TA teams with Updata in Australia deal

The US buyout firm plans to make a ‘significant investment’ in software firm the Nintex Group, alongside technology-focused growth equity firm Updata Partners.

Boston-based TA Associates and Updata Partners will invest a “significant” amount in Australia-based software business the Nintex Group, according to a company statement.

The deal size was not disclosed, but according to media reports the offer was $222 million.

The funding round adds to a previous investment by Macquarie Capital, which will retain a minority position in the business. 

Headquartered in Melbourne, Nintex has customers in 90 countries and will use the investment to continue expansion globally. The firm also owns OBS, an IT services business that offers Microsoft-based design and implementation solutions exclusively in Australia. 

“Nintex is an attractive investment for a number of reasons, including strong organic growth and momentum, a successful global partner distribution network, exceptional customer satisfaction and a deep management team,” Harry Taylor, director at TA Associates, said in a statement. Taylor will join the company’s board of directors.  

“We have been aware of Nintex for several years, watching the company continuously outperform and establish a leadership position in workflow solutions on the Microsoft SharePoint platform,” John Burton, general partner at Updata Partners, added. Burton will also join the company’s board of directors as lead director, along with Updata principal Jon Seeber.

Founded in 1968, TA Associates is a private equity firm specialising in buyouts, recapitalisations, and growth equity.

Previous Australia deals include an undisclosed investment in Australian Satellite Communications in December, which the firm acquired to merge with portfolio company Hong Kong-based SpeedCast. TA acquired SpeedCast last September from Asia Satellite Telecommunications for $32 million, Private Equity International reported earlier. 

As of May 2012, TA has raised just over $1 billion for its growth fund, TA Atlantic & Pacific VII, which is targeting $1.75 billion in commitments, according to PEI’s Research & Analytics division. The fund will have a global mandate with a focus on the financial services, consumer, business services, technology and healthcare sectors.