Sumeru Equity Partners has announced its acquisition of MDSL, a New York City-based provider of technology expense management (TEM) solutions. The San Francisco, Calif.-based private equity firm will merge the firm with its portfolio company Telesoft, also a player in the TEM space.
Founded in 1995, MDSL provides businesses with cost management software solutions and services focused on telecoms and market data. Sumeru says that it was drawn to MDSL due to its “explosive growth rate, global reach, advanced technology platform, market leading customer service and high quality of employees.”
The private equity firm bought Phoenix, AZ-based Telesoft one year ago and will now combine its investment into MDSL in efforts to increase scale and global delivery capability while continuing to focus on providing exceptional customer service.
The combined entity will operate under a single, global operational model with the MDSL brand and will offer two distinct software platforms targeted at different market segments. One product will serve global enterprises with a pure SaaS model and the other will serve US-based organizations with a hybrid, on premise license or managed services model.
As enterprise and public sector customers spend trillions of dollars on technology and communications products and services annually, Sumeru believes the new company will be better positioned to help them deal with the complexity of new categories such as the cloud and the Internet of Things.
The newly formed company’s management team will be comprised of Chairman Ben Mendoza, CEO Charles Layne, CTO Simon Mendoza, CFO Tamara Saunders, COO Daman Wood and Chief Architect Thierry Zerbib.
Financial terms of the transaction, which closed in July of 2017, were not disclosed.