M&A · Tech · Services-Prepackaged Software
Vista Equity Partners to acquire EngageSmart, Inc.
Announced Oct 23, 2023 · Closed Jan 26, 2024
Deal value$4.00BEV $3.52B
Premium23.0%To unaffected price
EV / Adj. EBITDA—10.2x EV / Revenue
ConsiderationAll cash$23.00 per share
Transaction
- Acquirer
- Vista Equity Partners
- Target
- EngageSmart, Inc. (ESMT)
- Buyer type
- Private equity
- Offer price per share
- $23.00
- Enterprise value
- $3.52B
- Status
- Closed Jan 26, 2024
Deal protections
- Break fee (target pays)
- $144M · 3.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities, JPMorgan
- To the target
- Evercore, Goldman Sachs
- Evercore fee
- $24.1M
Sector context · Tech
- Comparable deals
- 64 in the prior 24 months
- Premium
- 23.0% vs. 43.1% sector median
- EV / Adj. EBITDA
- Sector median 17.2x
- Break fee
- 3.6% vs. 3.0% sector median
Timeline
- AnnouncedOct 23, 2023
- Proxy filedNov 20, 2023
- Definitive proxyDec 19, 2023
- Shareholder voteJan 23, 2024
- ClosedJan 26, 2024
Valuation · fairness opinions
Discounted cash flow$13.71$18.72
Discounted cash flow$15.87$21.24
Trading comparables$17.27$22.12
Precedent transactions$15.58$23.67
Future share price$23.23$25.09
Offer $23.00
Implied value per EngageSmart, Inc. share by analysis, from Evercore · DCF discount rate 12.5%–13.5%.