TA Associates has completed its investment in child care software business Procare Software, according to a statement by the private equity sponsor.
Although financial terms were not released, the deal will give the Boston private equity group a majority interest in the Medford, Ore.-based company.
As part of the deal, TA Associates' managing director Todd Crocket and senior vice president Jason Mironov will join the board of Procare.
A company whose customer base includes more than 25,000 child care providers around the world, Procare's software enables daycare and other child care organisations to manage a wide range of administrative functions, including integrated payment processing, employee administration, billing and payment processing, as well as the tracking of immunisations, student attendance, menu planning and other related matters.
“The software provides ease of use and the ability to quickly and efficiently bill customers, improving the collection process,” Mironov told Private Equity International. “It provides great efficiencies to mom and pop child care centers, chains and independent daycare centers because Procare's software removes the paper portion of the administrative process and streamlines these activities into an easy to use format.”
As it concerns the growth strategy for Procare, Mironov said: “We believe there's an opportunity to extend Procare's integrated payments and services software into adjacent markets, such as adult day care, summer camp, gym programs or pet care for example.”
Crockett said TA has been “actively seeking investments in the integrated payments space” and noted that the company is a “high growth” leader in its market, according to TA's statement.
TA is an experienced investor in payment processing businesses. In March, the firm completed an investment in China payments service provider YeePay with co-investor Far East Horizon Ltd. Two months earlier, TA acquired U.K. software company Access Group, which sells software that manages finance, HR and payroll, business intelligence, supply chain, customer relationship management and warehousing-related activities, from UK private equity house Lyceum Capital. Last year, the private equity sponsor made an investment in BluePay Processing Inc.