Clearlake Capital Group LP of Santa Monica, California, has announced that it will acquire Landesk from owner Thoma Bravo. Financial terms of the transaction were not disclosed. As part of the transaction, Clearlake will merge its portfolio company Heat Software to the new platform investment in Landesk.
Landesk, which was established in 1985 and has 850 employees, develops and markets user-centered IT solutions from its headquarters in South Jordan. When combined with Heat Sofware, the entity will have over 1,600 employess in 23 countries.
The combined company will be led by Landesk CEO Steve Daly and will continue to be headquartered in Utah. John Ferron, a Clearlake operating advisor and the current CEO of Heat, will serve as executive ehairman of the company’s board of directors. The combined company will operate under a new corporate name, which will be announced at a later date.
“This is an exciting day for Landesk,” said Daly. “We are thrilled to work with Clearlake in this next phase of our growth trajectory as they bring significant endpoint security software domain expertise and cloud experience that will be critical to continue to build our platform organically and through acquisition. We are grateful for the partnership with Thoma Bravo over the years and are excited about this new chapter of growth for our business, particularly the addition of Heat to our platform.”
“We are pleased to welcome Landesk to the Clearlake portfolio as a new platform investment,” said Behdad Eghbali, a cofounder and managing partner at Clearlake. “We’ve been impressed with Landesk’s vision and its ability to build shareholder value through consistent organic and inorganic growth initiatives.”
“At Heat, we are dedicated to providing customers with cloud solutions that make their businesses more efficient, compliant and secure,” said Ferron. “This is a marriage of two organizations with a shared vision. Together, we will offer our customers a one-stop shop for IT solutions that solve everyday business challenges.”
The transaction is expected to close this month.
Clearlake Capital Group is a private investment firm founded in 2006 with core target sectors of software and technology-enabled services. Clearlake currently has over $3 billion of assets under management.
