San Francisco-based Golden Gate Capital has agreed to sell a majority stake in industry-focused software solutions provider Vector Solutions to fellow PE house Genstar Capital.
Golden Gate will remain a significant shareholder in the business after the deal, it said. Golden Gate acquired Vector Solutions from Providence Equity Partners in 2018. The firm said it had a strong track record of organic growth and carried out five strategic acquisitions during the time.
Vector provides industry-focused SaaS solutions for training, risk management and workforce management. It has a client base of 22 million users and more than 21,000 clients worldwide in the industrial, engineering, education and public safety sectors.
Genstar director Geoff Miller said, “Companies are increasingly demanding sophisticated technology solutions to help their employees rise to the challenges of complex and regulated work environments, and Vector is the clear leader in meeting that need.
“We are excited to partner with Marc Scheipe, the Vector leadership team and Golden Gate Capital to invest further in developing new and expanding existing markets both organically and through M&A.”
Rishi Chandna, managing director at Golden Gate Capital, added “We have enjoyed a highly successful partnership with Vector since acquiring the company in 2018 as it has meaningfully scaled its business, expanded its platform of industry-leading software solutions and successfully evolved its brand.
“We look forward to continuing to support Vector in its next chapter alongside Genstar.”
Last month US buyout house Thoma Bravo has agreed the biggest private equity software deal in history with a $12.3bn offer for email protection and cybersecurity business Proofpoint.
Copyright © 2021 AltAssets
Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/golden-gate-exits-majority-stake-in-saas-solutions-provider-vector-to-genstar-after-scaling-business.html
