FrontRange Solutions Inc., which develops both customer relationship management and IT service management software, announced Friday it has been acquired by Francisco Partners.
Francisco Partners, of Menlo Park, Calif., is a technology investment fund.
It has agreed to acquire all of FrontRanges outstanding shares for about $200 million.
FrontRanges CEO Michael McCloskey said in a statement that the company has invested heavily in both R&D and sales expansion and, “with several new products coming to market, we are well positioned for continued growth, and have plans to increase our market share.”
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Over the past 24 months, McCloskey has done some housecleaning at the South African company.
He moved FrontRanges headquarters from Colorado Springs, Colo., to Dublin, Calif., added new management to every executive post in the company, and started work on a new technology platform, ITSM (IT Service Management), announced last November, officials said.
The deal, subject to regulatory considerations, is expected to close in the next 90 days.
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