TA closes IT purchase

TA Associates has completed its $200 million acquisition of Intuit’s IT Solutions unit, marking another play in the software sector for the Boston-based firm.

Boston-based TA Associates has finalised its $200 million (€167 million) acquisition of Intuit’s IT Solutions unit, renamed Numara Software. Intuit originally announced its intention to sell the company this past summer.

Tampa-based Numara Software, through its Track-IT! and Network Monitor suite of products, provides software for IT help desks and asset management providers. The company counts roughly 45,000 customers worldwide, and generates around $55 million in annual sales.

Intuit, a publisher of financial software titles such as TurboTax and Quicken, sold the division to focus on its core business. It had originally acquired the assets in a $177 million deal in 2002.

David Weiss was named the president and chief executive of Numara alongside TA’s acquisition. Weiss had previously headed the business prior to its sale to Intuit.

TA has been active on all fronts recently. The firm, which is reportedly preparing to launch a new $3 billion fund, last week notched a sale of healthcare supplements maker HVL Inc. and also recently filed to float loan-analysis company Clayton Holdings through a $230 million IPO. Meanwhile, the Numara deal comes on the heels of investments in wireless company MetroPCS and Preferred Freezer Services, an operator of refrigerated warehouses. TA also bolstered its staff earlier this fall when it lured Mark Howard Carter away from Parthenon Capital to help augment its healthcare team.

Credit Suisse First Boston advised Intuit on the sale, while Fenwick & West served as legal counsel. TA Associates received legal advice from Goodwin Procter.

Calls to TA Associates were not returned by press time. In a statement, Numara indicated that it would seek to “enter adjacent market segments and expand its international reach”.

Past software deals for TA include investments in BMC Software, Cadence Design Systems and McAfee Associates, among others.