NEW YORK, June 6, 2019 /PRNewswire/ -- Vitech Systems Group, a leading provider of cloud-based financial administration solutions, announced today that the firm has signed a definitive agreement with funds advised by CVC Capital Partners under which CVC Fund VII and CVC Growth Partners will make a majority investment in the New York-based technology firm.
Vitech is a global firm of over 1,200 professionals that serves many of the world's leading pension, insurance and investment organizations. Vitech's software, V3®, is available as a cloud-based solution via Vitech's AWS-based V3locity™ platform.
Frank Vitiello, Vitech's CEO, said, "This exciting partnership with CVC brings us the capital, market access, international reach and institutional expertise we need in order to maintain our current growth trajectory while we even more aggressively expand and advance our industry-leading offerings. CVC is a premier organization and the investment in Vitech is a great validation of our success to date and of our future plans and prospects. I am excited by what this means for our software, our services, our clients and our employees."
Chris Colpitts, Senior Managing Director at CVC said, "We have been impressed by Vitech's offerings and success to date, and are excited to partner with Frank and his excellent management team in the next phase of growth." Aaron Dupuis, Senior Managing Director at CVC Growth added, "Vitech's strong growth and differentiated value proposition are an excellent fit with the CVC Growth Partners mandate. We are excited to partner with CVC Fund VII and management to capitalize on the significant market opportunity for Vitech."
CVC Fund VII and CVC Growth Partners will jointly invest in Vitech. The existing management team will remain in place and will continue to run the firm with CVC's backing and support.
Vitech was advised by RBC Capital Markets and Orrick, Herrington & Sutcliffe LLP, and assisted by Clearsight Advisors. CVC was advised by Citi, Goldman Sachs & Co. LLC and White & Case LLP. The investment is expected to close later this summer.
Vitech Systems Group, Inc. is a leading provider of cloud-based administration solutions to pension, insurance and investment organizations. The privately held firm is headquartered in New York City with offices in New Jersey, Oklahoma City and Hyderabad. For more information, please visit www.vitechinc.com.
About CVC Capital Partners
CVC is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and over 500 employees throughout Europe, Asia and the US. To date, CVC has secured commitments of over US$123 billion from some of the world's leading institutional investors across its private equity and credit strategies.
In total, CVC currently manages approximately US$76 billion of assets. Today, funds managed or advised by CVC are invested in 75 companies worldwide, employing approximately 300,000 people in numerous countries. Together, these companies have combined annual sales of over approximately US$100 billion. For further information about CVC please visit: www.cvc.com.
About CVC Growth Partners
In 2014, CVC formed a new team to target smaller growth-oriented companies through its dedicated CVC Growth Partners fund. The fund focuses on middle-market high-growth companies in the software and technology-enabled business services sectors. The fund primarily targets equity investments between $50 million and $200 million in North America and Europe.
SOURCE Vitech Systems Group