Unit4, a specialist in enterprise cloud software for people-centric organizations, is getting a majority investment from TA Associates. Mike Ettling, CEO of Unit4, will continue to lead the company, supported by the existing management team. Advent International, the current majority shareholder in Unit4, will exit its stake in the company. The transaction is worth over $2bn.
Unit4 and TA will partner to further accelerate the company's vision of "people-centric ERP" (Enterprise Resource Planning) for mid-market enterprise organizations.
"Our partnership with TA and Partners Group couldn't come at a better time. With the launch of ERPx, our next generation cloud-native ERP platform, expansion of our global partner ecosystem, the creation of a strong and viable customer community with Community 4U, and deeper "people" investment in our core and growth markets, Unit4 is poised to see dramatic growth through this next phase of our journey," said Mike Ettling, CEO of Unit4. "Our customers have expressed a need for rapid innovation, not just efficiencies, to support their growth aspirations while continuing to navigate the headwinds of the global pandemic. We believe our game-changing software and people-first, services-based mindset will help our customers thrive as the market begins to regain its momentum."
"We have followed Unit4 for many years and have been impressed with the company's growth and dedication, under Mike's leadership, to serving mid-market, people-centric organizations, which aligns well with our investment philosophy," said Morgan Seigler, a Managing Director of TA and co-head of TA's Europe Technology Group. "We are excited to partner with Mike and the Unit4 team in the next phase of their journey and to help them invest in and deliver industry-relevant enterprise solutions that drive retention, expansion and growth in organizations across the globe."
The transaction is expected to close in early summer of 2021 pending customary regulatory approvals and closing conditions.