NEW YORK, Aug. 13, 2018 /PRNewswire/ -- Silver Lake, the global leader in technology investing, today announced the sale of Quorum Software, the leader in digital transformation for the oil and gas industry, to Thoma Bravo, LLC. Terms of the transaction were not disclosed.
"I would like to thank Silver Lake for their support, which has allowed us to accelerate the delivery of the modern energy workplace," said Perry Turbes, Chief Executive Officer, Quorum Software. "We are eager to build on this momentum with Thoma Bravo as we continue to make significant advancements in software that will modernize the industry."
"Our investment in Quorum is illustrative of our partnerships with a dynamic industry leader and exceptional executive team," said Mark Gillett, Managing Director and Head of Value Creation at Silver Lake. "The Quorum management team has navigated industry disruption to deliver compelling performance in driving product development, technology innovation and expanding its customer base. The company is strategically positioned for continued success with a new partner."
During Quorum's four-year partnership with Silver Lake, the company transitioned to a software-dominant business model with a higher recurring revenue mix and margin profile. Software subscription revenues grew at more than a 25% CAGR through 2017. During its collaboration with Silver Lake the company launched its myQuorum platform, debuted the myQuorum 365 services offering, launched new SaaS and cloud products and acquired four businesses. Quorum's management team evolved to include a new Chief Financial Officer and Chief Marketing Officer, and several key internal promotions, including the company's Chief Product & Technology Officer.
"Silver Lake has been proud to partner with Perry and Quorum's senior leadership as they have transformed their company into a world-class technology leader," said Martin Fichtner, Managing Director at Silver Lake Kraftwerk. "The impressive work of the team to bring market-leading SaaS and cloud-based digital innovation and operational efficiencies across the energy value chain effectively positions the company for its next phase of growth."
"We wish the company, management team and new owners Thoma Bravo continued success," added Jonathan Durham, Director at Silver Lake Partners.
The transaction marks a joint exit between Silver Lake Partners and Silver Lake Kraftwerk as well as Silver Lake's first exit in the technology-enabled sector of the energy industry.
About Silver Lake
Silver Lake is the global leader in technology investing, with about $40 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London, Hong Kong and Tokyo. Silver Lake's portfolio of investments collectively generates more than $170 billion of revenue annually and employs more than 340,000 people globally. The Silver Lake Partners portfolio includes leading technology and technology-enabled businesses such as Alibaba Group, Ancestry, Broadcom Limited, Cast & Crew, Ctrip, Dell Technologies, Endeavor, Fanatics, Global Blue, GoDaddy, Motorola Solutions, Red Ventures, Sabre, SoFi, SolarWinds, Symantec, Unity, Weld North Education and WP Engine. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.
About Quorum Software
Quorum offers an industry-leading portfolio of finance, operations and accounting software that empowers energy companies of all sizes to conquer their most complex business challenges. From the field to the back office, defying complexity is coded in our DNA and our software. This unmatched experience is why Quorum is the choice of eight of the largest public energy companies worldwide, 75 percent of LNG exporters throughout North America and 80 percent of all natural gas processed in the United States. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to empower innovation at the speed of thought. At Quorum, we're helping visionary leaders transform their business, and the energy industry, for a digital world. For more information, visit www.quorumsoftware.com.
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SOURCE Silver Lake