TA Associates Announces Investment in Procare Software
BOSTON - TA Associates, a leading global growth private equity firm, today announced it has completed a majority investment in Procare Software, a global leader in child care management solutions. Financial terms of the transaction were not disclosed. Founded in 1992, Procare provides integrated payment processing, software, hardware and data hosting to child care businesses and organizations.
Procare Software helps these businesses and organizations streamline management, administration and recordkeeping. Procare’s payment processing offering, Tuition Express®, allows for automated collection of tuition, fees and other payments, and is directly integrated into the company’s software suite. Tuition Express helps increase the reliability of billing information, simplify reconciliation and reduce duplicate data entry. Procare’s software suite includes modules to track student attendance, immunizations, menus and meals, parent and emergency contact information, and government assistance for families. Modules are also available to manage employee administration and payroll. Procare serves more than 25,000 child care providers worldwide in diverse business settings, including single-location child care centers, established child care chains, preschool and after-school programs, enrichment programs, gymnastics clubs and child activity centers. Procare is headquartered in Medford, Oregon.
“Procare has meaningfully improved how child care organizations process payments, manage enrollment and run centers,” said Jason S. Mironov, a Senior Vice President at TA Associates who will join Procare’s Board of Directors. “With a strong customer referral network and impressive customer satisfaction, Procare continues to convert users from paper-based processes to fully automated management. We are enthusiastic about the company’s growth prospects and look forward to a close collaboration with Procare founder Jeffrey Blum and his management team.”
“We’re very pleased to partner with TA and to welcome the firm as the first institutional investor in Procare,” said Jeffrey Blum, President and Founder, Procare Software. “TA is a great fit culturally and has an impressive record of providing demonstrable value-add to the companies in which it invests. As the largest provider of management software to the child care market, we see a number of avenues to further Procare’s growth and will leverage TA’s strategic guidance and significant network of contacts in this effort.”
“TA has been actively seeking investments in the integrated payments space and Procare is an exciting, high-growth leader in its market,” said Todd R. Crockett, a Managing Director at TA Associates who will also join the Procare Board of Directors. “While many providers still account for students through paper records and invoicing customers for cash or paper checks, there has been increasing adoption of the type of automated services Procare provides. Given these market dynamics and Procare’s leadership position, we expect continued growth opportunities for Procare.”
About Procare Software
Procare Software is the largest provider of integrated payment processing services and child care management software in the United States. Serving more than 25,000 child-centered businesses and organizations worldwide, Procare offers a flexible modular format that simplifies management of child and family information and automates processing of tuition and other child care payments. Procare is headquartered in Medford, Oregon. For more information, please visit www.procaresoftware.com.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 450 companies around the world and has raised $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.