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- Climb's M&A Weekly: Intel, Silver Lake, and KKR all feature
Climb's M&A Weekly: Intel, Silver Lake, and KKR all feature
Silver Lake buys Altera from Intel and KKR purchases OSTTRA
Nick @ Climb
April 21, 2025
Welcome back to the Climb Advisors weekly newsletter with five deals from across the B2B tech landscape.
Climb Advisors focuses on sell-side advisory for B2B Software and services companies generating $5m-$15m in revenue. We also advise on credit solutions for companies of the same profile & in select cases engage in retained buy-side processes for quality buyers. We love to talk markets and make introductions - please don’t hesitate to reach out if you’re a founder or investor looking to transact.
Silver Lake buys majority stake in Altera from Intel
Overview: Silver Lake has acquired 51% of the Altera business from Intel in a deal that values Altera at $8.75 billion. Altera is a field programmable gate array (FPGA) semiconductor solutions business with this deal valuing it as the largest pure-play FPGA company. Intel also announced a CEO change for Altera as Raghib Hussain will succeed Sandra Rivera starting on May 5th. Read more here.
Climb Comment: There’s a lot to unpack here with this move by Intel. In 2015, Intel paid $17 billion for Altera, with this deal reflecting nearly a 50% loss discount to initial purchase. For the full year 2024, Altera recorded revenue of $1.54 billion and a GAAP operating loss of $615 million, suggesting Silver Lake paid just shy of 6x revenue for the business. Intel CEO Lip-Bu Tan says this divestiture is designed to lower expenses and strengthen the balance sheet. This is consistent with Intel’s recent strategy of trying to sell off non-core assets to free up capital for investment. Silver Lake gets a producer of programmable chips for AI at a relatively cheap valuation in an industry where valuations are sky high.
KKR purchases OSTTRA & Datagroup
Overview: KKR has purchased OSTTRA, a provider of post-trade solutions to the OTC market. KKR purchased OSTTRA from CME Group and S&P Global for $3.1 billion with the proceeds being split 50/50 between the two sellers. OSTTRA was launched as a joint venture between CME and S&P in 2021 and offers a suite of post-trade solutions across asset classes like credit, equities, FX, and interest rates. Read more here. In a separate transaction KKR acquires Datagroup off the Frankfurt stock exchange for around $500m. Datagroup provides IT consulting to enterprise & midmarket clients in Europe & beyond.
Climb Comment: KKR looks to expand OSTTRA’s technological capabilities & will keep the current Co-CEOs in place. KKR is also offering all employees a stock option plan in line with the firm’s usual practice of driving employee productivity with ownership. Datagroup is a leader in the German mid-market and KKR hopes the business can take the leading market share there with expertise in SAP and more. Datagroup forecasts around $550m Euros in revenue for the coming year. 1x seems like a great deal for a business like this.
Valsoft makes acquisition of American Data
Overview: Valsoft expands its healthcare portfolio by acquiring American Data, an Electronic Health Record (EHR) software company. American Data offers fully customized health records to senior care facilities. The company’s solutions integrate financial, administrative, and clinical capabilities and allow for great communication and decision making. Read more here.
Climb Comment: Valsoft is a buy and hold investor which has acquired more than 100 companies to reach a valuation of $2 billion. This acquisition adds to Valsoft’s growing healthcare portfolio and should fit in nicely with Vocantas, a complex shift manager for healthcare providers. EHR tends to be a very sticky system and is favored by many ‘aggregator’ type buyers.
ACA Group, backed by Genstar Capital, purchases Global Trading Analytics
Overview: ACA Group, a governance, risk, and compliance (GRC) advisor in financial services has acquired Global Trading Analytics, a transaction cost analysis (TCA) provider. Global Trade Analytics (GTA) provides TCA solutions across multiple asset classes, including forex, equities, fixed income, and derivatives. ACA is looking to enhance its regulatory compliance capabilities with this acquisition. Read more here.
Climb Comment: ACA Group has made a number of acquisitions in recent years to bolster its GRC and ESG solutions. About half of GTA’s existing clients use ACA Group for its GRC solutions, so with this acquisition ACA Group will be able to offer an end-to-end solution for many of its clients. This is important in a quickly evolving regulatory environment and recent SEC actions. In January, the SEC fined 12 more firms for record keeping violations in what has been a trend in communications surveillance - making an end-to-end solution as important as ever.
Intapp acquires real estate software provider
Overview: Intapp, a provider of AI solutions for financial services, capital markets, and legal firms, has acquired Term Sheet, a real estate software provider. TermSheet is an affiliate of Platform Ventures, and will integrate its solutions with Intapp’s AI platform to bring a system designed for the entire real estate lifecycle. Read more here.
Climb Comment: Intapp plans on integrating its DealCloud solution with TermSheet’s existing platform, which should be a great fit. DealCloud is a product that allows firms to track deal flow, business development, fundraising, and more in order to see real time analytics on their deals. There is a digital transformation going on in every industry, with the real estate industry being no different. This new unified system will give clients market intelligence in a much more timely manner due to the Applied AI of Intapp.
Article of the week
Fun wormhole into the Frankfurt Stock Exchange as mentioned above in the Datagroup deal. The Börse Frankfurt is the world’s 3rd oldest stock exchange, having its roots in medieval trade fairs as early as the 11th century and today is the 12th largest global exchange in terms of total capitalization. Likely more deals to be had there in coming months & years.. In 2002 and 2004 the Börse made efforts to acquire the London Stock Exchange. The deals fell apart and in 2017 the European Commission placed a ban on the proposed merger on grounds it would create a monopoly in the markets for clearing of fixed income instruments in Europe.
Thanks for following along & hope you found something useful or interesting. Please don’t hesitate to reach out if you’re considering a sale this year - we’re always glad to chat & share perspective.
All the best,
Nick