Autotask Corporation, provider of hosted IT business management software, has entered into an agreement to be acquired by Vista Equity Partners (Vista), the private equity firm with approximately $11.5 billion in cumulative capital commitments in software, data and technology-enabled services companies.
Founded in 2001 and headquartered in East Greenbush, N.Y., Autotask provides comprehensive, integrated IT business management software and solutions that enable service providers to manage their front, mid and back office through better organisation, automation and optimization of business processes.
As businesses continue to invest in and rely on IT services to keep operations efficient, Autotask's solutions drive accountability of key business metrics and help customers drive revenue and achieve greater profitability by empowering them to make data-informed, fact-based decisions.
"This announcement reflects our deep commitment to accelerate the value we deliver to our customers," said Mark Cattini, President and CEO of Autotask. "We are devoted to our clients' ongoing success and are confident that our partnership with Vista will drive innovation and growth and deliver dynamic solutions as the traditional IT landscape evolves."
"Autotask has a long history of dedicating itself to customer-centric solutions and has built a strong foundation for sustained, long-term growth," said Alan Cline, Principal at Vista Equity Partners. "We are very pleased to be working with the Autotask team to expand and enhance the company's solutions to help IT service providers more efficiently and effectively meet their clients' changing needs."
Jefferies LLC acted as financial advisor to Autotask. The transaction is expected to close this summer and financial terms have not been disclosed.