Existing investors TA Associates (“TA”) and
Fortissimo Capital to roll their stakes.
Blackstone today announced that Blackstone Growth and affiliated
funds (collectively “Blackstone”) have entered into a definitive
agreement to acquire a majority stake in Priority Software, a
leading provider of mission-critical business software.
Blackstone’s investment will help build on the company’s position
at the forefront of the ERP software market and support its further
growth across industries and markets.
Priority Software offers robust mission-critical business
applications and ERP solutions across various industries, enhancing
business management through innovative, cloud-based applications.
The company’s comprehensive product suite, which includes solutions
for retail management, hospitality and education, is supported by a
network of 100+ partners worldwide. Its solutions play a critical
role in automating complex processes and centralizing data
management, helping businesses drive growth, optimize operations
and, ultimately, enhance profitability while ensuring they are
well-equipped to meet future challenges and capitalize on new
opportunities in their respective markets. The company has more
than 17,000 customers and over 300,000 end users across multiple
end markets. Priority has 500+ employees located across five
offices in Israel, the US, and Belgium.
Yifat Oron, Senior Managing Director at Blackstone and head of
its Israel office, said, “Priority Software has grown into a leader
within the ERP market by developing business application software –
both horizontal and vertical – that caters to the holistic needs of
companies across sectors from their early days, through every stage
of growth and, ultimately, at scale. Given our extensive experience
in the software space – as well as the significant insight we glean
from our global reach and more than 230 portfolio companies,
including in hospitality, industrials, life sciences, energy and
beyond – we believe Blackstone is well-positioned as a growth
partner for this exceptional business.”
Sagive Greenspan, CEO of Priority Software, said, "The decision
by Blackstone to partner with Priority Software is a testament to
the strength of our business and the tremendous market opportunity
that lies ahead. With Blackstone's support, we are well-positioned
to accelerate our growth trajectory, deepen our market penetration,
and solidify our position as a leader in the industry. We are
excited about the possibilities this partnership brings and remain
steadfast in our commitment to driving unparalleled value for our
customers and stakeholders."
Yuval Cohen, Manager Partner at Fortissimo Capital, said,
"Fortissimo Capital is proud to have partnered with the Priority
Software team and to have played a role in the company’s rapid
growth for over a decade. We remain confident in Priority
Software’s potential in Israel due to its leadership position,
loyal customer base, superior technology, and the prospect of
continued global expansion. We are excited to welcome Blackstone as
a new partner to further accelerate Priority Software’s
growth."
Stefan Dandl, Director at TA Associates, said, “Working in
partnership with Sagive, the Priority management team and
Fortissimo, we are proud to have delivered significant organic and
inorganic growth for the company over the last three years.
Blackstone’s new investment underscores the strength of Priority’s
strategy and the continued opportunity that lies ahead. We look
forward to deepening our partnership with Priority and harnessing
the collective expertise of TA, Blackstone and Fortissimo to
further accelerate the company’s growth journey.”
Evercore acted as exclusive financial advisor to Priority,
Fortissimo and TA, and Goodwin and Gornitzky provided legal
counsel. Kirkland & Ellis and Meitar provided legal counsel to
Blackstone. Terms of the transaction were not disclosed.
Priority has four main offerings: 1) Priority Business
Applications (ERP solutions), 2) Priority Retail, a complete
omnichannel, all-in-one retail management solution, 3) Priority
Hospitality, a next-gen property management software and 4)
Priority Education, pedagogical management software serving
schools. Its wide range of offerings across horizontal and vertical
markets allows for companies to optimize their business management
with a comprehensive platform.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We
seek to deliver compelling returns for institutional and individual
investors by strengthening the companies in which we invest. Our
more than $1 trillion in assets under management include global
investment strategies focused on real estate, private equity,
infrastructure, life sciences, growth equity, credit, real assets,
secondaries and hedge funds. Further information is available at
www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter),
and Instagram.
About Priority Software
Priority is a leading provider of scalable and agile cloud
business management solutions for various industries and
organizations of all sizes, from global enterprises to small and
growing businesses. Recognized by top industry experts and analysts
for its product innovation, Priority provides real-time access to
business data and insights from any desktop or mobile device,
enabling organizations to increase operational efficiency, improve
the customer experience, identify new opportunities, and outpace
the competition.
About TA
TA is a leading global private equity firm focused on scaling
growth in profitable companies. Since 1968, TA has invested in more
than 560 companies across its five target industries – technology,
healthcare, financial services, consumer and business services.
Leveraging its deep industry expertise and strategic resources, TA
collaborates with management teams worldwide to help high-quality
companies deliver lasting value. The firm has raised $65 billion in
capital to date and has over 150 investment professionals across
offices in Boston, Menlo Park, Austin, London, Mumbai and Hong
Kong. More information about TA can be found at www.ta.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240516033664/en/
Oriane Morley (Israel) (+972-54-261-4671)
Oriane@morleycomms.com
Mariel Seidman-Gati (U.S.) (646) 482-3712
Mariel.Seidmangati@blackstone.com
Grafico Azioni Blackstone (NYSE:BX)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Blackstone (NYSE:BX)
Storico
Da Giu 2023 a Giu 2024