Good morning, Term Sheeters. This is Fortune finance reporter Rey Mashayekhi, filling in today for Lucinda.
Google is not letting a recent wave of antitrust sentiment—epitomized by last week’s much-hyped Big Tech congressional hearing—get in the way of its designs.
A pair of announcements on Monday morning indicate just how wide-ranging the Silicon Valley giant’s ambitions remain. Most notably, Google unveiled a $450 million investment in home security provider ADT that picks up a 6.6% stake in one of the most recognizable names in electronic property security.
More important than the financials, the ADT deal gives Google an established vehicle through which it can deploy its Nest line of smart-home electronics and services to as many homes and businesses as possible. Google paid $3.2 billion to acquire Nest in 2014, and since then the brand has competed with Amazon’s Ring and other players in the battle to shape the smart home of the future (the sort of thing you would see in made-for-TV movies 20-plus years ago).
And ADT, which is owned by private equity giant Apollo Global Management, now has the power of Google’s brand and cutting-edge tech behind its own services. Investors certainly took kindly to the deal; ADT’s stock set a new 52-week high on Monday, and closed the day up nearly 57%.
But that wasn’t all going on with the Big G on Monday. There was also the announcement of a collaboration with BBVA USA—the Spanish bank’s American subsidiary team is teaming up with Google Pay to offer new digital banking services, like bank accounts that will couple BBVA’s infrastructure with Google’s front-end user experience.
BBVA is a winner here: A relatively small, regional banking player gets to deploy the Google Pay platform as it seeks to enhance its digital capabilities and keep up with the rapid tech transformation sweeping the banking sector (one undoubtedly accelerated by the pandemic). In a statement, BBVA USA president and CEO Javier Rodriguez Soler said the deal is “fully aligned” with the bank’s goals to “reach more customers with our digital offerings.”
But Google has plenty going for it as well. Tech firms have taken the lead on driving the financial sector’s digital evolution, with everyone from Apple to Facebook to PayPal to Square seeking to beat the banks at their own game when it comes to facilitating how people transact. The BBVA partnership is part and parcel of Google’s strategy; in fact, it’s reportedly only one of eight different partnerships with various banks and credit unions that will soon offer digital services through Google Pay.
It’s all a testament to the grand ambitions of the erstwhile Search Engine That Could—now a trillion-dollar, multinational behemoth that seeks to penetrate endless facets of how we live our lives, antitrust inquiries be damned.
Rey Mashayekhi
Anne Sraders curated today’s Term Sheet.
VENTURE DEALS
-Indigo Agriculture, a Boston-based company and marketplace that helps farmers grow crops more sustainably and profitably, raised $360 million in extended Series F funding from investors including Alaska Permanent Fund and Flagship Pioneering.
-Farmer’s Business Network, a San Carlos, Calif.-based company that helps farmers share data and information with each other, raised $250 million in Series F funding. BlackRock led the round, and was joined by investors including Baron Capital Group, Balyasny Asset Management LP, Mandi Ventures, Lupa Systems and Ron Shaich.
-Grab, a Singapore-based ride-hailing and food delivery service, is raising $200 million from Stic Investments Inc., a private equity firm based in South Korea, Bloomberg reports citing sources. Read more.
-Yotpo, a New York City-based ecommerce marketing platform for retail brands, raised $75 million in Series E funding. Bessemer Venture Partners (BVP) led the round, and was joined by investors including Access Industries, Vertex Ventures, and Hanaco.
-PMV Pharmaceuticals, a Cranbury, N.J.-based developer of small molecule therapies to treat cancer, raised $70 million in Series D funding from investors including Avoro Capital, RA Capital Management, Wellington Management Company, OrbiMed Advisors, Nextech Invest, Viking Global Investors, and Boxer Capital of Tavistock Group.
-Buckle, a Jersey City, N.J.-based provider of ridesharing insurance for drivers, raised $31 million in Series A funding from HSCM Bermuda and Eos Venture Partners.
-Silverfort, a Tel Aviv-based secure multi-factor authentication solutions provider to keep networks safe without the need for proxies, raised $30 million in Series B funding. Aspect Ventures led the round, and was joined by investors including Citi Ventures, Maor Investments, TLV Partners, StageOne Ventures and Singtel Innov8.
-MikMak, a New York City-based ecommerce marketing platform, raised $10 million in Series A funding. Wavecrest Growth Partners led the round, and was joined by investors including Luminari Capital, Brave Ventures, Lunch Partners, Madrona Venture Group, and others. Read more.
-IgGenix, a South San Francisco-based biotech focused on therapies for food allergies, raised $10 million in Series A financing. Khosla Ventures led the round and was joined by Parker Ventures.
-Breezeway, a Boston-based property management platform, raised $8 million in Series A funding. Schooner Capital led the round, and was joined by investors including Tamarisc Ventures, Krillion Ventures, and Launch Capital.
-TaxScouts, a London-based tax preparation platform, raised £5 million ($6.5 million) in Series A funding. Octopus Ventures led the round, and was joined by investors including SpeedInvest, Seedcamp, Finch Capital, and Clocktower Technology Ventures.
-Truera, a Redwood City, Calif-based AI model intelligence platform developer, raised $5.1 million in funding. Greylock led the round, and was joined by investors including Wing VC, Conversion Capital, and Aaref Hilaly.
-hey, a Japan-based cashless payments and e-commerce platform for businesses, raised an undisclosed amount in Series E funding. Bain Capital Tech Opportunities led the round, and was joined by investors including PayPal Ventures, Goldman Sachs, YJ Capital, Anatole, Mitsubishi Corporation and World Innovation Group.
PRIVATE EQUITY
-Franklin Resources, operating as Franklin Templeton, completed its acquisition of Legg Mason, a Baltimore-based asset manager, for $4.5 billion. Read more.
-ReMed, owned by Baird Capital, acquired Learning Services Corp., a brain injury care services provider across the U.S. Financial terms were not disclosed.
-Globant (NYSE: GLOB), backed by Riverwood Capital, acquired gA, a Miami-based cloud and technology transformation services consulting platform. Financial terms were not disclosed.
-Thoma Bravo and Madison Dearborn Partners invested in Syntellis Performance Solutions, a Chicago-based enterprise software and data analytics provider for healthcare, financial services, and education businesses. Financial terms were not disclosed.
-GEM Global Yield invested in NuView Life Sciences, a Park City, Utah-based biotech specializing in cancer detection, to buy shares on a commitment basis valued at $90 million. Read more.
-EverWatch, backed by Enlightenment Capital, acquired BrainTrust, an Annapolis Junction, Md.-based systems engineering and software developer for U.S. military and intelligence customers. Financial terms were not disclosed.
-PolyVision, backed by Industrial Opportunity Partners, acquired Marsh Industries, a New Philadelphia, Ohio-based manufacturer of visual boards, space separators, and markerboards. Financial terms were not disclosed.
-ACON Investments acquired a majority stake in Alsur, a Spain-based canned vegetables producer. Financial terms were not disclosed.
-Clean Streak Ventures, owned by MKH Capital Partners, acquired 7 Bay Breeze Car Wash and Lube, a Tampa Bay, Fla.-based car wash operator. Financial terms were not disclosed.
-Turnspire Capital Partners agreed to acquire Goodyear’s Air Springs business, a Fairlawn, Ohio-based air springs provider for large vehicles and trucks, from EnPro Industries (NYSE: NPO). Financial terms were not disclosed.
OTHERS
-Lordstown Motors Corp, a Lordstown, Ohio-based electric work vehicles maker, will merge with DiamondPeak Holdings Corp, a blank check company, and go public on the Nasdaq as “RIDE”. The deal is valued at $1.6 billion. Read more.
-Intuit has agreed to acquire TradeGecko, a Singapore-based inventory management software provider, for over $80 million, Bloomberg reports citing sources. Read more.
-Dwayne “The Rock” Johnson, Dany Garcia, and RedBird Capital Partners will buy the assets of XFL, a professional football league whose parent company recently went bankrupt, for $15 million. Read more.
-Sotera Health acquired Iotron Industries, a Canada-based electron beam operator used to modify the molecular, chemical, and biological properties of materials. Financial terms were not disclosed.
BREAKUPS, HANGUPS, AND BANKRUPTCIES
-Benevis, a Marietta, Ga.-based support services provider for dentists, filed for bankruptcy protection.
IPOS
-Foley Trasimene Acquisition II, a Las Vegas-based blank check company led by investor Bill Foley, plans to raise up to $1.2 billion in an IPO. It is targeting investments in the financial technology space. It plans to list on the NYSE as“BFT.U”. Read more.
-Horizon Acquisition, a Greenwich, Conn.-based blank check company led by Eldridge Industries, plans to raise up to $500 million in an IPO. It is targeting investments in the financial services industry. It plans to list on the NYSE as “HZAC.U”. Read more.
-Freeline Therapeutics, a U.K.-based clinical stage gene therapy company focused on liver diseases, plans to raise $125 million in an IPO by offering 7.4 million American Depositary Shares (ADS) priced between $16 and $18. Syncona Portfolio Limited (64.7% pre-offering) and Novo Holdings A/S (6.6%) are among the company’s backers. It plans to list on the Nasdaq as “FRLN”. Read more.
-HighCape Capital Acquisition, a New York City-based blank check company formed by HighCape Capital, plans to raise up to $100 million in an IPO. It is targeting investments in the life sciences industry. It plans to list on the Nasdaq as “CAPAU”. Read more.
-GoodRx, the Santa Monica, Calif.-based prescription medication coupon company backed by investors including Silver Lake and Francisco Partners, confidentially filed for a potential IPO, Reuters reports citing sources. Read more.
EXITS
-GCM Grosvenor, a Chicago-based alternative asset management firm owned by investors including Hellman & Friedman, will merge with CF Finance Acquisition Corp, a blank check company formed by Cantor Fitzgerald, and will go public. The deal is valued at $2 billion. Read more.
-Motorola Solutions (NYSE: MSI) acquired Pelco, a Fresno, Calif.-based video security systems developer, from Transom Capital Group for $110 million in cash.
-Court Square Capital acquired interest in RailPros, an Irving, Texas-based railroad engineering and field services provider, from Bow River Capital. Financial terms were not disclosed.
F+FS
-Blackstone Group has raised $3.5 billion for its second Strategic Capital Fund. Read more.
-Blackbird Ventures, an Australian-based venture capital firm, has raised A$500 million ($357 million) for its fourth fund. Read more.
PEOPLE
-Blackstone added Christine Feng as a senior managing director. Feng was previously an executive at Amazon.
-Neotribe added Alex Salazar as a venture partner. Salazar was previously at Okta.
