Vector Capital Management – a leading private equity firm specializing in transformational investments in established technology businesses – announced that it has entered into a scheme implementation deed under which it will acquire Bigtincan Holdings Limited, a provider of sales enablement software and AI solutions to global enterprises.
Under the terms of the deal, Vector is paying A$0.22 per share in cash for an approximate transaction value of A$183 million. And Bigtincan’s management team, including Chief Executive Officer and co-founder David Keane, are expected to remain in their current roles leading the strategic direction of the Company and delivering market-leading technologies to their customers.
Launched in 2010 and based in Waltham, MA, Bigtincan has served thousands of sales and marketing organizations of the world’s leading brands, including Nike, AT&T, Prudential, Merck, Starwood Hotels, Winnebago, Red Bull, and Clorox, among others. And the company’s product portfolio helps clients manage sales collateral and training to enhance salesforce effectiveness, the benefits of which are amplified by its recently released Genie AI offerings, which automate content creation and emulate real-world sales training interactions to reduce sales cycles and improve conversion rates.
Regal Funds Management and SQN Investors – who in aggregate own approximately 30% of the company’s outstanding shares – have agreed to support the recommendation of Bigtincan’s Board of Directors, which determined Vector’s revised November 25, 2024 proposal to be a superior proposal.
The completion of the deal is subject to customary conditions, including the approval of Bigtincan shareholders. And Vector Capital has engaged Johnson Winter Slattery and Sidley Austin as legal counsel, Deloitte as tax advisors, and Alvarez & Marsal as financial advisors in connection with the transaction. Gilbert + Tobin is acting as legal counsel to Bigtincan.
KEY QUOTES:
“Bigtincan is loved by sales and marketing organizations for its differentiated content and learning capabilities. But what really excited Vector about this investment is the technology and growth trajectory of Genie AI, the Company’s generative AI-driven content creation and emulation-based training platform. Vector is thrilled to partner with David and the Bigtincan team to re-ignite revenue growth through product innovation and a relentless focus on customer success.”
– Rob Amen, a Managing Director and 25-year veteran of Vector Capital
“This transaction is an exciting step forward for Bigtincan and will enable us to build on the strong momentum already underway. Importantly, Vector and Bigtincan are aligned on what matters most – our commitment to delivering the best products and services to our current and future customers. Vector has a 28-year track record of helping technology companies scale and strengthen their operational capabilities. Moreover, we were impressed with how the Vector team invested the time to really understand our business and put forward a plan that will help us accelerate innovation and deliver for our stakeholders over the long term.”
– David Keane, CEO and co-founder of Bigtincan
“Vector has a long and rich history of completing software take-private transactions, including some of the earliest in the private equity industry. Operating as a private company will free Bigtincan from unnecessary distractions, and by partnering with Vector, it will have the trusted financial partner the Company has long deserved.”
– Tom Smith, a Principal at Vector Capital
