TA, Francisco join hands in $1.4bn-plus deal for Edifecs, Iconiq invests in Luminate Capital-backed Conexiom, Levine Leichtman’s Frankel and Weinberg on the firm’s succession

TA Associates and Francisco Partners invest in Edifecs, putting it at a valuation north of $1.4 billion.

Happy Wednesday, Dear Tech Take Readers!

Just In: TA Associates and Francisco Partners joint investment in Edifecs assigns the healthcare technology company an initial valuation just north of $1.4 billion. The agreement also includes an earnout component. Check out Sarah’s full story for more information.

UBS Makes TMT Push: UBS has promoted senior tech banker Jason Auerbach to global co-head of technology, media and telecommunications (TMT), according to Auerbach’s LinkedIn profile. Reuters first reported the promotion Tuesday.

The seasoned banker, who spent 19 years at Jefferies before joining UBS in 2016, is known in the PE tech community for his work on many notable transactions.

Some past advisory roles for his team have included Zoominfo’s IPO, RDC’s sale to Moody’s, Turnitin’s sale to Advance Publications, Apollo’s purchase of Shutterfly, the sale of Sophos to Thoma Bravo, Corel’s sale to KKR, Cinven’s purchase of Jaggaer, Continuum’s sale to Connectwise and MRI’s Software recapitalization by Harvest Partners, among others.

Now, the bank is focused on replicating its success in tech M&A across all sectors of TMT globally, a person familiar with UBS’s plans told me.

Auerbach’s promotion follows another notable addition to the bank’s tech practice. Karl Keirstead, a former managing director on Deutsche Bank’s software equity research team, now heads up the new software equity research practice at UBS.

Any other notable people moves in tech M&A I should know about? Reach me at mvinn@buyoutsinsider.com.

Top Scoops
GTCR’s success with Optimal Blue: GTCR has seemingly produced a handsome outcome on its investment in Optimal Blue under its four-year-long hold.

The Chicago firm on Monday announced the sale of Optimal Blue, a marketplace for the mortgage industry, to Black Knight.
The transaction is set to value the company at $1.8 billion, the press release said.

GTCR initially acquired Optimal Blue in June 2016, committing $350 million of equity capital, according to a press release at that time.

I spoke to Mike Hollander, a managing director at GTCR, about the deal and underlying trends that drove up value for Optimal Blue.

“The industry has kind of moved away from the biggest banks that dominated the origination side like Wells Fargo or Bank of America, into more specialized mortgage originators,” Hollander told me.

“That has increased the importance of networks like Optimal Blue and, we think, that trend will continue to happen,” he said.
Read more in the story.

Have a great day! Reach me with additional thoughts at mvinn@buyoutsinsider.com.