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PE-backed V5 Systems explores sale, TA, Hg-backed Mitratech reportedly locks down buyer, Vista’s 2022 Frontier Fellows Program

Decathlon Capital Partners-backed V5 Systems goes on the block and Vista Equity Partners unveils its new internship program.

It’s Wednesday, everybody!

Today we’ve got an industrial Internet of Things business to put on your radar, reports of a highly anticipated deal for TA Associates- and Hg-backed Miratech, plus the details of Vista Equity Partners’ internship program targeted at diversifying the funnel.

On the block: Decathlon Capital Partners-backed V5 Systems, a maker of portable ‘OnSound’ gunshot detection devices, is seeking a buyer, sources familiar with the process told PE Hub. Berkery Noyes and a second investment bank have been hired as financial advisors on the sell-side, sources said.

V5 Systems, whose subscriptions are offered through a Security-as-a-Service model, has been looking to execute its sales pipeline and commit to new and existing customers, a key impetus for the sale process. Decathlon announced a seven-figure investment aimed at advancing the AI technology in late 2018, but now the security solution company hopes to “aggressively grow,” a source said.

Read Karishma Vanjani’s full report on PE Hub.

Deal: Bloomberg reported late Tuesday that Ontario Teachers’ Pension Plan has agreed to acquire a majority stake in Mitratech, a provider of legal and governance, risk and compliance (GRC) software.

The deal assigns the company a more than $1.5 billion value, the report said.

The deal would provide an exit for TA and Hg, which have a history of working together as partners on a other software assets include Sovos Compliance and Access.

PE Hub first wrote in December that Mitratech was one of the highly awaited software assets readying to go to market in early 2021, having received interest from strategics like Thomson Reuters and Wolters Kluwer, as well as from the PE community.

The software provider, having grown organically and through multiple acquisitions, generates north of $60 million in EBITDA, sources told PE Hub in December. Read our previous coverage here and write to me with any additional detail on the deal.

Diversifying the funnel: As I’ve written in the past, more firms in their quest to boost diversity are going beyond the typical investment bank- and consultant- driven funnel in which PE firms have historically found their talent – focusing on grooming younger talent.
In line with this trend, Vista Equity Partners this morning unveiled its 2022 Frontier Fellows Program, an initiative of Vista’s to provide underrepresented groups with early access to opportunity in the PE industry while completing their undergraduate studies.

In addition to compensation for the internship, each student receives a $25,000 scholarship towards student loans or expenses at the end of the program, which takes place before their final year of studies. Read more on the program here.

Vista’s firmwide workforce is 44 percent female and 32 percent POC, as of year-end 2020, the firm told PE Hub.

Read more about how firms like TPG and Advent are opening up the hiring funnel in our February coverage on Buyouts.

That’s it for today’s rundown. As always, write to me at springle@buyoutsinsider.com with any deal or PE-related tips, feedback, or just to say hello!