Travers Smith LLP has advised long-standing client The Carlyle Group (NASDAQ: CG) ("Carlyle") and management on the sale of ITRS to TA Associates, a leading global growth private equity firm.
ITRS is an international software vendor to the financial services sector, offering real-time monitoring and analytics software. The company provides solutions to transform masses of business and machine data into actionable insights, supporting better systems and business performance. ITRS serves more than 170 global clients, including nine out of the top 10 investment banks, as well as exchanges and trading venues, hedge funds, and brokers and vendors. ITRS currently employs 180 people in the United Kingdom, New York, Hong Kong, the Philippines and Spain.
Guy Warren, ITRS CEO, said, “Carlyle has provided strategic guidance and support for the development of our current revenue models, which are now increasingly sustainable and recurring. They also supported our evolution from offering heritage data monitoring products to our new state-of-the-art data analytics tools. Carlyle guided ITRS into new markets across the financial services sector and helped position us for this next exciting phase of growth and expansion with TA Associates. We welcome TA as an investor and look forward to leveraging the firm’s industry knowledge, experience and global resources.”
The Travers Smith team was led by private equity partner Ian Shawyer with support from private equity associates Jeremy Dennison, Tom Hartwright and Matthew Powrie. Specialist tax advice was provided by head of tax Simon Skinner and associate Mary Hughes.
Carlyle and management were provided financial advice by William Blair and Jamieson Corporate Finance. TA Associates were advised by Goodwin Proctor (Legal) and KPMG (Corporate Finance and Tax).