“With continuous growth and as a leader in the enterprise segment of its market, Bomgar is a very attractive investment for TA Associates,” said Ashutosh Agrawal, a Director at TA Associates who will join Bomgar’s Board of Directors. “Bomgar has a reputation for customer-focused development, intuitive product functionality and high-quality service, and is well-regarded among large enterprise clients. We believe that Bomgar uniquely addresses the needs of enterprise technology support organizations based on truly differentiated security, integration, collaboration and management capabilities.”
Bomgar’s software services are used to support a range of devices—from laptops, servers, smartphones and tablets, to point of sale systems, medical devices and kiosks—as well as to conduct remote training and presentations and to manage third-party vendor access. Bomgar serves a large number of Fortune 500 companies and other enterprises in the education, financial services, government, healthcare, insurance, retail and technology sectors. The company has more than 8,000 corporate customers in 65 countries. Bomgar was founded in 2003 and is headquartered in Jackson, MS, with offices in Atlanta, Washington DC, London, Paris and Singapore (www.bomgar.com).
According to International Data Corporation, a provider of market intelligence and advisory services (www.idc.com), the clientless remote support market that Bomgar serves has grown at a compound annual growth rate of 19% since 2012.
“We’re confident that TA’s majority investment will prove a significant milestone in the evolution of our company and take Bomgar to the next level,” said Joel Bomgar, Founder and Chairman of Bomgar. “TA offers valuable investment expertise, particularly in the technology sector, which will help Bomgar to grow, both locally and internationally, and expand into new markets. We welcome TA to our Board and anticipate a close collaboration as we continue to deliver consistently measurable value to our customers and help them to deliver world-class tech support.”
TA Associates makes buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. Since founding in 1968, TA has invested in over 431 companies globally and has raised more than $18 billion in capital. The firm has offices in Boston, Menlo Park, London, Mumbai and Hong Kong (www.ta.com).
“We are very pleased to partner with an experienced investor like TA Associates,” said Matt Dircks, who has been appointed CEO of Bomgar. “We see numerous avenues to build even greater value in Bomgar by not only accelerating the organic growth the company has enjoyed since its founding, but also looking at exciting new market opportunities. The consumerization of IT paired with the influx of devices making up the Internet of Things is creating demand for new ways to access, support and manage remote systems. With TA’s guidance, we will have additional experience and resources to fully leverage these opportunities.”
Kirkland & Ellis provided legal counsel to TA Associates. Goodwin Procter served as legal counsel and Shea & Company served as financial adviser to Bomgar.
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-5-14