NEW YORK, NY—Golden Gate Capital and Summit Partners today announced the completion of the merger and recapitalization of Infor and Lawson Software (“Lawson”). The transaction included new and extended debt financing with an average maturity date of 2018. Based in New York, NY, the combined company, Infor (the “company”), is the world’s third-largest provider of enterprise business applications software and services.
“We are deeply grateful for the financial backing from Golden Gate Capital and Summit Partners, two of the most respected technology investors in the industry, who combined to invest more than $1 billion of equity to support Infor’s merger with Lawson. With a disruptive product and technology strategy and compelling market position, Infor is well-positioned to drive industry-leading growth while continuing to invest heavily in our products,” said Charles Phillips, Chief Executive Officer of Infor.
"Ten years into our partnership with Infor, we are making our largest investment to-date, which is a powerful endorsement of the company’s strategy, performance and management team," said David Dominik, Co-Founder and Managing Director of Golden Gate Capital.
"We are very pleased to participate in the development of one of the world’s largest privately held software companies. This combination puts two world-class enterprise application software providers at the forefront of innovation, and unifies operational and strategic capabilities under a single management team and vision,” said C.J. Fitzgerald, a Managing Director of Summit Partners, who will join the Infor board.
Bank of America Merrill Lynch served as left lead arranger on the debt financing as well as exclusive financial advisor to Lawson. Other lead arrangers included Credit Suisse, JPMorgan, Morgan Stanley, Barclays, Deutsche Bank, RBC Capital Markets and KKR Capital Markets. Morgan Stanley acted as exclusive financial advisor to Infor. Credit Suisse acted as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to Golden Gate Capital and Summit Partners.
About Infor and Lawson
With $2.8 billion of annual revenue and 15%+ annual license growth, the company is a clear leader in its markets and continues to gain share on key competitors. The company is a leader in the enterprise applications space driving innovation in cloud delivery models, social computing in the enterprise and mobile applications. It provides industry-specific enterprise software products primarily to large and medium sized enterprises in the manufacturing, distribution, healthcare, public sector, automotive, service industries, equipment services, management and rental, consumer products & retail and hospitality industries. The company’s software and services offerings are “mission critical” for many of its customers as they help automate and integrate critical business processes, which enable customers to better manage their suppliers, partners, customers and employees.
About Golden Gate Capital
Golden Gate Capital (www.goldengatecap.com) is a San Francisco-based private equity investment firm with approximately $12 billion of capital under management. Golden Gate Capital is dedicated to partnering with world-class management teams to invest in change-intensive, growth-oriented businesses. The firm targets investments where there is a demonstrable opportunity to significantly enhance a company's value. The principals of Golden Gate Capital have a long and successful history of investing with management partners across a wide range of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, and build-ups. Other notable software investments sponsored by Golden Gate Capital include Aspect Software, Micro Focus, Attachmate Novell, Plant CML, DataDirect, Escalate and Symon.
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. Notable software investments financed by Summit Partners include AVAST Software, Hyperion Software, McAfee Associates, MEDITECH, RightNow Technologies and Unica Corporation.
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.