Elliott-backed ASG raises offer for Mitek to $488m.
The offer to buy Mitek, a software company that specializes in digital identity verification and mobile capture built on artificial intelligence algorithms, was increased from $10 to $11.5 per share. The latest offer, which represents a 28.2% premium to the stock’s closing price on Friday, values Mitek at approximately $488m.
ASG is looking to expand its software products to banks through an acquisition of Mitek. The company expects to finance the deal with cash from its balance sheet, debt financing from third-party lenders and cash equity invested by Elliott Management Corporation and other shareholders.
Apis Capital Management acquired Veritone for $198m.
Apis Capital Management acquired Veritone, a Costa Mesa, California-based software company, for $198m. Apis is to obtain, through its private equity fund Apis Ventures, all of the outstanding shares of Veritone for $10.26 per share. This offer represents a 93% premium over the closing price of Veritone Common Stock on December 4, 2018.
“We have determined it is necessary to take our offer directly to Veritone stockholders in order to deliver significant value to them as expeditiously as possible,” said Managing Partner of Apis Capital Management, Dr. Edgar Radjabli. “Our vision for the company involves significant synergy with our growing portfolio of AI and machine learnings investments, opening up new opportunities for Veritone’s technology.”
Apis Capital Management was advised by Shift4 Capital and Duane Morris.
GI Partners and TA Associates acquired Allscripts' stake in Netsmart.
Netsmart is a provider of software and technology solutions for the health and human services and post-acute sectors. As a result of this transaction, GI Partners, which originally invested in Netsmart in April 2016, is now a majority owner.
Financial terms were not disclosed. Howard Park, Managing Director of GI Partners, said, “We continue to strongly believe Netsmart represents an attractive business that aligns with our focus on healthcare, IT infrastructure, and software. We are excited to work with the company and TA to focus on the next phase of growth for the business.”
TA Associates was advised by Deloitte and Kirkland & Ellis. GI Partners was advised by Paul Hastings. Allscripts was advised by Evercore, JP Morgan and Sidley Austin.
Accelerate Learning is a global provider of PreK-12 science, technology, engineering, and mathematics education products and services. Financial terms were not disclosed.
Will Darman, Carlyle Managing Director, and Lincoln Frank, Quad Managing Partner, said: “We are excited to partner with Vernon Johnson and the Accelerate Learning management team. We look forward to supporting the company’s expansion and helping grow its innovative offerings as it continues to improve learning outcomes for students globally.”
MOBI Wireless Management is a provider of cloud-based managed mobility services and software solutions. No financial terms were disclosed. Marlin will merge MOBI with its portfolio company Tangoe, a software development company.
“MOBI’s technology supports our overarching goal to help customers work smarter,” said Bob Irwin, CEO at Tangoe. “This combination will give Tangoe customers the immediate benefit of access to the most powerful MMS solution on the market and provide MOBI clients access to our global TEM capabilities, deep expertise and worldwide coverage.”
Ice Miller advised MOBI, while Schulte Roth & Zabel advised Marlin Equity.
CI Capital-backed Hero Digital acquired Clock Four.
CI Capital-backed Hero Digital, a leading independent customer experience agency, acquired Clock Four, a digital innovation agency serving some of the world's most powerful brands in financial services and high technology. Financial terms were not disclosed.
Joost Thesseling, Managing Director at CI Capital, said: “Hero Digital’s acquisition of Clock Four is a reflection of Hero’s thoughtful, impactful approach to expanding its expertise and market reach through its acquisition strategy. We are excited to support Hero Digital as it continues to grow and improve its digital marketing model.”
Ferrero interested in buying Cambell Soup Company’s international business.
Ferrero SpA, an Italian manufacturer of branded chocolate and confectionery products, expressed its interest in acquiring Campbell Soup Co’s international business, which includes biscuit brand Arnott’s. The deal could be valued at approximately $2bn.
Campbell recently settled a months-long proxy battle with billionaire Daniel Loeb’s hedge fund Third Point LLC, which had pressured the company to sell itself. The company said last month, the units which were put up for sale have attracted strong interest from potential buyers.
Rothschild is advising Ferrero on the potential acquisition.
Acrisure raised $2bn from Blackstone, Partners Group and Harvest Partners.
Caledonia, Michigan-based Acrisure LLC, a national and global insurance brokerage company, has an implied value of $7bn. Acrisure remains over 83% owned by its management team and agency partners.
Acrisure’s CEO Greg Williams, said: “The increased investment by our existing investors is a strong endorsement of our growth strategy and represents another exciting chapter for Acrisure. The additional capital and resources will significantly benefit our company as we continue to grow organically and pursue additional M&A opportunities.”
Evercore acted as financial advisor to Acrisure.
Elliott Management and Trinity acquired Grande Lakes Orlando Resort.
Grande Lakes Orlando Resort is a 409-acre luxury complex, which includes two hotels – a 582-key Ritz-Carlton and a 998-key JW Marriott. The resort also includes a Greg Norman-designed 18-hole championship-caliber golf course.
Tim Mackey, Portfolio Manager at Elliott responsible for commercial real estate in the Americas, commented: “Elliott is pleased to launch our venture with Trinity, a globally-recognized hospitality investor and active asset manager. This investment lies at the crossroads of market opportunity, accomplished partner, and distinguished asset.”
Vivo Capital raised $863m for its new fund.
Palo Alto, California-based Vivo Capital, a healthcare investment firm, has raised over $863m for its ninth fund, according to an SEC filing. No target was listed on the document. Vivo Capital is a healthcare-focused investment firm formed in 1996 with over $2.2bn under management. It is currently making investments from its $750m eighth fund into promising private and public healthcare companies in the US and Greater China.
