ICV Partners Announces Acquisition of SirsiDynix
ICV looks to continue and grow SirsiDynix customer-focused initiatives
LEHI, UT, January 6, 2015 – ICV Partners, a leading investment firm, announced today the acquisition of SirsiDynix, a leading provider of technology solutions to libraries around the world, from Vista Equity Partners.
“We are 110 percentsupportive of the direction the company has charted, and are thrilled that we’re now in a position to provide our full support as SirsiDynix looks to accelerate the delivery of their key initiatives,” said Willie Woods, President of ICV Partners. “We are committed to the SirsiDynix team as they continue to innovate products like BLUEcloud, ensuring their customers have access to the best library automation products in the world.”
“Our focus will remain exactly as we’ve communicated it this past year,” said Bill Davison, CEO of SirsiDynix. “Building and delivering the BLUEcloud Library Services Platform remains our top priority and our fixed commitment to the entire customer base, both Horizon and Symphony. As a management team, we’re very encouraged by the support and guidance we’ve received from ICV Partners during due diligence and as we’ve established the BLUEcloud vision to deploy the necessary resources to make it happen. The value that ICV brings to this process is already apparent to us, and will soon be apparent to our current and future customers.”
Davison said that the SirsiDynix management team will remain intact and that they look forward to working with ICV Partners as they embark on the next phase of company growth. “We have an incredibly experienced team of executives and employees who understand the products that libraries need, and the know how to build, deliver and support them.”
Vista will maintain a minority equity position in the company. “We continue to be extremely excited about the ongoing strength of the SirsiDynix business and believe they are uniquely positioned to provide innovative market-leading library management solutions,” said Robert F. Smith, Chairman and CEO of Vista.
The change in SirsiDynix’s ownership structure brings the opportunity to revise the board of directors and increase employee ownership. “We’ll be looking for industry veterans to join our board and help the company further its mission to create the best user experience for our customers and their communities,” Davison said. “In addition to a new board structure, we’re also implementing broader employee participation in the ownership of the company. We feel confident that these changes will create additional value for customers, opportunity for employees, and reinforce SirsiDynix’s leadership in the industry.”
ICV acquired SirsiDynix from Vista Equity Partners, a private equity firm that focuses on investing in software, data and technology-based organizations.
About ICV Partners
Founded in 1998, ICV Partners is a leading private investment firm that supports management leaders of strong companies at the lower end of the middle market. The principals of ICV have crafted a strong track record of helping companies improve performance over the long term and across a variety of industries. ICV seeks to make control investments in market leading business with $25 million to $250 million in revenue. Additional information is available at www.icvpartners.com
About SirsiDynix
SirsiDynix connects people with knowledge at more than 23,000 libraries around the world. Through library management technology and search and discovery tools, libraries using SirsiDynix technology bring relevant resources and the power of knowledge to their users and communities. SirsiDynix technology is architected to be open, scalable, and robust, offering a complete out-of-the-box solution and unparalleled flexibility through APIs and web services. Complemented by the most experienced training, consulting, and support staff in the industry, SirsiDynix helps libraries create tomorrow’s libraries, today. www.sirsidynix.com.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with more than $14 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.