The existing Unit4 Management Team will remain in place.
Unit4 this week announced it has signed a definitive agreement to receive a majority investment from TA Associates, a leading global growth private equity firm. Partners Group, a leading global private markets firm, will invest alongside TA, on behalf of its clients.
Mike Ettling, CEO of Unit4, will continue to lead the company, supported by the existing management team. In the wake of the new investment injection, Advent International, the current majority shareholder in Unit4, will renounce its stake in the company.
Unit4 provides enterprise cloud software “for people-centric organizations.” Its main product is a platform called The People Experience Suite, which “empowers organizations that serve people to elevate their business, engage their people and plan ahead,” according to the company.
Taking the next step in enterprise resource planning
“As a leader that innovates for and serves people-based services industries including professional services, public sector, nonprofit and higher education, this partnership with TA will help Unit4 address the specific challenges and requirements of organizations in these industries globally,” they said.
Mike Ettling, CEO of Unit4, heralded the deal. “Our partnership with TA and Partners Group couldn’t come at a better time,” he said. “With the launch of ERPx, our next generation cloud-native ERP platform, expansion of our global partner ecosystem, the creation of a strong and viable customer community with Community 4U, and deeper “people” investment in our core and growth markets, Unit4 is poised to see dramatic growth through this next phase of our journey.”
Morgan Seigler, a Managing Director of TA and co-head of TA’s Europe Technology Group, echoed Ettling’s enthusiasm. “We have followed Unit4 for many years and have been impressed with the company’s growth and dedication, under Mike’s leadership, to serving mid-market, people-centric organizations, which aligns well with our investment philosophy,” he said.
“We are excited to partner with Mike and the Unit4 team in the next phase of their journey and to help them invest in and deliver industry-relevant enterprise solutions that drive retention, expansion and growth in organizations across the globe.”
The transaction is expected to close in early summer of 2021 pending customary regulatory approvals and closing conditions.