HelpSystems, the fast-growing Eden Prairie-based software and IT services firm, has a new majority owner.
HGGC, a Silicon Valley private equity firm, is leading a recapitalization, less than three years after HelpSystems was acquired by a new majority owner, H.I.G. Capital of San Francisco.
Terms were not disclosed on the latest deal.
H.I.G. Capital, locally based Split Rock Capital and CEO Chris Heim and the management team—all current investors--are participating in the new deal.
“HelpSystems’ success has been fueled by its strong commitment to customers and the products they use every day, and we fully support the senior team led by CEO Chris Heim and CFO Dan Mayleben in continuing to drive this strategy,” said HGGC Principal John Block. “HelpSystems is perfectly positioned to benefit from numerous market trends driving demand for its solutions, including migration to the hybrid cloud, a need to increase IT agility, increasing compliance requirements and unlocking value with analytics, to name just a few.”
A HelpSystems spokesman said the firm had 2017 revenue of $176 million and 600 employees. That’s up from $110 million and 365 workers reported in 2015.
The company said it has 13,500 customers around the world.
“We’re thrilled to partner with HGGC,” Heim said. “We are confident that HGGC shares our vision and will help us take the Company to the next level when it comes to delivering the best solutions for today’s complex, hybrid IT environment.”