Investment firms TA Associates and Silversmith Capital Partners are considering various options, including selling a portion of their stake in Appfire, a collaboration software maker. This move could potentially value the company at over $2 billion, according to sources familiar with the situation. TA and Silversmith have engaged investment bankers from JPMorgan Chase and Lazard to explore the possibility of selling up to 60% of their stake in Appfire. The sources also mentioned that the current owners might retain a portion of their stakes as part of any deal. These discussions are confidential, and the sources requested anonymity. Potential buyers could include other private-equity firms. Appfire aims to achieve a valuation that exceeds 20 times its EBITDA, which is approximately $100 million. The company is projected to reach nearly $300 million in revenue for 2024, with an annual revenue growth rate of 30%. Silversmith, JPMorgan, and Lazard have declined to comment on this matter. TA Associates and Appfire have not responded to requests for comment.
Based in Burlington, Massachusetts, Appfire offers workflow collaboration software to clients such as Adidas, Docusign, and NASA. Its software is distributed through platforms owned by major tech corporations including Microsoft, Salesforce, Atlassian, and monday.com. Smartsheet, a U.S. company specializing in workplace collaboration software and valued at $6.6 billion, has also sought investment banking advice following acquisition interest from buyout firms, as reported by Reuters in July. TA Associates acquired a significant stake in Appfire in 2021, following Silversmith's $49-million investment in the company a year earlier.
