(Bloomberg) -- Private equity firm Bain Capital agreed to buy a majority stake in closely held Rocket Software in a deal d at about $2 billion, including debt.
Rocket Software, which offers technology services to companies using International Business Machines Corp.’s products, will continue to be led by Chief Executive Officer Andy Youniss, according to a statement on Monday. The transaction is scheduled to be completed by year end.
The backing from Bain will allow Waltham, Massachusetts-based Rocket Software to bolster spending on research and development, Youniss said. The 28-year-old company, owned by Court Square Capital Partners, was advised by Morgan Stanley and Credit Suisse Group AG, with legal counsel from Dechert LLP.
The investment would add to Bain Capital’s portfolio of stakes in software companies such as Applied Systems, BMC Software, Skillsoft and Symantec Corp. The buyout firm’s legal adviser was Kirkland & Ellis, while PwC acted as its accounting adviser.
©2018 Bloomberg L.P.
RECOMMENDED FOR YOU
POPULAR