Blackstone Growth and affiliated funds have signed an official contract to acquire a controlling share in Priority Software, a provider of mission-critical business software.
Blackstone’s funding will help to strengthen the company’s positioning at the forefront of the ERP software market and support future expansion across sectors and markets.
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Priority Software offers mission-critical business applications and ERP solutions for retail, hospitality, and education.
With over 17,000 customers and 300,000 end users, the company automates complicated processes and streamlines data management to increase profitability and prepare companies for upcoming challenges.
Priority has over 500 staff members worldwide and is supported by over 100 partners.
Yifat Oron, senior managing director at Blackstone and head of its Israel office, stated: “Priority Software has grown into a leader within the ERP market by developing business application software – both horizontal and vertical – that caters to the holistic needs of companies across sectors from their early days, through every stage of growth and, ultimately, at scale. Given our extensive experience in the software space – as well as the significant insight we glean from our global reach and more than 230 portfolio companies, including in hospitality, industrials, life sciences, energy and beyond – we believe Blackstone is well-positioned as a growth partner for this exceptional business.”
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By GlobalDataSagive Greenspan, CEO of Priority Software, said: “The decision by Blackstone to partner with Priority Software is a testament to the strength of our business and the tremendous market opportunity that lies ahead. With Blackstone’s support, we are well-positioned to accelerate our growth trajectory, deepen our market penetration, and solidify our position as a leader in the industry. We are excited about the possibilities this partnership brings and remain steadfast in our commitment to driving unparalleled value for our customers and stakeholders. ״
Stefan Dandl, Director at TA Associates, added: “Working in partnership with Sagive, the Priority management team and Fortissimo, we are proud to have delivered significant organic and inorganic growth for the company over the last three years. Blackstone’s new investment underscores the strength of Priority’s strategy and the continued opportunity that lies ahead. We look forward to deepening our partnership with Priority and harnessing the collective expertise of TA, Blackstone and Fortissimo to further accelerate the company’s growth journey.”
Priority provides four primary offerings:
- Priority Business Applications (ERP solutions)
- Priority Retail: a comprehensive omnichannel, all-in-one retail management solution
- Priority Hospitality: modern property management software
- Priority Education: pedagogical management software for schools.
Its diverse portfolio of products across horizontal and vertical industries enables businesses to adjust their company management with a complete platform.
Moreover, Evercore served as Priority, Fortissimo, and TA’s exclusive financial adviser, while Goodwin and Gornitzky supplied legal guidance. Blackstone was represented by lawyers from Kirkland & Ellis and Meitar.
The terms of the purchase were not disclosed.
