Clearlake plans more add-ons to its growing software, DevOps platform

Clearlake Capital is eyeing more add-ons to its software and development-operations platform Perforce, which has recently grown to $150 million Ebitda, sources told Buyouts.

Clearlake’s investment team will target companies in mobile testing, mobile development tools for software and security software, sources said.

Last week, the PE shop acquired Rogue Wave Software, the Louisville, Colorado, provider of cross-platform software developer tools and embedded components.

Rogue Wave, which has 16 offices worldwide, is Perforce’s third-add on.

Clearlake financed the investment from its Clearlake IV and Clearlake V funds, which closed on $1.4 billion in 2016 and  $3.6 billion in 2017, respectively.

The PE shop initially invested in Perforce in 2017, acquiring a majority stake.

Perforce, Minneapolis, specializes in enterprise-scale software services for technology developers and DevOps.

Last year, the platform added Perfecto, an enterprise-grade mobile and web automation testing software, and U.K.-based Programming Research, which provides enterprise-grade static code analysis.

Clearlake, founded in 2006 in Santa Monica, California, invests equity and debt in companies across three verticals: software and technology, energy and industrials, and food and consumer services. The firm is led by José E. Feliciano and Behdad Eghbali.

Financing for Rogue Wave’s acquisition was led by Antares Capital with joint lead arrangers Ares Capital Management, AB Private Credit Investors, Barings Finance, PennantPark Investment Advisers and Varagon Capital Partners.

William Blair and Shea & Co were financial advisers to Rogue Wave.

Cooley LLP served as a legal adviser on the deal, according to sources.

Action Item: Contact Clearlake Capital at +1 310-400-8800.