US buyout major Thoma Bravo has beaten off competition from seven other private equity players to seal a buyout of tech services software developer ConnectWise.
The business said it expects to expand out its product offering following the deal, including new cybersecurity solutions as well as managed services software covering sales and service, project tracking and back-office functions.
Last November ConnectWise announced it was providing a cybersecurity risk assessment tool and a vulnerability scanner free of charge to members of the IT Nation for three months.
Bellini said the tools would provide a means for technology solution providers to quickly evaluate a company’s ability to combat a variety of malicious cyber threats.
ConnectWise partnered with data-centric managed security services provider Sienna Group to offer the cybersecurity risk assessment tool, with the two companies also collaborating on the development of the agent-based vulnerability scanner, which will identify and catalog weaknesses across IP addresses.
The Thoma Bravo buyout is expected to close on February 28.
ConnectWise founder and CEO Arnie Bellini, who will transition into an advisory role at that point, said, “Five years ago we began exploring all of the financial options to accelerate the ConnectWise mission and our partners’ success.
“Thoma Bravo was the clear and obvious choice over an initial public offering and seven other private equity firms.
“Thoma Bravo is the premier investor in software-as-a-service technology. ConnectWise and Thoma Bravo have co-created a multi-year strategy that is aligned with our mission, vision, culture and partners.
“With this new relationship we plan to accelerate our partners’ success worldwide.”
Thoma Bravo partner Robert Sayle added, “Thoma Bravo has long recognized ConnectWise’s position as a leader and pioneer in the managed service provider and broader IT services space.”
Copyright © 2019 Regtech Analyst
Copyright © 2018 RegTech Analyst
