Our Transactions

KeyBanc Capital Markets (KBCM) successfully advised Ravelin Technology Ltd. (Ravelin), a leading AI-native enterprise fraud prevention technology platform, on its sale to Worldpay International Group Ltd. (Worldpay), a portfolio company of GTCR. The transaction is expected to close in Q1 2025.

Ravelin is a leading fraud prevention platform trusted by global brands to protect against the myriad threats posed by fraudsters. The company’s fraud prediction and prevention solutions identify payment fraud, account takeover, return and refund abuse, promotion and voucher abuse, and marketplace fraud. Ravelin also performs 3D-Secure identification. With a proven track record of delivering tangible results, Ravelin is committed to helping businesses thrive in an increasingly complex digital landscape.

Worldpay is an industry-leading payments technology and solutions company with unique capabilities to power omni-commerce around the globe. Its processing solutions allow businesses of all sizes to take, make, and manage payments in person and online from anywhere in the world. Annually, Worldpay processes more than 50 billion transactions in 146 countries and 135 currencies, helping its customers become more efficient, more secure, and more successful.

On January 8, 2025, KeyBanc Capital Markets (KBCM) successfully advised Gluware, Inc. (Gluware), on its acquisition by Cuadrilla Capital, LLC (Cuadrilla Capital). KBCM was engaged as the Exclusive Financial Advisor because of its industry leading infrastructure software sector expertise and strong M&A capabilities.

Gluware powers the world’s most complex enterprise networks with enterprise-grade, intent-based, multi-vendor, intelligent network automation — ready out-of-the-box or as a unifying developer platform. The leading choice of the Global 2000, Gluware’s self-operating and auto-remediating platform handles millions of network changes simultaneously, flawlessly, and in minutes, saving businesses significant time and resources. Gluware is the only turnkey, intelligent network automation software platform for NetOps and NetDevOps that automates enterprise networks in as little as 30 days.

Cuadrilla is a leading enterprise software investment firm founded in 2021 with over $500 million in assets under management. Cuadrilla partners with exceptional SaaS companies with strong product-market fit and significant strategic value to drive accelerated growth and long-term success. The firm is headquartered in Santa Barbara, California.

KeyBanc Capital Markets served as Joint Bookrunner on the $624.8 million Initial Public Offering of 8,800,000 shares, excluding overallotment, of ServiceTitan, Inc. (ServiceTitan or the Company).

ServiceTitan is a cloud-based software platform built to power trades businesses. The Company’s end-to-end solution gives contractors the tools they need to run and grow their businesses, manage their back offices, and provide a stellar customer experience. By bringing an integrated SaaS platform to an industry historically underserved by technology, ServiceTitan is equipping tradespeople with the technology they need to keep the world running.

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.

KeyBanc Capital Markets served as Co-Manager on the $240 million Follow-On Offering of 10,000,000 shares of Amkor Technology, Inc. (Amkor or the Company).

Amkor (NASDAQ: AMKR) is one of the world's leading providers of outsourced semiconductor packaging and test services. The Company offers turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, system-level and final test, and drop shipment services. Amkor's packaging and test services are designed to meet application- and chip-specific requirements, including the required type of interconnect technology; size; thickness; and electrical, mechanical, and thermal performance. The Company provides its services to integrated device manufacturers, "fabless" semiconductor companies, OEMs, and contract foundries.

On September 1, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $215 million Senior Secured Credit Facilities (the Facilities) consisting of a $115 million Revolving Credit Facility and a $100 million Term Loan, for LiveView Technologies, Inc. (LiveView or the Company).

Proceeds from the Facilities will be used to fund customer growth, working capital, and for general corporate purposes. KBCM acted as Left Lead Arranger, Joint Bookrunner, and Administrative Agent on the transaction.

Founded in 2005 and headquartered in American Fork, Utah, LiveView is the leader in intelligent safety and security ecosystems. The Company's user-friendly and proprietary cloud-based security software platform and supporting hardware provide its diversified portfolio of blue-chip clients with rapidly deployable surveillance and security solutions. LiveView protects employees and customers, reduces loss due to theft, tracks and deters harmful activity, and limits liability for the best companies in the world using intelligent automation and actionable, real-time data.

KeyBanc Capital Markets served as Joint Bookrunner on the $487 million Initial Public Offering of 13,921,050 shares, including over-allotment, of ODDITY Tech Ltd. (Oddity or the Company).

Oddity (NASDAQ: ODD) is a fast-growing global direct-to-consumer beauty, health, and wellness platform. Through the launch of its first brand, IL MAKIAGE, the Company became one of the fastest-growing digital, direct-to-consumer beauty brands in the United States. Oddity's second brand, SpoiledChild, was launched in 2022 with the goal of disrupting the wellness category online and is rapidly scaling with a full line of products addressing hair, skin, and other health and wellness needs. Oddity is unique in that it deploys algorithms and machine learning models leveraging user data seeking to deliver a precise product match and seamless shopping experience for its customers. Additionally, the Company's ODDITY LABS was formed in April 2023 in conjunction with its acquisition of Revela, a biotech company focused on the development of new molecules for beauty and wellness, with two novel molecules already in the market to address hair loss and skin improvement/anti-aging.

KeyBanc Capital Markets served as Joint Bookrunner on the $98 million Follow-On Offering of 8 million shares of Sterling Check Corp. (Sterling or the Company).

Sterling is a leading global provider of background and identity services, offering background and identity verification services to help more than 50,000 clients create people-first cultures built on a foundation of trust and safety. Sterling’s tech-enabled services help organizations across all industries and regions establish great environments for their workers, partners, and customers. With operations in North America, Europe, the Middle East, Asia Pacific, and Latin America, the Company conducted more than 110 million searches in the 12 months ended December 31, 2022.

KeyBanc Capital Markets served as Co-Manager on the $172.5 million Follow-On Offering of 11,500,000 shares, including over-allotment, of Integral Ad Science Holding Corp. (IAS or the Company).

IAS (NASDAQ: IAS) is a leading digital media quality company offering advertising measurement, optimization, and publisher solutions. The Company's mission is to be the global benchmark for trust and transparency in digital media quality for the world's leading brands, publishers, and platforms. With IAS's cloud-based technology platform and the actionable insights it provides, the Company delivers independent measurement and verification of digital advertising across all devices, channels, and formats, including desktop, mobile, connected TV, social, display, and video.