Partners Group joins TA Associates, HGGC on Idera

Partners Group acquired a minority stake in Idera, a business-to-business software company backed by TA Associates, HGGC and the company’s management. The PE firm joins current investors with a 25 percent stake in Idera, which is valued is north of $2 billion, a source said.

  • Partners Group acquired 25 pct stake in Idera
  • HGGC remained a control investor
  • In May 2017, HGGC did $1.1 bln recap of Idera

Partners Group acquired a minority stake in Idera, a business-to-business software company backed by TA Associates, HGGC, and the company’s management.

Jefferies and Credit Suisse advised Idera on the transaction.

The Zug, Switzerland, PE firm will join current investors with a 25 percent stake in Idera, a source familiar with the deal told Buyouts. The company’s current value is north of $2 billion, the person said.

Idera said its revenue has increased 500 percent since 2013.

In May 2017, HGGC completed the $1.13 billion recapitalization of Idera, becoming its control investor. The recap was done in partnership with management and TA, which had owned Idera since 2014.

Following HGGC’s recap, both TA Associates and the management team retained minority ownership stakes in the company.

As part of the deal with the Partners Group, HGGC, TA and management sold portions of their stakes to Partners Group to make room for the new investor, the source said. HGGC will retain its control position in the company.

Idera is the Houston developer of software that enables database professionals to design, monitor and manage data systems and provides application development tools to help software engineers build, test, deploy and manage applications more quickly and efficiently.

Idera has more than 50,000 customers in multiple industries, including education, energy, financial, government, healthcare, manufacturing, media, retail and technology.

Partners Group, with $41 billion in PE assets under management, invests globally across multiple industries such as healthcare, consumer, media and telecom, information technology, industrials, financials services and more.

The firm closed its Partners Group Direct Equity 2016 fund in July 2017 on €6 billion ($6.7 billion). Partners Group is now in the market with its fourth buyout fund, targeting €5 billion ($5.8 billion) in commitments, Bloomberg reported in October 2018.

Partners Group, Idera, TA Associates and HGGC declined to comment on the deal.

Action Item: Click here to see contact info for Idera’s deal lead at TA Associates.