Iris Dorbian
Silver Oak Services Partners has sold iSystems Intermediate HoldCo LLC to Asure Software for a consideration of $55 million. In addition to the transaction, Asure has agreed to appoint Dan Gill, founder and co-managing director of Silver Oak Services Partners and the majority owner of iSystems, to Asure's board of directors, effective June 6, 2017. Kirkland & Ellis LLP provided legal counsel to the sellers. iSystems is a provider of HCM software.
Placement agent FIRSTavenue has appointed Richard Kim as a principal to lead the firm's new office in Seoul. Previously, Kim led the alternatives placement business of Heungkuk Securities.
First Read kicks off the day with news that Venezuealans are miffed at Goldman Sachs, Steve Cohen is planning a hedge comeback with a $20 billion target, and everyone's gone "covfefe" over Trump's tweet.
TPG Capital-backed Mediware Information Systems has acquired Austin, Texas-based Kinnser Software, a provider of software solutions for home health and hospice providers. The seller was Insight Venture Partners. Ropes & Gray represented Mediware on the transaction.
Optimal Blue, which is backed by GTCR, has acquired Comergence Compliance Monitoring, a SaaS mortgage technology business. No financial terms were disclosed.
General Atlantic has agreed to invest in Mexico-based retailer Grupo Axo. No financial terms were disclosed. Casa de Bolsa Credit Suisse (México), S.A. de C.V., Grupo Financiero Credit Suisse (México) provided financial advice to Grupo Axo on the transaction.
Berlin and Chicago-based Market Logic, a provider of enterprise SaaS marketing information systems, has secured 45 million pounds in funding. The investors were Sycamore, Summit Partners and GENUI.
In Second Opinion, White House communications chief Dubke quits, Amazon stock hits $1,000 per share and Netflix is now worth $70 billion.
Chicago-based New Harbor Capital has closed its oversubscribed sophomore private equity fund at a hard cap of $250 million, beating its original $200 million target. The limited partners of New Harbor Capital Fund II LP's include domestic and international pension funds, endowments, funds of funds, asset managers, family offices and high-net worth individuals. The fund will make individual investments between $10 million and $40 million in rapidly growing healthcare, education and business services companies. Kirkland & Ellis provided legal advice to New Harbor Capital on the fundraising.
Gridiron Capital LLC has acquired a controlling stake in Dybersburg, Tennessee-based Rough Country, a provider of branded off-road suspension products and accessories. Audax Private Equity, the current majority shareholder in Rough Country, will retain a minority stake in the company as a result of the transaction. No financial terms were disclosed. Benesch, Friedlander, Coplan & Aronoff LLP advised Gridiron Capital on the deal while Robert W. Baird & Co advised Rough Country.