Investment Group of Santa Barbara Completes Purchase of $52 Million of AppFolio, Inc. Stock

Represented the Investment Group of Santa Barbara (IGSB), in its purchase of approximately $52 million of the outstanding shares of the Class B Common Stock of AppFolio, Inc. (NASDAQ: APPF) from entities associated with BV Capital. The transaction also involved the purchase from BV Capital of an additional $11 million of the outstanding shares of Class B Common Stock of AppFolio by Oberndorf Enterprises, resulting in the subsequent conversion of the shares to Class A Common Stock. In addition to Stradling, the complicated transaction involved legal teams from Cooley, K&L Gates, Simpson Thacher and Wilson Sonsini.

IGSB is an investment fund headquartered in Santa Barbara, California, that has been a firm client for over 30 years. William R. Rauth, III, one of the founding partners of the firm, is a member of IGSB. AppFolio, a technology company, is an existing client headquartered in Santa Barbara, California, that the firm recently took public. BV Capital is an investment fund headquartered in San Francisco, California.