells its products using a recurring subscription license model typical in SaaS businesses. Pricing tiers for its main product, Demio, are based on the number of host-capable users, desired feature sets, and maximum audience size.
Formerly VC-backed
Debt Financed, M&A, Publicly Listed, Venture Capital
Joseph Davy22
The company was acquired by 7GC & Co. Holdings through a reverse merger on December 14, 2023. The funds will be used to support company's strategic growth along its expansion vectors of inorganic growth opportunities, geographic expansion, customer type enlargement, sales channels additions and vertical extension.
7GC & Co. Holdings (Jack Leeney)
7GC & Co. Holdings (www.7gc.holdings)
10X Capital, Alliance of Angels, Cercano Management, DNX Ventures, Gaingels, Growth Technology Partners, Kurt Bilafer's Syndicate, Sand Hill Angels, Tribe Capital
4.74-13.39
Bainbridge Island, WA
United StatesCascadia Capital (Advisor: General to Company, Teague Collins), ROTH Capital Partners (Advisor: General to Company)Sidley Austin (Legal Advisor to 7GC & Co. Holdings, Joshua DuClos JD)
Cascadia Capital (Advisor: General to Company, Teague Collins), Cooley (Legal Advisor to Company, Kassendra Galindo JD), ROTH Capital Partners (Advisor: General to Company)
 www.banzai.io
62
Benefitfocus1,10024-Jan-2023570100.00%Voya Financial
Benefitfocus Inc is a cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers. The firm's solutions support core benefits plans, including healthcare, dental, life, and disability insurance. Benefitfocus sells its solutions on a subscription basis, typically through annual contracts with employers, and multi-year contracts with insurance carriers. It generates all of its revenue in the United States.
Formerly VC-backed
Debt Financed, M&A, Private Equity, Publicly Listed, Venture Capital
Matthew Levin512.5
The company was acquired by Voya Financial (NYS: VOYA) for $570 million on January 24, 2023. The acquisition accelerates Voya's strategy in health and wealth solutions, adding broad-based benefits administration capabilities that extend its reach across workplace benefits and savings.
Voya Financial (NYS: VOYA) (Heather Lavallee)
Voya Financial (NYS: VOYA) (www.voya.com)
Baron Capital Management, BuildGroup, Indaba Capital Management
249.1116.68Charleston, SCUnited States 
Cleary Gottlieb Steen & Hamilton (Legal Advisor to Voya Financial, Glenn McGrory JD), Perella Weinberg Partners (Advisor: General to Voya Financial)
Barclays (Advisor: General to Company), Broadridge Financial Solutions (Advisor: General to Company), Okapi Partners (Advisor: General to Company), Olshan Frome Wolosky (Legal Advisor to Indaba Capital Management, Steve Wolosky JD), Shearman & Sterling (Legal Advisor to BuildGroup, Christopher Forrester JD), Sullivan & Cromwell (Legal Advisor to Company, Melissa Sawyer JD), Wyrick Robbins Yates & Ponton (Legal Advisor to Company)
570
www.benefitfocus.com
63
Sinqia13901-Nov-2023559.78100.00%Evertec
Sinqia SA is a software company. It develops software and provides information technology products and services for the financial industry. The company provides solutions to banks; funds; social security; outsourcing; consulting and others. It offers four software platforms namely Sinqia Banks, Sinqia Consortium, Sinqia Funds, and Sinqia Pension, and two service platforms such as Sinqia Consulting and Sinqia Outsourcing.
Formerly PE-BackedPrivate Equity, Publicly Listed
Antonio Luciano Camargo Filho
102.3
The company was acquired by Evertec (NYS: EVTC) for BRL 2.83 billion on November 1, 2023. The acquisition is another step in Evertec's strategic transformation and the combination of the strong balance sheet, predictable cash flow, and knowledge of the region allows it to significantly expand its presence in an attractive market like Brazil and its digital payments engine together with Sinqia's banking and financial software platform will position as the leading fintech company in Latin America.
Evertec (NYS: EVTC) (Alan Schumacher)
Evertec (NYS: EVTC) (www.evertecinc.com)
 127.131.47Sao Paulo, BrazilBrazil 
Evercore Group (Advisor: General to Evertec, Adam Taetle), Latham & Watkins (Legal Advisor to Evertec, Antonio Del Pino), Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados (Legal Advisor to Evertec, Claudio Oksenberg), Seneca Evercore (Advisor: General to Evertec, Daniel Wainstein Ph.D), The Goldman Sachs Group (Advisor: General to Evertec, Adam Dawson), Truist Securities (Advisor: General to Evertec, David Wojdyla)
BTG Pactual (Advisor: General to Company, Ana Costa), Simpson Thacher & Bartlett (Legal Advisor to Company, Antti Pesonen), Trindade Sociedade de Advogados (Legal Advisor to Company)
559.78
www.sinqia.com.br
64
FM:Systems24113-Jul-2023540100.00%Johnson Controls International
Developer of workspace management software intended for facilities and real estate buildings. The company's cloud-based platform offers computer-aided facility management (CAFM) that improves the maintenance, leases, property reservation and strategic planning, enabling clients to receive hybrid work, space and facilities management along with workplace analytics as per their requirements.
Formerly PE-BackedDebt Financed, Private EquityKurt von Koch4.7
The company was acquired by Johnson Controls International (NYS: JCI) for approximately $540 million on July 13, 2023. The total consideration consists of $75 million of contingent payout. The acquisition adds complementary cloud-based software as a service (SaaS) digital workplace management capabilities to Johnson Controls' leading OpenBlue digital buildings software portfolio
Johnson Controls International (NYS: JCI) (George Oliver)
Johnson Controls International (NYS: JCI) (www.johnsoncontrols.com)
Accel-KKRRaleigh, NCUnited StatesMoelis & Company (Advisor: General to Company), Raymond James Financial (Advisor: General to Company)
Centerview Partners (Advisor: General to Johnson Controls International), Cleary Gottlieb Steen & Hamilton (Legal Advisor to Johnson Controls International, Glenn McGrory JD)
Goodwin (Legal Advisor to Company, Scott Joachim JD), Kekst CNC (Advisor: Communications to Accel-KKR), Moelis & Company (Advisor: General to Company), Raymond James Financial (Advisor: General to Company)
540
www.fmsystems.com
65
Follow Up Boss8430-Oct-2023500100.00%Zillow Group
Developer of a real estate platform enabling clients to handle lead management and response for the real estate industry. The company's platform optimizes core sales activities for real estate agents and teams, helping them set appointments and close deals with their leads, past clients.
Corporate Backed or AcquiredM&ADan Corkill 
The company was acquired by Zillow Group (NAS: ZG) for $500 million on October 30, 2023.
Zillow Group (NAS: ZG) (Susan Daimler)
Zillow Group (NAS: ZG) (www.zillowgroup.com)
 Cheyenne, WYUnited StatesAQ Technology Partners (Advisor: General to Company)Cooley (Legal Advisor to Zillow Group, Nicholas Davis JD)
AQ Technology Partners (Advisor: General to Company), Latham & Watkins (Legal Advisor to Company, Gregory Roussel JD)
500
www.followupboss.com
66
SurePrep28003-Jan-2023500100.00%Thomson Reuters
Developer of professional tax automation software designed for accounting firms. The company's software offers online tools based on optical character recognition (OCR) which are used for tax filing, income calculations, loan underwriting and mortgage processing, enabling clients to increase productivity and profitability while promoting digital tax workflow.
Formerly PE-BackedPrivate EquityDavid Wyle66.4
The company was acquired by Thomson Reuters (TSE: TRI) for $500 million on January 3, 2023. The acquisition supports Thomson Reuters' strategy of pursuing both organic and inorganic growth opportunities as it promotes seamless, cloud-based workflows for professionals through innovative digital solutions and open, smart and connected platforms.
Thomson Reuters (TSE: TRI) (Elizabeth Beastrom)
Thomson Reuters (TSE: TRI) (www.thomsonreuters.com)
Bregal Sagemount, Sheldon Razin
60Irvine, CAUnited StatesRaymond James Financial (Advisor: General to Company)Latham & Watkins (Legal Advisor to Thomson Reuters, Peter Harwich JD)
Goodwin (Legal Advisor to Company, Jared Spitalnick JD), Raymond James Financial (Advisor: General to Company)
500
corp.sureprep.com
67
Perimeter 8125013-Sep-2023484100.00%Check Point
Developer of a platform designed to simplify local networks, cloud infrastructures, and business applications. The company's platform ensures zero-trust access to on-premise resources and critical cloud environments with one unified cloud platform and secures zero-trust access to web applications through resilient IPSec tunnels without an agent, enabling clients to fully build, manage and secure network from the multi-tenant cloud.
Formerly VC-backedVenture CapitalAmit Bareket165
The company was acquired by Check Point Software Technologies for an estimated $484 million on September 13, 2023.
Check Point Software Technologies (NAS: CHKP) (Gil Shwed)
 
B Capital Group, Entrée Capital, Francisco Partners, Ingram Micro, Insight Partners, ION Asset Management, JAL Ventures, MassChallenge, Maverick Ventures Israel, Robert Rothenberg, SonicWall, Spring Ventures (Israel), Toba Capital
Tel Aviv, IsraelIsrael Naschitz Brandes Amir (Legal Advisor to Check Point Software Technologies, Anat Igner) 484
www.perimeter81.com
68
G2K (Data Extraction)20017-Jul-2023464100.00%ServiceNow
Developer of a data extraction platform intended to optimize registration and identification processes. The company's platform transforms data into knowledge, giving clients a targeted, deep insight on their business and their processes - the base for enhanced security, enabling clients to satisfy customer expectations and enhance their reputation.
Corporate Backed or AcquiredM&AKarsten Neugebauer 
The company was acquired by ServiceNow (NYS: NOW) for $464 million on July 17, 2023. The acquisition is intended to enhance ServiceNow's platform with the acquired smart Internet of Things ("IoT") technology, enabling businesses to intelligently action digital and in-store data with enterprise-grade workflows.
ServiceNow (NYS: NOW) (Karel Poel)
ServiceNow (NYS: NOW) (www.servicenow.com)
Christ&Company Consulting, Schwarz Group
Munich, GermanyGermany 
Baker McKenzie (Legal Advisor to ServiceNow, Derek Liu JD), Tidal Partners (Advisor: General to ServiceNow)
Noerr (Legal Advisor to Schwarz Group, Maurice Seche), SZA Schilling, Zutt & Anschütz (Legal Advisor to Christ&Company Consulting, Christian Gehling)
464www.g2k.ai
69
Bank of Telecom6427-Feb-2023450 Crystal Peak
Operator of a telecom trading platform intended to provide an automated international online trading market. The company offers secure and automated trading of wholesale SMS and voice with same-day settlements, enabling traders to overcome industry challenges and increase operational efficiency and performance.
Venture Capital-BackedM&A, Venture CapitalMark Stewart 
The company reached a definitive agreement to Crystal Peak through a reverse merger on December 24, 2022. Subsequently the deal was cancelled.
   645.627.5
Chelmsford, United Kingdom
United Kingdom    
www.bankoftelecom.com
70
Broadway Technology13303-Oct-2023450100.00%Bloomberg
Developer of financial trading software intended to build intelligent trading systems for leading financial institutions. The company's platform offers open, flexible and automated trading operations of any size and complexity to premier global banks, proprietary trading groups and hedge funds worldwide with a unique combination of next-generation fin-tech applications and unifying infrastructure, thereby enabling clients to adapt to dynamic competitive and regulatory trends.
Formerly PE-BackedDebt Financed, Private EquityMichael Chin50.3
The company was acquired by Bloomberg for $450 million on October 3, 2023. This acquisition will enable Bloomberg to provide a low latency execution management offering optimized for rates trading and deliver further innovations in multi-asset software.
Bloomberg (Ben Macdonald)
Bloomberg (www.bloomberg.com)
BC Partners, Daher Capital, HPS Investment Partners, Long Ridge Equity Partners
New York, NYUnited States Ropes & Gray (Legal Advisor to Bloomberg, Ruchit Patel JD)
Allen & Overy (Legal Advisor to Company, Noah Brumfield JD), Broadhaven Capital Partners (Advisor: General to Company)
450
www.broadwaytechnology.com
71
Blume Global40003-Apr-2023414100.00%WiseTech Global
Developer of a digital supply chain platform intended for asset management, logistics, visibility, optimization and financial settlement. The company's platform offers order management, multimodal booking, logistics execution, rate management, carrier selection and asset tracking, enabling clients to simplify and automate their logistics decisions effectively.
Formerly PE-BackedDebt Financed, Private EquityPervinder Johar 
The company was acquired by WiseTech Global (ASX: WTC) for $414 million on April 3, 2023.
WiseTech Global (ASX: WTC) (Richard White)
WiseTech Global (ASX: WTC) (www.wisetechglobal.com)
Apollo Global Management, Bridgepoint Advisers, Direct ChassisLink, EQT
Pleasanton, CAUnited StatesHoulihan Lokey (Advisor: General to Company)
Cravath, Swaine & Moore (Legal Advisor to WiseTech Global, George Schoen JD), Herbert Smith Freehills (Legal Advisor to WiseTech Global, Rebecca Maslen-Stannage)
Houlihan Lokey (Advisor: General to Company), King & Wood Mallesons (Legal Advisor to Apollo Global Management), Paul, Weiss, Rifkind, Wharton & Garrison (Legal Advisor to Company), Sidley Austin (Legal Advisor to Bridgepoint Advisers, Brien Wassner JD), Simpson Thacher & Bartlett (Legal Advisor to EQT, Michael Holick JD)
414
www.blumeglobal.com
72
Axis Security12015-Mar-2023412100.00%Hewlett Packard Enterprise
Developer of a cloud security platform designed to offer secure access to business applications. The company's platform allows access based on a zero-trust business-centric approach to employees, partners, and other stakeholders, enabling organizations to control the resources that can have access to sensitive information.
Formerly VC-backedVenture CapitalDor Knafo103
The company was acquired by Hewlett Packard Enterprise (NYS: HPE) for $412 million on March 15, 2023. The acquisition enables Hewlett Packard Enterprise to expand its edge-to-cloud security capabilities by offering a unified Secure Access Services Edge solution to meet the increasing demand for integrated networking and security solutions delivered by aaS.
Hewlett Packard Enterprise (NYS: HPE)
Hewlett Packard Enterprise (NYS: HPE) (www.hpe.com)
Alicorn, Canaan Partners, Cerca Partners, CyberStarts, Dan Amiga, Emerald Development Managers, Michael Fey, Spark Capital, Ten Eleven Ventures
Plano, TXUnited States 
Covington & Burling (Legal Advisor to Hewlett Packard Enterprise, J. D. Weinberg JD), Guggenheim Partners (Advisor: General to Hewlett Packard Enterprise)
Wilson Sonsini Goodrich & Rosati (Legal Advisor to Company)412
www.axissecurity.com
73
Careem1,40009-Apr-202340050.30%
Emirates Telecommunications Group Company
Operator of a car booking platform designed to connect passengers with local drivers. The company's platform offers a marketplace of community drivers where passengers can request a ride in minutes, see the cost and have it charged to their selected credit card, enabling passengers to have access to affordable and advantageous transportation.
Formerly VC-backedVenture CapitalMudassir Sheikha 
The company was acquired by Emirates Telecommunications Group Company (ADS: EAND) for $400 million on April 9, 2023. The acquisition will be used to scale the Super App and build category-leading verticals in all our key markets.
Emirates Telecommunications Group Company (ADS: EAND)
Emirates Telecommunications Group Company (ADS: EAND) (www.etisalat.ae)
Uber
Dubai, United Arab Emirates
United Arab Emirates
Fortis Advisors (Advisor: General to Company)Orenda Corporate Finance (Advisor: General to Emirates Telecommunications Group Company)
Bennani & Associes (Legal Advisor to Uber, Mourad Seghir), Cooley (Legal Advisor to Uber, David Wilson), Cyril Amarchand Mangaldas (Legal Advisor to Uber, Anu Tiwari), Fortis Advisors (Advisor: General to Company), Herbert Smith Freehills (Legal Advisor to Uber, Chris Walters), Wilson Sonsini Goodrich & Rosati (Legal Advisor to Company)
795.23
www.careem.com
74
Velocity Black11331-May-2023374.29100.00%Capital One
Operator of a global digital concierge and multi-vertical luxury conversational commerce platform intended to empower people to live their most meaningful lives. The company's platform provides recommendations, travel, dining, and concert bookings, trips to fly fighter jets, and luxury swimming facilities, enabling high-performance people to unlock the vast potential of their lives in the digital age
Formerly VC-backedDebt Financed, Venture CapitalZia Yusuf55.32
The company was acquired by Capital One Financial (NYS: COF) for GBP 300 million on May 31, 2023.
Capital One Financial (NYS: COF) (Matt Knise)
Capital One Financial (NYS: COF) (www.capitalone.com)
Alexander Macdonald, Almington Capital, AyBe, Barry Sternlicht, BlackPine Group, Chrystal Capital, DIG Investment, EFP Capital, Flight Ventures, Force Over Mass Capital, Initial Capital, John Paul, Lars Christensen, Nicoya Capital Group, Paul Mears, Perseus Asset Management, Realm Capital Ventures, Saav Shah, Seier Capital, Shukri Shammas, Spark Capital, T Bridge Venture Partners, Thomas Glocer
London, United Kingdom
United Kingdom 
Dentons (Legal Advisor to Capital One Financial, Neil Nicholson), Lazard (Advisor: General to Capital One Financial), Macfarlanes (Legal Advisor to Capital One Financial, Tom Rose), Morgan Stanley (Advisor: Financial Due Diligence to Capital One Financial), Wachtell, Lipton, Rosen & Katz (Legal Advisor to Capital One Financial)
Dentons (Legal Advisor to Company, Neil Nicholson), Latham & Watkins (Legal Advisor to Company, Shing Lo)
374.29
www.velocity.black
75
LiveVox62722-Dec-2023374100.00%NICE
LiveVox Holdings Inc is a next-generation cloud contact-center-as-a-service (or CCaaS) platform providing service to enterprises, business process outsourcers, and collections agencies. Its CCaaS platform provides customers with a scalable, cloud-based architecture and pre-integrated artificial intelligence capabilities to support enterprise-grade deployments of its solutions including omnichannel customer connectivity, customer relationship management, and workforce optimization. Its omnichannel product offerings enable customers to connect with their customers via their channel of choice, including the human voice, virtual agents powered by artificial intelligence, email, text, or webchat.
Formerly PE-BackedPrivate Equity, Publicly Listed, Venture CapitalJohn Dilullo100
The company was acquired by NICE (Israel) (TAE: NICE) for $374 million on December 22, 2023. The acquisition will help NICE accelerate their CX operations into the digital era with smart conversational AI at scale.
NICE (Israel) (TAE: NICE) (Barak Eilam)
NICE (Israel) (TAE: NICE) (www.nice.com)
 143.29-15.06
San Francisco, CA
United StatesJefferies Financial Group (Advisor: General to Company)Davis Polk (Legal Advisor to NICE (Israel), Lee Hochbaum JD)
Ademi (Legal Advisor to Company), Jefferies Financial Group (Advisor: General to Company), Kirkland & Ellis (Legal Advisor to Company, Monica Shilling JD)
374
www.livevox.com
76
Terra Insights4719-Dec-2023372.18100.00%Orica
Developer of an end-to-end sensor-to-data delivery platform designed to support proactive, risk-informed decision-making and monitoring. The company platform offers custom-engineered solutions including geotechnical monitoring, data visualization, static monitoring, data collection and more to site-specific problems such as mining and tailings storage facilities, infrastructure and urban construction, tunneling, water dams and oil and gas pipelines.
CorporationM&AMark Price 
The company reached a definitive agreement to be acquired by Orica (ASX: ORI) for CAD 505 million on December 19, 2023. This acquisition strongly aligns with Orica's digital solutions strategy and growth in mining and infrastructure as well as create medium to long term opportunities.
Orica (ASX: ORI) (Sanjeev Gandhi)
Orica (ASX: ORI) (www.orica.com)
 24.41
Maple Ridge, Canada
CanadaLazard (Advisor: General to Company)Gilbert '+ Tobin (Legal Advisor to Orica), J.P. Morgan Securities (Advisor: General to Orica)
Davies Ward Phillips & Vineberg (Legal Advisor to Company, Michel Gelinas), Lazard (Advisor: General to Company)
372.18
www.terrainsights.com
77
MarkLogic23307-Feb-2023355100.00%Progress Software
Developer of a metadata refining platform intended for government agencies, financial enterprises, insurance companies and manufacturing companies. The company's platform helps to store, manage, search, navigate and deliver content and toolkits for the integration of documents, enabling businesses to handle data from any source and interpret relevant understandings from it.
Formerly PE-BackedDebt Financed, Private Equity, Venture CapitalJeffrey Casale1.33
The company was acquired by Progress Software (NAS: PRGS) for $355 million on February 7, 2023.
Progress Software (NAS: PRGS) (Yogesh Gupta)
Progress Software (NAS: PRGS) (www.progress.com)
Monroe Capital, Monroe Capital Corporation BDC, Monroe Capital Income Plus Corp BDC, Sprout Capital Partners, Vector Capital (California)
100
Redwood City, CA
United StatesJefferies Financial Group (Advisor: General to Company)DLA Piper (Legal Advisor to Progress Software, Jon Venick)
Jefferies Financial Group (Advisor: General to Company), Paul Hastings (Legal Advisor to Company, Dana Kromm JD), Paul Hastings (Legal Advisor to Vector Capital (California), Dana Kromm JD)
355
www.marklogic.com
78
Dig Security8906-Dec-2023350100.00%Palo Alto Networks
Developer of data security software designed to discover, monitor and protect cloud data in real-time. The company's platform provides cloud data security, visibility without compromising on business velocity and also takes care of multiple clouds and data security, enabling businesses to get threat protection services for data in the public cloud.
Formerly VC-backedVenture CapitalDan Benjamin45
The company was acquired by Palo Alto Networks (NAS: PANW) for $350 million on December 6, 2023.
Palo Alto Networks (NAS: PANW)
Palo Alto Networks (NAS: PANW) (www.paloaltonetworks.com)
Betaworks Ventures, CrowdStrike Holdings, CyberArk Software, CyLon Ventures, Cyverse Capital, Felicis, Jeffrey Fagnan, John Huffard, Merlin Ventures, Nancy Wang, Nir Polak, Nitzan Shapira, Okta Ventures, Onnivation, Ori Fragman, Peter Killalea, Samsung Venture Investment, SignalFire (Private Equity), Team8
New York, NYUnited States Woodside Capital Partners (Advisor: General to Palo Alto Networks)DLA Piper (Legal Advisor to SignalFire (Private Equity), Tyler Hollenbeck)350
www.dig.security
79
Replicon77521-Aug-2023334.75100.00%Deltek
Developer of a time-tracking platform intended for workforce management. The company's platform offers a timesheet and manages expenses to improve operational productivity, performance, and profitability, enabling businesses to manage workforce attendance, projects, professional services, and shared resources.
Formerly VC-backedVenture CapitalRaj Narayanaswamy20
The company was acquired by Deltek, a subsidiary of Roper Technologies (NAS: ROP), for CAD 447.5 million on August 21, 2023. The acquisition complements Deltek's robust portfolio of enterprise software and information solutions for project-based organizations.
Deltek (Michael Corkery)
Deltek (www.deltek.com)
Aaron Levie, David Sacks, Emergence (Financial Services), Mark Leonard, Vijay Tella, Vivek Ranadive
Calgary, CanadaCanadaMoelis & Company (Advisor: General to Company)Jones Day (Legal Advisor to Deltek, Ashley Gullett JD)
Gunderson Dettmer (Legal Advisor to Company), Moelis & Company (Advisor: General to Company)
334.75
www.replicon.com
80
Mobica70010-Mar-2023325100.00%Cognizant Technology Solutions
Provider of integration software engineering and development services through Talent-as-a-Service (TaaS) to businesses building amazing products and services for tomorrow's world. The company aids across all stages of the software lifecycle through the development, implementation, testing and deployment of embedded software, thereby helping businesses develop and build products with the power to improve how people live their lives.
Formerly PE-BackedDebt Financed, Private EquitySamuel Kingston 
The company was acquired by Cognizant Technology Solutions (NAS: CTSH) for $325 million on March 10, 2023. The acquisition significantly expands Cognizant Technology Solutions' IoT-embedded software engineering capabilities and provides clients with a deeper and broader array of end-to-end support to enable digital transformation.
Cognizant Technology Solutions (NAS: CTSH) (Annadurai Elango)
Cognizant Technology Solutions (NAS: CTSH) (www.cognizant.com)
Inflexion Private Equity Partners
82.0715.35
Wilmslow, United Kingdom
United KingdomHoulihan Lokey (Advisor: General to Inflexion Private Equity Partners)Norton Rose Fulbright (Legal Advisor to Cognizant Technology Solutions)
DWF Group (Legal Advisor to Inflexion Private Equity Partners, Paddy Eaton), Houlihan Lokey (Advisor: General to Inflexion Private Equity Partners)
325
www.mobica.com
81
GammaRey 07-Mar-2023320100.00%GoLogiq
Developer and provider of a global fintech platform created to provide consumers and businesses with the opportunity to leverage existing and new to market innovative financial solutions. The company's platform offers a portfolio of services including payments, global remittance, cryptocurrency, online marketplace, lending, and insurance, thereby enabling businesses to add multiple payments and innovative financial capabilities with reduced cost and at speed.
Corporate Backed or AcquiredM&AMark Carter 
The company was acquired by GoLogiq (PINX: GOLQ), a subsidiary of Logiq (PINX: LGIQ), for $320 million on March 7, 2023. The acquisition helps GoLogiq to bring a full-stack ecosystem for the new world digital economy: commodity-backed digital currency, digital wallet, and proprietary transaction platform for securities, goods and services.
GoLogiq (PINX: GOLQ) (Matthew Brent)
GoLogiq (PINX: GOLQ) (www.gologiq.com)
 New York, NYUnited States   320
www.gammarey.com
82
Aspiration24922-Aug-202331513.37%InterPrivate III Financial Partners
Operator of a sustainable financial platform intended to help consumers and businesses become carbon neutral. The company's platform provides carbon removal products and services such as debit and credit cards, helping consumers and enterprises to take climate action by embedding carbon reduction solutions in their everyday activities.
Venture Capital-BackedDebt Financed, M&A, Venture CapitalTate Mill 
The company reached a definitive agreement to be acquired by InterPrivate III Financial Partners through a reverse merger for $315 million. Subsequently, the deal was canceled.
   
Marina del Rey, CA
United StatesCitigroup Global Markets (Advisor: General to Company), Union Square Advisors (Advisor: General to Company) 
Citigroup Global Markets (Advisor: General to Company), Latham & Watkins (Legal Advisor to Company, Justin Hamill JD), Union Square Advisors (Advisor: General to Company)
2,356.00
www.aspiration.com
83
OpsRamp24202-May-2023307100.00%Hewlett Packard
Developer of an operations management platform designed to simplify and transform IT operations. The company's platform leverages hybrid observability, machine learning, and process automation to discover and monitor the entire hybrid infrastructure in one place, find critical alerts, and detect incidents, enabling clients to avoid costly performance issues that result in lost revenue and productivity.
Formerly PE-BackedPrivate Equity, Venture CapitalVarma Kunaparaju62
The company was acquired by Hewlett Packard Enterprise (NYS: HPE) for $307 million on May 2, 2023.
Hewlett Packard Enterprise (NYS: HPE) (Paul Glaser)
Hewlett Packard Enterprise (NYS: HPE) (www.hpe.com)
Hewlett Packard Pathfinder, Morgan Stanley Expansion Capital, Sapphire Ventures, Spark Legacy
San Jose, CAUnited StatesGuggenheim Partners (Advisor: General to Company) 
Covington & Burling (Legal Advisor to Hewlett Packard Pathfinder, J. D. Weinberg JD), Guggenheim Partners (Advisor: General to Company), Orrick (Legal Advisor to Company, John Bautista)
307
www.opsramp.com
84
PayByPhone Technologies27315-Sep-2023301.6100.00%FleetCor
Developer of a parking payment mobile software application intended to serve business owners, drivers and parking operators. The company platform allows payment for parking, bike-sharing, transit and electric vehicle charging transactions, thereby enabling users to easily and securely pay for parking without the hassle of waiting in line, carrying change and risking fines.
Corporate Backed or AcquiredM&AJonny Combe 
The company, a subsidiary of Volkswagen Financial Services, was acquired by FleetCor Technologies (NYS: FLT) for $301.6 million on September 15, 2023. The acquisition provides incremental geographic expansion of FleetCor's products and is intended to progress its broader strategy to transform its vehicle payments business.
FleetCor Technologies (NYS: FLT)
FleetCor Technologies (NYS: FLT) (www.fleetcor.com)
Volkswagen Financial Services
Vancouver, Canada
Canada 
Fasken (Legal Advisor to FleetCor Technologies, Grant McGlaughlin), Jones Day (Legal Advisor to FleetCor Technologies, Patrick Baldwin JD)
Greenberg Traurig (Legal Advisor to Volkswagen Financial Services, Thomas van der Vliet), Norton Rose Fulbright (Legal Advisor to Company)
301.6
www.paybyphone.com
85
PayComet227-Feb-2023300.4880.00%Nexi
Opearator of omnichannel payment platform intended for payment processing. The company offers a platform that helps companies to sell and collect products and services worldwide as well as offers a payment gateway, virtual POS, IVR, card tokenization for hotel reservations, escrow for online platforms, and tools for fraud management., enabling its clients to simplify the process of making payments across multiple banks and currencies.
Corporate Backed or AcquiredM&A, Venture CapitalDiego Marcos 
The company was acquired by Nexi (MIL: NEXI) for EUR 280 million on February 27, 2023. The acquisition will enable Nexi to strengthen its presence in Europe, expanding its merchant acquiring operations and increasing revenue diversification.
Nexi (MIL: NEXI) (Paolo Bertoluzzo)
Nexi (MIL: NEXI) (www.nexi.it)
InnoCellsBilbao, SpainSpain 
Allen & Overy (Legal Advisor to Nexi, Laurie-Anne Ancenys), Boston Consulting Group (Legal Advisor to Nexi), Jefferies International (Advisor: General to Nexi), KPMG (Legal Advisor to Nexi), Rothschild & Co (Advisor: General to Nexi)
Barclays (Advisor: General to InnoCells)375.6
www.paytpv.com
86
Innplay Labs3929-Sep-2023300100.00%Playtika
Operator of a games development studio intended to offer mobile games. The company uses technology and self-developed tools to offer engaging and fully customized game experiences, enabling gamers to play arcade games in their leisure time.
Formerly VC-backedVenture CapitalNiv Segal5.67
The company was acquired by Playtika (NAS: PLTK) for $300 million on September 29, 2023. The acquisition further demonstrates Playtika's commitment to strategic expansion of its mobile gaming portfolio.
Playtika (NAS: PLTK) (Craig Abrahams)
Playtika (NAS: PLTK) (www.playtika.com)
Fusion VC, Homeward Ventures, Kaedan Capital, Rainfall Ventures, Simon Legziel, Target Californium, vgames
17Tel Aviv, IsraelIsrael   300
www.innplaylabs.com
87
MultiMetaVerse (NAS: MMV)21004-Jan-2023300 Model Performance Acquisition
MultiMetaVerse Holdings Ltd is an animation and entertainment company. It is devoted to establishing an open community for its global users comprised of animation viewers, game players, and content creators and to providing high-quality and immersive entertainment experiences by way of original content, user-generated content, and professional user-generated content.
CorporationM&A, Publicly ListedQu Xiaodan 
The company was acquired by Model Performance Acquisition (NAS: MPAC) through a reverse merger for $300 million on January 4, 2023. The listed company resulting from the Business Combination will be MultiMetaVerse Holdings Limited ("MMV"). On January 5, 2023, MMV's shares will commence trading on the Nasdaq Global Market under the ticker symbol "MMV," and MMV's warrants will commence trading on the Nasdaq Capital Market under the ticker symbol "MMVWW''.
Model Performance Acquisition
  0-2.78
Hong Kong, Hong Kong
Hong Kong Loeb & Loeb (Legal Advisor to Model Performance Acquisition, Giovanni Caruso JD)Paul Hastings (Legal Advisor to Company, Jia Yan Ph.D)  
88
SchoolMessenger 02-Oct-2023300100.00%PowerSchool
Developer of on-demand engagement platform designed to facilitate communications in the education sector. The company's communication platform offers notification and mobile communication apps that enable the K-12 education market to successfully and safely deliver high volumes of documents and messages quickly and efficiently and stay connected to the school or district.
Formerly PE-BackedPrivate Equity, Venture CapitalKent Lowry 
The company, a subsidiary of West Technology Group, was acquired by PowerSchool Group (NYS: PWSC) for $300 million on October 2, 2023.
PowerSchool Group (NYS: PWSC) (Hardeep Gulati)
PowerSchool Group (NYS: PWSC) (www.powerschool.com)
West Technology Group
Scotts Valley, CAUnited States 
Bennett Jones (Legal Advisor to PowerSchool Group, Ian Michael), Brownstein Hyatt Farber Schreck (Legal Advisor to PowerSchool Group), O'Melveny & Myers (Legal Advisor to PowerSchool Group, Bradley Finkelstein JD)
 300
www.schoolmessenger.com
89
eCollect4311-Sep-2023290.77100.00%Intrum
Developer of a debt collection and receivables management platform designed to cover the full receivables management cycle for any business. The company's platform offers users to create and send invoices to issue payment reminders and even handle pre-legal and legal debt collection, thereby helping its client by providing an AI-based platform to surpass the outdated methods of traditional debt collection methods with multiple payment methods and easy one-click payment.
Corporate Backed or AcquiredM&AMarc Schillinger 
The company was acquired by Intrum (STO: INTRUM) for an estimated SEK 257 million on September 11, 2023. The company will receive a contingent payout of SEK 166 million in 2026 and 2027 on successful achievement of specified KPIs. The acquisition helps Intrum to broaden its offering of invoicing services and provide its customers and clients with more frictionless and hassle-free invoicing and digital reminder services.
Intrum (STO: INTRUM) (Andres Rubio)
Intrum (STO: INTRUM) (www.intrum.com)
 Zug, SwitzerlandSwitzerland Pestalozzi (Legal Advisor to Intrum, Pascal Richard)Advoro (Legal Advisor to Company)290.77
www.ecollect.org
90
Light Year Beyond7029-Jun-2023285100.00%Meituan
Developer of an artificial intelligence (AI) -based research and deployment platform intended to promote the development of AI industry in China. The company's platform provides generative AI technologies to companies, enabling domestic users to get access to AI technology and products easily.
Formerly VC-backedVenture CapitalXing Wang280
The company was acquired by Meituan (HKG: 03690) for $285 million on June 29, 2023. The acquisition will help the company to continue exploring and researching in the field of large language models.
Meituan (HKG: 03690)
Meituan (HKG: 03690) (about.meituan.com)
HongShan, Hua Su, Huiwen Wang, Qimai Data, Tencent, Xing Wang
Beijing, ChinaChina   285 
91
BR-DGE6922-Dec-2023279.1100.00%Monarch Technology Investments
Developer of payment orchestration platform designed to unlock the potential for online payments. The company's services offer speed, convenience, and personalization to be a competitive differentiator, using intelligent routing to put consumers and merchants back in control, enabling clients to optimize their payment architecture.
Formerly VC-backedVenture CapitalThomas Gillan4.31
The company was acquired by Monarch Technology Investments for GBP 221 million on December 22, 2023.
Monarch Technology Investments
Monarch Technology Investments (www.monartec.com/index.php/en)
 
Edinburgh, United Kingdom
United Kingdom  CMS (Legal Advisor to Company, Jack Letson)279.1www.br-dge.to
92
ASAP Holding1,60031-Aug-2023274.98100.00%HCL Technologies
Developer of software and testing systems for autonomous driving applications and electric vehicles. The company specializes in the areas of autonomous driving, e-mobility (electronic), software engineering, testing and integration of complex electronic components, modules, and systems, vehicle parts protection, electrical system development, CAD (computer-aided design) engineering, and construction and renovation of pre-production vehicles.
Corporate Backed or AcquiredM&AMichael Neisen 
The company was acquired by HCL Technologies (NSE: HCLTECH) for EUR 252 million on August 31, 2023. With this acquisition, HCL Technologies aims to expand its capabilities in the automotive engineering services segment, particularly in e-mobility, autonomous driving and connectivity in Europe, Germany and other global markets.
HCL Technologies (NSE: HCLTECH) (Hari Sadarahalli)
HCL Technologies (NSE: HCLTECH) (www.hcltech.com)
ZF Friedrichshafen
Gaimersheim, Germany
Germany DLA Piper (Legal Advisor to HCL Technologies, Isaschar Nicolaysen)
Guett Olk Feldhaus (Legal Advisor to ZF Friedrichshafen, Sebastian Olk), RSM Ebner Stolz (Legal Advisor to Company)
274.98www.asap.de
93
Eagle Sight53210-May-2023273.18100.00%Argus (Shanghai) Textile Chemicals
Provider of new energy distribution and support service and intended for new energy vehicles. The company provides distributed new energy power exchange service including charging and switching integrated new energy vehicle, distributed energy supply, vehicle network connection, travel service platform, vehicle maintenance and supply chain business as well as car network electronic products, online service platform and automotive after-sale services, enabling businesses and clients with a full lifecycle service for new energy vehicles.
Venture Capital-BackedM&A, Publicly Listed, Venture CapitalWen Xiong32.05
The company reached a definitive agreement to be acquired by Argus (Shanghai) Textile Chemicals (SHG: 603790) for CNY 1.885 billion on May 10, 2023.
Argus (Shanghai) Textile Chemicals (SHG: 603790)
Argus (Shanghai) Textile Chemicals (SHG: 603790) (www.argus.net.cn)
 110.28Chengdu, ChinaChina   273.18
www.eagle-sight.com
94
Ermetic14007-Sep-2023265100.00%Tenable
Developer of a cloud infrastructure security platform intended to authorize and access information by aligning permissions with actual business needs. The company's platform combines analytics with granular, full-stack insight and makes it possible to enforce the least privileged access at scale even in complex cloud environments, enabling clients to easily protect cloud-based infrastructures from access-related risks and misconfigurations.
Formerly VC-backedVenture CapitalShai Morag87.25
The company was acquired by Tenable (NAS: TENB) for $265 million on September 07, 2023. The acquisition will help organizations address some of the most difficult challenges in cybersecurity today.
Tenable (NAS: TENB) (Amit Yoran)
Tenable (NAS: TENB) (www.tenable.com)
Accel, Forgepoint Capital, Glilot Capital Partners, Norwest Venture Partners, Qumra Capital, Splunk Ventures, Target Global
Tel Aviv, IsraelIsraelSRS Acquiom (Advisor: General to Company)
Cooley (Legal Advisor to Tenable, Steve Flores JD), Palo Alto Strategy Group (Advisor: Commercial Due Diligence to Tenable, Jamal Ahmed), Pelamont (Advisor: General to Tenable)
SRS Acquiom (Advisor: General to Company)265
www.ermetic.com
95
Inelo48615-Mar-2023254.27100.00%Eurowag
Developer of work time management software intended for the transportation industry. The company offers designed to download, archive and process record sheet data, driver card data and tachograph data, thereby enabling a client transport company to avoid the consequences of penalties for complete data missing.
Formerly PE-BackedPrivate Equity
Magdalena Magnuszewska
 
The company was acquired by Eurowag (LON: WPS) for approximately EUR 238.9 million on March 15, 2023. The company will receive a contingent payout of EUR 12.5 million based on the company's EBITDA performance for the year to 31 December 2022. The acquisition strengthened Eurowag's platform through the growth of its network and also roughly doubled the number of connected trucks from which it collects data, providing deeper customer insights and product development.
Eurowag (LON: WPS) (Martin Vohánka)
Eurowag (LON: WPS) (www.eurowag.com)
HarbourVest Partners, Innova Capital, PFR Ventures
29.71
Bielsko-Biala, Poland
PolandArrowpoint Advisory (Advisor: General to Company, Barry Sheehan), Rothschild & Co (Advisor: General to Innova Capital)
Instinctif Partners (Advisor: Communications to Eurowag, Timothy McCall), Jefferies International (Advisor: General to Eurowag, Paul Bundred), Karanovic & Partners (Legal Advisor to Eurowag), Ketler & Partners (Legal Advisor to Eurowag, Marko Ketler), White & Case (Legal Advisor to Eurowag, Rafal Kaminski)
Arrowpoint Advisory (Advisor: General to Company, Barry Sheehan), Rothschild & Co (Advisor: General to Innova Capital), Rymarz Zdort Maruta (Legal Advisor to Company, Pawel Zdort)
254.27www.inelo.pl
96
Bold Prime 28-Mar-2023250100.00%
Provider of financial brokerage services intended for high-profile traders and retail traders. The company provides an online trading platform for retail and institutional trading.
Corporate Backed or AcquiredM&A  
The company was acquired for $250 million on March 28, 2023.
   
Port Louis, Mauritius
Mauritius   250
www.boldprime.com
97
Metaco10817-May-2023250100.00%Ripple
Developer of orchestration platform designed for institutions to issue, secure, manage, and trade digital assets. The company offers blockchain technologies and systems that provide comprehensive management of digital assets including thousands of cryptocurrencies, tokens, and smart contracts with custom risk management ensuring the best-fit balance for asset security and liquidity, enabling financial institutions to manage the full lifecycle of asset tokens with a complete smart contract framework.
Formerly VC-backedVenture CapitalAdrien Treccani21.16
The company was acquired by Ripple for $250 million on May 17, 2023.
Ripple (Brad Garlinghouse)
Ripple (www.ripple.com)
Aperture (Consulting Services (B2B)), Avaloq, Fidelity International Strategic Ventures, FiveT Fintech, Giesecke'+Devrient Ventures, SC Ventures, SICPA Holding, Standard Chartered, Swiss Post Ventures, Swisscom, Venture Kick, Verve Ventures, Virtual Network, Zürcher Kantonalbank
Lausanne, Switzerland
SwitzerlandBryan, Garnier & Company (Advisor: General to Company, Gregoire Revenu)Gunderson Dettmer (Legal Advisor to Ripple)
Bryan, Garnier & Company (Advisor: General to Company, Gregoire Revenu), Kirkland & Ellis (Legal Advisor to Company, Ryan Brissette JD), Schellenberg Wittmer (Legal Advisor to Company), Schellenberg Wittmer (Legal Advisor to Company, Jean Ah Choon), Walder Wyss (Legal Advisor to Company, Thomas Muller)
250
www.metaco.com
98
Payzer15002-Nov-2023250100.00%WEX
Developer of a mobile and online payment application built to facilitate payments and enable credit for customers with instant on-the-spot approvals. The company's cloud-based platform allows customers to accept credit cards, debit cards, and electronic checks in the field or at the home office with real-time tracking across their organization, enabling contractors to grow and easily manage their business through streamlined payments.
Formerly VC-backedDebt Financed, Venture CapitalJoseph Giordano45.58
The company was acquired by WEX (NYS: WEX) for $250 million on November 2, 2023.
WEX (NYS: WEX) (Melissa Smith)
WEX (NYS: WEX) (www.wexinc.com)
Acta Wireless, Alerion Ventures, Alumni Ventures, Charlotte Fund, Dash Solutions, Donald Rainey, Elevate Innovation Partners, Ferguson Ventures, Gray Ventures, Grotech Ventures, Harbert Growth Partners, IDEA Fund Partners, Pat Wilson, Pathward, Route 66 Ventures, Scale Finance, Square 1 Bank
Charlotte, NCUnited StatesSRS Acquiom (Advisor: General to Company) SRS Acquiom (Advisor: General to Company)250
www.payzer.com/index.php
99
Exacta Systems3722-Aug-2023248.2100.00%Churchill Downs
Developer of electronic gaming systems designed to provide historic horse racing systems and wagering terminals. The company offers modern gaming elements for horse betting and handicapping in electronic racing machines, consoles, and systems, thereby providing track operators, horse owners, trainers, breeders, and other vital industry stakeholders with documented direct revenue.
Corporate Backed or AcquiredM&AJeremy Stein 
The company was acquired by Churchill Downs (NAS: CHDN) for $248.2 million on August 22, 2023. The acquisition provides Churchill Downs the opportunity to realize synergies related to the company's recent acquisition of Colonial Downs Racetrack and the Rosie's Gaming Emporium HRM facilities in Virginia.
Churchill Downs (NAS: CHDN) (William Carstanjen)
Churchill Downs (NAS: CHDN) (www.churchilldownsincorporated.com)
 
Boynton Beach, FL
United StatesSRS Acquiom (Advisor: General to Company)Sidley Austin (Legal Advisor to Churchill Downs, Brian Fahrney JD)
Duane Morris (Legal Advisor to Company), SRS Acquiom (Advisor: General to Company)
248.2
www.exactasystems.com
100
Evolis38419-Jul-2023247.3398.50%HID Global
Evolis SA is engaged in designing, manufacturing, and marketing various printing systems and plastic card personalization solutions. It offers plastic card printers, lamination printers, card lamination modules, tattoo rewrite card printers, Kiosk card printers, and financial card printers. The company also provides identification accessories, including price tag accessories, rigid badge holders, soft badge holders, badge reels, clips, lanyards, and cutting tools and storage accessories.
Corporation
M&A, Private Equity, Publicly Listed, Venture Capital
Emmanuel Picot13.75
The company reached a definitive agreement to be acquired by HID Global, a subsidiary of Assa Abloy (STO: ASSA B), for EUR 224.9 million on July 19, 2023. The transaction is expected to close by the end of the third quarter of 2023. After completion, HID would own about 98.5% of Evolis shares and would launch a mandatory tender offer to acquire the remaining shares.
HID Global (Björn Lidefelt)
HID Global (www.hidglobal.com)
Cedys & Co, Crédit Mutuel Equity, Crédit Mutuel Innovation
121.0725.38
Beaucouze, France
France   251.09www.evolis.com