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Monday, Feb 26, 2024

Clearlake Capital Acquires Perforce Software from Summit Partners

Santa Monica-based private equity firm Clearlake Capital Group announced the acquisition of Perforce Software Jan. 10 from Summit Partners. No financial terms of the transaction were disclosed.

“We are impressed by the momentum at Perforce under Janet and Mark’s leadership, and we share their excitement that Perforce will serve as an excellent platform for growth, both organically and through acquisition,” said Behdad Eghbali, co-founder and managing partner at Clearlake.

Perforce Software is a Minneapolis-based project management software provider for tech companies. It currently has more than 3,000 clients and 225 employees. Perforce Chief Executive Janet Dryer and Chief Operating Officer Mark Ties will continue to run the company and will join several Clearlake partners on the company’s board.

“Today’s announcement represents another major milestone in our transformation of Perforce,” Dryer said in a statement. “Two years ago, we began this journey, and since then we have completed three acquisitions, returned the company to growth, and created a robust portfolio of DevOps-focused solutions adopted by the largest and most demanding enterprise development teams in the world.”

Harris Williams served as financial advisors to Clearlake while Shea & Co. advised Perforce and Summit Partners. Antares Capital, AllianceBernstein Private Credit and Vista Credit helped finance the transaction.

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