Colorado Springs-primarily based Cherwell Software program will be acquired by Salt Lake City details know-how protection company Ivanti in a deal backed by two private equity investment corporations, Ivanti introduced Tuesday.
Cherwell converts once-a-year Colorado-based convention to virtual function
Affiliates of Clearlake Cash Group and TA Associates are funding the offer conditions of the transaction were not disclosed. Ivanti failed to say in a news release when the buy will be completed, which is subject matter to regulatory approvals and other “customary” problems. Cherwell will make software package that helps substantial organizations automate a significant portion of their data technological innovation operations — preserving computer operating systems and other software program up to day.
Colorado Springs application company’s enlargement into new marketplaces a big prospect
Ivanti stated in the launch that attaining Cherwell “is expected to deliver important scale in the significant and increasing IT service administration marketplace. In addition, Cherwell has built significant investments in its provider management platform over the previous couple yrs, giving Ivanti with a potent foothold in an desirable and substantial-progress adjacent conclude current market.”
Colorado Springs software business delivers in previous Sabre main as CEO
Ivanti CEO Jim Schaper, who will head the merged business, mentioned the offer “will let Ivanti to not only bolster our current market major situation in the IT support management current market but also gasoline even further expansion in the higher growth enterprise services management room to control workflows for company units over and above IT. The addition of Cherwell’s merchandise portfolio will let Ivanti to capitalize on Cherwell’s sturdy vertical presence in health care, increased education and a quantity of other interesting verticals.”
Document purchase offer for Colorado Springs-based mostly Cherwell Application
Non-public fairness huge KKR is Cherwell’s largest shareholder, investing more than $220 million in the company in 2017 and 2018. Cherwell was started off in 2004 by Vance Brown, Tm Pfiefer and Arlen Feldman, all previous executives from application developer FrontRange Options ahead of it was sold and moved its headquarters from Colorado Springs.
Program corporation lands $50 million in Colorado Springs’ most significant venture funds deal because 2000
Return to gazette.com for updates of this tale.