Haveli Investments has announced its first major acquisition since its founding in 2021, a deal for software provider Certinia from Advent International and Technology Crossover Ventures for nearly $1 billion. With the investment, Haveli and General Atlantic will gain Certinia’s services-as-a-business platform, which includes Professional Services Automation (PSA), Customer Success, Services CPQ, ERP, and FP&A solutions.
Certinia, headquartered in San Jose, California, provides enterprise resource planning software to some of the world’s biggest corporations such as Siemens, Hewlett Packard Enterprise, Cisco Systems, and Philips. Founded as FinancialForce in 2014, it rebranded to Certinia this year.
Haveli has already made some investments in gaming ventures this past year since its launch by Brian Sheth, the former president of Vista Equity Partners. However, this is their first major venture into enterprise software. To ensure the transaction goes through successfully, Haveli has launched a fund seeking more than $3 billion, with a sizable contribution from Apollo Global Management in the form of a $500 million strategic partnership last year.
“Certinia is the gold standard system of record for end-to-end software for professional services organizations,” said Ian Loring, Senior Managing Director and Executive Chair of Haveli’s Software Fund. “We are thrilled to partner with Certinia for Haveli’s first enterprise software investment, and we look forward to collaborating with the talented team there to continue its strong growth trajectory.”
“Certinia has an incredibly strong offering with a loyal and growing customer base,” said Mike Stewart, Principal at Haveli Investments. “Given our team’s collective experience working with high-potential companies in the enterprise software space, we believe Haveli is very well positioned to support Certinia through its next stage of growth and drive value creation for all of its stakeholders.”
The acquisition also marks the launch of Certinia’s new chapter as they join forces with Haveli. “We are very well positioned in a rapidly expanding market, and with Haveli as our new PE partner, we are confident we can take full advantage of growth opportunities and further enhance our ability to meet our customers’ ever-evolving needs and help them achieve their full potential,” said Scott Brown, President and CEO of Certinia.
Haveli Investments is looking forward to continuing Certinia’s success while helping them grow even more in the enterprise software space. It will be interesting to see how this acquisition affects Haveli’s future investments and Certinia’s position in the industry.
Source: Finance Yahoo