Despite the fact that investment for new businesses has slowed down in recent months. As private equity firms uncovered exceptional deals and possibilities, merger and acquisition (M&A) activity has continued its upward trajectory and is now at a record high. Certinia, a software firm, is the most recent example.
Haveli Investments and General Atlantic, both private equity firms, announced today that they had reached an agreement to purchase Certinia (previously known as FinancialForce) from Advent International and Technology Crossover Ventures, the company’s present owners, for an amount that was not specified in a news statement issued by the companies.
Despite the fact that the news release did not include any information regarding the terms of the financial transaction. However, according to Reuters, which cited unnamed people that were acquainted with the transaction, the acquisition was valued at about one billion dollars, including the debt.
Haveli, which was founded by Brian Sheth, a former president of Vista Equity Partners, and General Atlantic will buy Advent’s majority stake in Certinia as well as a minority stake held by Technology Crossover Ventures (TCV), according to the people that spoke with Reuters about the acquisition agreement. Haveli was founded by Sheth. According to the sources, Salesforce will also continue to have its position in the company, despite the fact that it presently owns a stake in Certinia that is less than 10%.
Mike Stewart, Principal at Haveli Investments, was quoted as saying in a statement that “Certinia has an incredibly strong offering with a loyal and growing customer base.” We feel that Haveli is very well positioned to support Certinia through its next stage of expansion and to drive value creation for all of its stakeholders because of our team’s aggregate experience working with high-potential firms in the enterprise software industry. Given this background, we believe that Haveli is very well positioned to support Certinia.
“Haveli has assembled a world-class team of investment professionals, and we are thrilled to partner with them as we enter this exciting next chapter for Certinia,” said Scott Brown, President and CEO of Certinia. “We are thrilled to partner with them as we enter this exciting next chapter for Certinia.” We are very well positioned in a market that is increasing at a rapid rate, and with Haveli as our new private equity partner, we are optimistic that we will be able to fully capitalize on growth prospects, further strengthen our capacity to meet the ever-changing needs of our clients, and assist them in realizing their full potential.
Certinia is a supplier of a Services-as-a-Business platform that unifies all parts of service operations. These components include service estimation, delivery, customer success management, as well as financial planning and accounting. The company was established in 2009 and has its headquarters in San Jose, California.
The Professional Services Automation (PSA), Customer Success, and Enterprise Resource Planning (ERP) solutions that Certinia provides were all developed on the market-leading cloud platform provided by Salesforce. These solutions enable service-based firms to function as linked and intelligent entities, which in turn helps to create agility in business.
The client list of the organization is quite significant, including notable companies such as Hewlett-Packard Enterprise, Philips, Cisco Systems, and Siemens, amongst others. The fact that they continue to rely on Certinia’s services is a testament to the company’s dependability as well as its experience in the field.