Candescent Partners, the Boston-based private equity firm, is merging Quadrant Software and SoftBase Systems. SoftBase will operate as a division of Quadrant and Silicon Valley Bank provided a term loan for the recapitalization.
PRESS RELEASE:
Candescent Partners Announces Merger of Quadrant Software and SoftBase Systems
Boston, MA – (August 8, 2012) – Candescent Partners, a Boston-based private equity firm, today announced the completed merger of SoftBase Systems Inc., a leading provider of DB2 z/OS coding, testing and deployment tools, with Quadrant Software, LLC the leader in Document Output Management (DOM). Quadrant Software Inc., (QSI) becomes the parent company, and SoftBase will operate as a division of Quadrant.
“The merger of Quadrant and SoftBase provides a greater breadth of resources, market reach, channel options and, in particular, it expands the opportunity for the company to make further acquisitions in the IBM iSeries and DB2 markets and add additional offerings for customers who rely on these platforms,” said Stephen Jenks, Managing Partner of Candescent Partners. “Under CEO Stephen Woodard’s leadership, the company has become even more customer-centric by strengthening and advancing these key relationships and it is better positioned to grow through organic development and future acquisitions serving customers within the IBM ecosystem.”
“Over the past year, we have invested in further strengthening the management team in the areas of finance and customer service. We’ve completely revamped the sales and indirect channel team, and devoted much resource to upgrading product functionality,” said Stephen Woodard, CEO of QSI. “We’ve invested in these areas to build on our tradition of stellar customer service and product development.”
As part of the merger, Silicon Valley Bank provided a term loan to recapitalize the combined companies.
About Candescent Partners, LLC
Candescent Partners is a Boston-based private equity firm that invests in the acquisition, growth and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services. Steve Jenks and Sandy McGrath founded Candescent in 2009 and Steve Sahlman later joined as a Principal. Candescent invests in businesses with annual EBITDA between $2 and $8 million and enterprise values between $10 and $75 million
www.candescentpartners.com
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