Symphony Technology Group
{{Short description|American private equity firm}}
{{Infobox company
| name = STG Partners, LLC
| logo =
| caption =
| trading_name = STG Partners
| type = Private
| traded_as =
| genre =
| fate =
| predecessor = Symphony Technology Group (2002-2017)
| successor =
| foundation = {{start date and age|2017}}
| founder = William "Bill" Chisholm
| defunct =
| location = 1300 El Camino Real, Suite 300, Menlo Park, California, U.S.
| locations = 3 (Bangalore, India; London, England; Menlo Park, CA)
| area_served =
| key_people = Managing partner: William "Bill" Chisholm{{Cite web|url=https://stg.com/who-we-are/|publisher=Symphony Technology Group|title=Who We Are|access-date=March 20, 2025}}
Managing director and CFO: Stephen Henkenmeier
Managing directors: Marc A. Bala, Douglas M. Haines, and Johnie T. Treadwell
| industry = Private equity
| products =
| revenue =
| operating_income =
| net_income =
| aum = $12 billion (2025)
$11.7 billion (2024)
| assets = Less than $1 billion (2025)
| equity =
| owner = STG Management Holdings, L.P., "Greater than 75%"
| parent =
| divisions =
| subsid =
| homepage = {{URL|http://stg.com/}}
| footnotes =
| intl =
}}
STG Partners, LLC (STG) is an American private equity firm and based in Menlo Park, California.{{cite web | url= http://www.stgpartners.com/ | title=Company website | accessdate=2022-04-11}} Its predecessor, Symphony Technology Group ("Symphony") was founded in 2002Dorbian, Iris (July 1, 2024). [https://www.buyoutsinsider.com/stg-rising-hailing-the-newcomer-on-the-100/ STG Rising: Hailing the Newcomer on the 100.] Buyouts. by Romesh Wadhwani, who recruited William Chisholm and Bryan Taylor to join him in the founding of Symphony. In 2017, Symphony was reorganized as STG Partners. As of March 2025, STG Partners managed approximately $12 billion in 19 pooled investment vehicle for its clients. The firm itself has less than one billion dollars in assets.STG Partners, LLC (March 28, 2025). [https://www.sec.gov FORM ADV: Uniform Application for Investment Adviser Registration and Report By Exempt Reporting Advisers. STG PARTNERS, LLC. FINRA CRD # 291048. SEC file number: 801-112130. Form submitted 3/28/2025 7:10:35 PM.] U.S. Securities and Exchange Commission.
History
In the early 2000s, Romesh Wadhwani invited William "Bill" Chisholm to join a new private equity firm, Symphony Technology Group (Symphony), as a senior investment partner.Dolan, Kerry A. (March 2025). [https://www.forbes.com/sites/kerryadolan/2025/03/22/the-little-known-billionaire-buying-the-boston-celtics/ The Little Known Billionaire Buying The Boston Celtics.] Forbes.Forbes (August 20, 2009). [https://www.forbes.com/forbes/2009/0907/investing-wadhwani-private-equity-done-right.html Private Equity Done Right.] see "William Chisholm, who has worked for Wadhwani for seven years, recalls how the Saturday before the deal closed he was summoned to his boss' home." Bryan Taylor was also a co-founder of Symphony,[https://www.adventinternational.com/our-team/bryan-taylor/ Bryan Taylor.] Advent. and remained at the firm until 2004.McNully, John (February 5, 2019). [https://peprofessional.com/2019/02/new-head-tech-advent-2/ New Head of Tech at Advent.] Private Equity Professional.
In 2017, Wadhwani retired as Symphony's CEO, and the firm was reorganized STG Partners LLC.STG Partners (November 16, 2020). [https://stg.com/news/stg-raises-2-0-billion-for-stg-vi-in-a-four-month-fully-virtual-fundraise/ TG raises $2.0 billion for STG VI in a four-month fully virtual fundraise.] see "About STG Partners: STG and its predecessor, Symphony Technology Group ('Symphony'), …" Chisholm assumed the chief executive and ownership role.O'Connell, Robert (March 2025). [https://www.wsj.com/sports/basketball/boston-celtics-sale-william-chisholm-367d5b00 He Just the Boston Celtics -- and No One Knows Anything About Him.] Wall Street Journal.
In September 2021, STG Management Holdings, L.P., acquired "greater than 75%" of STG Partners.
The firm maintains offices in Bangalore, India, London, England, and Menlo Park, California. Stephen Henkenmeier is STG's managing director and chief financial officer.
In March 2025, STG Partners reported $12 billion in assets under management (AUM), a slight increase from $11.7 billion AUM in 2024.AUM13F (March 29, 2024). [https://aum13f.com/firm/stg-partners-llc $12 billion STG Partners, LLC. CRD: 291048. SEC: 801-112130. AUM $11.7 BB.]
In addition, Symphony Technology Group, which maintains an inter-company relationship with STG Partners, reported approximately $341 million AUM in March 2025.Symphony Technology Group (March 28, 2025). FORM ADV: Uniform Application for Investment Adviser Registration and Report By Exempt Reporting Advisers. Symphony Technology Group, LLC. FINRA CRD # 160676. SEC file number: 801-73246. Form submitted 3/28/2025 7:00:20 PM. U.S. Securities and Exchange Commission.
Acquisitions
Symphony acquired McGraw-Hill Construction from McGraw-Hill Financial for US$320 million on September 22, 2014.{{cite web| last =Staley| first =Eddie| authorlink =| title =McGraw Hill Financial To Sell McGraw Hill Construction To Symphony Technology Group For $320M In Cash| website =| publisher =Benzinga| date =September 22, 2014| url =http://www.benzinga.com/news/14/09/4867637/mcgraw-hill-financial-to-sell-mcgraw-hill-construction-to-symphony-technology-gro| format =| doi =| accessdate =April 30, 2015}} The acquisition includes Engineering News-Record, Architectural Record, Dodge and Sweet's.{{Cite web|url=https://www.enr.com/articles/1357-mcgraw-hill-sells-enr-and-construction-group-to-equity-investor|title=McGraw Hill Sells ENR and Construction Group to Equity Investor | 2014-09-22 | ENR | Engineering News-Record|website=www.enr.com}} McGraw-Hill Construction has been renamed Dodge Data & Analytics.{{cite web| last =Maidenberg| first =Micah| authorlink =| title =Best year since 2008 for construction industry| website =| publisher =Crain's Chicago Business| date =December 14, 2014| url =http://www.chicagobusiness.com/realestate/20141201/CRED02/141129831/best-year-since-2008-for-construction-industry| format =| doi =| accessdate =|quote=Dodge Data & Analytics, a data provider formerly known as McGraw-Hill Construction}}
On February 17, 2020, Dell Technologies sold its RSA Security business to a group led by STG in an all-cash transaction for $2.075 billion.{{cite web |title=Dell Sells RSA to Consortium Led by Symphony Technology Group |url=https://techcrunch.com/2020/02/18/dell-sells-rsa-to-consortium-led-by-symphony-technology-group-for-over-2b/ |website=techcrunch.com |date=18 February 2020 |access-date=February 15, 2022}}
In March 2021, STG acquired McAfee Enterprise for $4 billion.{{cite web |title=McAfee Enterprise and FireEye are now called Trellix |url=https://www.zdnet.com/article/mcafee-enterprise-and-fireeye-are-now-called-trellix/ |website=ZDNet |access-date=February 15, 2022}} On June 2, 2021, FireEye announced the sale of key software technologies to Symphony for $1.2 billion, while retaining the services business under the Mandiant name. FireEye bought Mandiant for around the same price.{{cite web |title=FireEye Announces Sale of FireEye Products Business to Symphony Technology Group for $1.2 Billion |url=https://www.nytimes.com/2014/01/03/technology/fireeye-computer-security-firm-acquires-mandiant.html |publisher=FireEye |date=2021-06-02}} On January 18, 2022, Symphony announced the launch of Trellix, an extended detection and response company, which is a combination of FireEye and the McAfee enterprise business.{{cite web |title=McAfee Enterprise and FireEye combo is now Trellix |url=https://www.itworldcanada.com/article/mcafee-enterprise-and-fireeye-combo-is-now-trellix/471609 |website=itworldcanada.com |date=27 January 2022 |access-date=February 15, 2022}} In January 2022, STG announced the McAfee Enterprise security service edge (SSE) business would operate as a separate company to be known as Skyhigh Security. The cloud security company is headquartered in San Jose, California, and led by CEO Gee Rittenhouse.{{cite web |title=McAfee Enterprise cloud security biz relaunches as Skyhigh |url=https://venturebeat.com/2022/03/21/mcafee-enterprise-cloud-security-biz-relaunches-as-skyhigh/ |website=venturebeat.com |date=22 March 2022 |access-date=July 12, 2022}}
On January 5, 2022, EFI split off its software business, creating eProductivity Software, which was sold to STG.https://www.prnewswire.com/in/news-releases/eproductivity-software-becomes-an-independent-company-after-being-acquired-by-symphony-technology-group-stg-from-electronics-for-imaging-efi--818728536.html, {{Webarchive|url=https://web.archive.org/web/20220105153924/https://www.prnewswire.com/in/news-releases/eproductivity-software-becomes-an-independent-company-after-being-acquired-by-symphony-technology-group-stg-from-electronics-for-imaging-efi--818728536.html |date=2022-01-05 }}
In March 2023, a private equity consortium led by STG agreed to acquire Momentive Global Inc. formerly SurveyMonkey, an experience management company, based in San Mateo, California, in an all-cash deal valued at $1.5{{nbsp}}billion,{{cite news |last=Mathews |first=Eva |date=13 March 2023 |title=SurveyMonkey owner Momentive Global to be taken private in $1.5 bln deal |url=https://www.reuters.com/markets/deals/momentive-global-be-acquired-by-symphony-led-consortium-15-bln-deal-2023-03-13/ |publisher=Reuters}}{{Cite web |last=Dorbian |first=Iris |date=2023-06-01 |title=STG-led investor group completes take-private $1.5bn acquisition of Momentive |url=https://www.pehub.com/stg-led-investor-group-completes-take-private-1-5bn-acquisition-of-momentive/ |access-date=2024-06-06 |website=PE Hub |language=en-US}}{{Cite web |title=Paul Hastings Has a Strong Summer on Market Leading Transactions {{!}} Paul Hastings LLP |url=https://www.paulhastings.com/news/untitled-entry-2023-09-25-at-12-55-48 |access-date=2024-06-06 |website=www.paulhastings.com}} and rebranded it back to SurveyMonkey.
On July 7, 2023, Wrike, a work management platform, announced it was being acquired by STG for an undisclosed amount. The transaction was completed later that month.{{cite web|url=https://www.pehub.com/stg-completes-buyout-of-work-management-platform-wrike/ |title=STG Completes Buyout of Work Management Platform Wrike | first=Iris|last=Dorbian|work=PE Hub|date=July 10, 2023|access-date=August 7, 2024}}
On August 9, 2023, STG announced it was acquiring Avid (a Burlington, Mass.-based company that makes Sibelius, Pro Tools, Media Composer, and other products for the audio, video, and media industries) in a $1.4 billion deal. The deal was completed in November of that year.{{cite web|url=https://www.hollywoodreporter.com/business/business-news/stg-completes-avid-acquisition-1235638903/ |title=Private Equity Firm STG Completes Acquisition of Avid for $1.4B | first=Carolyn|last=Giardina|work=The Hollywood Reporter|date=November 7, 2023|access-date=August 7, 2024}}
Divestments
- Symphony Teleca (from the merger of Teleca and Symphony Services) was sold to Harman International Industries in 2015.{{cite web |title=Harman acquires Romesh Wadhwani group's Symphony Teleca for $780mn |url=http://www.business-standard.com/article/companies/harman-acquires-romesh-wadhwani-group-s-symphony-teleca-for-780mn-115012300130_1.html |publisher=Business Standard |date=January 24, 2015}}