An investment group led by private equity firm TA Associates and including Technology Crossover Ventures and JMI Equity has completed a $200 million buyout of Global 360, a provider of business process management software and services.
Texas-based Global 360 has operations in North America, Europe and the Pacific Rim and provides BPM software and services to 16 of the world's top 20 banks - including ABN Amro, Bank of America, Citicorp, Hibernia, JPMorgan Chase, UBS/Paine Webber, Wells Fargo - and seven of the world's top ten insurance companies insurance companies including AIG, Anthem, Blue Cross Blue Shield, ING, MetLife, Symetra, Sun America. The vendor also provides technology and services to a number of US government agencies.
Commenting on the buyout, Kurt Jaggers, a managing director at TA Associates who will join Global 360's board of directors, says: "The company has become a recognised leader in business process management and optimisation solutions, as evidenced by its truly impressive roster of blue-chip clients. As with all of our investments, we will work closely with Global 360's management team to further build value in the company."
The news follows last week's announcement that TA was buying out securities lending platform eSecLending.
Boston-based TA has invested over $1 billion in financial services and fintech companies and prior investments include Datek Online Holdings, hedge fund administrator GlobeOp Financial Services and fixed-income trading software vendor ION Trading Group and credit derivatives platform Creditex.
TA also backed The IntercontinentalExchange which completed an IPO last year and dealing systems vendor Lava Trading, which was acquired by Citigroup in 2004.