NEW YORK--(BUSINESS WIRE)--Bridge Growth Partners, LLC, a leading growth-oriented private equity firm, today announced it has signed a definitive agreement to make a majority equity investment in BackOffice Associates, the worldwide leader in information governance, data stewardship, and data migration solutions. Following the investment from Bridge Growth Partners, David Booth will continue to lead the company as CEO and also serve on its board of directors.
“On behalf of the entire BackOffice team, we are thrilled to have Bridge Growth Partners as our majority investor and look forward to taking our customers’ data-driven results to the next level with new capabilities and value,” said David Booth, Chairman and CEO of BackOffice Associates. “I would like to personally welcome Joe Tucci, Alok Singh and the other Bridge Growth directors to our board – there is no team more experienced, more accomplished, or with greater industry expertise in this arena than Bridge Growth Partners. They share our commitment to serving our world-class customer base in delivering the industry’s most robust and reliable software and services solutions for addressing today’s complex data challenges. With Bridge Growth’s investment and support, we also look forward to supporting more customers through expanded systems integrator partnerships as well as accelerating the development and deployment of our leading edge software.”
“Bridge Growth is delighted to partner with a world-class company such as BackOffice and its dedicated team of executives and consultants, led by David Booth,” said Alok Singh, Managing Principal of Bridge Growth Partners. “They are a unique company and truly the best in the industry, with an excellent software product suite, unmatched consulting expertise and a finely tuned, customer-centric software and services delivery model. The quality and value that BackOffice provides to customers is unparalleled, reflecting the company’s deep vertical expertise gained through countless assignments for leading global companies across numerous sectors. This combination of innovative solutions, global experience and a talented team sets them apart from any of their competitors. The challenges facing enterprises as they move to the cloud, or in mapping and integrating data following a merger or acquisition, are profound and the forces driving them are trending up. Against that backdrop, BackOffice is extremely well positioned to be an exceptional and ever more valued partner to corporate customers and systems integrators alike.”
“We are pleased to welcome Bridge Growth Partners to the ownership team at BackOffice,” said Joe DiSabato, Managing Director of Goldman Sachs and head of the Growth Equity business. “Bridge Growth has deep roots and broad experience across technology and software, both from an investment and operational perspective, and we look forward to working with them.”
Joe DiSabato and David Campbell, Managing Director of Goldman Sachs’ Merchant Banking Division, will represent Goldman Sachs on the board. Additionally, James E. Rogers, a director of NewMarket Corporation and Owens & Minor, Inc. and a former director of Caraustar Industries, Inc., Wellman, Inc., Chesapeake Corp. and Cadmus Communications, Inc., will also remain on the board. Members of Bridge Growth Partners who will be joining the board alongside Booth, Rogers, DiSabato and Campbell are:
- Joe Tucci, Bridge Growth Partners Chairman and Former Chairman & CEO of EMC
- Bill Teuber, Bridge Growth Partners Senior Operating Principal and Former Vice Chairman of EMC
- Steve Mills, Bridge Growth Partners Senior Advisor and Former EVP at IBM Software and Systems
- Dave Barnes, Bridge Growth Partners Senior Advisor and Former CIO of UPS
- Peter Griffiths, Bridge Growth Partners Technology Advisory Board member and Former EVP of Products at CA Technologies
- Alok Singh, Bridge Growth Partners Managing Principal
Serving the Global 2000 set with industry-leading solutions for information governance and data quality and migration initiatives, BackOffice Associates has over 800 employees and more than 500 customers worldwide. The company’s award-winning software and services are designed to orchestrate the full data journey, including data migration and integration, information governance and stewardship, and data quality management and archiving, all supported by an unmatched methodology and rich industry-specific content. Its solutions help customers address critical data quality and governance requirements, especially as companies embark on digital transformation and cloud adoption initiatives, and its top-notch data integration solutions are crucial for consolidation following ongoing corporate development. BackOffice’s expertise has been developed through more than two decades of complex engagements in over 15 countries, which is reflected in its strong market reputation for a differentiated delivery methodology, proprietary software solutions, and a 100% success rate on all customer programs.
BackOffice Associates is Bridge Growth Partner’s fifth investment in the technology sector following Accedian, Finalsite, SalientCRGT, and Solace Systems.
J.P. Morgan Securities LLC acted as exclusive financial advisor to BackOffice Associates and Goodwin Procter LLP served as legal counsel. Willkie Farr & Gallagher LLP served as legal counsel to Bridge Growth Partners. Terms of the transaction, the closing of which is subject to customary closing conditions including regulatory approval, were not disclosed.
About BackOffice Associates
BackOffice Associates is a worldwide leader in information governance and data stewardship solutions, focusing on helping customers manage one of their most critical assets – data. Our range of award-winning products, built on a revolutionary platform, address the needs of business users seeking to unlock the value of their data assets. Our products and services enable organizations to accelerate growth, gain actionable visibility and reduce risks. Founded in 1996, we have an unparalleled record of success in the most complex data environments across a variety of industries. Customers include many Fortune 1000 companies including Eli Lilly, Kraft and Graybar. BackOffice Associates is a global corporation headquartered in Massachusetts with additional offices in the U.S., Australia, Canada, Dubai, India, Singapore, Switzerland and the U.K. To learn more, please visit www.boaweb.com.
About Bridge Growth Partners
Bridge Growth Partners, LLC is a uniquely structured growth-oriented private equity firm that focuses on investments in the technology and technology-enabled financial services sectors. Bridge Growth partners was founded with the goal of bringing together significant investment, financial, operating, and strategic business building expertise and talent.
For more information about Bridge Growth Partners, please visit www.bridgegrowthpartners.com.