Francisco Partners has acquired a majority stake in Prometheus Group, a provider of enterprise asset management and plant maintenance software solutions. No financial terms were disclosed. Pacific Crest Securities and Holland & Knight LLP advised Prometheus Group on the transaction while Signal Hill and Paul Hastings LLP advised Francisco Partners. In addition to the funding, Petri Oksanen, a partner at Francisco Partners, has been added to Prometheus’ board of directors.
RALEIGH, N.C.–(BUSINESS WIRE)–Prometheus Group, a provider of enterprise asset management and plant maintenance software solutions, announced today that Francisco Partners, a leading global technology-focused private equity firm, has acquired a majority stake in the company with founder and CEO Eric Huang retaining a substantial ownership position. Financial terms of the transaction were not disclosed.
Prometheus Group is a leading provider of intuitive and highly configurable software that enables unified enterprise asset optimization through an integrated approach to planning, scheduling, work management and business analytics across routine and preventive maintenance, shutdowns/turnarounds, and production scheduling. The company serves hundreds of blue-chip customers, including 70% of the top 10 companies globally in its core verticals.
“Prometheus Group has continually delivered an amazing combination of growth, profitability and customer satisfaction. The company has built a terrific suite of products that solve critical pain points across the plant maintenance lifecycle and deliver substantial hard dollar ROI. Their focus on practical, easy-to-use applications has driven tremendous user adoption, productivity gains and cost savings for their customers,” said Petri Oksanen, Partner at Francisco Partners, who will join Prometheus’ Board of Directors. “We are excited to partner with Eric and the other members of the Prometheus management team and look forward to working closely with them to scale the business both organically and through acquisitions as they continue to build Prometheus into the dominant provider of operationally-focused software in their core verticals.”
“We are ecstatic to have a new partner in Francisco Partners. We share a common vision of integrating all aspects of plant operations to deliver efficiencies for our customers. FP’s deep understanding of the market and its players will help us identify emerging technologies as well as complementary solutions that we can integrate into our market-leading platform to further accelerate our strong growth,” said Eric Huang, founder and CEO of Prometheus Group.
“Prometheus Group’s solutions build on each other and integrate seamlessly, which has allowed the company to cover an increasingly large portion of a plant’s operations,” added Christine Wang, Vice President at Francisco Partners, who will also join Prometheus’ Board of Directors. “Meanwhile, the drive for operational excellence in asset-intensive industries is accelerating. As a result, we expect continually increasing demand for the types of solutions that Prometheus is uniquely positioned to deliver given the company’s deep domain knowledge and expertise.”
Prometheus Group was advised by Pacific Crest Securities, a division of KeyBanc Capital Markets Inc. and Holland & Knight LLP. Francisco Partners was advised by Signal Hill and Paul Hastings LLP.
About Prometheus Group
Prometheus Group is a leading global provider of comprehensive and intuitive enterprise asset management software solutions specializing in improving the efficiency and effectiveness of maintenance planning, scheduling, and execution. Developed jointly with end users, Prometheus software enhances the customer experience with intuitive functionality, graphical visualization, and simple processes, enabling the company’s customers to increase productivity, reduce costs and improve reporting. For more information, please visit, www.prometheusgroup.com.
About Francisco Partners
Francisco Partners is a leading global private equity firm, which specializes in investments in technology businesses. Since its launch over 15 years ago, Francisco Partners has raised over $10 billion in capital and invested in more than 150 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where the firm’s deep sectoral knowledge and operational expertise can help companies realize their full potential. More information about Francisco Partners can be found at www.franciscopartners.com.