- Cision Ltd. announced it has been officially acquired by an affiliate of Platinum Equity in an all-cash transaction valued at approximately $2.7 billion
Cision Ltd. — a leading provider of software and services to public relations and marketing communications professionals — announced it has been officially acquired by an affiliate of Platinum Equity in an all-cash transaction valued at approximately $2.7 billion. The deal was originally revealed back in October 2019. Cision is a privately held company as of January 31, 2020.
“Cision is well established as the industry-standard platform for communications professionals navigating an increasingly complex environment,” said Platinum Equity Chairman and CEO Tom Gores. “This is an investment that plays to Platinum’s core strengths. We will deploy our full range of global operations capabilities, financial resources, and M&A support to help the company maximize its potential.”
Cision’s software enables users to identify key influencers and craft and distribute strategic content. Currently, Cision has over 4,800 employees with offices in 22 countries throughout the Americas, EMEA, and APAC.
“As a private company, Cision is well-positioned to meet both our financial and business goals,” explained Cision Chief Executive Officer Kevin Akeroyd. “The Cision management team looks forward to partnering with the experienced and talented group of professionals at Platinum Equity. Building on the company’s strong platform as a global leader in providing earned media software and services to public relations and marketing communications professionals, our near-term focus will be on improving customer experience, delivering innovative products, and increasing operating efficiencies.”
Platinum Equity was launched in 1995 by Gores. The investment firm has over $19 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. And the firm is currently investing from Platinum Equity Capital Partners V ($10 billion global buyout fund) and Platinum Equity Small Cap Fund ($1.5 billion buyout fund). In the past 25 years, Platinum Equity completed over 250 acquisitions.
“Cision offers an impressive value proposition built through a combination of innovation, commitment to customer service and the development of a broad suite of solutions. We will continue investing in new product development and additional opportunities to grow the business,” stated Platinum Equity Partner Jacob Kotzubei.
Gibson, Dunn & Crutcher LLP acted as the M&A legal counsel and Willkie Farr & Gallagher LLP acted as financing legal counsel to Platinum Equity on the Cision acquisition. Rothschild & Co worked as lead financial advisor to Cision and its Board of Directors. Centerview Partners LLC and Deutsche Bank Securities Inc. also acted as financial advisors to Cision. And Kirkland & Ellis LLP acted as legal counsel to Cision.
