(Image credit: Ronile.)
Vitech Systems Group, a New York-based provider of cloud-based financial administration solutions, has announced that the firm has signed a definitive agreement with funds advised by CVC Capital Partners (Luxembourg) under which CVC Fund VII and CVC Growth Partners will make a majority investment in the technology firm. The firms did not disclose the amount of investment.
Vitech is a global firm of over 1,200 professionals that serves large pension, insurance and investment organizations, including Prudential Financial (Newark, N.J.) and Manulife (Toronto). Vitech’s software, V3, is available as a cloud-based solution via Vitech’s AWS-based V3locity platform.
“This exciting partnership with CVC brings us the capital, market access, international reach and institutional expertise we need in order to maintain our current growth trajectory while we even more aggressively expand and advance our industry-leading offerings,” comments Frank Vitiello, CEO, Vitech. “CVC is a premier organization and the investment in Vitech is a great validation of our success to date and of our future plans and prospects. I am excited by what this means for our software, our services, our clients and our employees.”
Impressed with Vitech’s Success
“We have been impressed by Vitech’s offerings and success to date, and are excited to partner with Frank and his excellent management team in the next phase of growth,” comments Chris Colpitts, Senior Managing Director, CVC.
Aaron Dupuis, Senior Managing Director at CVC Growth adds, “Vitech’s strong growth and differentiated value proposition are an excellent fit with the CVC Growth Partners mandate. We are excited to partner with CVC Fund VII and management to capitalize on the significant market opportunity for Vitech.”
CVC Fund VII and CVC Growth Partners will jointly invest in Vitech, according to a Vitech statement. The existing management team will remain in place and will continue to run the firm with CVC’s backing and support.
Vitech was advised by RBC Capital Markets and Orrick, Herrington & Sutcliffe LLP, and assisted by Clearsight Advisors. CVC was advised by Citi, Goldman Sachs & Co. LLC and White & Case LLP. The investment is expected to close later this summer.