GW Equity, a Dallas-based advisor to privately held, middle-market clients for mergers, acquisitions, divestitures and strategic growth, announced the sale of its client Synergy Software Technologies, Inc. of Burlington, Vt., to Harmony Information Systems, the industry-leading provider of software solutions for the health and human services (HHS) sector. Synergy Software Technologies offers case management software to federal, state and local governments, allowing them to share and coordinate information with non-profit social service agencies and providers. The acquisition was funded by Harmony’s investors JMI Equity and Updata Partners.
“We were very fortunate to have such accomplished clients,” said Dan Parrett, GW Equity managing director in the transaction. “Our team worked with Synergy throughout the process to match it with another strong company in Harmony. Synergy is now a part of a combined company with a great future of growth and profitability.”
“The natural combination of Harmony and Synergy’s strengths unite an exceptional team of professionals with an expanded portfolio of on-demand software capabilities,” said Tonya Harmon, CEO, Harmony Information Systems. “This acquisition is an important part of Harmony’s overall industry leadership strategy in the growing HHS industry.”
“We’re very lucky to have found a company like Harmony,” said Stan Eames, founder of Synergy Software Technologies. “GW Equity helped us to find the best buyer for our company, while providing us with the best service and care possible.”
Synergy Software retained GW Equity’s services after attending a seminar in June 2006. In March 2007, the company entered the market, after GW Equity completed a full valuation of the company. GW Equity marketed the company to strategic buyers and private equity groups in the U.S., resulting in a number of offers, and negotiated the transaction on behalf of Synergy Software less than one year after completing its initial valuation. The terms of the deal were not disclosed.
About GW Equity
GW Equity, a Generational Wealth & Equity company, assists privately held and family-owned businesses in completing mergers, acquisitions, divestitures and strategic growth initiatives. GW Equity has more than three hundred professional advisors nationwide and is headquartered in Dallas, with affiliate offices in New York, Chicago and Irvine, Calif.
About Harmony Information Systems
Harmony Information Systems, Inc. offers the health and human services professions an integrated suite of software solutions, as well as comprehensive education and consulting services. Harmony’s Web-based information management framework is designed for organizations – public and private – that administer a broad array of programs or services. Harmony’s enterprise approach draws critical data from disparate data sources to create a single, fully integrated, consistent, and comprehensive client view, resulting in overall improvements in operational efficiency and effectiveness. For more information, visit www.harmonyis.com.
About Synergy Software Technologies, Inc.
Synergy Software Technologies, Inc. is a leading provider of Web-based human services software solutions and offers a distinct portfolio of products designed to assist social service professionals and organizations in meeting the needs of clients, while optimizing care efficiency and quality. Synergy's offerings represent the finest technologies available in social service automation. Synergy Software Technologies, Inc. is based in Burlington, Vt.
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on investments in growing software and business services companies at all stages of their lifecycles. Founded in 1992, JMI has invested in more than 85 companies throughout North America and has approximately $1.3 billion of committed capital under management. JMI provides the first institutional capital to self-funded companies, partners with management teams to acquire or recapitalize market leading companies and selectively makes investments in early-stage companies. Representative investments include Blackbaud, DoubleClick, Harmony Information Systems, Kronos and Unica. For more information on JMI, visit www.jmiequity.com.
About Updata Systems
Based in Reston, Va. and Edison, N.J., Updata Partners is a leading venture capital firm that invests in growth stage information technology companies with innovative intellectual property enabling market-leading products and services. Led by an investment team averaging more than 20 years of operational and private equity experience in the technology industry, Updata Partners seek investments where the combination of financial backing and operating expertise will accelerate growth. With over $400 million under management, the firm also selectively provides recapitalization and management buyout financing. For more information, visit www.updatapartners.com.