M&A · Tech · Services-Prepackaged Software
Clearlake Capital and Siris-Backed Constant Contact to acquire SharpSpring, Inc.
Announced Jun 22, 2021 · Closed Sep 1, 2021
Deal value$240MEV $196M
Premium21.0%To unaffected price
EV / Adj. EBITDA—6.5x EV / Revenue
ConsiderationAll cash$17.10 per share
Transaction
- Acquirer
- Clearlake Capital and Siris-Backed Constant Contact
- Target
- SharpSpring, Inc. (SHSP)
- Buyer type
- Private equity
- Offer price per share
- $17.10
- Enterprise value
- $196M
- Status
- Closed Sep 1, 2021
Deal protections
- Break fee (target pays)
- $7.0M · 2.9%
- Reverse fee (buyer pays)
- $11.7M · 4.9%
- Go-shop
- No-shop
- Financing
- Committed · Deutsche Bank
Advisors
- To the acquirer
- Not disclosed
- To the target
- Citizens
Sector context · Tech
- Comparable deals
- 33 in the prior 24 months
- Premium
- 21.0% vs. 31.2% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 2.9% vs. 3.0% sector median
Timeline
- AnnouncedJun 22, 2021
- Proxy filedJul 14, 2021
- Definitive proxyJul 30, 2021
- Shareholder voteAug 25, 2021
- ClosedSep 1, 2021
Valuation · fairness opinions
Precedent transactions$11.33$17.33
Discounted cash flow$9.63$13.84
Discounted cash flow$10.37$13.61
Precedent transactions$5.46$12.69
Offer $17.10
Implied value per SharpSpring, Inc. share by analysis, from Citizens · DCF discount rate 11.5%–13.5%.