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Clearlake Capital Closes USD 1.575bn Sale of Brightly Software
Friday 05 August 2022

US-based investment firm Clearlake Capital Group, L.P. has completed the sale of Brightly Software, Inc. to Siemens AG (FRA: SIE) for USD 1.575bn of upfront cash consideration, along with USD 300m in cash earn-out payments, for a total of USD 1.875bn, the firm said.

Brightly is a software-as-a-service provider of cloud-based enterprise asset management and facility operations management. Clearlake acquired Brightly, formerly known as "Dude Solutions," in June 2019.

Brightly executed on an investment thesis focused on scaling the business into a provider of enterprise asset management SaaS solutions across a diverse set of applications, end-markets, and geographies.

In partnership with management, Clearlake implemented its O.P.S. strategy to support the company across several organic and inorganic growth initiatives.

Organic growth initiatives were centered on reshaping the operating expense structure of the business to enable profitable growth, while improving the quality of the company's revenue streams.

These efforts were supplemented by executing on four strategic acquisitions, including Assetic, Confirm, Energy Profiles, and Facility Health.

The combination of these initiatives under Clearlake's ownership resulted in a material increase in annual recurring revenue and a significant expansion in the company's EBITDA margins.

Throughout Clearlake's ownership, Brightly expanded into new end-markets and geographies, as well as broadened its product offerings, expanding into solutions with a focus on ESG and sustainability management.

Today, Brightly has a global customer base with over 12,000 clients across Education, Public Infrastructure, Manufacturing, Healthcare, Commercial Real Estate, and other end-markets, and was recently recognized as a "Leader in Enterprise Asset Management Software" from Verdantix, an award-winning independent research firm.

William Blair and Company LLC and SVB Securities LLC acted as lead financial advisors to Brightly. Sidley Austin LLP provided legal counsel to Brightly and Clearlake.

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies.
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Date Published: 05/08/2022

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