SANTA MONICA, March 31, 2015 – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced today that it acted as joint lead arranger and administrative agent on a $130 million senior secured credit facility for Clearlake Capital Group’s new and existing software portfolio companies. Upon closing, the financing supported Clearlake’s acquisition of FrontRange Solutions, which merged with portfolio company Lumension to form HEAT Software, a global provider of hybrid service management and unified endpoint management solutions for organizations of all sizes. In addition, the financing supported the recapitalization of Clearlake portfolio company and HEAT Software sister company, NetMotion Wireless, Inc., a leading provider of next generation mobile security and mobile network performance management solutions.
“HEAT Software is a new and exciting platform combining two organizations with outstanding people, products and high-quality customer bases, and NetMotion Wireless has continued to be a tremendous story for our firm as the company has achieved consecutive years of top-line growth,” said Behdad Eghbali and Prashant Mehrotra of Clearlake. “It was important for us to continue work with Wells Fargo Capital Finance on this transaction, as we have on our previous technology investments, because they have a seasoned technology finance team that knows the industry very well and can execute quickly in partnership with our firm.”
“We are excited to work with Clearlake Capital on another one of their successful investments,” said John Leonard, head of Wells Fargo Capital Finance’s Technology Finance division. “Their investment team has extensive knowledge and experience, making each deal a pleasure to be a part of.”