LiveOffice Acquired by Symantec for $115 million
PALO ALTO, CA – Summit Partners, a growth equity investor firm that invests in exceptional companies, today announced the strategic sale of its portfolio company LiveOffice Holdings LLC to Symantec Corporation. The acquisition was completed on January 16, 2012 for approximately $115 million. Headquartered in Torrance, California, LiveOffice is the leading global provider of cloud-based email archiving, email compliance, email discovery and email continuity solutions. Summit made a minority investment in LiveOffice in 2007.
Nick Mehta, CEO of LiveOffice said, “Summit Partners’ expertise in the SaaS and cloud areas has been a tremendous asset to our business. With their help and industry network, we built a global business, rapidly evolved our product and sales channels, recruited a world-class board of directors and completed our management team, as we grew to become the top cloud-based archiving provider in the world.”
“It has been a pleasure to work with LiveOffice’s exceptional management team,” added Greg Goldfarb, Managing Director of Summit Partners, who joined the LiveOffice Board of Directors in 2007. “Our work with LiveOffice exemplifies what Summit does best—partner with outstanding management teams to help them extend their leadership positions.”
Over the past five years, LiveOffice has grown to become the number-one global provider of cloud-based email archiving, email compliance, email discovery and email continuity solutions, with more than 20,000 clients around the world. During this time, the company has been recognized multiple times on the Inc. 5000 list of fastest growing companies in North America and the Deloitte & Touche Technology Fast 500 in North America. Most recently, LiveOffice was positioned in the Visionaries of Gartner’s 2011 “Magic Quadrant for Enterprise Information Archiving.”
About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised more than $14 billion in capital and provides equity and credit for growth, recapitalizations and management buyouts. Summit has invested in more than 340 companies across a range of industries. These companies have completed more than 125 public offerings, and in excess of 130 have been acquired through strategic mergers and sales. Summit Partners has offices in Boston, Palo Alto, London and Mumbai.
LiveOffice (www.liveoffice.com) is the number-one global provider of cloud-based email archiving, email compliance, email discovery and email continuity solutions, with more than 20,000 clients and a 97-percent client retention rate. Founded in 1998 and backed by leading private equity firm Summit Partners, the company has more than 200 employees with deep experience in messaging, including executives from Symantec, Microsoft and Cisco.
About Symantec Corporation
Symantec (www.symantec.com) is a global leader in providing security, storage and systems management solutions to help consumers and organizations secure and manage their information-driven world. Our software and services protect against more risks at more points, more completely and efficiently, enabling confidence wherever information is used or stored.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
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