Blackstone to acquire public sector software leader Civica in strategic move
Blackstone (NYSE: BX), the world’s largest alternative asset manager, announced its definitive agreement to acquire Civica, a prominent figure in public sector software solutions. This acquisition, undertaken by private equity funds managed by Blackstone affiliates, involves the purchase from Partners Group, a global private markets firm. Financial details of the transaction were not disclosed.
Civica: A Trailblazer in Public Sector Software
Founded in 2001, Civica has evolved into one of the UK’s leading software companies, with a strong global presence in the public sector. The company is renowned for its comprehensive product range, including workflow automation, risk compliance, workforce management, financial management, and data analytics. Civica boasts an impressive customer base of over 6,000, serving more than 100 million citizens across various continents.
The company’s growth trajectory mirrors the expanding Government Technology (GovTech) sector, driven by the digital transformation of public services and government investments in technology enhancements.
Blackstone to acquire global leader in public sector software Civica
Blackstone’s Strategic Investment in GovTech
Blackstone’s acquisition of Civica underlines its commitment to software as a significant focus globally. “Civica is a leader in the ‘GovTech’ space, with an excellent brand and an enviable market position,” commented Jonathan Murphy, Managing Director at Blackstone, and Miguel García Gómez, Principal at Blackstone. This move builds on Blackstone’s impressive track record in the UK software industry.
Lee Perkins, CEO of Civica, expressed enthusiasm for this new chapter, highlighting Civica’s transformation under Partners Group. The company has enhanced its offerings in cloud services, digital enablement, software innovation, and data analytics, positioning itself as an innovation leader in GovTech.
Transaction Details and Advisor Roles
The transaction is slated for completion in Q2 2024, pending regulatory approvals. Blackstone received advisory support from Barclays and DC Advisory, while Partners Group was advised by Clifford Chance and Arma Partners. Civica and its management team sought counsel from Travers Smith and Wyvern Partners.
With this acquisition, Blackstone reinforces its position in the technology sector, particularly in GovTech, signaling a promising future for Civica under its new ownership.