London-based equity firm Advent International announced that it has entered into a definitive agreement to acquire a majority ownership stake in global ERP software provider Syspro.
Following the transaction, Phil Duff, co-founder of Tustin, Calif.-based Syspro, will retire at the end of September.
“I have been at the helm of Syspro for 46 years and have worked with incredible teams of people, customers and partners across the globe,” Duff said. “As the company enters a new era, I’m confident Advent can foster continued growth and innovation.”
Jaco Maritz, who was appointed CEO of Syspro in 2022 and will continue to lead the company, said, “This partnership not only validates our strategic realignment but also provides us with the resources and expertise to further strengthen our position in the global market.”
The transaction is expected to close toward the end of the third quarter, pending customary regulatory approvals and closing conditions.
