This story has been updated from a previous version.

Silver Lake Partners is increasing its focus on the silver screen.

The New York tech-focused private equity firm announced Monday that it has agreed to acquire Burbank entertainment industry payroll processing firm Cast & Crew Entertainment Services. Terms of the deal were not disclosed, but a source close to the transaction said the transaction is valued at about $700 million.

Cast & Crew provides a suite of financial services to the entertainment industry, ranging from payroll and workers’ compensation services to processing production incentives and tax credits. The nearly 40-year-old firm was previously owned by a consortium led by New York’s ZelnickMedia Corp., which acquired it in 2012. Cast & Crew’s senior management will remain in place after the Silver Lake purchase and continue to own equity in the company.

“This investment will enable us to continue to offer best-in-class service and support to our clients in a rapidly evolving entertainment landscape,” Cast & Crew Chief Executive Eric Belcher said in a press release announcing the deal.

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