Philadelphia private equity firm LLR Partners has made a $20 million investment in VersionOne, a software company.

VersionOne, headquartered in Atlanta, develops programs to provide lifecycle, collaboration, quality, business intelligence and portfolio management. The company's clients include: Boeing (NYSE: BA), Capital One (NYSE: COF), McAfee Inc. (NYSE: MFE), Motorola Solutions Inc. (NYSE: MSI), Siemens (XETRA: SIE)and other companies. 

The target is also backed by OpenView Venture Partners, which provided a $6.5 million venture capital round in 2007.

LLR Partners invests in business services, consumer, education, financial services, government services, health care services and software and information technology businesses. In a recent deal, the firm invested in Phreesia Payment Services. 

Shea & Co. acted as VersionOne's financial adviser for the deal.

Several private equity firms have made software investments lately. In September, Vista Equity announced a $4.3 billion deal for Tibco Software Inc., and before that, Accel-KKR invested in software group F.W. Davison & Co. For more on the trend, see Plugging into Software.