The auction of AltaReturn, the software provider that’s considered a smaller eFront, has hit the second round, a source said.
A mix of strategic and financial sponsors are vying for AltaReturn, the person said. The process has attracted a big name: Vista Equity Partners is interested in the Miami company, two other sources said.
Second round bids for AltaReturn are due in August, the first source said.
AltaReturn is expected to fetch around $500 million or more, Buyouts reported earlier this month. Deutsche Bank is advising on the process, the story said.
Founded in 2008, AltaReturn provides software for the alternative investment industry. Clients include private equity, venture capital, real estate, fund of funds and family offices. The AltaReturn platform offers fund and corporate accounting, portfolio monitoring, investor portals as well as other services. More than $500 billion in assets is managed using the platform.
The sale of AltaReturn comes just four months since eFront clinched a huge price. Like AltaReturn, eFront supplies software to PE firms and limited partners. It sold for $1.5 billion to BlackRock, Buyouts reported.
Vista had bid for eFront but lost out to BlackRock, the story said. Other bidders for eFront included ION, which is backed by Carlyle Group, and IHS Markit.
AltaReturn is like eFront but with “newer tech,” one GP said. Unlike eFront and Investran, which both offer on-premise software, AltaReturn’s technology “is all in in the cloud,” the first source said.
Executives for AltaReturn and Deutsche Bank declined comment. Vista could not be reached for comment.
Action Item: For more information, contact Reinaldo Acosta, an AltaReturn managing partner and co-founder, by calling (305) 925-0500