Perry Turbes, CEO of Quorum Software, said: “I would like to thank Silver Lake for their support, which has allowed us to accelerate the delivery of the modern energy workplace.
“We are eager to build on this momentum with Thoma Bravo as we continue to make significant advancements in software that will modernise the industry.”
Mark Gillett, Managing Director and Head of Value Creation at Silver Lake, added: “Our investment in Quorum is illustrative of our partnerships with a dynamic industry leader and exceptional executive team.
“The Quorum management team has navigated industry disruption to deliver compelling performance in driving product development, technology innovation and expanding its customer base. The company is strategically positioned for continued success with a new partner.”
During Quorum's four-year partnership with Silver Lake, the company transitioned to a software-dominant business model with a higher recurring revenue mix and margin profile. Software subscription revenues grew at more than a 25% CAGR through 2017. During its collaboration with Silver Lake, the company launched its myQuorum platform, debuted the myQuorum 365 services offering, launched new SaaS and cloud products and acquired four businesses. Quorum's management team evolved to include a new Chief Financial Officer and Chief Marketing Officer, and several key internal promotions, including the company's Chief Product & Technology Officer.
Martin Fichtner, Managing Director at Silver Lake Kraftwerk, said: “Silver Lake has been proud to partner with Perry and Quorum's senior leadership as they have transformed their company into a world-class technology leader.
“The impressive work of the team to bring market-leading SaaS and cloud-based digital innovation and operational efficiencies across the energy value chain effectively positions the company for its next phase of growth.”
Jonathan Durham, Director at Silver Lake Partners, added: “We wish the company, management team and new owners Thoma Bravo continued success.”
The transaction marks a joint exit between Silver Lake Partners and Silver Lake Kraftwerk, as well as Silver Lake's first exit in the technology-enabled sector of the energy industry.
Read the article online at: https://www.lngindustry.com/product-news/14082018/silver-lake-announces-sale-of-quorum-software/