Predict your next investment

Private Equity
sandlercap.com

See what CB Insights has to offer

Investments

57

Portfolio Exits

28

Funds

5

About Sandler Capital

Sandler Capital Management is a private equity financing firm.

Sandler Capital Headquarter Location

711 Fifth Avenue 15th Floor

New York, New York, 10022,

United States

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Sandler Capital News

Accelya to Buy Farelogix in Airline Tech Rollup

Jun 16, 2020

Accelya , an airline services tech company, has agreed to buy Farelogix , an airline technology vendor. The companies didn’t reveal deal terms, or the price that asset manager Sandler Capital Management accepted for selling its ownership stake. Accelya, based in Barcelona, booked about $200 million in revenue last year, mostly for services to airlines. It provides financial, commercial, and analytics tools to more than 200 carriers. Farelogix, which helps about 25 airlines including American Airlines and Lufthansa sell and distribute plane tickets and related products, made $42 million in revenue in 2018 , the last year it revealed a figure. Travel technology company Sabre had attempted to buy Farelogix for $360 million but the UK Competition and Markets Authority blocked the deal in April, alleging antitrust issues. Sabre gave up its pursuit later that month, as the transaction became one of several deals fallen victim to the pandemic’s hit to travel sector revenues . Vista’s Long-Term Bet on Airline Tech “Vista has made a super-long investment in Accelya, and now in Farelogix’s tech,” said CEO of Accelya John Johnston. “We have a sizable war chest.” Farelogix isn’t a typical investment for private equity. Due to the pandemic’s crushing of airline revenues, Farelogix lack the cash flow that private equity typically relies upon to pay down debt to afford a deal. Vista, a firm with more than $50 billion in technology investments created by chairman and CEO Robert Smith, has made a so-called “perennial” capital investment fund. This fund doesn’t require it to sell assets within a fixed period of, say, a decade. Accelya and Farelogix are the first portfolio companies for this small fund. “Vista’s primary objective is to grow over the long-term,” said Farelogix CEO Jim Davidson. “That’s a very different prospect from what’s true with other [private equity] funds. I think that’s going to resonate extremely well with our customers and the industry at large.” Farelogix, which has 304 workers today, hasn’t had reductions and doesn’t expect to with the acquisition, Davidson said. Vista has had a pattern of taking a hands-on approach to the dozens of companies it has acquired. It usually expects them to follow about 100 best practices it has developed to squeeze out revenue and margins. In some cases, that means writing more code faster with fewer bugs. In others, it means adopting more efficient sales processes. Long-Term Vision Accelya has a revenue management system that helps airlines decide what fares to charge by the seat according to supply and demand signals. It competes in that market with solutions from PROS (Pricing and Revenue Optimization Solutions) , a cloud software company, and from the in-house tech that airlines have built. Accelya wants to use Farelogix’s tech to reinvent its revenue management system. The revamped system would encompass the dynamic pricing and bundling of ancillaries, such as packaging a seat upgrade and free checked luggage with a ticket. One of Accelya’s most-used services focuses on financial billing, reconciliation, and settlement of transactions. “We see airlines more tightly controlling how they sell ancillaries, and with that trend comes phenomenal complexity,” Johnston said. “If you start doing dynamic bundling and pricing of products, those products may all be paid for at the booking, but they’ll be consumed at different points in the journey and different tax jurisdictions,” Johnston said. “So it opens up a nightmare from an accounting perspective, and solving that is the bread-and-butter of Accelya.” The company now wants to build “an order accounting module” that simplifies the complexity of tax reconciliation for individual products and services. Accelya helps settle payments, such as between an agency and an airline, for the vast majority of interline tickets — or tickets involving flights among cooperating airlines — sold worldwide today, the company said. “One of the biggest headaches we’ve had at Farelogix is how to manage the settlement of interline tickets for offers generated through the new distribution capability , including for ancillary sales across codeshares,” Davidson said. “We’ll be able to solve many problems now that we can link the back-end with the front-end, so to speak.” Accelya also wants to build and release more sophisticated refund management tools using Farelogix’s tech though those tools may not appear until next year. Quick Deal Accelya began talks to get Farelogix five weeks ago, shortly after Sabre gave up its pursuit. It believes it can close its transaction within the next few months. “We don’t overlap in any single part of our portfolio, and we’re not competitive today,” Johnston said. “So we don’t expect any problems with regulators.” Many airlines have had a concern about companies whose motivations they question buying tech vendors they use. For example, a few carriers pushed regulators in the U.S. and Britain to investigate Sabre’s acquisition of Farelogix, according to Skift’s reporting. But airlines may be less fearful of Accelya. “Typically, the industry tends to interpret things as having to ‘pick sides,'” Davidson said. “But here, there are no sides that need to be picked.” Most of Accelya’s and Farelogix’s services work with passenger service systems offered by Amadeus, Sabre, and TravelSky. If the transaction closes at a timely pace, Accelya expects to have its systems integrated with Farelogix’s by year-end. See full article

Sandler Capital Investments

57 Investments

Sandler Capital has made 57 investments. Their latest investment was in Enthusiast Media as part of their Private Equity on September 9, 2006.

CBI Logo

Sandler Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/28/2006

Private Equity

Enthusiast Media

Yes

1

3/2/2005

Series C

Farelogix

$6M

Yes

1

7/31/2004

Growth Equity

HarborPoint Media

Yes

1

11/24/2003

Unattributed VC

Subscribe to see more

$99M

Subscribe to see more

10

7/23/2003

Series D

Subscribe to see more

$99M

Subscribe to see more

10

Date

9/28/2006

3/2/2005

7/31/2004

11/24/2003

7/23/2003

Round

Private Equity

Series C

Growth Equity

Unattributed VC

Series D

Company

Enthusiast Media

Farelogix

HarborPoint Media

Subscribe to see more

Subscribe to see more

Amount

$6M

$99M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

1

1

1

10

10

Sandler Capital Portfolio Exits

28 Portfolio Exits

Sandler Capital has 28 portfolio exits. Their latest portfolio exit was Farelogix on June 16, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/16/2020

Acquired

Accelya

10

9/30/2013

Acquired

Halifax Media Group

1

1/1/2011

Acquired

TruConnect

1

00/00/0000

Subscribe to see more

Subscribe to see more

$991

Subscribe to see more

10

00/00/0000

Subscribe to see more

Subscribe to see more

Subscribe to see more

10

Date

6/16/2020

9/30/2013

1/1/2011

00/00/0000

00/00/0000

Exit

Acquired

Acquired

Acquired

Subscribe to see more

Subscribe to see more

Companies

Subscribe to see more

Subscribe to see more

Valuation

$991

Acquirer

Accelya

Halifax Media Group

TruConnect

Subscribe to see more

Subscribe to see more

Sources

10

1

1

10

10

Sandler Capital Acquisitions

3 Acquisitions

Sandler Capital acquired 3 companies. Their latest acquisition was CK Media on November 30, 2006.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/30/2006

Leveraged Buyout

Leveraged Buyout

1

11/22/2005

Subscribe to see more

$99M

Subscribe to see more

10

10/31/1997

Leveraged Buyout

Subscribe to see more

$99M

Subscribe to see more

10

Date

11/30/2006

11/22/2005

10/31/1997

Investment Stage

Leveraged Buyout

Leveraged Buyout

Companies

Subscribe to see more

Subscribe to see more

Valuation

Total Funding

$99M

$99M

Note

Leveraged Buyout

Subscribe to see more

Subscribe to see more

Sources

1

10

10

Sandler Capital Fund History

5 Fund Histories

Sandler Capital has 5 funds, including Sandler Capital Partners V LP.

Closing Date

Fund

Fund Type

Status

Amount

Sources

6/15/2001

Sandler Capital Partners V LP

Industry Focused

$756M

1

6/30/1998

Sandler Capital Partners IV LP

Subscribe to see more

$99M

10

1/1/1995

21st Century Communications Partners LP

Subscribe to see more

$99M

10

1/1/1993

Sandler Mezzanine Partners LP

Subscribe to see more

$99M

10

12/31/1990

Sandler Media Partners LP

Subscribe to see more

$99M

10

Closing Date

6/15/2001

6/30/1998

1/1/1995

1/1/1993

12/31/1990

Fund

Sandler Capital Partners V LP

Sandler Capital Partners IV LP

21st Century Communications Partners LP

Sandler Mezzanine Partners LP

Sandler Media Partners LP

Fund Type

Industry Focused

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Status

Amount

$756M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Sandler Capital Team

23 Team Members

Sandler Capital has 23 team members, including current Chief Financial Officer, Steven Gary Warshavsky.

Name

Work History

Title

Status

Harvey Sandler

Founder

Current

Steven Gary Warshavsky

Chief Financial Officer

Current

Paul Ernst

Chief Information Officer

Current

Michael Engelson

Controller

Current

Brent Benkovic

Managing Director

Current

Name

Harvey Sandler

Steven Gary Warshavsky

Paul Ernst

Michael Engelson

Brent Benkovic

Work History

Title

Founder

Chief Financial Officer

Chief Information Officer

Controller

Managing Director

Status

Current

Current

Current

Current

Current

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.