CVC Capital Partners is tapping its flagship and growth funds to make a majority investment in cloud-based financial administration provider Vitech Systems.
New York-headquartered Vitech provides software for pension, insurance and investment organisations.
Vitech CEO Frank Vitiello said, “This exciting partnership with CVC brings us the capital, market access, international reach and institutional expertise we need in order to maintain our current growth trajectory while we even more aggressively expand and advance our industry-leading offerings.
“CVC is a premier organization and the investment in Vitech is a great validation of our success to date and of our future plans and prospects.”
Chris Colpitts, senior managing director at CVC said, “We have been impressed by Vitech’s offerings and success to date, and are excited to partner with Frank and his excellent management team in the next phase of growth.”
Vitech was advised by RBC Capital Markets and Orrick, Herrington & Sutcliffe, and assisted by Clearsight Advisors.
CVC was advised by Citi, Goldman Sachs & Co and White & Case. The investment is expected to close later this summer.
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