Candescent Partners Acquires Softbase Systems
Boston, Mass./Asheville, N.C. — October 12, 2011 — Candescent Partners, a Boston-based private equity firm, today announced it has acquired SoftBase Systems Inc., a leading provider of DB2 z/OS coding, testing and deployment tools that accelerate application development. Candescent led the transaction with co-investors Harbert Mezzanine Capital, Bush O'Donnell Capital Partners, and Brooke Private Equity Associates. SoftBase is Candescent's fourth platform acquisition and second in the software sector.
"This transaction represents a significant opportunity for both Candescent and Softbase," said Stephen Jenks, Managing Partner of Candescent Partners. "We have the opportunity to provide the resources needed to offer a broader range of products and services resources to further propel market growth for Softbase. We look forward to supporting its continued product innovation and customer-centric vision as it moves to the next stage of growth."
"For the past 25 years, SoftBase has built a solid foundation for its products and services and is now recognized globally for its long term service and commitment to its DB2 customers," said Stephen Woodard, a software industry veteran who becomes CEO of Candescent Softbase LLC. "That tradition will continue as we look to expand new opportunities, products and resources to serve the growing customer base and expand our market share. This acquisition by Candescent opens up significant new benefits for Softbase customers, partners and employees."
"We've built Softbase into a leading player in the DB2 market through the efforts of our dedicated employees who have always strived to put our customers first," said Gary Blair, former CEO and co-founder of SoftBase Systems. "Together with Candescent, we now have an opportunity to further strengthen our leadership position in the DB2 market by creating new, innovative solutions and capabilities to solve our customers' most complex challenges." Blair will remain with Candescent Softbase LLC and assume the new role of Chief of Customer Advocacy, reporting directly to Woodard.
About Candescent Partners, LLC
Candescent Partners is a Boston-based private equity firm that invests in the acquisition, growth and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services. Steve Jenks and Sandy McGrath founded Candescent in 2009 and Steve Sahlman later joined as a Principal. Candescent invests in businesses with annual EBITDA between $2 and $8 million and enterprise values between $10 and $75 million. For more information, visit: www.candescentpartners.com
About SoftBase Systems
Headquartered in Asheville, N.C., SoftBase Systems has provided industry-leading DB2 application testing and performance-tuning solutions for more than two decades. With a combination of proven testing and performance-tuning tools and unrivaled customer support, SoftBase creates a better DB2 experience for application developers and DB2 administrators, enabling faster and easier creation of reliable, high quality DB2 applications. For more information, visit: www.softbase.com