Private Equity Firm Acquires Business Software Maker Autotask
Front- and back-office business management software maker Autotask is going the route of an increasing number of IT companies--being acquired by a private equity investment firm.
San Francisco-based Vista Equity Partners will be the new owners. Vista claims about $11.5 billion in cumulative capital commitments in software, data and technology-enabled services companies.
Financial terms were not disclosed.
The New York-based Autotask software automates routine functions such as service ticketing, capturing and tracking billable hours, meeting service level agreements, tracking expenses and employee utilization, and aggregating customer and employee data.
Autotask's platform contains built-in workflow functionalities that include service desk, CRM, dispatch, billing, project management and contracts management, as well as a client portal that allows customers to engage directly with their clients and remediate IT support tickets.
The 13-year-old company also features an application programming interface that allows partners to integrate Autotask with industry tools, mobile functionality and business intelligence dashboards.
Globally, Autotask employs more than 300 employees, a number it expects to increase to 350 by year's end. Approximately 150 employees are based in the East Greenbush headquarters in New York's Capital Region.
Mark Cattini joined the company as CEO in December 2010 after leading MapInfo to double its revenue to $200 million before the business was acquired by Pitney Bowes in 2007 for $408 million.