Investment firm Insight Partners has agreed to purchase a stake in enterprise software developer Aptean, the companies announced.
(Bloomberg) — Investment firm Insight Partners has agreed to purchase a stake in enterprise software developer Aptean, the companies announced.
The purchase comes alongside an additional investment from existing shareholder TA Associates, according to a statement Monday, confirming an earlier Bloomberg News report.
Following an initial 2012 investment under the CDC Software brand, Vista Equity Partners will exit its stake in Aptean as part of the current deal. Charlesbank Capital Partners will remain a shareholder in Aptean.
The sale of the minority stake values the software maker at about $3.55 billion, including debt, according to people with knowledge of the matter.
Insight has agreed to buy a more than 20% stake in the company, said one of the people, who asked to not be identified as the details are private.
Aptean, which was formed through the merger of CDC Software and Consona Corp., operates as a software developer for enterprise resource planning, supply-chain management and more.
It’s headquartered in Alpharetta, Georgia, with additional offices across North America, Europe and Asia-Pacific.
“Driven by the company’s significant investment in new cloud SaaS based-applications and strategic acquisitions, Aptean’s organic growth rate has accelerated, providing significant tailwinds for the future,” stated TA Associates Managing Director Hythem El-Nazer and Director Mike Libert.
“We are excited to make an additional growth investment in Aptean, and look forward to deepening our partnership with the Aptean management team, Charlesbank and now Insight.”
The reinvestment by TA Associates gives the firm a stake of about 50%, some of the people said.
Charlesbank Capital Partners is retaining a roughly 20% stake in the company, with the remainder owned by Aptean’s management team, led by Chief Executive Officer TVN Reddy, the people added.
“Insight’s investment and TA’s re-commitment demonstrate enduring confidence in our strategy and results,” Reddy said in the statement.
“Together we will aim to accelerate the market success of our cloud-based solutions, as well as other organic and inorganic growth initiatives, to continue meeting the mission-critical needs of prospects and customers.”
(Updates with company statement starting in first paragraph)
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