SAN FRANCISCO, CA and TAMPA, FL – November 5, 2018 – Golden Gate Capital, a leading private equity investment firm, today announced that it has signed a definitive agreement to acquire Vector Solutions (“Vector”) from Providence Equity Partners (“Providence”), a premier global private equity firm. CEO Jeff Gordon and the current management team will continue to lead Vector, which will remain headquartered in Tampa, FL. Financial terms of the transaction were not disclosed.
Founded in 1999, Vector is the leader in industry-focused eLearning and SaaS performance support solutions. The Company serves a broad range of industries with award-winning online education, safety, compliance and performance-optimization solutions. With an extensive and growing library of more than 8,000 courses written by over 250 subject matter experts, Vector uses the latest innovations in learning and technology to create safer, more capable and compliant organizations across the commercial, education and public sectors.
“Vector Solutions has built a strong portfolio of industry-leading training technology and SaaS solutions that provide its customers with mission-critical tools,” said Rishi Chandna, a Managing Director at Golden Gate Capital. “Vector Solutions is successfully executing against its strategy – including expanding from eLearning solutions into a performance optimization company – and driving impressive growth. We look forward to partnering with Jeff and the terrific team to support the Company’s continued growth, both organically and through targeted acquisitions.”
“We are pleased to work with Golden Gate Capital, which has a demonstrated track record of building long-term value for its portfolio companies,” said Mr. Gordon. “Given Golden Gate Capital’s significant software industry expertise and operational experience, as well as the financial resources to accelerate our growth strategy, we are confident that this partnership will support our next phase of growth. We thank Providence for their partnership over the past four years and are excited to build on our momentum as we embark on the next chapter of our success.”
“We have enjoyed a successful partnership with Vector over the last several years,” said Peter Wilde, a Managing Director at Providence. “Under Jeff’s leadership, the Company has experienced tremendous organic and inorganic growth, significantly expanded its geographic footprint, course library and customer base, and more than doubled its size. We are proud to have helped add lasting value at Vector and advance the Company’s mission, and we are confident Vector has a bright future.”
Kirkland & Ellis LLP served as legal advisor to Golden Gate Capital. Robert W. Baird & Co. served as financial advisor to Providence and Weil, Gotshal & Manges LLP served as legal advisor.
About Vector Solutions
Vector Solutions, a leader in eLearning and performance support, provides award-winning SaaS solutions for the architecture, engineering, construction, industrial, facilities management, public safety, IT and education industries. Its brands, RedVector, TargetSolutions, and SafeSchools, deliver continuing education, training, technology and performance management solutions using the latest innovations in learning and technology to create safer, more capable, more compliant organizations. Its extensive online and mobile learning library exceeds more than 8,000 courses written by over 250 subject matter experts and reaches almost 6 million professionals worldwide. The company was founded in 1999 and is headquartered in Tampa, Florida. For more information, visit www.vectorsolutions.com. Follow us on twitter @VectorPerform and on Facebook at www.facebook.com/VectorPerformance.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Other notable software investments sponsored by Golden Gate Capital include Infor, BMC Software, LiveVox, and 2020 Technologies. For more information, visit www.goldengatecap.com.
About Providence Equity Partners (“Providence”)
Providence is a premier global asset management firm with approximately $60 billion in assets under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.