BOSTON--(BUSINESS WIRE)--Thomas H. Lee Partners, L.P. (“THL”), a leading private equity firm, announced today that Jay H. Bhatt has joined the Firm as a Managing Director in THL’s Media, Information Services & Technology Group.
Mr. Bhatt has over 20 years of operating experience in senior leadership positions across the technology sector. Most recently he was President and CEO of Blackboard Inc., where he was responsible for driving significant sales and EBITDA growth through a strong focus on strategic and operational investments and efficiencies. Additionally, Jay spearheaded a transformative upgrade of Blackboard’s technology platform, expanded Blackboard’s international business by 50%, and drove an aggressive acquisition approach of domestic and internationally based businesses.
“We are pleased to welcome Jay to our investing team,” said THL co-President Scott Sperling. “Jay’s extensive operating and leadership experience in the IT sector – specifically in software infrastructure, horizontal and vertical enterprise applications and SaaS technologies – will further build on our ability to identify and secure value-creating technology investment opportunities for our Media, Information Services & Technology portfolio.”
“It is an honor to be part of such a well-respected private equity firm and I look forward to working with the entire THL team,” said Mr. Bhatt. “THL has a compelling track record of investing in technology and technology-enabled companies across its portfolio, including current portfolio companies Black Knight Financial Services and Ceridian, and I am impressed by the depth and breadth of their capabilities in this arena. I am energized and gratified to work with the Media, Information Services & Technology Group to identify differentiated technology investing opportunities, make our partnership case to those management teams, and successfully execute those investments to drive lasting growth and value.”
Mr. Bhatt, 47, was President and CEO of Blackboard Inc., the largest global education technology company, from 2012 to 2016. Prior to Blackboard, Mr. Bhatt was President and CEO of Progress Software Corporation (NASDAQ:PRGS) from 2011 to 2012, a global software company providing application development and support tools, where he drove significant shareholder returns. Previously, from 2000 to 2011, Mr. Bhatt served as SVP and GM of Autodesk, Inc. (NASDAQ:ADSK), where he was responsible for Autodesk's largest business unit serving the global architectural, engineering and construction (AEC) industry. Mr. Bhatt began his career as an investment banker and technology investor holding positions at Bank of America Merrill Lynch (formerly Montgomery Securities) and UBS Investment Bank, prior to which he served as a transactional attorney. Mr. Bhatt holds a B.A. from the University of Pennsylvania and a J.D. from the UCLA School of Law.
Thomas H. Lee Partners, L.P. is one of the world's oldest and most experienced private equity firms. The firm invests in growth-oriented businesses, headquartered principally in North America, across three broad sectors: consumer and healthcare, media and information services, and business and financial services. Since its founding in 1974, THL has raised over $20 billion of equity capital and invested in more than 130 businesses with an aggregate purchase price of more than $150 billion. THL strives to build great companies of lasting value and generate superior investment returns. For more information, please visit www.thl.com.