Cision Ltd., a leading global provider of software and services to public relations and marketing communications professionals, has announced that it has been acquired by an affiliate of Platinum Equity in an all cash transaction valued at approximately $2.7 billion.
“Cision is well established as the industry standard platform for communications professionals navigating an increasingly complex environment,” said Platinum Equity Chairman and CEO Tom Gores. “This is an investment that plays to Platinum’s core strengths. We will deploy our full range of global operations capabilities, financial resources and M&A support to help the company maximise its potential.”
As of January 31, 2020, Cision is a privately held company. Cision shares ceased trading on the New York Stock Exchange before the open of market today.
“As a private company, Cision is well positioned to meet both our financial and business goals,” said Kevin Akeroyd, Cision’s Chief Executive Officer. “The Cision management team looks forward to partnering with the experienced and talented group of professionals at Platinum Equity. Building on the company’s strong platform as a global leader in providing earned media software and services to public relations and marketing communications professionals, our near-term focus will be on improving customer experience, delivering innovative products, and increasing operating efficiencies.”
Commenting on the transaction, Platinum Equity Partner Jacob Kotzubei said: “Cision offers an impressive value proposition built through a combination of innovation, commitment to customer service and the development of a broad suite of solutions. We will continue investing in new product development and additional opportunities to grow the business.”
Gibson, Dunn & Crutcher LLP acted as M&A legal counsel and Willkie Farr & Gallagher LLP acted as financing legal counsel to Platinum Equity on the Cision acquisition.
Rothschild & Co served as lead financial advisor to Cision and its Board of Directors. Centerview Partners LLC and Deutsche Bank Securities Inc. also acted as financial advisors to Cision. Kirkland & Ellis LLP acted as legal counsel to Cision.