Bain Capital Private Equity has purchased a majority stake in Rocket Software, a provider of enterprise modernisation and optimisation solutions.
The deal, which is valued at about $2bn, will see Rocket Software continue to operate under its current management team, led by president and CEO Andy Youniss.
Founded in 1990, Rocket Solutions is used by more than 10 million IT and business professionals, including 43 of the Fortune 50 companies, to run their critical infrastructure applications, business processes and data.
Rocket claims its solutions make it easier to unlock the ‘business logic’ and data inside host-based systems, which helps speed digital transformation projects and enables companies compete more effectively. IT departments streamline their daily operations using the automation and optimisation capabilities offered by Rocket Software to get more out of existing resources and free staff to focus on efforts that drive new revenue.
Youniss said: “Rocket solutions help organisations get the most from their data and achieve ‘digital literacy’ through modernization, which is the fuel they need to compete more effectively in the digital age. Our core values begin and end with putting our customers and partners first.
“This new relationship will allow us to devote significant resources to our new global R&D organisation, while developing and delivering even more solutions that help our customers both optimize and modernize their applications, data, and security infrastructure on IBM Z, IBM i, and MultiValue application platforms.”
Its partners include companies in the healthcare, hospitality & travel, housing & construction, HR, industrial & manufacturing, insurance, legal, retail, telecommunications and transportation sectors.
In the financial & banking space, its partners include Fiserv Lending Solutions, Harland Financial Services, Sistran and Land Title, among others.
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