Shearman & Sterling is advising Symphony Teleca, a privately-held global software services company and portfolio company of Symphony Technology Group, in its acquisition by Harman International Industries in a transaction valued at $780 million plus a cash earn-out based on 2015 revenue. The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed by the end of Harman’s 2015 fiscal year.
Symphony Teleca has more than 8,000 employees, predominantly software engineers and designers, and the company generated revenues of approximately $370 million in calendar year 2014. The company serves more than 300 active customers, including Google, Microsoft, Intel, Adobe, Jaguar Land Rover, Verizon, Comcast, Sirius XM and Tesco, and spans numerous verticals, such as telecom, automotive, healthcare, consumer electronics, retail and media.
Harman designs, manufactures and markets premier audio, visual, infotainment and enterprise automation solutions for the automotive, consumer and professional markets. Harman has a workforce of approximately 16,600 people across the Americas, Europe, and Asia and reported sales of $5.6 billion for the twelve months ended September 30, 2014.
Symphony Technology Group Technology Group (STG) is a private equity firm with the strategic vision and capital to transform high-potential companies into definitive market leaders. Founded in 2002, STG has established a global community. Its portfolio reports $2.7 billion in revenue and, collectively, has more than 17,000 employees. With offices in Palo Alto, London and Bangalore, and investment companies dotted around the globe, STG has a vast international customer and channel network that its companies can leverage to access global customer networks and intelligence.
The Shearman & Sterling team included partners Steve Camahort and Dana Kromm (both San Francisco-Mergers & Acquisitions) and associates Lisa Lopshire and Roey Gilberg (both San Francisco-Mergers & Acquisitions), as well as partners Larry Crouch (Palo Alto-Tax), Richard Hsu (Palo Alto-Intellectual Property Transactions), and Donna Parisi (New York-Investment Funds); counsel Dan Stellenberg (San Francisco-Executive Compensation & Employee Benefits) and Richard Alsop (New York-Capital Markets); and associates Ryan Bray (Palo Alto-Tax), Ben Peterson (Palo Alto-Intellectual Property Transactions), Kelly Karapetyan (New York-Antitrust) and Geoff McGill (New York-Investment Funds).