Thoma Bravo LLC has purchased Continuum, a global information technology service provider, from Summit Partners. The target secures and manages more than 5,800 IT environments for the company's customers.
Continuum, based in Boston, provides a remote monitoring, backup and disaster recovery and mobile device management. The target provides remote monitoring and management services for a variety of small and medium-sized businesses serving the office equipment and telecommunications industries. Continuum has additional offices in Houston, Pittsburgh, Mumbai and London.
“This investment will enable us to continue to capitalize on our core value propositions and increase critical investments in product development as well as sales and marketing tools for our managed IT service provider partners to help accelerate their growth,” states Michael George, CEO at Continuum.
Thoma Bravo focuses on software and technology-enabled services, managing funds with more than $17 billion in capital. The San Francisco-based PE firm has made more than 140 acquisitions in the software and technology space since 2003.
Summit is a Boston-based private equity firm that has raised nearly $15 billion in capital. Founded in 1984, the firm invests in technology, healthcare and other sectors. Previous investments by the firm include AmeriPath, technology group A10 Networks Inc., online gaming company Bigpoint GmbH and message security group Cloudmark Inc. In September 2013, Summit portfolio company Avast Software BV bought Jumpshot, which develops technology to remove junk files that slow down computers.
As companies are looking to migrate to the cloud and tech companies have steadily grown attractive to dealmakers, Thoma Bravo has remained fixated on its strategy to bet large on technology and software services. In June, the firm purchased Riskonnect Inc., a risk management technology service provider. In September 2016, Thoma Bravo closed a new tech fund with nearly $7.6 billion to focus on more opportunities in the sector. The firm also acquired parking management provider T2 Systems using capital from the $1 billion Discover Fund that closed in early 2016; acquired secure access software provider Bomgar; purchased Elemica, a software maker for supply chain operating networks; and completed its acquisition of Qlik Technologies Inc. Thoma Bravo won Mergers & Acquisitions’ 2014 M&A Mid-Market Award for Deal of the Year for the firm's purchase of TravelClick.