ETF News

TA Associates to acquire Mitratech from Vista Equity -source

Sept 15 (Reuters) - Buyout firm Vista Equity Partners has agreed to sell enterprise legal services provider Mitratech Holdings Inc to private equity firm TA Associates Management LP, in a deal valued at more than $300 million, a person familiar with the matter said on Tuesday.

Vista, which acquired Mitratech in 2011, is expected to make 8.7 times its money on the deal, the source said, asking not to be identified ahead of an official announcement.

Based in Austin, Texas, Mitratech provides management software for the legal departments of companies, including more than 25 percent of the Fortune 500 companies.

Since Vista’s investment in 2011, Mitratech completed three strategic acquisitions, and expanded into Europe, ultimately becoming the largest privately held provider of corporate legal management software in the world.

In that time, Mitratech’s client base grew by almost 500 percent and revenue tripled, according to the source. TA Associates, one of the oldest private equity firms, invests mainly in private companies and emphasizes partnering with management to support growth, according to its website.

Vista’s divestiture comes shortly after its agreement to buy Solera Holdings Inc, a provider of technology services to insurance companies, for $6.5 billion, including debt,.

Reporting by Liana B. Baker and Carl O’Donnell in New York; Editing by Christian Plumb