The pair have merged the business with Web.com to create Newfold Digital, which will also operate CrazyDomains, Network Solutions and Register.com.
Clearlake and Siris also completed a strategic equity investment in Constant Contact, previously owned by Endurance, which will now operate as an independent company.
Constant Contact provides cloud-based digital marketing software for small businesses.
Newfold Digital CEO Sharon Rowlands said, “This combination creates an industry leader with tremendous scale and a strong portfolio of marquee brands and product offerings that furthers our commitment to helping SMBs establish themselves online.”
A statement from Clearlake founder and managing partner Behdad Eghbali and partner James Pade said, “We are excited to be partnering with Sharon to create a leading web presence platform that will benefit from significant economies of scale to drive growth in an attractive market.
“We look forward to utilizing our OPS framework to unlock the inherent value of the combined businesses and position Newfold Digital for success through organic and M&A initiatives.”
Rothschild & Co and Lazard acted as financial advisors to Clearlake. Lazard and Evercore served as financial advisors to Siris on the sale of Web.com. Moelis & Company served as financial advisor to Siris on the investment in Constant Contact.
Clearlake confirmed its position among the private equity heavyweights last year by surging past its target to close its newest private equity fund on more than $7bn.
That total was about double the $3.6bn Clearlake gathered for its predecessor fund just two years ago, and brings its total assets under management to about $18bn overall.
The firm had initially hoped to raise $5bn for Clearlake Capital Partners VI, but soared past that total thanks to commitment from over 200 institutional investors.
Siris sealed a huge jump in its fundraising power two years ago by closing its fourth flagship vehicle on $3.45bn.
That total was almost double the $1.8bn the tech-focused buyout house collected for its third fund in 2015.
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