US-based private equity firm Advent International will acquire a majority stake in South African Syspro, one of the longest-standing privately-owned vendors of ERP software in the world.
Founded in 1978, Syspro specialises in the manufacturing and distribution industries, and has established a global footprint and channel partner network, with oSpeaking to ITWeb ahead of the official announcement, Syspro CEO Jaco Maritz said the deal, for an undisclosed amount, willaccelerate the company's growth ambitions“This partnership not only validates our strategic realignment, but also provides us with the resources and expertise to further strengthen our position in the global...
Advent's recent investments include Germany's Aareon , US-based Unit4 , Sweden's Medius , and Prometheus Group in the Netherlands. As part of the transaction, Mike Ettling, an experienced software business leader who was previously president of SAP SuccessFactors and is presently CEO of Unit4, will join Syspro as chairman of the board.Commenting on the deal, Duff said: “I have been at the helm of Syspro for 46 years and have worked with incredible teams of people, customers and partners across the globe. As the company enters a new era, I'm confident Advent can foster continued growth and innovation.
The deal is expected to close in late Q3, pending customary regulatory approvals and closing conditions.