Did Aderant go for $111million ?
We're grateful to the finance director of a well-known legal IT vendor for drawing out attention to this posting on the AltAssets private equity news website – www.altassets.com …
California-based mid-market private equity firm Vista Equity
Partners has closed its third fund on approximately $1.3bn. Vista
Equity Partners Fund III (VEPF III) is the firm's first institutional fund. Vista focuses on mid-market enterprise software companies and technology-enabled solutions businesses.
Since the first closing in January 2007 for an undisclosed amount,
VEPF III has already completed four private investments valued at
$757m: Sunquest, which provides laboratory information and management
systems for hospitals and commercial laboratories, acquired in October
2007 in a deal valued at $382m; Accero (formerly Cyborg), a provider of
human resources and payroll software, acquired in January in a deal
valued at $47m; Petroleum Place, a provider of software, data and
property marketplace solutions to the oil and gas industry, acquired in
June in a deal valued at $217m; and Aderant, a provider of business
management applications for law firms and other professional services
organisations to efficiently manage operations, attract and retain
clients and maximise profitability, acquired in October in a deal
valued at $111m.
Robert Smith, managing principal, Vista, said, 'We are extremely
pleased to close this fund with strong support from a wide range of
investors. Despite widespread problems in the financial markets, we
found our investors' appetite remains strong for experienced investment
teams with differentiated approaches and proven strategies.'