Goldman Sachs to sell BackOffice Associates to Bridge Growth
(Bloomberg) -- Goldman Sachs Group Inc.’s merchant banking unit has agreed to sell a majority stake in data management services and software provider BackOffice Associates LLC to peer Bridge Growth Partners.
Bridge Growth’s investment will value the company at about $300 million, said two people with knowledge of the matter who asked not to be identified because they weren’t authorized to speak publicly. Goldman Sachs, BackOffice management and German software company SAP SE are retaining minority stakes in the company, Bridge Growth Managing Principal Alok Singh said in a statement.
“The challenges facing enterprises as they move to the cloud, or in mapping and integrating data following a merger or acquisition, are profound and the forces driving them are trending up,” Singh said. “Against that backdrop, BackOffice is extremely well positioned to be an exceptional and ever more valued partner to corporate customers and systems integrators alike.”
Singh declined to comment on the enterprise value of the investment.
BackOffice Associates, based in Hyannis, Massachusetts, provides software and services for tasks including data migration and information governance, according to its website. The company, led by Chairman and Chief Executive Officer David Booth, has clients including pharmaceuticals group Eli Lilly & Co. and food products maker Kraft Heinz Co.
Bridge Growth, based in New York, also owns stakes in technology companies Accedian Networks Inc. and Solace Systems Inc., according to its website.