FrontRange Solutions Inc., a global leader in service management, CRM and voice application solutions for the small-to-medium-enterprise (SME) and distributed enterprise markets, announced today that Francisco Partners, one of the world's largest technology-focused private equity funds, has agreed to acquire all of its outstanding shares in a transaction valued at approximately $200 million.According to FrontRange CEO Michael McCloskey: "FrontRange Solutions has out-performed the industry for the last two years, growing at a rate that far exceeds our competition. During this period, we have invested heavily in both R&D and sales expansion, while continuing to increase our profitability. With several new products coming to market, we are well-positioned for continued growth and plan to increase our market share."
McCloskey continued, "The acquisition by Francisco Partners reflects the tremendous progress we have made during the past 24 months in reshaping FrontRange into a leading provider of service management, CRM and voice applications. This further ratifies our strategy of providing valued solutions to our customers, and is the next step in building a global market leader."
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