STG Partners, LLC, doing business as Symphony Technology Group (STG), is an American private equity firm based in Menlo Park, California.[1] Its Managing Partner and Chief Investment Officer is William Chisholm who co-founded the firm with Bryan Taylor and Dr. Romesh Wadhwani in 2002.
 | |
| Symphony Technology Group | |
| Company type | Private |
| Industry | Private equity |
| Founded | 2002 |
| Founder |
|
| Headquarters | Menlo Park, California, U.S.[1] |
Key people | William Chisholm (managing partner and CIO) |
| Website | stg |
Acquisitions
editSTG acquired McGraw-Hill Construction from McGraw-Hill Financial for US$320 million on September 22, 2014.[2] The acquisition includes Engineering News-Record, Architectural Record, Dodge and Sweet's.[3] McGraw-Hill Construction has been renamed Dodge Data & Analytics.[4]
On February 17, 2020, Dell Technologies sold its RSA Security business to a group led by STG in an all-cash transaction for $2.075 billion.[5]
In March 2021, STG acquired McAfee Enterprise for $4 billion.[6] On June 2, 2021, FireEye announced the sale of key software technologies to Symphony for $1.2 billion, while retaining the services business under the Mandiant name. FireEye bought Mandiant for around the same price.[7] On January 18, 2022, Symphony announced the launch of Trellix, an extended detection and response company, which is a combination of FireEye and the McAfee enterprise business.[8] In January 2022, STG announced the McAfee Enterprise security service edge (SSE) business would operate as a separate company to be known as Skyhigh Security. The cloud security company is headquartered in San Jose, California, and led by CEO Gee Rittenhouse.[9]
On January 5, 2022, EFI split off its software business, creating eProductivity Software, which was sold to STG.[10]
In March 2023, a private equity consortium led by STG agreed to acquire Momentive Global Inc. formerly SurveyMonkey, an experience management company, based in San Mateo, California, in an all-cash deal valued at $1.5 billion,[11][12][13] and rebranded it back to SurveyMonkey.
On July 7, 2023, Wrike, a work management platform, announced it was being acquired by STG for an undisclosed amount. The transaction was completed later that month.[14]
On August 9, 2023, STG announced it was acquiring Avid (a Burlington, Mass.-based company that makes Sibelius, Pro Tools, Media Composer, and other products for the audio, video, and media industries) in a $1.4 billion deal. The deal was completed in November of that year.[15]
Divestments
edit- Symphony Teleca (from the merger of Teleca and Symphony Services) was sold to Harman International Industries in 2015.[16]
References
edit- ^ a b "Company website". Retrieved 2022-04-11.
- ^ Staley, Eddie (September 22, 2014). "McGraw Hill Financial To Sell McGraw Hill Construction To Symphony Technology Group For $320M In Cash". Benzinga. Retrieved April 30, 2015.
- ^ "McGraw Hill Sells ENR and Construction Group to Equity Investor | 2014-09-22 | ENR | Engineering News-Record". www.enr.com.
- ^ Maidenberg, Micah (December 14, 2014). "Best year since 2008 for construction industry". Crain's Chicago Business.
Dodge Data & Analytics, a data provider formerly known as McGraw-Hill Construction
- ^ "Dell Sells RSA to Consortium Led by Symphony Technology Group". techcrunch.com. 18 February 2020. Retrieved February 15, 2022.
- ^ "McAfee Enterprise and FireEye are now called Trellix". ZDNet. Retrieved February 15, 2022.
- ^ "FireEye Announces Sale of FireEye Products Business to Symphony Technology Group for $1.2 Billion". FireEye. 2021-06-02.
- ^ "McAfee Enterprise and FireEye combo is now Trellix". itworldcanada.com. 27 January 2022. Retrieved February 15, 2022.
- ^ "McAfee Enterprise cloud security biz relaunches as Skyhigh". venturebeat.com. 22 March 2022. Retrieved July 12, 2022.
- ^ https://www.prnewswire.com/in/news-releases/eproductivity-software-becomes-an-independent-company-after-being-acquired-by-symphony-technology-group-stg-from-electronics-for-imaging-efi--818728536.html, Archived 2022-01-05 at the Wayback Machine
- ^ Mathews, Eva (13 March 2023). "SurveyMonkey owner Momentive Global to be taken private in $1.5 bln deal". Reuters.
- ^ Dorbian, Iris (2023-06-01). "STG-led investor group completes take-private $1.5bn acquisition of Momentive". PE Hub. Retrieved 2024-06-06.
- ^ "Paul Hastings Has a Strong Summer on Market Leading Transactions | Paul Hastings LLP". www.paulhastings.com. Retrieved 2024-06-06.
- ^ Dorbian, Iris (July 10, 2023). "STG Completes Buyout of Work Management Platform Wrike". PE Hub. Retrieved August 7, 2024.
- ^ Giardina, Carolyn (November 7, 2023). "Private Equity Firm STG Completes Acquisition of Avid for $1.4B". The Hollywood Reporter. Retrieved August 7, 2024.
- ^ "Harman acquires Romesh Wadhwani group's Symphony Teleca for $780mn". Business Standard. January 24, 2015.