New York-based private equity and investment firm Insight Partners will acquire a minority stake in Aptean.
Financial details on the deal were not disclosed but the minority stake would value the company at about $3.55 billion, according to a source familiar with the matter.
Existing investor TA Associates has also invested, Aptean said, making the investment firm its largest shareholder.
Vista Equity Partners, previously equal partners in Aptean with TA Associates, will fully exit its stake in the company.
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Charlesbank Capital Partners, a private investment firm that joined TA Associates and Vista Equity as stakeholder in 2020, will continue to be a shareholder, Aptean said.
Vista Equity acquired Aptean’s predecessor, CDC Software Inc, out of bankruptcy in 2012. The investment firm then merged CDC Software with Consona Corp to form Aptean.
Alpharetta, Georgia-based Aptean offers enterprise resource planning (ERP) software that helps companies manage and track information across their departments, from finance and administration to sales and marketing. It serves more than 10,000 corporate customers.
Source: Reuters
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