Solifi, a software provider for the automotive and asset finance industries, has announced a majority investment from private equity firm TA Associates.
The financial terms of the transaction were not disclosed.
Solifi plans to use the investment to fund its growth strategy, which includes product innovation, market expansion and delivering enhanced value to its customers.
Thoma Bravo, a software investment company, will retain its stake in Solifi.
Solifi CEO David Hamilton said: “TA’s expertise in scaling businesses will add significant value to Solifi as we look to expand our business and reach our full potential as a leading provider of end-to-end solutions for the secured financial market.”
TA’s legal counsel on this transaction was provided by Goodwin Procter. Solifi was financially advised by Jefferies, while Kirkland & Ellis LLP provided legal advice.
TA managing director Harry Taylor said: “We have followed Solifi for many years and have been consistently impressed by its leadership in developing innovative, mission-critical technology for the secure financial market.
“As more organizations look to modernize their financial processes and migrate to the cloud, Solifi’s Open Finance Platform is well-equipped to support enterprises in their digital transformation, helping them automate their workflows and maximize efficiency.”
Solifi is engaged in providing scalable front and back office software that enables clients to efficiently manage their asset financing portfolios.
These solutions target a variety of industries, including equipment, automotive, wholesale and working capital financing.
Solifi’s client base includes some of the largest banks in the world, as well as independent and captive financing organizations.
Today, Solifi employs more than 650 people and operates globally with dual headquarters in Minneapolis, US, and Milton Keynes, UK.
The company also has regional offices in Australia, Austria, Canada, Germany and India.
“Solifi Secures Majority Investment from TA Associates” was originally created and published by Leasing Life, a brand owned by GlobalData.
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