Technology Services Monthly

On December 6, 2024, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $125 million Senior Secured Credit Facility for Michael Baker International, LLC (“Michael Baker” or the “Company”), a portfolio company of DC Capital Partners (DC Capital). The $125 million Incremental First Lien Term Loan is interchangeable with the existing portion, and proceeds were used to support the acquisition of AstreaX, Inc. and fund cash to the balance sheet. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

Headquartered in Pittsburgh, Pennsylvania, Michael Baker is a leading provider of engineering and consulting services and has been solving some of the world’s most complex infrastructure challenges for more than 80 years, with a legacy of expertise, experience, innovation, and integrity. The Company’s services include design, planning, architectural, environmental, and program management. Michael Baker’s clients include U.S. federal, state, and municipal governments, as well as large corporations.

Founded in 2019 and headquartered in Phoenix, Arizona, AstreaX is a leading provider of software development and implementation services for government modernization technologies, with expertise in SaaS, digital identity, enterprise systems, and consumer portal solutions for state departments of motor vehicles.

Founded in 2007, DC Capital Partners is a middle market private equity firm with offices in Alexandria, Virginia, and West Palm Beach, Florida. DC Capital makes control equity investments in middle market companies that provide differentiated and innovative services and solutions in the Government and Engineering markets.

On August 1, 2024, KeyBanc Capital Markets successfully closed the syndication of $175 million Convertible Senior Notes for Smart Global Holdings, Inc. (SGH or the Company).

SGH (NasdaqGS: SGH) is engaged in designing and developing enterprise solutions that help its customers. The Company is focused on serving its customers by providing technical knowledge and expertise, custom design engineering, and build-to-order flexibility. SGH segments include Memory Solutions, Intelligent Platform Solutions (IPS), and Light Emitting Diode (LED) Solutions. Memory Solutions, under its SMART Modular brand, provides high-performance and reliable memory solutions through the design, development, and advanced packaging of leading-edge to extended lifecycle products. SGH also provides IPS, under its Penguin Solutions and Stratus Technologies brands, offering specialized platform solutions and services for high-performance computing. In addition, the Company provides LED Solutions, under its Cree brand, offering LED-based products comprising blue and green LED chips based on gallium nitride, and related materials. It also provides surface-mount devices under the Cree LED XLamp and J Series brand.

On July 31, 2024, KeyBanc Capital Markets (KBCM) successfully advised GrowthCurve Capital, LP (GrowthCurve) on its acquisition of PureFacts Financial Solutions Inc. (PureFacts or the Company). KBCM was retained as Exclusive Buy-Side Advisor due to its industry-leading fintech and WealthTech sector expertise, strong relationship with PureFacts, and strong M&A capabilities.

PureFacts is an award-winning software as a service (SaaS) provider of end-to-end revenue management solutions for the investment industry. PureFacts helps some of the largest and most recognizable wealth management, asset management, and asset servicing firms manage and grow their revenues. The Company enables its customers to calculate, collect, distribute, incentivize, and optimize their revenues through PureFacts’ AI-enriched fees engine, incentive compensation application, and compelling revenue business intelligence powered by a single system of record for revenue management. PureFacts is headquartered in Toronto, Canada.

Founded in 2020 and headquartered in New York, GrowthCurve is a leading private equity firm focused on data-rich, control-oriented investments primarily across the technology and information services, healthcare, and financial services sectors. With more than $1.4 billion in assets under management, GrowthCurve is focused on building businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive long-term value.

KeyBanc Capital Markets served as Co-Manager on the $863 million Initial Public Offering of 26,972,252 shares, including overallotment, of Rubrik, Inc. (Rubrik or the Company).

Rubrik is on a mission to secure the world’s data. Rubrik helps organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions. Rubrik Security Cloud, powered by machine learning, secures data across enterprise, cloud, and software as a service (SaaS) applications. The Company helps organizations uphold data integrity, deliver data availability that withstands adverse conditions, continuously monitor data risks and threats, and restore businesses with their data when infrastructure is attacked.

In March 2024, KeyBanc Capital Markets (KBCM) successfully advised Codefresh, Inc. (Codefresh), a provider of next-generation software for automating software deployments, on its sale to Octopus Deploy, Pty. Ltd. (Octopus Deploy), a portfolio company of Insight Partners. KBCM served as Exclusive Financial Advisor on the transaction.

Codefresh provides a next-generation software as a service (SaaS) platform to help developers build and release code more frequently. The Company’s continuous integration/continuous deployment (CI/CD) platform is built for modern applications and gives developers the control, stability, and confidence they need to build and release software more frequently. Codefresh is trusted by more than 125 forward-thinking companies and is based in Mountain View, California, and Israel.

Octopus Deploy provides universal deployment automation solutions that enable software teams to easily handle complex deployments. Octopus efficiently orchestrates software delivery across multi-cloud, Kubernetes, data centers, and hybrid environments, whether containerized modern apps or heritage applications. Octopus Deploy was founded in South Brisbane, Australia, and is trusted by over 4,000 organizations and 350,000 users worldwide, with backing from Insight Partners, a leading software investment firm.

KeyBanc Capital Markets served as Joint Bookrunner on the $632.9 million Follow-On Offering of 2,415,805 shares, including overallotment, of Super Micro Computer, Inc. (SMCI or the Company).

SMCI (Nasdaq: SMCI) is a Silicon Valley-based provider of accelerated compute platforms that are application-optimized, high-performance, and high-efficiency server and storage systems for a variety of markets, including enterprise data centers, cloud computing, artificial intelligence (AI), 5G, and edge computing. The Company’s Total IT Solutions include complete servers, storage systems, modular blade servers, blades, workstations, full rack-scale solutions, networking devices, server sub-systems, server management, and security software.

KeyBanc Capital Markets (KBCM) served as Co-Manager on the $166.75 million Follow-On Offering of 5,750,000 shares, including overallotment, of Squarespace, Inc. (Squarespace or the Company).

Squarespace's (NYSE: SQSP) domains, website, marketing, and social media management tools provide an online presence with best-in-class design and a consistent brand experience. The Company’s commerce solutions include tools for selling digital content, classes, appointments, reservations, physical goods, and more. Squarespace facilitates an intuitive, seamless user experience across products and provides a unified view of analytics. KBCM previously acted as an advisor for the Company’s direct listing in 2021.

KeyBanc Capital Markets served as a Co-Manager on the $5.2 billion Initial Public Offering of 102,500,000 shares, including over-allotment, of Arm Holdings plc (Arm or the Company).

Arm (NASDAQ: ARM) builds, develops, and licenses high-performance, low-cost, and energy-efficient central processing unit (CPU) products and related technology. The Company's primary product offerings are CPU products that address diverse performance, power, and cost requirements. Complementary design offerings across graphics processing units, System IP, and compute platforms are also available and enable high-performance, reliable, system-level creation for a wide range of increasingly sophisticated devices and applications. Arm operates in the United States, the People's Republic of China, Taiwan, South Korea, and elsewhere internationally.