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Sumeru Equity Partners has acquired a controlling ownership stake in Telesoft, provider of software for managing corporate mobile and fixed-line communications services and billing. Telesoft founder Thierry Zerbib and members of the company’s management team have also invested in the company.

Telesoft, based in Phoenix, sells software that tracks and manages billing and usage for corporate mobile, fixed, IP and cloud lines and devices. With the transaction, Kevin Donoghue was appointed CEO and Brian Martin as chief operating officer. Zerbib will continue to oversee the company’s technology, taking on the chief technology officer role. With the Sumeru investment, Telesoft will spend more on new product development, adding new customers and adding employees, Zerbib says. The company has more than 200 corporate and government clients.

Sumeru Equity Partners, based in Foster City, California, is a middle-market private equity firm focused on software, technology-related services and hardware companies. According to Sumeru, Telesoft is well positioned for growth because companies are spending more of their IT budgets on communications, with bring-your-own-device, cloud and internet-of-things connectivity trending up.

Recent M&A transactions involving providers of software for managing enterprise functions have included Cisco Systems Inc. (Nasdaq: CSCO) acquiring ContainerX Inc. software for managing data center infrastructure; the Carlyle Group LP (Nasdaq: CG) agreeing to acquire NetMotion Wireless Inc., provider of software for managing wireless data for companies with mobile workers, from Clearlake Capital Group LP; and Oracle Corp. (NYSE: ORCL) offering to buy NetSuite Inc. (NYSE: N), provider of customer relationship management software.

Financial details of the Telesoft deal were not disclosed. SunTrust Robinson Humphrey Inc. was Telesoft’s financial adviser for the transaction.

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