(Reuters) – Buyout firm TA Associates will acquire Unit4 NV, owned by private equity firm Advent International, in a deal valued at more than $ 2 billion, the software company said on Monday. ‘business.
Unit4, based in the Netherlands, provides business software for human resource management, financial planning, accounting and more, its website showed. It was private when Advent bought it in 2014 for around 1.2 billion euros ($ 1.43 billion).
Founded in 1980 and led by CEO Mike Ettling, Unit4 partnered with Microsoft in 2015 to create stand-alone business applications.
Ettling will continue to lead Unit4, the enterprise software maker said.
Advent has revived plans to sell Unit4 after receiving interest from a specialist acquisition company, Bloomberg News reported in November last year.
Investment manager Partners Group has also agreed to invest in the transaction.
TA Associates, with offices in the United States in Menlo Park and California, supports companies in the business services, consumer, financial services, healthcare and technology industries. It has raised $ 33.5 billion in capital since its inception in 1968.
It has invested in more than 500 companies and its portfolio includes, among others, ATM operator Cardtronics Plc and database software company Idera.
(1 euro = $ 1.1918)
Report by Niket Nishant in Bangalore; Editing by Shailesh Kuber