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Friday, Mar 1, 2024

Clearlake Capital Sells Software Firms to Centerbridge Partners for $1.26 Billion

Santa Monica’s Clearlake Capital Group has combined two of its portfolio companies – Syncsort Inc. and Vision Solutions Inc. – and sold the combined entity to New York’s Centerbridge Partners for $1.26 billion.

Clearlake said in a Thursday release the firm would continue to hold a meaningful stake in the new entity, which will keep the Syncsort name. The private equity shop acquired the Pearl River, N.Y.-based data analytics company in 2015 for an undisclosed sum. Irvine’s Vision Solutions, a computer software firm, was purchased by Clearlake in 2016 also for an undisclosed amount.

Prashant Mehrotra, a partner at Clearlake, said in a statement the firm was happy with the deal.

“We are proud that our investment thesis and accomplishments during our ownership at both Syncsort and Vision generated significant value,” Mehrotra said. “We look forward to partnering with Centerbridge and the management team as they continue to pursue this next phase of growth as the leading data management software platform.”

The deal comes in the wake of several spinoff and bolt-on transactions for the companies, the most recent of which was the January carve out of Double-Take Software Inc. from Vision Solutions, which sold the unit to Carbonite Inc.

Deals & Dealmakers reporter Henry Meier can be reached at hmeier@labusinessjournal.com. Follow him on Twitter @henry_meier.

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