Todd Cleary
Partner
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Complex Transactions Expertise
Todd has represented clients in complex buyout and investment transactions, including M&As; leveraged buyouts; spin-offs and carve-outs; and restructurings and recapitalizations.
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Veteran Private Equity Practitioner
Todd has handled complicated, large-scale private equity deals on behalf of sponsors and companies.
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Investment Banking Experience
In addition to serving as counsel to investment banks in M&A matters, Todd previously worked at Goldman Sachs, where he focused on technology M&A.
Todd Cleary is a partner at Wilson Sonsini Goodrich & Rosati. Todd's practice primarily focuses on buyout and investment transactions, including mergers and acquisitions; leveraged buyouts; spin-offs and carve-outs; restructurings and recapitalizations; and growth and later-stage financings. He has represented many prominent enterprises in technology and other markets and is a leading partner in the firm's private equity practice. In addition, he serves as lead counsel for general corporate and securities matters for a select group of public and private companies.
Todd previously served as a vice president in technology mergers and acquisitions at Goldman Sachs from 1999 to 2001.
Todd has served as a member of the firm’s Board Nominating Committee, Member Compensation Committee, and as co-chair of the Career Development Committee.
Experience
Todd Cleary is a partner at Wilson Sonsini Goodrich & Rosati. Todd's practice primarily focuses on buyout and investment transactions, including mergers and acquisitions; leveraged buyouts; spin-offs and carve-outs; restructurings and recapitalizations; and growth and later-stage financings. He has represented many prominent enterprises in technology and other markets and is a leading partner in the firm's private equity practice. In addition, he serves as lead counsel for general corporate and securities matters for a select group of public and private companies.
Todd previously served as a vice president in technology mergers and acquisitions at Goldman Sachs from 1999 to 2001.
Todd has served as a member of the firm’s Board Nominating Committee, Member Compensation Committee, and as co-chair of the Career Development Committee.
Education
- J.D., Stanford Law School, 1995
- B.A., Behavioral Biology, Johns Hopkins University, 1991Phi Beta Kappa, Graduated with General and Departmental Distinction
Honors
- Recognized in the 2012-2019 editions of Northern California Super Lawyers
- Selected for inclusion in the 2007 edition of The Legal 500 US
Admissions
- State Bar of California
Credentials
Education
- J.D., Stanford Law School, 1995
- B.A., Behavioral Biology, Johns Hopkins University, 1991Phi Beta Kappa, Graduated with General and Departmental Distinction
Honors
- Recognized in the 2012-2019 editions of Northern California Super Lawyers
- Selected for inclusion in the 2007 edition of The Legal 500 US
Admissions
- State Bar of California
Select Transactions
- Alpine Investors in its 2018 acquisition of Riverside Insights, its 2019 sale of Escape Technology to Frontline Education, its 2019 sale of Optima Healthcare Solutions to Net Health, and its 2018 sale of YouCaring to GoFundMe
- Answers in its 2014 sale to Apax Partners and its 2013 acquisitions of ForeSee Results and Webcollage
- Blue Coat Systems in its 2015 $2.4 billion sale to Bain Capital and its 2013 acquisitions of Solera Networks and the SSL appliance product line of Netronome
- CapG in its 2018 investment in Applied Systems and its 2017 investment in Outcome Health
- Credit Suisse in its role as financial advisor to Intel in its 2014 $650 million purchase of assets from Avago
- Cypress Semiconductor in its 2008 $3.6 billion spin-off of SunPower
- Doxim (Strattam Capital) in its 2018 sale to GI Partners
- Electronic Arts in its 2011 acquisition of PopCap Games for up to $1.3 billion, its 2009 acquisition of Playfish for up to $400 million, and its 2007 acquisition of VG Holdings (owner of the BioWare and Pandemic video game studios) for $775 million
- FanDuel in its 2018 combination with Flutter and its proposed 2016 merger with DraftKings
- General Atlantic in its 2020 investment in Quizlet, its 2012 $100 million investment in Box and its 2012 $60 million investment in Appirio
- Goldman Sachs in its role as financial advisor to Lam Research in its 2011 $3.3 billion acquisition of Novellus Systems
- Google in its 2007 $3.1 billion acquisition of DoubleClick
- The Gores Group in the 2011 PIPE investment by its portfolio company, Siemens Enterprise Networks, in InContact and the 2013 disposition of that investment in an underwritten transaction
- Juniper Networks in its 2010 $152 million acquisition of Trapeze Networks from Belden
- KKR in its 2020 investment in PolicyGenius, its 2018 investment in AppLovin, its 2018 and 2017 investments in Cherwell Software, its 2017 investment in Lyft, its 2016 acquisition of Calabrio, its 2016 investment in Go-Jek, its 2015 investment in FanDuel, its 2015 investment in DoubleDutch, its 2015 investment in Transphorm, its 2014 investment in Next Issue Media, its 2014 investment in Savant Systems, its 2014 investment in Magic Leap, and its 2012 investment in Sonos
- Mainsail Partners in its 2019 investment in SourceScrub
- The McClatchy Company in its 2006 $4.5 billion acquisition of Knight-Ridder and its subsequent divestiture of 12 Knight-Ridder newspaper businesses to multiple buyers
- Morgan Stanley in its role as financial advisor to: Actuate in its 2015 $330 million sale to Open Text, Saba Software in its 2015 $268 million sale to Vector Capital, Accelrys in its 2014 $750 million sale to Dassault Systémes, Conversant in its 2014 $2.3 billion sale to Alliance Data Systems, and Quest Software in its 2012 $2.4 billion sale to Dell
- Nuro in its 2019 equity investment from SoftBank
- Oak Hill Capital Partners in its 2011 acquisition of Intermedia.net and Intermedia in its 2016 sale to Madison Dearborn Partners
- PayLease in its 2017 sale to Vista Equity Partners and its 2014 sale to Francisco Partners
- Plaid in its 2020 proposed $5.3B sale to Visa
- Rodan & Fields in its 2018 equity issuance to TPG
- salesforce.com in its 2016 $700 million acquisition of Krux, its 2013 $2.5 billion acquisition of ExactTarget, and its 2010 $212 million acquisition of Heroku
- Silver Lake in its 2011 investment in Groupon
- Silver Lake Kraftwerk in its 2014 investment in FATHOM Water Management and its 2013 investment in Eka Software Solutions
- Skylo in its 2020 equity issuance to SoftBank
- Sprinkles Cupcakes in its 2013 sale to KarpReilly
- Sun Microsystems in its 2009 $7.4 billion sale to Oracle, its 2007 $700 million issuance of convertible notes to KKR, and its 2005 $4.1 billion acquisition of Storage Technology
- Sunrun in its 2014 acquisition of Mainstream Energy
- Thoma Bravo in its 2015 acquisition of PowerPlan
- TPG Growth in its 2020 investment in HeadSpin, its 2019 investment in AskBio, its 2016 investment in C3 IoT, its 2013 role as lead investor for a $100 million financing of Evolent Health, and the 2011 acquisition by its portfolio company, Schiff Nutrition, of a probiotic business of Ganeden Biotech
Matters
Select Transactions
- Alpine Investors in its 2018 acquisition of Riverside Insights, its 2019 sale of Escape Technology to Frontline Education, its 2019 sale of Optima Healthcare Solutions to Net Health, and its 2018 sale of YouCaring to GoFundMe
- Answers in its 2014 sale to Apax Partners and its 2013 acquisitions of ForeSee Results and Webcollage
- Blue Coat Systems in its 2015 $2.4 billion sale to Bain Capital and its 2013 acquisitions of Solera Networks and the SSL appliance product line of Netronome
- CapG in its 2018 investment in Applied Systems and its 2017 investment in Outcome Health
- Credit Suisse in its role as financial advisor to Intel in its 2014 $650 million purchase of assets from Avago
- Cypress Semiconductor in its 2008 $3.6 billion spin-off of SunPower
- Doxim (Strattam Capital) in its 2018 sale to GI Partners
- Electronic Arts in its 2011 acquisition of PopCap Games for up to $1.3 billion, its 2009 acquisition of Playfish for up to $400 million, and its 2007 acquisition of VG Holdings (owner of the BioWare and Pandemic video game studios) for $775 million
- FanDuel in its 2018 combination with Flutter and its proposed 2016 merger with DraftKings
- General Atlantic in its 2020 investment in Quizlet, its 2012 $100 million investment in Box and its 2012 $60 million investment in Appirio
- Goldman Sachs in its role as financial advisor to Lam Research in its 2011 $3.3 billion acquisition of Novellus Systems
- Google in its 2007 $3.1 billion acquisition of DoubleClick
- The Gores Group in the 2011 PIPE investment by its portfolio company, Siemens Enterprise Networks, in InContact and the 2013 disposition of that investment in an underwritten transaction
- Juniper Networks in its 2010 $152 million acquisition of Trapeze Networks from Belden
- KKR in its 2020 investment in PolicyGenius, its 2018 investment in AppLovin, its 2018 and 2017 investments in Cherwell Software, its 2017 investment in Lyft, its 2016 acquisition of Calabrio, its 2016 investment in Go-Jek, its 2015 investment in FanDuel, its 2015 investment in DoubleDutch, its 2015 investment in Transphorm, its 2014 investment in Next Issue Media, its 2014 investment in Savant Systems, its 2014 investment in Magic Leap, and its 2012 investment in Sonos
- Mainsail Partners in its 2019 investment in SourceScrub
- The McClatchy Company in its 2006 $4.5 billion acquisition of Knight-Ridder and its subsequent divestiture of 12 Knight-Ridder newspaper businesses to multiple buyers
- Morgan Stanley in its role as financial advisor to: Actuate in its 2015 $330 million sale to Open Text, Saba Software in its 2015 $268 million sale to Vector Capital, Accelrys in its 2014 $750 million sale to Dassault Systémes, Conversant in its 2014 $2.3 billion sale to Alliance Data Systems, and Quest Software in its 2012 $2.4 billion sale to Dell
- Nuro in its 2019 equity investment from SoftBank
- Oak Hill Capital Partners in its 2011 acquisition of Intermedia.net and Intermedia in its 2016 sale to Madison Dearborn Partners
- PayLease in its 2017 sale to Vista Equity Partners and its 2014 sale to Francisco Partners
- Plaid in its 2020 proposed $5.3B sale to Visa
- Rodan & Fields in its 2018 equity issuance to TPG
- salesforce.com in its 2016 $700 million acquisition of Krux, its 2013 $2.5 billion acquisition of ExactTarget, and its 2010 $212 million acquisition of Heroku
- Silver Lake in its 2011 investment in Groupon
- Silver Lake Kraftwerk in its 2014 investment in FATHOM Water Management and its 2013 investment in Eka Software Solutions
- Skylo in its 2020 equity issuance to SoftBank
- Sprinkles Cupcakes in its 2013 sale to KarpReilly
- Sun Microsystems in its 2009 $7.4 billion sale to Oracle, its 2007 $700 million issuance of convertible notes to KKR, and its 2005 $4.1 billion acquisition of Storage Technology
- Sunrun in its 2014 acquisition of Mainstream Energy
- Thoma Bravo in its 2015 acquisition of PowerPlan
- TPG Growth in its 2020 investment in HeadSpin, its 2019 investment in AskBio, its 2016 investment in C3 IoT, its 2013 role as lead investor for a $100 million financing of Evolent Health, and the 2011 acquisition by its portfolio company, Schiff Nutrition, of a probiotic business of Ganeden Biotech
Select Speaking Engagements
- Speaker, "The Ultimate Guide to Mergers & Acquisition for Startups," Nasdaq Entrepreneurial Center M&A Bootcamp, October, 29, 2020
Insights
Select Speaking Engagements
- Speaker, "The Ultimate Guide to Mergers & Acquisition for Startups," Nasdaq Entrepreneurial Center M&A Bootcamp, October, 29, 2020
Recent Insights
Client Highlights
Wilson Sonsini Represents Squarespace Founder and CEO in Close of $7.2 Billion Take-Private Transaction
On October 17, 2024, global investment firm Permira announced the completion of its funds’ previously announced acquisition of Squarespace, Inc. in an all-cash transaction that valued Squarespace at an aggregated transaction value of approximately $7.2 billion. As part of the transaction, Squarespace founder and CEO Anthony Casalena rolled over a substantial majority of his existing equity and continues to be one of the largest shareholders in the company. He continues to serve as Squarespace’s CEO and board chairman, leading the business in all aspects of its operations, along with Squarespace’s current leadership team, who have continued in their roles.
Wilson Sonsini Goodrich & Rosati represented Mr. Casalena in the transaction. The firm’s team included Marty Korman, Todd Cleary, Megan Baier, Amy Simmerman, Catherine Riley Tzipori, Derek Wallace, Carole Rosenberg, Adrian Broderick, and Ryan Hart.
For more information, please see the companies’ joint news release.
Wilson Sonsini Goodrich & Rosati represented Mr. Casalena in the transaction. The firm’s team included Marty Korman, Todd Cleary, Megan Baier, Amy Simmerman, Catherine Riley Tzipori, Derek Wallace, Carole Rosenberg, Adrian Broderick, and Ryan Hart.
For more information, please see the companies’ joint news release.
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News Articles
IFLR1000 Recognizes Wilson Sonsini Practices, Attorneys in 2024 Guide
In the 2024 edition of its annual guide, IFLR recognized Wilson Sonsini practices and attorneys for their work in the financial and corporate sectors in the U.S. and China. The guide uses in-depth market analysis and interviews with practitioners and clients to determine leading financial and corporate law firms worldwide. Wilson Sonsini’s rankings are summarized below.
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Recent Events
Affiliated Programs
M&A Bootcamp: The Ultimate Guide to Mergers & Acquisition for Startups
Wilson Sonsini will join the Nasdaq Entrepreneurial Center with Bank of the West – BNP Paribas, KPMG, and Woodruff Sawyer for a virtual M&A Bootcamp. The event will provide an update on the current mergers and acquisitions environment, discuss best practices for positioning yourself for future M&A opportunities, and discuss winning strategies for successful transitions. Expert partners will share insights on recent negotiations and deals in the current climate.
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