TA sells ITRS to Montagu

The vendor will remain a minority shareholder alongside Montagu – the new majority shareholder – and the company's management team.

Montagu acquires companies with enterprise values of €200m-1bn. The firm is currently investing from its sixth-generation fund, which closed on €3.5bn in June 2020, according to Unquote Data.

Previous funding
Carlyle invested in the business in September 2011 for a valuation of around £50m. An undisclosed amount of equity was invested from the €530m Carlyle Europe Technology Partners II fund, which closed in November 2008.

In March 2017, TA acquired the business from Carlyle. At the time, the firm was investing from its eighth fund, which closed on $5.3bn in June 2015. During the holding period, the firm made a number of acquisitions, including Uptrends, a Netherlands-based website and web performance monitoring software company.

Company
ITRS is a real-time monitoring and analytics software company. Founded in 1997 and headquartered in London, the company generated revenues of £24.5m in the year ending on 31 March 2020. It employed 67 people as of March 2020.

People
Montagu Private Equity – Christoph Leitner-Dietmaier (director).
TA Associates – Morgan Seigler (managing director).

Advisers
Equity – Arma Partners (corporate finance); Freshfields Bruckhaus Deringer (legal).
Vendor – Jefferies International (corporate finance); Travers Smith (legal).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Technology
• United Kingdom
• TA Associates
• Montagu Private Equity
• Travers Smith
• Arma Partners
• Freshfields Bruckhaus Deringer
• Secondary buyout