By Eleanor Reader
TA Associates, a global growth private equity firm, had completed a minority recapitalisation of SAP Partner Prometheus Group.
Details of the investment were not disclosed.
Prometheus Group specialises in Enterprise Asset Management (EAM) software solutions, in particular SAP’s EAM suite.
Ashutosh Agrawal, a principal at TA Associates, will join the company’s Board of Directors, along with A. Bruce Johnston, a managing director at the company.
“We are pleased to complete this investment and to partner with Prometheus’ management team on the next phase of the company’s growth,” Agrawal said.
Eric Huang, founder and CEO of Prometheus Group says the company welcomes TA as an investor.
“TA has extensive experience investing in and growing enterprise software companies. Their significant knowledge of the EAM, project management and supply chain software sectors has already begun paying dividends. TA will play a central role in our efforts to broaden adoption of our products among existing clients and expand into new markets,” Huang said.
Prometheus primarily serves industries where capital asset uptime is of critical importance, added Johnston.
“This is a large addressable market, and with the need and criticality of EAM software increasing, there are substantial growth opportunities for Prometheus and its SAP-focused solutions. The company has been profitable since inception and we expect it will continue to enjoy significant financial momentum,” he said.
Goodwin Procter LLP provided legal counsel to TA Associates. Signal Hill served as financial advisor and Holland & Knight LLP served as legal counsel to Prometheus.
