The deal will be funded by Haveli Investments through its Haveli Investments Software Fund I along with the participation from partners including growth equity firm General Atlantic and upon the completion of the transaction, Salesforce will continue as a shareholder in Certinia
Private equity firm Haveli Investments has signed a definitive agreement to acquire services-as-a-business platform provider Certinia (formerly FinancialForce), from Advent International and Technology Crossover Ventures.
The financial terms of the deal were not disclosed. However, it has been reported by Reuters to be around $1bn, including debt, based on information from undisclosed sources.
Based in San Jose, California, Certinia has built a services-as-a-business platform which includes professional services automation (PSA), customer success, enterprise resource planning (ERP), Services CPQ, and FP&A solutions.
The firm’s PSA software facilitates and connects all facets of professional services operations, including estimation of services and delivery to customer success management, as well as financial planning and accounting.
Besides, Certinia is said to have transformed services delivery for 1,400 customers in over 30 countries.
Certinia president and CEO Scott Brown said: “Haveli has assembled a world-class team of investment professionals, and we are thrilled to partner with them as we enter this exciting next chapter for Certinia.
“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.”
The deal will be funded by Haveli Investments through its Haveli Investments Software Fund I along with the participation from partners such as growth equity firm General Atlantic.
Upon the completion of the transaction, Salesforce will continue as a shareholder in Certinia.
Haveli Investments principal Mike Stewart said: “Certinia has an incredibly strong offering with a loyal and growing customer base.
”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.”
Subject to customary conditions, the transaction is anticipated to be complete in August 2023.