Clearlake Capital to Buy Quest Software From Francisco Partners
Clearlake Capital to Buy Quest Software From Francisco Partners
By Miriam Gottfried
米里亚姆·戈特弗里德著
Clearlake Capital Group LP has struck a deal to buy Quest Software Inc. from Francisco Partners in the latest sign of private-equity firms' voracious appetite for software.
Clearlake Capital Group LP已达成协议，将从Francisco Partners手中收购Quest Software Inc.，这是私募股权公司对软件贪婪胃口的最新迹象。
The deal, expected to be announced as soon as Monday, values Quest at $5.4 billion including debt, according to people familiar with the matter.
据知情人士透露，这笔交易预计最快将于周一宣布，包括债务在内，Quest的估值为54亿美元。
It is the latest big buyout in software, whose steady cash flow has become a major draw for private-equity firms, as they set their sights on bigger and bigger deals. Earlier this month, Advent International Corp. and Permira Advisers signed a roughly $12 billion deal for cybersecurity-software firm McAfee Corp.
这是软件领域最新的一笔大规模收购，随着私募股权公司将目光投向越来越大的交易，其稳定的现金流已成为吸引它们的主要因素。本月早些时候，Advent International Corp.和Permira Advisers签署了一项价值约120亿美元的协议，收购网络安全软件公司McAfee Corp.。
Based in Aliso Viejo, Calif., Quest makes software that corporate IT departments use for internal systems management, data protection and security. Quest was formerly part of the software business of Dell Technologies Inc., most of which Francisco Partners carved out of the computer giant in 2016 in a $2.4 billion deal.
Quest总部设在加利福尼亚州Aliso Viejo，生产企业IT部门用于内部系统管理、数据保护和安全的软件。Quest以前是戴尔技术公司(Dell Technologies Inc.)软件业务的一部分，Francisco Partners在2016年以24亿美元的交易从这家计算机巨头剥离了大部分软件业务。
At the time, Dell was wrapping up its $60 billion merger with EMC Corp., and the divestiture allowed Dell to free up cash and focus on making the giant deal work.
当时，戴尔正在完成与EMC Corp.价值600亿美元的合并，资产剥离使戴尔得以腾出现金，专注于实现这笔巨型交易。
Right away, Francisco split Dell Software into two separate companies: Quest, which represented the majority of the value in the deal, and cybersecurity provider SonicWall Inc. Unlike Quest, which is sold directly to enterprises by a team of company-employed salespeople, SonicWall focuses on small- and medium-size businesses and is sold through third parties.
弗朗西斯科立即将戴尔软件分拆为两家独立的公司：Quest和网络安全提供商SonicWall Inc。Quest代表了这笔交易的大部分价值，网络安全提供商SonicWall Inc.不同于Quest，Quest由公司雇佣的销售人员团队直接销售给企业，SonicWall专注于中小型企业，并通过第三方销售。
(Dell retained a third piece, cloud-service provider Boomi, opting to sell the company to Francisco and private-equity firm TPG earlier this year.)
(戴尔保留了第三家云服务提供商Boomi，今年早些时候选择将该公司出售给旧金山和私募股权公司TPG。)
Francisco recruited a new management team for Quest and focused on boosting profits and orienting the company toward high-growth areas, including software that verifies users' identity.
弗朗西斯科为Quest招募了一个新的管理团队，专注于提高利润，并将公司定位于高增长领域，包括验证用户身份的软件。
In October, Quest bought identity access-management business OneLogin for an undisclosed price. Quest's security and identity segment is now growing at double digits -- faster than the core business -- and Clearlake plans to continue building it through further acquisitions, according to a person familiar with the firm's strategy.
去年10月，Quest收购了身份访问管理公司OneLogin，价格不详。据一位熟悉Quest战略的人士透露，Quest的安全和身份部门目前正以两位数的速度增长，增速快于核心业务，Clearlake计划通过进一步收购继续打造这一部门。
The price Clearlake is paying amounts to 10.9 times Quest's earnings before interest, taxes, depreciation and amortization for the last 12 months, the person said.
这位知情人士说，Clearlake支付的价格相当于Quest过去12个月利息、税项、折旧和摊销前利润(EBITDA)的10.9倍。
Francisco stands to make more than 6.5 times its money on the sale, some of the people said.
一些知情人士说，弗朗西斯科将从这笔交易中赚取6.5倍以上的利润。
Based in Santa Monica, Calif., Clearlake was founded in 2006 and manages about $55 billion in assets across the technology, industrials and consumer sectors.
Clearlake总部设在加利福尼亚州圣莫尼卡，成立于2006年，管理着技术、工业和消费部门约550亿美元的资产。
Technology is the primary focus for San Francisco-based Francisco Partners. Founded over 20 years ago, it manages more than $30 billion in assets.
技术是总部位于旧金山的Francisco Partners的主要关注点。它成立于20多年前，管理着超过300亿美元的资产。
Write to Miriam Gottfried at Miriam.Gottfried@wsj.com
写信给米里亚姆·戈特弗里德(Miriam.Gottred@wsj.com)
译文内容由第三方软件翻译。