Partners Group, the global private markets investment manager, has agreed to acquire and recapitalize Idera, a global provider of software solutions for IT professionals, on behalf of its clients. This recapitalization represents the fourth equity transaction for Idera since 2014. Since 2014, Idera has grown revenue, bookings, and earnings by more than 10X with organic growth and acquisitions of nearly 20 companies.
Growing from its root in the database tools market, Idera has created a very diverse portfolio of brand in the software development domain. In the DevOps and software testing area, Idera is the owner of the Ranorex, Testrail and Travis CI brands. Companies following this strategy, like Computer Associates did in the past, usually get rewards by cutting most of the new product development costs and getting cash flow from the licenses of captive customers. Apparently, this strategy has not been as successful as it should have been as Idera needed already to be heavily recapitalized in the past. In 2017, HGGC agreed to recapitalize IDERA for $1.125 billion.