Clearlake Capital’s Acquisition of Perforce Software and ProVation Medical


Harris Williams served as financial advisors to Clearlake. Shea & Company served as financial advisor to Perforce and Summit Partners. Antares Capital, AllianceBernstein Private Credit and Vista Credit provided a fully underwritten facility to help finance the transaction. Cooley advised Clearlake Capital.

Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced that it has acquired Perforce Software (“Perforce” or the “Company”), developer of the industry’s most flexible, scalable and secure version control and collaboration platform, from growth equity investor Summit Partners. The Company will continue to be led by Janet Dryer, CEO, and Mark Ties, COO, who will both join the Board of Directors alongside Clearlake. Financial terms were not disclosed.

Perforce is a leading provider of enterprise scale software solutions to technology developers and development operations (“DevOps”) teams requiring productivity, visibility and scale during all phases of the development lifecycle. Enterprises across the globe rely on its agile project management, developer collaboration, version control and repository management solutions as the foundation for successful DevOps. Perforce is trusted by the world’s most innovative brands, including NVIDIA, Pixar, Scania, Ubisoft, and VMware. Headquartered in Minneapolis, MN, with over 225 employees, the Company serves more than 3,000 customers worldwide.

Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake has managed approximately $6 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments.

Cooley advised with a team including Mehdi Khodadad, Eric Kauffman, Buff Miller (Picture), Anthony Friedman, Bill Boyle, Natasha Kaye, Amanda Pacheco, Ross Eberly, Stacy Crosnicker, Alexis Klemish, Smita Rajmohan, David Hopkins, Bryan Berman, Adaku Nwachukwu, Peter Burns and Kassity L. Mai.

Involved fees earner: Mehdi Khodadad – Cooley LLP; Anthony Friedman – Cooley LLP; Alexis Klemish – Cooley LLP; Bryan Berman – Cooley LLP; Eric Kauffman – Cooley LLP; Buff Miller – Cooley LLP; Ross Eberly – Cooley LLP; Stacy Crosnicker – Cooley LLP; Natasha Kaye – Cooley LLP; Amanda Pacheco – Cooley LLP; Smita Rajmohan – Cooley LLP; Adaku Nwachukwu – Cooley LLP; Peter Burns – Cooley LLP; David Hopkins – Cooley LLP; Kassity Mai – Cooley LLP;

Law Firms: Cooley LLP;

Clients: Clearlake Capital Group, L.P.;

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Author: Ambrogio Visconti