TA Associates has signed an agreement to acquire a majority interest in Access Technology Group, the business management software company.
The Boston-based private equity firm will acquire its stake from Lyceum Capital, who backed a £50 million management buyout of the Essex software company in 2011. Since then, organic revenue growth rates have averaged 12% annually.
"With a history of consistent growth, an impressive customer base, and an experienced and committed management team, Access is a highly attractive investment for TA," said J. Morgan Seigler, a Director at TA Associates who will join the Access Technology Group Board of Directors.
"The Access team has proven adept at identifying, acquiring and integrating businesses, and we see continued opportunities for inorganic, as well as organic, growth at the company. We will employ TA’s longstanding and proven management-friendly approach, working closely with Access to further build value in the business."
William Blair, Travers Smith and PwC are advising Lyceum and Access on the financial, legal and accounting elements of the deal respectively. Meanwhile, TA Associates is consulting Debevoise & Plimpton for legal aspects and Harris Williams & Co for finance.
"I am very pleased to welcome TA Associates as a partner in Access and look forward to leveraging their many years of experience investing in the software industry to help drive the next phase of our growth," said Chris Bayne, chief executive of Access.
"With our world-class team and products, and the support of Lyceum Capital, we have built a commanding position in the market, combining strong organic growth with strategic acquisitions to transform our customer proposition. I would like to take this opportunity to thank the Lyceum team and the departing non-executive team of Gareth Denley and David England."