Good morning. Even after reaching a record pace in the first quarter, technology deals are rolling on with nearly a dozen more coming to light on Wednesday alone. With so many blank-check companies set up in the past nine months hunting for an acquisition in tech, you have to wonder how it will all affect values of future deals. Higher prices look like a given.

In deal news today, our Laura Cooper details two transactions totaling $300 million by Sumeru Equity Partners, both involving Canadian tech companies. Meanwhile our Journal colleagues Cara Lombardo, Ben Dummett and Miriam Gottfried report that Stonepeak and EQT are angling to take Dutch communications company Royal KPN private at a valuation of more than $15 billion. Finally, Dave Michaels reports from Washington that a top SEC enforcement official raised concerns about blank-check companies in remarks at a legal conference. We have these stories and many more boiled down for you below, so please read on ...

Sumeru Equity Partners looked north to Canada for its latest deals, investing in business software company Loopio Inc. and Tasktop Technologies Inc., which helps automate software development, Laura Cooper writes for WSJ Pro Private Equity. The San Mateo, Calif.-based growth-equity firm invested $200 million in Loopio and, in a separate transaction, led a $100 million investment in Tasktop alongside management and existing investors Yaletown Partners and Elsewhere Partners.

A pair of private-equity firms have teamed up to make a bid for publicly traded Royal KPN NV that could value the Dutch communications-services provider at more than $15 billion, Cara Lombardo, Ben Dummett and Miriam Gottfried report for the Wall Street Journal, citing people familiar with the matter. New York-based Stonepeak Infrastructure Partners and EQT AB in Stockholm are working on a bid that could be valued at more than €3 (equivalent to $3.56) a share some of the people said. KPN shares closed on Wednesday at €2.88 each in European trading. The funds are preparing to conduct due diligence with the goal of submitting a formal bid before the end of the current quarter. It’s possible they could take on another partner and that they will face competition, the people said.

A top securities regulator warned about the surge in fundraising by blank-check vehicles known as special-purpose acquisition companies, Dave Michaels reports for Dow Jones Newswires. Speaking at a legal conference, Securities and Exchange Commission official John Coates said there are “some significant and yet undiscovered issues” with SPACs, which allow private companies to go public with a structure that offers outsize potential rewards to SPAC backers while bypassing some of the safeguards of a traditional initial public offering.

KKR & Co. has taken a majority stake in medical practice management and health record software maker Therapy Brands Inc., acquiring earlier investments from Lightyear Capital, Oak HC/FT and Greater Sum Ventures. The Birmingham, Ala.-based company’s software is mainly used by more than 28,000 practices in mental and behavioral treatment as well as in treating substance abuse and rehabilitation services. Another previous backer, Providence Strategic Growth, participated in the recapitalization alongside KKR and remains a minority investor. Lightyear and Oak acquired a majority interest in the company in July 2018.

Silver Lake, Altimeter Capital and Ribbit Capital are joining existing investors in backing financial and banking technology company Plaid Inc. with a $425 million investment. Sister publication Barron’s reported that the Series D financing values the San Francisco-based company at about $13.4 billion, citing a person familiar with the matter. Credit-card company Visa Inc. was forced to abandon a $5.3 billion acquisition of the company in January because of an antitrust challenge from the Justice Department.

Tiger Global Management led a $110 million investment in data analytics software company Redis Labs Ltd., joined by SoftBank Group Corp.’s SoftBank Vision Fund 2 and TCV, formerly known as Technology Crossover Ventures. The Mountain view, Calif.-based company said all three investors also participated in a $200 million secondary transaction. The Series G investments bring the company’s enterprise value to more than $2 billion.

Global Gate Capital Partners and real estate developer Berkeley Investments are becoming landlords in Lawrence, Mass., investing in 19th-century mill buildings adjacent to the Merrimack River in the city’s North Canal Historic District. The buildings were redeveloped into residential complexes with 372 units between 2007 and 2019, and the new investors intend to add 63 more units in one of the buildings. The property about 35 miles north of Boston also includes a 343,000 square foot warehouse. Global Gate, based in Dubai, is a multi-strategy investment firm with more than $4.5 billion in assets under management.

BlackRock Inc. and SoftBank Group Corp.’s Vision Fund 2 led a $640 million investment in computer-vision company Trax, along with the Ontario Municipal Employee Retirement System and Innovation Growth Ventures Co. The Singapore-based company’s systems are used in conjunction with internet-connected devices to assist retailers in monitoring in-store conditions and adjusting merchandise stocks and other factors to increase efficiency.

Quad Partners has agreed to back software-as-a-service provider Quantum Global Holdings. The Melbourne-based company, also known as QuantumIT, develops and markets InPlace SaaS education technology used to manage student Work Integrated Learning in schools.

Bain Capital has acquired a majority interest in personal care brand Hand in Hand Soap LLC, investing in the Wynnewood, Pa., company through its Double Impact fund. Hand in Hand makes soaps and other products using natural ingredients and sells its wares through major U.S. retailers including Amazon.com Inc.’s Whole Foods Market, Walmart Inc. and Target Corp. as well as directly through its website. Bain Capital said its interest in the company stemmed in part from its active social impact programs, including donating nearly 13.9 million bars of soap to more than 1.4 million children in need around the world.

Upper Bay Infrastructure Partners, a middle-market-focused private-equity investor, has committed $60 million to set up solar-power developer Infiniti Energy LLC with Infiniti Energy Services. The new enterprise based in Howell, N.J., will acquire and build out solar projects with a value of more than $200 million over the next three years, according to a news release.

New York-based private-equity firm Branford Castle Partners has acquired Lafayette Instrument, a manufacturer of scientific equipment, including polygraph systems and tools used in neuroscience research. Jennifer Rider, chief executive and owner of the company, is also investing in the deal.

Wavecrest Growth Partners and Abry Partners have invested in maritime-compliance software maker Pole Star Space Applications Ltd. The London-based company’s cloud-based programs are used by shipping companies, government agencies and ports, banks and commodity trade-finance firms, among others. Pole Star plans to use the new capital to expand operations and develop new products.

Jacmel Growth Partners, a growth equity firm, said it has exited its stake in Emsar LLC, a provider of field-service equipment maintenance for industries that include healthcare, power, retail and security.

Private-equity firm Sverica Capital Management has backed WinWire Technologies Inc., a Santa Clara, Calif.-based data-driven digital engineering company that specializes in Microsoft Azure and other Microsoft cloud platforms.

KKR & Co. and German-based digital infrastructure investor DTCP announced the formation of Open Dutch Fiber, a platform that will deliver fiber broadband connectivity across the Netherlands. The platform, which will be majority owned by KKR, also formed a strategic agreement between Open Dutch Fiber and T-Mobile Netherlands.

CIC Partners is backing utility services company TSU One Holdings LLC. The Fort Worth, Texas-based business operates in its home state as well as in Oklahoma, serving electric and natural gas companies.

Growth investor Maven Capital Partners in the U.K. led a £3 million ($4.12 million) investment in online fashion marketplace Atterley.com Retail Ltd., joined by national development agency Scottish Enterprise and existing investors in the Edinburgh-based business.

Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.

Digital therapeutics company Better Therapeutics Inc. is going public through a merger with special-purpose acquisition company Mountain Crest Acquisition Corp. II, Allison Prang reports for Dow Jones Newswires. The deal values the therapeutics company at about $187 million, the companies said.The SPAC is led by Suying Liu, a former head of corporate strategy at Hudson Capital Inc.

A blank-check company backed by Pleasant Bay Capital Partners, the private-equity unit of investment banking firm Covington Associates, has agreed to acquire and take public medical diagnostics company LumiraDX Ltd. in a deal that gives the business a pro forma value of about $5 billion. The special-purpose acquisition company, CA Healthcare Acquisition Corp., was formed in January, a regulatory filing shows. London-based LumiraDX is backed by Morningside Ventures, Petrichor Healthcare Capital Management and the Bill & Melinda Gates Foundation, among others. The company’s products include a Covid-19 test used by the U.K. National Health Service as well as in other parts of Europe and Africa. LumiraDX is expecting revenue to reach as much as $1 billion this year, Ciara Linnane reports for Dow Jones Newswires.

KKR & Co.-backed mobile app development software maker AppLovin Corp. set terms for its initial public offering of 25 million shares priced at $75 to $85 each. KKR plans to sell as much as 6.25 million shares in the offering, potentially reducing its voting power to about 67% in the Palo Alto, Calif.-based company, a regulatory filing shows. AppLovin had a net loss of $125.9 million last year, compared with net income of $119 million in 2019, while revenue rose to $1.45 billion from $994.1 million. KKR initially backed the business in 2018.

London-based specialist investor Global Healthcare Opportunities, also known as GHO Capital Partners, has agreed to acquire drug-trial company Velocity Clinical Research from NaviMed Capital in Washington. The Durham, N.C.-based company works with biopharmaceutical developers and contract research organisations to run Phase II and Phase III clinical trials.

BlackRock Inc.’s real assets investment team has rounded up $4.8 billion for Global Renewable Power Fund III LP, the firm’s latest renewable energy fund. That makes the fund more than double the size of its predecessor, which closed with $1.65 billion in 2017. Investors that have disclosed commitments to the new fund include the City of Ann Arbor Employees Retirement System and the Illinois State Universities Retirement System. BlackRock plans to invest the fund across climate infrastructure assets, with a focus on renewable power generation, as well as energy storage and distribution.

Southfield Capital raised $303 million for its Southfield Capital III LP private-equity fund, exceeding the Greenwich, Conn.-based firm’s hard cap for the vehicle. Southfield focuses on growth investing in lower middle-market companies engaged in business services. Atlantic-Pacific Capital served as placement agent for the fundraising.

Consumer-focused private-equity firm Stride Consumer Partners has rounded up at least $228.7 million so far for Stride Consumer Partners I LP, according to a regulatory filing. Newton, Mass.-based Stride was launched by a group of former senior executives of Castanea Partners and is seeking $300 million for its debut fund, WSJ Pro Private Equity previously reported.

Arctos Sports Partners, a private investment firm focused on professional sports franchises, has hired Robyn Sacks Slutzky as a partner and head of capital solutions. Ms. Slutzky will be responsible for investor relations and capital-raising as well as investment strategy and firm governance. She was previously co-head of private equity due diligence at JPMorgan Chase & Co.’s private bank.

Hamilton Lane Inc. announced a wave of promotions, including eight new managing directors. Five of the new managing directors focus on investments: Jay Rosenberger, John Stake, Matt Pellini, Miguel Luina and Trevor Messerly.

Cinven-backed European medical lab and diagnostic services provider Synlab AG plans to go public on the Frankfurt Stock Exchange to raise roughly €400 million (equivalent to $475 million), according to a news release. The Munich-based company said revenue rose 38% in its most recent fiscal year, partly because of demand for Covid-19 tests. Adjusted pre-tax earnings climbed 71% to €679 million. The company is also backed by Novo Holdings and the Ontario Teachers’ Pension Plan Board.

Clayton Dubilier & Rice-backed primary care physician-focused Agilon Health Inc. plans to sell 46.6 million shares at from $20 to $23 apiece in an initial public offering that would value the company at as much as $8.85 billion, a regulatory filing shows. The New York private-equity firm’s stake in the Long Beach, Calif.-based company would decline to about 57% after the offering from 69% currently, even though CDR isn’t selling any of its shares. Agilon works primarily with doctors treating Medicare recipients under capitation payment models. It plans to list its shares on the New York Stock Exchange, where they will trade under the AGL ticker symbol.

Hellman & Friedman-backed Allfunds Bank SAU, which distributes roughly 1,500 funds to investors in 59 countries, plans an initial public offering, according to a statement on the Madrid-based company’s website. Allfunds lists about €1.2 trillion (equivalent to about $1.42 trillion) in assets under advisement and says it has distribution agreements with some 1,960 fund sponsors. Reuters reported that the IPO would lead to a listing on the Amsterdam stock exchange at a valuation of more than €7 billion, citing a source familiar with the deal. Allfunds is also backed by Singapore sovereign wealth manager GIC.

Jamie Dimon, the leader of America’s biggest bank, said the U.S. economy is emerging from the coronavirus pandemic into a boom that could last until 2023, Orla McCaffrey writes in The Wall Street Journal. In his annual letter to JPMorgan Chase & Co. shareholders, Mr. Dimon said strong consumer savings, expanded vaccine distribution and the Biden administration’s proposed $2.3 trillion infrastructure plan could lead to an economic “Goldilocks moment”—fast, sustained growth alongside inflation and interest rates that drift slowly upward.

Investment giant BlackRock Inc. will need to hit its staff-diversity targets and other sustainable-business goals to keep its corporate borrowing costs down, Dawn Lim writes for the Journal. The firm struck a financing deal with a group of banks that links its lending costs for a $4.4 billion credit facility to its ability to achieve certain goals, like meeting targets for women in senior leadership and Black and Latino employees in its workforce.

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