Warburg Pincus and Goldman Sachs' buyout unit have agreed to acquire a majority stake in software developer Endurance International Group in a secondary buyout understood to value the company at $1 billion.
Warburg Pincus will be taking a 50 percent stake in the business, according to the firm, with the remainder shared between Goldman and management. Due to time differences, Goldman’s US office was not available for comment.
Accel-KKR, originally a joint venture between venture capital firm Accel Partners and private equity group KKR when it was formed more than a decade ago but since independent, was unavailable for comment on the size of its return on the exit.
Endurance is an online service provider for small- and medium-sized businesses. It has almost two million customers and manages 7.7 million domains worldwide, according to the press release. Endurance’s founder and chief executive, Hari Ravichandran, hopes to grow and expand the business further with the help of the two firms.
Technology is one of Warburg Pincus' core sectors for investment. In August, PEI reported that Warburg hired Charles Carmel, former vice president of corporate development at Cisco Systems, as a managing director.