The following announcement was made by Aderant at 12 noon New York time/5:00pm London time. Plus note The Orange Rag's own comments that follow…

Vista Equity Partners today announced that it has completed the acquisition of Aderant Holdings Inc. Vista, a private equity firm with over $2 billion in committed capital, invests in private and public software and technology-enabled companies, focusing on successful organizations committed to maintaining industry leadership.

“We are very pleased about our partnership with Vista Equity Partners, especially because we share a common focus on delivering long-term value,” said Michael Kohlsdorf, President & CEO for Aderant. “I am fully confident that Vista will help us further energize our business, and I look forward to working with our current management team and dedicated employees to reach the next level of our company’s growth. In that context, we remain focused on developing world-class products and providing unrivaled customer service and support.”

Vista focuses on vertically specialized companies that develop and market software, software-as-a-service, and technology-enabled business services. Acquiring Aderant is consistent with Vista’s strategy of partnering with exceptional executives in technology-oriented businesses.  Vista chose to acquire Aderant because of its strong market position, product offerings, loyal and satisfied customers, and its highly-talented and devoted employees. Leveraging its experience with numerous other vertically oriented software and technology-enabled companies, Vista is uniquely qualified to help position Aderant for continued growth and will enable the company to strengthen and expand its position in its respective markets.

Vista Founder and Managing Principal Robert F. Smith said “We are long-term investors in technology companies that are committed to market leadership. We are tremendously excited about working with Aderant. We look forward to working with the management team to both continue serving the needs of their current customers as well as building on their platform to offer additional solutions to existing and new customers. The company has an impressive list of global clients and a shared vision to be a best-in-class provider of software products and services. The management team, led by Mike Kohlsdorf, has done a tremendous job transforming and growing a great company over the last few years.”

Harris Williams & Company acted as financial advisor to Aderant.  Financial details of the transaction were not disclosed.

Comment…

• We understand that not only have the entire existing executive team at Aderant been retained (including Mike Kohlsdorf) but also that many have them have taken the opportunity to invest their own money in the company.

• The Vista Equity deal also ends rumours (admittedly spread by some competitors) that the previous owners – another private equity group Francisco Partners – were poised to sell Aderant to LexisNexis. Instead, Aderant remains a privately held, independent vendor. Apart from removing any uncertainty, this also ensures there will be no disruption to services and customer-facing operations, which would have inevitably followed had Aderant become part of a larger existing legal market vendor.