Silver Lake has sold Quorum Software, a finance, operations and accounting software provider, to Thoma Bravo, for an undisclosed amount.
This sale sees the joint exit of Silver Lake Partners and Silver Lake Kraftwerk. It also marks the firm’s first exit of a technology-based company in the energy space.
Quorum offers energy companies a portfolio of finance, operations and accounting software. Its services include lifecycle reporting, accounting, supply and distribution, marketing, land management, budgeting, and storage, among others.
Its accounting services provides a client with tools for revenue and cost accounting and joint interest billing, all contained in a regulatory compliant infrastructure.
During the four-years Silver Lake held Quorum, the company became a ‘software-dominant business model with higher recurring revenue’, according to the firm. Subscription revenues grew by over 25 per cent CAGR through 2017, during the hold period.
The partnership also saw the deployment of new SaaS and cloud products, the launch of its myQuorum platform and the debut of its 365 service. Silver Lake also helped with four acquisitions.
Quorum Software CEO Perry Turbes said, “I would like to thank Silver Lake for their support, which has allowed us to accelerate the delivery of the modern energy workplace. We are eager to build on this momentum with Thoma Bravo as we continue to make significant advancements in software that will modernize the industry.”
Earlier in the month, Thoma Bravo pulled in $499m for its maiden credit fund which is targeting $750m.
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