Exit Stories: Steve Carnevale, Global Software

In this week’s Exit Stories, host Kevin Mosley talks with Steve Carnevale, former CFO of Global Software, about what it was like for Global Software to undergo two PE (private equity) buyouts in the span of two years. 

In 2016, the PE firm Thompson Street Capital Partners bought Raleigh-based Global Software for $100 million. Two years later, Thompson Street sold Global Software to TA Associates, another PE firm. 

In fact TA Associates bought both Global Software and Raleigh-based insightsoftware.com International, and merged the two into a new company called insightsoftware. 

Earlier this month insightsoftware acquired IDL Group, an international financial-performance software firm. That was the 15th acquisition made by insightsoftware in the less than two years since the the merger.

Thanks as always to Exit Stories‘ sponsor, Dualboot Partners!

Here are some of the highlights from the episode:

  • Carnevale joined Geomagic—a 3D software company—in 2007 as CFO, and said the company closed on an $8 million round in September 2008, right as Wall Street began faltering. [2:30] 
  • Geomagic was acquired by 3D Systems in 2013, and Carnevale said hiring an investment banker to help with the bidding war process was a prudent move on Geomagic’s part: “He helped us with some of the heavy lifting, which really allowed our management team to stay focused on their day-to-day operations.” [12:10] 
  • Carnevale said Thompson Street didn’t really alter the day-to-day operations of Global Software when they came in—they didn’t have to. “They more or less just brought their expertise to the table, and they were happy to keep the day-to-day operations running as they were before,” he said. In fact, Global Software’s top-line growth and profitability at the time were above-average, Carnevale said, and they were “firing in all cylinders” and looking at other potential acquirers as well. [27:10]

Listen (and subscribe!) to the podcast below:

Or for you visual learners, here is the video: