Clearlake Capital’s sale of Ivanti has hit the first round, three sources told Buyouts.
Bids for Ivanti are due today, sources said.
A handful of PE firms are vying for Ivanti, people said. These include Thoma Bravo, Golden Gate Capital, Veritas Capital and TA Associates, which have submitted proposals, sources said. A few sovereign-wealth funds are also in the mix, people said.
Ivanti, a software provider of IT management tools, generates less than $200 million in Ebitda, the sources said. It is expected to fetch nearly $2.2 billion, the people said. UBS and Evercore are advising Clearlake on the transaction, Buyouts reported in April.
For Clearlake, the investment dates to 2017 when the PE firm bought Landesk from Thoma Bravo. At the time, Clearlake paid $1.1 billion for Landesk, according to the Wall Street Journal.
Clearlake combined Landesk with its portfolio company HEAT Software to form Ivanti. Now, Thoma Bravo is looking to buy it back because the firm knows the business well, previously sold it for an attractive price, and doesn’t mind owning it again, one source familiar said.
Ivanti, Salt Lake City, aims to help IT organizations automate and secure digital workplaces by addressing security threats, manage devices and optimizing user experiences. In 2017, Ivanti completed two add-ons, buying RES Software and Concorde Solutions.
Clearlake Capital, Santa Monica, California, invests in software and technology, energy and industrials and food and consumer sectors. The firm’s last fund, Fund V, closed on $3.6 billion in March 2018.
Clearlake, Thoma Bravo, TA Associates, Veritas Capital and Golden Gate Capital declined comment.
Action Item: Contact Clearlake at +1 310-400-8800.