Innovative (formerly known as Innovative Interfaces), which is backed by HGGC and JMI Equity, has acquired VTLS as an add-on. No financial terms were disclosed. Headquartered in Blackburg, Virginia, VTLS is a library automation solutions provider.
PALO ALTO, Calif.—June 2, 2014—HGGC, a leading middle market private equity firm, and JMI Equity, a growth equity firm focused on investing in leading software and technology-enabled services companies, today announced that they have completed the acquisition of VTLS, Inc. a library automation solutions provider to customers in 44 countries. VTLS, whose products include Virtua, VITAL, Chamo, MozGo and FasTrac, will be integrated with Innovative (formerly Innovative Interfaces), a global provider of library technology. Terms of the private transaction were not disclosed.
“Our continued investment in growing Innovative through strategic acquisitions demonstrates our commitment to the business and brings new, powerful resources to library customers worldwide in solving the challenges of a rapidly changing marketplace,” said Jake Hodgman, Principal at HGGC.
The company’s headquarters in Blacksburg, Virginia, and offices in Barcelona, Spain, and Selangor, Malaysia will be retained and become Innovative centers for operations. Dr. Vinod Chachra, Founder and former VTLS President and CEO, will take the role of Vice President of Global Expansion at Innovative, reporting to CEO Kim Massana, and will play a key role in ensuring a smooth transition of customers, technology and products globally. Other members of the VTLS development, support and sales teams will join the Innovative management group.
“We continue to be supportive of the Innovative team and the strategic direction for the company,” said Brian Hersman, General Partner of JMI Equity. “We believe the business has a promising future as it integrates new customer solutions into a comprehensive offering.”
VTLS is the second acquisition to be integrated with Innovative this year, following Polaris Library Systems in April. It also marks HGGC’s sixth deal to close in 2014, including the aforementioned Polaris and technology services businesses Serena Software, AutoAlert, Buy4Now Technology Group, and the addition of Jabil Aftermarket Services to iQor.
Based in Palo Alto, California, HGGC is a leading private equity firm focusing on leveraged buyout, recapitalizations and growth equity transactions in the middle market. The firm seeks to partner with strong management teams and founders to build companies capable of generating sustainable growth. With years of collective deal and operational experience, HGGC brings best practices from private equity and global corporations to help middle market businesses in a wide range of industries outperform the market. For more information, please visit www.hggc.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software and technology-enabled services companies. Founded in 1992, JMI has invested in 115 businesses in its target markets and has over $2.1 billion of committed capital under management. JMI provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include DoubleClick, Eloqua, Halogen (TSX: HGN), PointClickCare, PowerPlan and ServiceNow (NYSE: NOW). For more information on JMI Equity, visit www.jmi.com.
Innovative (www.iii.com) is dedicated to providing leading technology solutions and services that empower libraries and enrich their users worldwide. Innovative offers the broadest and most complete portfolio of library automation products on the market today. Innovative’s flagship library services platform, Sierra, is the most rapidly adopted product in library automation history. The company’s versatile and market-leading solutions also include the Polaris and Millennium Integrated Library Systems, the Encore discovery solution, Decision Center collection management tool, the SkyRiver cataloging service, and INN-Reach resource sharing. Headquartered in Emeryville, California, Innovative serves thousands of libraries in over 50 countries and has offices around the world.