Private equity firm Francisco Partners has bought Avangate, a provider of electronic software distribution and reseller management products for software vendors, for an undisclosed amount.
Francisco Partners are said to have taken a majority interest in the Amsterdam-based company, according to the Dow Jones.
Avangate, founded in 2006, said the deal should help it invest in product development and new commerce solutions.
Carl Theobald, CEO at Avangate, said: "With Francisco Partners we have found an investment partner that shares our customer-centric vision. Their investment and support further accelerates Avangate’s vision to be a high growth public company, as well as opens a variety of additional market options.
"The explosion of customer touch points has shifted buyer behavior at both traditional B2C and B2B companies and is driving the need for organizations to rethink their commerce solutions," he added.
My Le Nguyen, principal at Francisco Partners, added: "Speed is the new competitive differentiation and by giving companies a commerce platform to quickly introduce, test and optimise new business models across customer touch points, Avangate is leading the way in providing solutions for the next generation of commerce."
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