Private equity house Carlyle has agreed to purchase OpenLink Financial, a software developer for the commodity, energy and financial services industries, from TA Associates. The terms of the transaction were not disclosed.
Founded in 1992, New York-based OpenLink claims more than 150 customers and employs some 785 staff worldwide.
US private equity house TA Associates invested $100 million in the recapitalisation of OpenLink Financial in 2006.
Kevin Hesselbirg, CEO of OpenLink, says: "TA Associates has played a key role in the development of OpenLink, helping us to grow organically and evolve from our entrepreneurial roots. In this next phase of our journey, Carlyle's technology expertise and financial know-how will serve us well, particularly as we expand internationally and through acquisitions."
Acquisition financing has been arranged by Bank of America Securities and Credit Suisse Securities. OpenLink Financial was advised by Morrison & Foerster and BofA Merrill Lynch. The Carlyle Group was advised by Alston & Bird and Credit Suisse. TA Associates was advised by Goodwin Procter.