Private equity firm Clearlake Capital Group LP agreed to acquire Vision Solutions Inc., a disaster recovery and migration software company, from private equity firm Thoma Bravo LLC. Financial terms of the transaction were not disclosed.
Headquartered in Irvine, Calif., Vision Solutions is a leading provider of software solutions designed to protect data, minimize downtime and maximize resources for the modern data center as enterprises migrate to the cloud. Vision’s software offerings facilitate near-zero downtime migration of data, applications, and systems using real-time replication technology to significantly reduce time, cost, and risk. Vision serves a diverse base of approximately 12,000 customers ranging from SMBs to the Fortune 500 in over 70 countries worldwide.
“We are thrilled to back Vision as a new platform investment and are enthusiastic to accelerate the buy and build strategy as Vision extends deeper into providing end to end software protection solutions for the data center,” said Behdad Eghbali, a managing partner of Clearlake. “We are pleased to partner with Vision’s highly talented management team, led by Nicolaas, to continue to grow and build out both the Vision Power Systems and Double-Take Software businesses.”
“We are excited to team with Clearlake, which brings proven software experience and substantial resources that will be instrumental as we aggressively pursue growth and evaluate M&A opportunities,” said Nicolaas Vlok, CEO of Vision. “We’re grateful for the partnership with Thoma Bravo over the years and are excited about this new chapter for our business as we build on our 25 year track record of serving enterprises, channel partners, and managed service providers.”
“Due to the complexity of protecting ever-changing infrastructures and exploding volumes of data, enterprise customers require more simplified and cost effective IT management tools to meet their needs. Vision has long been recognized by its customers and partners as a platform agnostic leader in delivering comprehensive and reliable data protection, high availability and cloud migration software solutions for virtually any hybrid IT environment. We look forward to working with Vision’s very experienced management team to continue to build on the company’s world class reputation and its growth trajectory,” added Prashant Mehrotra, partner of Clearlake.
We’ve worked closely with the Vision Solutions executive team to identify the operational efficiencies and transformative acquisitions that would establish the company as the premier provider of data protection solutions for modern data centers,” said Scott Crabill, a managing partner at Thoma Bravo. “This approach has led to substantial growth and has delivered value to our investors and Vision Solutions’ customers. We’re happy to have contributed to the company’s success, and look forward to seeing it reach the next stage of growth with its new partner.”
UBS Investment Bank, Evercore, and Foros served as financial advisors to Clearlake. Jefferies LLC acted as exclusive financial advisor to Vision and Thoma Bravo. Antares Capital is providing a fully underwritten facility to help finance the transaction, and will be acting as administrative agent.
Clearlake professionals Behdad Eghbali, Prashant Mehrotra, and Paul Huber will join the company’s board of directors. The transaction is expected to close during the second quarter of 2016 subject to typical closing conditions and approvals.
Clearlake Capital Group is a private investment firm with a sector-focused approach. The firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational and strategic expertise. The firm’s core target sectors include industrials, energy and power; technology, communications and business services; and consumer products and services. Clearlake currently has over $3.5 billion of assets under management.
Thoma Bravo is a leading private equity investment firm building on a 30+ year history of providing equity and strategic support to experienced management teams and growing companies. The firm seeks to create value by collaborating with company management to improve business operations, invest in growth initiatives and make accretive acquisitions. Thoma Bravo invests with a particular focus on application and infrastructure software and technology enabled services. The firm currently manages a series of private equity funds representing more than $12 billion of equity commitments.