Apax Funds has agreed to acquire EveryAction from Insight Partners and Social Solutions from Vista Equity Partners. Apax will be merging these two companies with portfolio company CyberGrants to form a provider of SaaS solutions for the social good sector. The newly combined company will have an enterprise value of $2 billion.
Washington, DC, Austin, TX, and Andover, MA, August 3, 2021 – Funds advised by Apax (the “Apax Funds”) today announced that they have reached agreements to acquire EveryAction from Insight Partners (“Insight”) and Social Solutions from Vista Equity Partners (“Vista”). The two best-in-class companies will be combined with CyberGrants, which was recently acquired by the Apax Funds, to create a leading provider of next-generation Software-as-a-Service (SaaS) solutions to the social good ecosystem. The combined company will have an enterprise value of $2 billion, making it the largest M&A transaction in the history of the social good software sector. Vista will maintain a stake in the combined business.
The combination of EveryAction, Social Solutions and CyberGrants will allow the three companies to scale their unique offerings and improve their support for non-profit organizations. The combined company brings together EveryAction’s omni-channel engagement platform for non-profits, used to optimize stakeholder interactions, raise more money, and build more support, with Social Solutions’ case management software that provides actionable, data-driven insights in order to help non-profit and public sector customers better coordinate the delivery of essential services, measure impact, and improve outcomes for those in need, as well as CyberGrants’ solutions for corporate social responsibility, employee engagement, and volunteer management that maximizes the impact of corporate philanthropy. Customers will be able to continue to use their existing software solution, while also gaining access to new networks and a larger portfolio of offerings.
The new company is expected to have a combined annual revenue of over $200 million and will be the second largest and fastest-growing social good software company currently in the sector globally. Its differentiated, end-to-end solutions collectively will support a unique network of 650,000 non-profit organizations, many of the most respected companies and foundations in the world including half of the Fortune 500, and over 38 million donors and volunteers. The combined company will be well positioned to match non-profits seeking more donations and volunteers with individuals, foundations, companies, and employees looking for opportunities to help.
Since its inception, Apax has been committed to creating a positive impact for people and the communities in which it operates. In 2006, the firm established the Apax Foundation to focus on grants and employee donations to enable social mobility in underserved communities. This experience, coupled with the Apax Tech team’s deep expertise in enterprise software, uniquely positioned Apax to identify three leading assets in adjacent segments of the social good software landscape and execute on a thesis to build a next-generation market leader. The Apax Funds will look to support the new company as it delivers enhanced value to non-profit organizations, their donors and constituents, invests in continued innovation, and accelerates already robust growth.
“The social good community will benefit from this combination of best-in-class solutions, and by connecting non-profits with a large network of givers. Apax is the perfect partner to help us collectively Do Good and Do Well, given their outstanding track-record as a tech investor and their focus on impact,” said Stu Trevelyan, CEO of EveryAction.
“Joining forces will empower human services agencies in both the non-profit and public sectors to fully capitalize on the opportunities for digital transformation. Our expanded offerings and opportunities for product innovation will create real value for our clients, improve outcomes for the people they serve, and help them accelerate lasting social change,” said Erin Mulligan Nelson, CEO of Social Solutions.
“This combination dramatically strengthens our connections with non-profits, enhancing information flow to enable our clients to maximize and validate the impact of their philanthropy,” said Mark Layden, CEO of CyberGrants.
Jason Wright and Adam Garson, Partner and Principal at Apax, said: “All three companies are mission-driven and have leading solutions in their respective segments. This combination will truly maximize their collective impact by bringing together world-class talent and products. The resulting scale and connectivity between donors and non-profits will help reshape philanthropic giving.”
The transaction is subject to customary closing conditions and is expected to close in Q3 2021. Apax was advised by Evercore (financial advisor) and Skadden, Arps, Slate, Meager & Flom (legal advisor). EveryAction and Insight were advised by William Blair & Company (financial advisor) and Willkie Farr & Gallagher (legal advisor). Social Solutions and Vista were advised by Harris Williams (financial advisor) and Kirkland & Ellis LLP (legal advisor).
CyberGrants delivers market-leading CSR software solutions to some of the most respected companies and foundations in the world, helping them quickly activate their charitable causes to realize strategic, measurable outcomes. Its single platform solution enables customers, including more than half of the Fortune 100 companies, to easily scale their CSR programs and quickly transform grants and giving initiatives into impact that closely aligns with their corporate mission and values. CyberGrants’ network connects 10 million employees and their employers with 650,000 not-for-profit organizations. For more information, please visit our website, https://impact.cybergrants.com/
EveryAction is the fastest-growing and second-largest nonprofit software company, with over 18,000 organizations using the software to raise more money and build more support. EveryAction offers innovative best-in-class Digital, Development, and Organizing products with a unified CRM. Built and supported by nonprofit experts, EveryAction’s tools allow non-profits of all sizes to optimize interactions with supporters and prospects, leading to the best outcomes. Headquartered in Washington, D.C. EveryAction is fueled by passionate people who care about doing more good. For more information, please visit our website, https://www.everyaction.com/
About Social Solutions
Social Solutions, a Public Benefit Corporation, is the leading provider of cloud software for nonprofit and public sector social service organizations. Our Apricot, Penelope and ETO products offer clients the most comprehensive and secure social good platform available, including case management, participant connection, data insights, outcome analytics and funder enablement solutions. Based in Austin, Texas, Social Solutions was founded 20 years ago by social workers who saw the potential of technology to improve outcomes and help accelerate lasting social change in the communities they serve. To date, more than 90,000 users have adopted the Social Solutions platform to improve their data by measuring and optimizing outcomes. Social Solutions serves clients in the US, UK, Canada, New Zealand and Australia. For more information, please visit our website, www.socialsolutions.com, or follow us on Twitter: @SocialSolutions.
Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com, or follow us on LinkedIn, @Apax, and on Twitter, @Apax_Partners.
About Vista Equity Partners
Vista is a leading global investment firm with more than $77 billion in assets under management as of March 31, 2021. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit, and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.