Silver Lake Announces Sale of Quorum Software
Leading Energy Software Provider Positioned for Continued Growth and Industry Leadership
Silver Lake, the global leader in technology investing, today announced the sale of Quorum Software, the leader in digital transformation for the oil and gas industry, to Thoma Bravo, LLC. Terms of the transaction were not disclosed.
“I would like to thank Silver Lake for their support, which has allowed us to accelerate the delivery of the modern energy workplace,” said Perry Turbes, Chief Executive Officer, Quorum Software. “We are eager to build on this momentum with Thoma Bravo as we continue to make significant advancements in software that will modernize the industry.”
“Our investment in Quorum is illustrative of our partnerships with a dynamic industry leader and exceptional executive team,” said Mark Gillett, Managing Director and Head of Value Creation at Silver Lake. “The Quorum management team has navigated industry disruption to deliver compelling performance in driving product development, technology innovation and expanding its customer base. The company is strategically positioned for continued success with a new partner.”
During Quorum’s four-year partnership with Silver Lake, the company transitioned to a software-dominant business model with a higher recurring revenue mix and margin profile. Software subscription revenues grew at more than a 25% CAGR through 2017. During its collaboration with Silver Lake the company launched its myQuorum platform, debuted the myQuorum 365 services offering, launched new SaaS and cloud products and acquired four businesses. Quorum’s management team evolved to include a new Chief Financial Officer and Chief Marketing Officer, and several key internal promotions, including the company’s Chief Product & Technology Officer.
“Silver Lake has been proud to partner with Perry and Quorum’s senior leadership as they have transformed their company into a world-class technology leader,” said Martin Fichtner, Managing Director at Silver Lake Kraftwerk. “The impressive work of the team to bring market-leading SaaS and cloud-based digital innovation and operational efficiencies across the energy value chain effectively positions the company for its next phase of growth.”