Francisco Partners’ Investment in Perforce Software


The transaction is expected to close in the second quarter of 2019. Financing and advisory services for the transaction will be provided by Credit Suisse, Deutsche Bank, and Ares. William Blair and Shea & Co served as co-financial advisors to Perforce. BofA Merrill Lynch, Evercore, and Goldman Sachs & Co. LLC also served as financial advisors in the transaction. Sidley advised Perforce Software on the deal

Perforce Software, a global provider of enterprise-grade development operations software solutions, secured a significant new equity investment from Francisco Partners, a global technology-focused private equity fund. With the investment, Francisco Partners will become an equal partner with affiliates of Clearlake Capital Group, L.P., which initially invested in Perforce in late 2017. Terms of the transaction were not disclosed.

Perforce has expanded significantly since Clearlake’s acquisition, completing three acquisitions and building out its platform across areas of agile management, application management and components, code management and collaboration, and automated testing. As a leader in the DevOps industry, Perforce provides the broadest suite of solutions that balance the security, compliance, and control needs of leading enterprises while providing developers and designers the freedom to innovate at global scale. With its extensive portfolio, Perforce helps global enterprises solve complex problems across the entire software development lifecycle.

Sidley represented Perforce Software with a team led by partner Mehdi Khodadad (Picture). Lead team members included partner Jonathan Blackburn (Chicago) and associates Thomas Larkin, Roey Gilberg and Jeff Brandt (Century City) and Katherine Gomer (San Francisco).

Involved fees earner: Jonathan Blackburn – Sidley Austin LLP; Jeffrey Brandt – Sidley Austin LLP; Roey Gilberg – Sidley Austin LLP; Katherine Gomer – Sidley Austin LLP; Mehdi Khodadad – Sidley Austin LLP; Thomas Larkin – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Perforce Software Inc.;

Author: Ambrogio Visconti