BV Investment Partners, the Boston-based private equity firm is cementing its place as an active deal maker in the software industry, recently acquiring Intelliteach, a business process outsourcing software company for law and accounting firms.
The acquisition, which the management of Intelliteach took part in, came out of BV Investment Partners’ ninth fund which has $750 million in capital.
In announcing the deal earlier in February, BV Investment Partners said it was drawn to the company because of its position as a trusted technology adviser to the industries it serves. Based in St. Louis, Intelliteach specializes in so-called white glove IT support, offering clients help desk support, IT managed services, managed financial services and training, and education via an e-learning platform. According to the Company, clients of Intelliteach have reduced overall operating expenses by greater than 30%. The Company is headed up by Seelin Naidoo, who is a veteran of the software company.
“Intelliteach has positioned itself as a trusted adviser through its technology-enabled service offerings. Seelin and his team have built a business that delivers unique value to its customers, and we’re thrilled to be backing them in the recapitalization of the business,” said Matt Kinsey, managing director of BV Investment Partners in a deal announcement. As part of the deal Mike Bryant, a software expert and chairman of HaystackID, a legal process outsourcing company, will join the board of Intelliteach.
The deal with Intelliteach and BV Investment Partners isn’t the first for the PE firm nor is it expected to be the last in the software industry. After all the middle-market private equity firm has long been focused on the business services, software, and IT services markets.
Hailing out of Boston, BV’s senior investment professionals have an average of twenty years experience investing and operating technology-enabled business service and IT companies. Recently its investment thesis has been focused on the transformation the world is going through thanks to big data, sensor technology, mobile devices, the internet and social media. BV looks to partner with owners and the management of the businesses that collect, store, disseminate, process and use all the digital data being created. Some of its recent deals include an investment in RKD Group, the provider of omnichannel fundraising and marketing services to the nonprofit sector and a $50 million investment in Consero Global, a finance as a service company.