Todd Cleary
Partner
-
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.
-
Veteran Private Equity Practitioner
Todd has handled complicated, large-scale private equity deals on behalf of sponsors and companies.
-
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
- Ampere in its 2025 $6.5 billion sale to SoftBank Group
- 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
- Brex in its 2026 $5.2 billion sale to Capital One (pending)
- CapG in its 2018 investment in Applied Systems and its 2017 investment in Outcome Health
- Chronosphere in its 2026 $3.35 billion sale to Palo Alto Networks
- 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
- Metronome in its 2026 $1 billion sale to Stripe
- 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
- Ampere in its 2025 $6.5 billion sale to SoftBank Group
- 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
- Brex in its 2026 $5.2 billion sale to Capital One (pending)
- CapG in its 2018 investment in Applied Systems and its 2017 investment in Outcome Health
- Chronosphere in its 2026 $3.35 billion sale to Palo Alto Networks
- 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
- Metronome in its 2026 $1 billion sale to Stripe
- 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 Advises Adyen on $335 Million Acquisition of Orb
On June 11, 2026, Adyen N.V. (AMS: ADYEN), a global financial technology platform, announced it has entered into a definitive agreement to acquire enterprise billing platform Orb for $335 million. Upon closing, Orb will become an indirect, wholly owned subsidiary managed under an incubator model. The strategic intent is to eventually create a unified infrastructure experience for merchants across billing and payments.
Learn More
Client Highlights
Wilson Sonsini Advises Brex on $5.15 Billion Acquisition by Capital One
On January 22, 2026, Capital One announced that it has entered into a definitive agreement to acquire Brex, in a combination of stock and cash transaction valued at $5.15 billion. Brex is a modern, AI-native software platform offering intelligent finance solutions that make it easy for businesses to issue corporate cards, automate expense management, and make secure, real-time payments. The transaction is expected to close in the middle of 2026, subject to customary closing conditions. Wilson Sonsini Goodrich & Rosati advised Brex on the transaction.
Learn More
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.
Learn More
- Privacy Policy
- Terms of Use
- Accessibility
Copyright © 2026 Wilson Sonsini Goodrich & Rosati. All Rights Reserved.