Partners Group, the global private markets investment manager, has agreed to acquire Idera (“Idera” or “the Company”), a leading global provider of software solutions for IT professionals, on behalf of its clients. Financial details of the transaction were not disclosed.
Founded in 2003 and based in Austin, Texas, Idera provides infrastructure software solutions to businesses for testing, application development, and database architecture and management, both on premises and in the cloud. The Company’s products are sold under a large portfolio of brands across three business segments: database tools; developer tools; and “DevOps”, which combines software development and IT operations to build products designed to increase an organization’s ability to deliver applications and services faster. The Company has 700,000 users globally across a wide range of industries, including technology, financial services, legal, pharmaceuticals, government and non-profit, energy and education. Idera has over 570 full-time employees.
In 2019, Partners Group made an initial investment in Idera, on behalf of its clients, joining TA Associates and HGGC in supporting the Company’s growth organically and through M&A. Since then, Partners Group has become further convinced of the significant opportunity in the infrastructure software sector, given the critical need for applications and tools that support digital transition and the increasing complexity of software. Idera is well-positioned to capitalize on these transformative trends, identified by Partners Group’s Thematic Sourcing strategy, and it will benefit from the firm’s extensive experience in building platform companies and creating value in technology-related businesses. Partners Group will assist the management team in partnership with TA and HGGC, all of whom will retain a minority position in the business, in developing its pipeline of strategic M&A opportunities, optimizing sales and marketing processes, and advancing fast-growing business segments going forward.
Bilge Ogut, Partner, Head Private Equity Technology, Partners Group, states: “We are excited to continue our relationship with Idera and expand its strong platform. The USD 205 billion infrastructure software market is undergoing meaningful change that hinges on continuously improving the productivity of developers. Idera has been very effective at capturing this trend by integrating high-quality products into its platform, making it an excellent fit for Partners Group’s transformational investment strategy. Going forward, we plan to work closely with the management team on various value creation initiatives as well as identifying new M&A opportunities that will accelerate Idera’s already positive trajectory, benefiting from this secular trend.”
Randy Jacops, Chief Executive Officer, Idera, says: “Through a carefully implemented strategy, we have built a portfolio of brands at the forefront of the technology adoption life-cycle in their respective markets. The highly fragmented nature of the global infrastructure software market means there are still plenty of opportunities for us to expand our footprint. Partners Group’s history of supporting high-growth technology companies and building resilient businesses, combined with the invaluable contributions it has already provided, will be critical as we continue to grow.”
Chris Russell, Managing Director, Private Equity Technology, Partners Group, adds: “We have witnessed firsthand the truly unique organization that Randy and his team have built. Idera’s innovative products are used by thousands of businesses to perform mission critical tasks and the market for software tools and apps aimed at the developer community will continue to evolve and grow. The management team has proven Idera to be a true leader in building and continuously improving the efficiency of its products for a large customer base and has successfully identified opportunities to expand its platform. By deepening our partnership with the Company, Partners Group can offer additional operational knowledge and platform-building expertise.”
