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Vista Equity Partners Announces Acquisition of Mitratech(October 31, 2011)
LOS ANGELES, CA -- (Marketwire) -- 10/31/11 -- Mitratech, the leader in Corporate Legal Automation solutions including Matter Management, e-Billing, and Governance Risk and Compliance automation, today announced that it has been acquired by Vista Equity Partners (Vista), a private equity firm with $6 billion in committed capital.
"We are thrilled to be partnering with Mitratech," said Robert F. Smith, Vista's founder and CEO. "Mitratech's customers derive significant value by investing in Corporate Legal Automation applications and will now benefit from the added stability and operational expertise of our firm. Mitratech holds a commanding position in the industry and we look forward to continuing and evolving the Company's partnership with its customers."
Mitratech provides market-leading Corporate Legal Automation (CLA) for corporations and their trusted partners. Customers benefit from Mitratech's TeamConnect CLA solution by improving transparency of corporate reporting, reducing exposure to risk, and sharpening operating discipline, information security, and efficiency of corporate legal processes through the deployment of specialized corporate legal automation and governance, risk, and compliance applications.
As part of the acquisition, Mitratech announces the appointment of Eric Thurston to the role of President of the Company. Thurston will replace Behnia, who has served as President and CEO since 2004.
"I am excited to be taking on this important leadership role at a time when corporate legal automation is more important than ever and Mitratech is a very strong company with the most robust and comprehensive CLA solutions available," said Thurston. "I am looking forward to working with Mitratech employees and partners to deliver maximum value to our customers, while ensuring growth and stability for the Company long-term."
Thurston has more than twenty years of technology experience leading business development, operations, and sales and marketing organizations. Most recently, he was Senior Vice President of Operations at P2 Energy Solutions, a Vista Equity Partners company that provides a comprehensive range of software, data and services to oil and gas industries. While at P2, Thurston architected a market-centric transformation focused on delivering maximum value to customers.
"This transaction is the best possible outcome for Mitratech's customers, products and people. Vista's experience in growing successful software companies comes at a key time in the growth cycle of Mitratech," said Afshin Behnia, former President and CEO of Mitratech. "I am proud of what we were able to accomplish over the past 24 years and look forward to seeing Vista take the Company to new heights."
Mitratech provides market-leading Collaborative Accountability Applications for businesses and their trusted partners. With team-oriented domain applications in legal process automation, governance, risk, compliance and security, Mitratech's TeamConnect Collaborative Accountability Suite improves transparency of financial reporting, reduces exposure to risk, sharpens operating discipline, and improves information security and the efficiency of enterprise processes. Our Collaborati browser application also meets the accountability and collaboration needs of proliferating extraprise teams, wherein vendors, partners and service providers often have to be included in sensitive teamwork projects such as electronic billing, legal hold and collaborative budgeting, or those which expose your business to liability. To learn more, visit http://www.mitratech.com.
About Vista Equity Partners
Vista Equity Partners, a U.S. based private equity firm with offices in San Francisco, Chicago and Austin, currently invests nearly $5 billion in capital committed to dynamic, successful technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For further information please visit http://www.vistaequitypartners.com.
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