U.S. private equity firm Vector Capital has agreed to sell 20-20 Technologies Inc, a Laval, Québec-based provider of interior-space-planning software solutions. No financial terms were disclosed for the deal, which will see the company sold to U.S. private equity firm Golden Gate Capital. Founded in 1987 by former CEO Jean Mignault, 20-20 was taken private by Vector in 2012 for $77 million. In a separate release, Golden Gate said the company will keep its Canadian headquarters, as well as its primary U.S. office in Westwood, Massachusetts. It will also continue to be run by the existing management team led by CEO Mark Goldstein. The deal is expected to close in Q2 2017.
Vector Capital Announces Agreement to Sell 20-20 Technologies
May 01, 2017
SAN FRANCISCO–(BUSINESS WIRE)–Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, today announced it has entered into a definitive agreement to sell 20-20 Technologies (“2020” or the “Company”), a leading provider of interior space planning software solutions, to Golden Gate Capital. Terms of the transaction were not disclosed.
Founded in 1987 and headquartered in Laval, Quebec and Westwood, MA, 2020 is the only global provider of applications, solutions and content for interior space planning, omni-channel retail and furniture manufacturing. 2020 customers include many of the world’s largest home improvement retailers and manufacturers, as well as tens of thousands of local, independent kitchen and bathroom dealers.
Vector Capital partnered with founder Jean Mignault to take 2020 private in 2012. Under Vector Capital’s ownership, 2020 pursued a series of growth initiatives over the past four years, including the development and commercialization of Ideal Spaces, its next-generation online space planning solution, and release of 2020 Cloud, a dynamic content management platform for digital product information and catalogs.
Mark Goldstein, CEO of 2020, said, “With the backing of Vector Capital, we embarked on a mission to broaden and enhance our software product and solution offerings. Vector has been a great partner in helping us better serve our customers globally.”
Aalok Jain, Principal at Vector Capital, added, “We are delighted by what 2020 has achieved over the past four years under Mark’s leadership and wish the Company continued success. 2020 is representative of Vector’s thematic investment effort to identify innovative companies and back management to pursue growth in attractive niche markets.”
The transaction, which is subject to customary closing conditions, is expected to close in the second calendar quarter of 2017. William Blair & Company is acting as financial advisor and Sidley Austin is acting as legal advisor to 2020 and Vector Capital.
2020 helps professional designers, retailers and manufacturers in the interior design and furniture industries capture ideas, inspire innovation and streamline processes. By providing end-to-end solutions and the world’s largest collection of manufacturers’ catalogs, 2020 provides businesses with the software and content to be more efficient, integrated and productive. 2020 applications allow professional designers to create kitchens, bathrooms, closets and commercial offices which look as stunning on the screen as they do in reality. 2020 helps retailers to inspire the imagination of their customers and provide an on-line design and shopping experience for home projects. Our solutions for furniture and cabinet manufacturers deliver a complete manufacturing operations management capability to run their factories at maximum efficiency.
Founded in 1987 and headquartered in Westwood, Massachusetts and Laval, Quebec, 2020 employs over 500 people, has direct operations in 11 countries, and supports more than 19,000 customers with over 100,000 users, with additional customers around the world supported through a network of value added resellers. For more information, visit our website www.2020spaces.com.
About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With $3.4 billion of capital under management, Vector identifies and pursues these investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers, and shareholders. For more information, visit http://www.vectorcapital.com.
For Vector Capital:
Gasthalter & Co.
Jonathan Gasthalter / Nathaniel Garnick
For 20-20 Technologies
Karen Curtis, 774-215-6916
Photo courtesy of 20-20 Technologies Inc