Private equity firm Clearlake Funds Team LP has agreed to obtain Californian tech company Quest Software from its recent owner, Francisco Partners.
The terms of the planned transaction have not been disclosed. Nonetheless, Quest has been valued at $5.4bn, which includes personal debt, according to unnamed sources quoted by The Wall Street Journal.
A statement announcing the acquisition was produced previously right now. It discovered that recent CEO of Quest, Patrick Nichols, will continue to be at the helm soon after the acquisition has been completed to lead the present govt administration group.
“IT teams all over the world count on Quest to assist them fix critical difficulties that permit enterprise expansion and tackle critical strategic initiatives. Quest has developed to grow to be a industry leader in identification-centric cybersecurity, details intelligence and IT operations management, and I want to thank Francisco Associates for serving to Quest notice this vision,” reported Nichols.
“Our new partnership with Clearlake will accelerate Quest’s momentum as a leader and innovator as we maximize our financial investment speed in our core merchandise roadmaps, cloud/SaaS offerings, and world presence. We will carry on to expand our client foundation as computing environments and related administration, modernization, and security challenges, grow to be more intricate.”
Quest was established in 1987 and is headquartered in Aliso Viejo. The firm currently has much more than 50 offices in 24 countries.
In 2012, Quest was acquired by laptop maker Dell for $2.36bn in a deal that noticed the formation of Dell Software program. Four decades later on, Dell marketed its application division to Francisco Associates and Elliott Management Corporation.
Quest relaunched itself as the independent enterprise Quest Software program in November 2016.
“We are proud of the remarkable development Quest has made due to the fact re-launching as an unbiased enterprise, and I want to identify Patrick Nichols and the administration crew for solid execution,” reported Dipanjan Deb, co-Founder and CEO of Francisco Partners.
Clearlake’s principal, Paul Huber, and a person of the firm’s companions, Prashant Mehrotra, said they think Quest is “properly-positioned to capitalize on emerging progress tendencies in id-centric cybersecurity, info intelligence and IT functions administration software package markets.”
The transaction is predicted to near in the initially quarter of 2022, pending customary regulatory approvals.
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