A majority stake in SmartBear Software, a provider of software quality tools for teams, has been acquired by Francisco Partners, a global technology-focused private equity firm, SmartBear said.
Terms of the transaction were not announced.
The investment by Francisco Partners will help support SmartBear´s growth, which has been fueled by the demand for solutions to manage the application lifecycle and the rapidly expanding API economy.
Francisco Partners has a strong track record of successfully accelerating growth in technology companies by providing M&A expertise, market guidance and capital.
SmartBear Software was advised by Evercore and Willkie Farr & Gallagher LLP. Francisco Partners was advised by Paul Hastings LLP.
Insight Venture Partners is a global venture capital and private equity firm investing in high-growth software, SaaS, mobile and Internet-enabled companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than USD 13bn and invested in more than 250 companies worldwide.
Francisco Partners specializes in investments in technology businesses. Since its launch over 17 years ago, Francisco Partners has raised over USD 10bn in capital and invested in nearly 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep knowledge and operational expertise can help companies realize their full potential.