TA Associates has reached a deal with The Carlyle Group (Nasdaq: CG) to acquire ITRS, a provider of real-time monitoring software, for an undisclosed amount. The deal is expected to close in April 2017.
ITRS is an international distributor of real-time monitoring and analytics software. The target serves the financial services sector, offering to transform large data into actionable insights to improve business performance. Some of ITRS’ clients include: Charles Schwab Corp. (NYSE: SCHW), SunGard, J.P. Morgan & Chase Co. (NYSE: JPM), Deutsche Bank (NYSE: DB), Citigroup Inc. (NYSE: C) and Wells Fargo & Co. (NYSE: WFC).
Founded in 1968, TA Associates is a Boston private equity firm that targets the technology, financial services, business services, healthcare, and consumer sectors. The firm recently invested in Retriever, a payments technology provider for healthcare providers, in January 2017. No stranger to the financial sector, TA Associates has previously invested in: BluePay, BillDesk, Procare Software, YeePay and SmartStream Technologies.
Headquartered in Washington, DC, Carlyle is a global asset management firm with additional offices across North America, South America, Europe, the Middle East, Africa, Asia and Australia. At the end of 2016, Carlyle raised a fourth collateralized loan obligation fund and also closed a $2.8 billion credit fund. The firm has nearly $169 billion in assets under management.
Deals for software-as-a-service (SaaS) companies are expected to soar throughout 2017, according to Mergers & Acquisitions’ Mid-Market Pulse (MMP). Related SaaS deals include: Bregal Sagemount’s investment in Internet access provider Single Digits Inc.; Clearlake Capital Group LP’s acquisition of legal software maker NetDocuments; and Thoma Bravo’s purchase of enterprise software developer Planview.