Francisco Partners finalised its deal to buy FrontRange Solutions, a CRM and voice application services provider, paying around $200 million (€166 million) for the company. FrontRange, based in California, had been listed on the Johannesburg Stock Exchange in South Africa.
FrontRange was founded in 1989 as GoldMine Software. It targets the small-to-medium-enterprise market, and offers CRM software for sales and costumer support, and also provides consulting, implementation and training services. Its customers include Coca-Cola, Bechtel Corp., Bank of America, Campbell Soup and others.
When the firm first announced the deal, Francisco Partners managing director Neil Garfinkel cited the company’s strong presence in its space. “FrontRange has a strong market position, great product franchises…over 140,000 customers, and a global partner channel that provides broad market coverage,” he said a in a statement.
Even as FrontRange was previously listed on the Johannesburg exchange, that region only accounted for around 4 percent of its sales, and last year the company shifted its reporting from the rand to the dollar.
The deal comes as Francisco is raising its second fund. The firm, according to reports, has closed on around $1.1 billion for the $2 billion targeted Francisco Partners II.
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