Autotask Corporation to be Acquired by Vista Equity Partners
Market leader with comprehensive, best-of-breed solutions for "Smart IT" focused on accelerated innovation and growth
EAST GREENBUSH, N.Y., June 9, 2014-- Autotask Corporation, the world's leading provider of hosted IT business management software, announced today that it has entered into an agreement to be acquired by Vista Equity Partners ("Vista"), a leading private equity firm with approximately $11.5 billion in cumulative capital commitments in software, data and technology-enabled services companies.
Founded in 2001 and headquartered in East Greenbush, N.Y., Autotask provides comprehensive, integrated IT business management software and solutions that enable service providers to manage their front, mid and back office through better organization, automation and optimization of business processes.
As businesses continue to invest in and rely on IT services to keep operations efficient, Autotask's solutions drive accountability of key business metrics and help customers drive revenue and achieve greater profitability by empowering them to make data-informed, fact-based decisions.
"This announcement reflects our deep commitment to accelerate the value we deliver to our customers," said Mark Cattini, President and CEO of Autotask. "We are devoted to our clients' ongoing success and are confident that our partnership with Vista will drive innovation and growth and deliver dynamic solutions as the traditional IT landscape evolves."
"Autotask has a long history of dedicating itself to customer-centric solutions and has built a strong foundation for sustained, long-term growth," said Alan Cline, Principal at Vista Equity Partners. "We are very pleased to be working with the Autotask team to expand and enhance the company's solutions to help IT service providers more efficiently and effectively meet their clients' changing needs."
Jefferies LLC acted as financial advisor to Autotask. The transaction is expected to close this summer and financial terms have not been disclosed.
Autotask provides front and back office business management software to automate the core workflows of IT service providers. The Company's solutions help customers manage service ticketing, accurately capture and track billable hours, meet service level agreements, track expenses and employee utilization, and aggregate customer and employee data to empower business decisions. Autotask's solution is comprised of a platform with built-in workflow functionalities that include service desk, CRM, dispatch, billing, project management and contracts management, as well as a client portal that allows customers to engage directly with their clients and remediate IT support tickets. The Company also offers an API that allows partners to integrate Autotask with industry tools, mobile functionality and business intelligence dashboards. For further information, please visit www.autotask.com.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with offices in San Francisco, Chicago and Austin, currently invests approximately $11.5 billion in cumulative capital commitments in dynamic, successful technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For further information, please visit www.vistaequitypartners.com.
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