Sale reflects Procare's industry leading
position in child care management, providing an essential software
service in early childhood education
NEW
YORK, Jan. 25, 2024 /PRNewswire/ -- Warburg
Pincus, a leading global growth investor, today announced the
signing of a definitive agreement to sell Procare Solutions
("Procare"), a leading provider of integrated child care center
management software and payments processing, to Roper Technologies,
Inc. ("Roper") (Nasdaq: ROP), for a total enterprise value of
$1.86 billion. TA Associates ("TA"),
a leading global private equity firm, also sold its minority
interest in Procare as part of the transaction.
Procare is a leading provider of center management software and
integrated payment processing solutions to child care centers in
the US, enabling administrators to maintain a core system of record
and workflow for operational, compliance, staffing, billing, and
accounting functions. Procare provides a broad, high-quality
product suite that serves the unique and complex demands of more
than 37,000 child care centers. Founded in 1992, Procare is a true
end-to-end solution that supports customers of all sizes, from
single-center operations to complex nationwide enterprises.
Warburg Pincus partnered with Procare over five years ago,
working with the company to capitalize on its leading position in
the child care industry through customer expansion, product
innovation and strategic acquisitions. Procare's significant growth
was fueled by the combination of accelerating new center additions
and continued adoption of new product modules such as its payments
processing, family engagement and curriculum offerings.
"Our mission at Procare is to meet the complete management and
family communication needs of all child care organizations, helping
centers improve the education of young learners. I am proud of the
successes and growth of our company and look forward to working
with the Roper team to take us to the next level," said
JoAnn Kintzel, CEO of Procare. "I
would also like to thank Warburg Pincus and TA for their support
and partnership, resulting in this exciting new chapter for our
company. Through our partnership, we have achieved incredible
growth and had substantial impact on the child care industry,
providing essential technology and automation tools for centers and
families to navigate everything from addressing day-to-day needs to
managing child care through a global pandemic."
"It has been a privilege to support Procare through a period of
transformative growth, partnering closely with the management team
to build on its market leading position. We are proud of Procare's
financial success and the key role it plays in supporting the child
care industry," said Ash Somani, Managing Director, Warburg Pincus.
"Over the course of our partnership, Procare focused on enhancing
its suite of next-generation SaaS solutions, becoming an essential
partner for digital adoption in child care centers across the
country," added Michael Ding,
Principal, Warburg Pincus. "Procare is a strong example of our
firm's focus on growth and sector collaboration, combining the
experience of our technology and financial services teams with the
ultimate goal of building an industry leader with sustainable
value. We wish JoAnn and the Procare team the best in their next
chapter," added Chandler Reedy,
Managing Director, Co-Head of Business Services, Head of Strategic
Investments, Warburg Pincus.
"We are thrilled by the growth trajectory Procare exhibited
during our partnership and we look forward to watching Procare
continue to expand and drive further momentum," said Jason Mironov, Managing Director, TA.
The transaction is expected to close in the first quarter of
2024, subject to regulatory approvals and customary closing
conditions.
William Blair & Company, LLC
served as lead financial advisor and Raymond James & Associates, Inc. served as
an advisor to Warburg Pincus. Kirkland & Ellis LLP served as
legal counsel to Warburg Pincus.
ABOUT WARBURG PINCUS
Warburg Pincus LLC is a leading global growth investor. The firm
has more than $83 billion in assets
under management. The firm's active portfolio of more than 260
companies is highly diversified by stage, sector, and geography.
Warburg Pincus is an experienced partner to management teams
seeking to build durable companies with sustainable value. Warburg
Pincus is one of the most active growth investors in enterprise
technology and cloud-based platforms and has invested more than
$32 billion in technology companies
since inception, such as Avalara, Clearwater Analytics,
Crowdstrike, Infoblox, Internet Brands, Modernizing Medicine, Net
Documents, and WebPT. Since its founding in 1966, Warburg Pincus
has invested more than $116 billion
in over 1,000 companies globally across its private equity, real
estate, and capital solutions strategies. The firm is headquartered
in New York with offices in
Amsterdam, Beijing, Berlin, Hong
Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San
Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit
www.warburgpincus.com. Follow us on LinkedIn.
ABOUT PROCARE SOLUTIONS
For more than 30 years, Procare Solutions has been helping early
childhood educators simplify operations and create meaningful
connections with families, so they can focus on what matters most –
the children in their care. From registration, attendance
tracking, staff management and lesson planning to family
engagement, tuition collection and reporting, we help ease the
challenges faced of running a child care business. Our dedicated
team of support professionals also make it easy to get up and
running quickly and answer questions along the way. That's why over
37,000 customers choose Procare. We are proud to be number one in
child care management software. For more information,
visit ProcareSoftware.com.
ABOUT TA ASSOCIATES
TA is a leading global private equity firm focused on scaling
growth in profitable companies. Since 1968, TA has invested in more
than 560 companies across its five target industries—technology,
healthcare, financial services, consumer and business services.
Leveraging its deep industry expertise and strategic resources, TA
collaborates with management teams worldwide to help high-quality
companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150
investment professionals across offices in Boston, Menlo
Park, Austin, London, Mumbai and Hong
Kong. More information about TA can be found
at www.ta.com.
CONTACT
Sarah McGrath
Bloom, Warburg Pincus
Sarah.bloom@warburgpincus.com
Nicole Marino, Procare
Solutions
press@procaresoftware.com
View original
content:https://www.prnewswire.com/news-releases/warburg-pincus-and-ta-associates-enter-into-an-agreement-to-sell-procare-solutions-to-roper-technologies-302043897.html
SOURCE Warburg Pincus LLC