TA Associates Announces Minority Recapitalization of Prometheus Group
BOSTON - TA Associates today announced it has completed a minority recapitalization of Prometheus Group, a leading provider of enterprise application software. Terms of the investment were not disclosed.
Prometheus specializes in improving the usability and adoption of Enterprise Asset Management (“EAM”) software solutions, in particular, Plant Maintenance, SAP’s EAM suite. Prometheus offers complete SAP-certified solutions for plant maintenance, capital projects, shutdowns and turnarounds that help companies execute their asset strategy. Prometheus solutions improve the efficiency and effectiveness of the maintenance planning and scheduling process, which is fundamental to a successful maintenance strategy, through improved resource availability, reduced maintenance cost and mitigated operational risk. The company’s solutions are available for all web-enabled devices, including laptop and desktop computers, tablets and smartphones. Prometheus serves multiple industries, including oil and gas, chemical, utilities, mining and asset-intensive manufacturing, with solutions deployed in the world’s largest companies. The company has more than 1,000 installations globally, spanning six continents. Prometheus is headquartered in Raleigh, North Carolina, with sales offices in Australia, Brazil, the Netherlands, South Africa and the United Kingdom.
“Prometheus serves a true marketplace need, helping companies more efficiently and effectively utilize EAM software solutions,” said Ashutosh Agrawal, a Principal at TA Associates who will join the company’s Board of Directors. “The Prometheus solutions address the entire plant maintenance lifecycle and its customers cite noticeable improvements in productivity and meaningful cost savings. We are pleased to complete this investment and to partner with Prometheus’ management team on the next phase of the company’s growth.”
“We welcome TA as an investor in Prometheus,” said Eric Huang, Founder and CEO, Prometheus Group. “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.”
Prometheus serves the global EAM market, which research and advisory company Gartner estimates to be a $1.5 billion market opportunity by year-end 2013. Gartner predicts approximately 7 percent long-term annual growth for this market segment.
“Prometheus primarily serves industries where capital asset uptime is of critical importance,” said A. Bruce Johnston, a Managing Director at TA Associates who will also join the Prometheus Group Board of Directors. “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.”
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.
About Prometheus Group
Prometheus Group is an enterprise application software company dedicated to improving the usability of SAP Plant Maintenance. Developed jointly with end users, Prometheus Group’s solutions simplify SAP while keeping data inside the SAP module, enabling companies to increase productivity, reduce costs and improve reporting. Prometheus Group solutions are SAP-certified. Headquartered in Raleigh, North Carolina, Prometheus Group also has offices in Australia, Brazil, the Netherlands, South Africa and the United Kingdom. For more information, please visit www.prometheusgroup.com.
About TA Associates
Founded in 1968, TA Associates is one of the largest and most experienced global middle-market growth private equity firms. The firm has invested in more than 425 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.