Hyland Software Inc. has acquired LawLogix Group Inc. from PNC Riverarch Capital and Akoya Capital Partners for an undisclosed amount.
LawLogix, headquartered in Phoenix, develops electronic I-9, e-verify and immigration case management software.
Westlake, Ohio-based Hyland develops OnBase enterprise content-management software, which is used by businesses to help streamline work processes. The company has been backed by Chicago private equity firm Thoma Bravo since 2007. Back in 2010, Hyland added EWebHealth, and in 2009, bought Valco Data Systems.
Thoma Bravo has a heavy focus on technology companies. Earlier in October, the firm agreed to sell data-system design software Embarcadero Technologies Inc. to Idera Inc. The firm also added MedeAnalytics, a cloud-based financial analytics software, in September.
Thoma Bravo won Mergers & Acquisitions M&A Mid-Market Deal of the Year award for 2014 for the $930 million purchase of hospitality software TravelClick. For more on the firm's investments, see Thoma Bravo & Others Bet Big on the Cloud and for more on the firm, watch Mergers & Acquisitions video interview with co-founder Carl Thoma.
PNC Riverarch, headquartered in Pittsburgh, is a middle-market private equity firm that invests between $10 million and $50 million in equity capital in recapitalizations, leveraged and management buyouts, divestitures and growth financings. The group's current investments include Cusom Molded Products, Goldco and Precision Aviation Group.
Chicago-based Akoya Capital invests in specialty chemicals, consumer foods, professional information services, consumer products and industrial products companies.
The two firms closed the deal for LawLogix in January 2013. Lincoln International advised PNC Riverarch and Akoya Capital on the sale to Thoma Bravo.