Sirius Computer Solutions has changed ownership again.
The San Antonio-based company reached an agreement with Kelso & Company, a private equity firm based in New York, to buy an equity interest in the company from Thoma Bravo, a private equity firm and Harvey Najim, the company’s founder.
Financial terms of the deal were not disclosed. The transaction is expected to close in the fourth quarter of 2015 pending regulatory approvals and other closing terms.
Thoma Bravo bought a stake in Sirius in 2006. Those funds allowed the company to expand from $600 million in revenue to an expected $1.6 billion this year. With Kelso & Company’s investment, Thoma Bravo will no longer have an ownership stake in Sirius.
“Business technology is changing at an increasingly rapid pace, and in order to continue providing the solutions which our clients need to be successful, we must continue to invest in the best technical skills, sales expertise, processes and tools,” Joe Mertens, President and CEO of Sirius, said in a news release. “This new equity partnership with Kelso will help Sirius bolster its strategic growth plans and allow us to continue serving our clients’ business needs at the high level they have grown to expect from Sirius.”
As part of this change in ownership, Najim, founder of Sirius, will be retiring as chairman. Mertens will continue as the company’s president and CEO.