EtQ, a Farmingdale, NY-based environmental, health and safety (EHS) software developer, has announced that it will be acquired by tech-focused private equity shop Technology Crossover Ventures (TCV).
Palo Alto, Calif.-based TCV will bring to EtQ a breadth of experience in the software space, with previous partnerships including IQMS, Seismic Micro-Technology (SMT) and Genesys.
The investment from $2.5 billion TCV IX is EtQ’s first institutional capital funding since launching in 1992. The leader in the quality management system (QMS) space will use the investment to accelerate innovation, bolster its product development and expand its global reach.
Glenn McCarty, Chief Executive Officer and co-founder of EtQ, says the company selected TCV from many suitors due to its robust experience partnering with leading technology companies. After tracking EtQ for several years, TCV highlights the firm’s customer-centric approach, flexible offerings and consistent execution in the high-growth QMS and EHS software sector.
“As regulations become more complex and the need to drive operational excellence grows, EtQ provides mission-critical solutions to its customers,” said Bob Burke, Venture Partner at TCV. “We are excited to build on the company’s legacy of product innovation and contribute to the next phase of EtQ’s growth.”
EtQ hopes to grab a larger share of the QMS and EHS software spaces, estimated by LNS research to be a $4.8 billion market. The software provider says it serves many Fortune 500 customers across multiple verticals, a particularly unique edge for companies in its niche.
Financial terms of the deal were not disclosed.