TA Associates-backed ITRS acquires OP5

Nicole Tovstiga
21 August 2018

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UK-based ITRS Group, a provider of real-time monitoring and analytics for financial services backed by TA Associates, has acquired Swedish provider of IT monitoring and log analysis technology OP5.

ITRS acquired OP5 from previous investors Pod Investment, Industrifonden and SEB Venture Capital, which invested in early-stage funding for the firm in 2006.

The purchase of OP5 follows a build, buy and partner strategy by ITRS, in order to deliver automated and predictive end-to-end monitoring services for increasingly complex IT estates across industries.

OP5 will remain and operate as a separate brand and entity, wholly owned by ITRS Group, with Jonas Vestin remaining as CEO of OP5 and joining the senior leadership team of ITRS Group.

TA Associates acquired ITRS from The Carlyle Group in March 2017. Carlyle had acquired ITRS in September 2011.

Previous funding
KTH Seed Capital first invested in OP5 in 2004. This was followed by another investment along with Pod Investment of SEK 21m in October 2006.

Company
Founded in 2003 and headquartered in Stockholm, OP5 is an open source-based product and service development company. It has developed a set of products and services that controls the up-time and quality of a complete IT system.

OP5 has offices in Stockholm and Gothenburg and aims to offer IT support organisations a cost-effective system. The company has around 600 clients including data centre providers, telecommunications, automotive and financial services providers.

People
TA Associates – J Morgan Seigler (managing director).
ITRS – Guy Warren (CEO).
OP5 – Jonas Vestin (CEO).

Advisers
Vendor – EY (corporate finance).