Salesforce cloud consulting partner Prime Technology Group has attracted more private equity investment dollars. The latest investor is Balance Point Capital. Financial terms were not disclosed.
Prime Technology remains majority owned Frontenac, which acquired the IT consultung firm in January 2020. Prior to that, Renovus Capital Partners had owned Prime since 2014.
Prime, founded in 2001, is headquartered in Wayne, Pennsylvania. Its core product offerings include application development, data management, cloud services, and content management. It has additional operations in Detroit, Michigan and Hyderabad, India.
Prime Technology: Executive Perspectives
In a prepared statement about the deal, Balance Point Partner Justin Kaplan said:
"Having closed our sixth fund in February, Balance Point is grateful to have significant capital available, particularly during these challenging times, and we are very happy to partner with Frontenac in investing in the exceptional platform that is Prime. We believe that coupling Prime's industry leading management and development teams with Frontenac's and our experience is a formidable combination.”
Seth Alvord, Balance Point's Managing Partner, added:
"We are pleased to work with Frontenac to add Prime to our portfolio. Given the uncertainty attendant to the current environment, we are not only enthusiastic about our investment in Prime, but also view it as another demonstration of our continuing commitment to support lower middle market businesses and sponsors."
Joe Rondinelli, Principal at Frontenac added:
"We're looking forward to working with Balance Point as our financing partner on this transaction. Their collaborative approach, past experiences and speed of execution will continue to be difference makers as Prime looks to make growth investments and execute on an acquisition strategy."
Balance Point Capital is an alternative investment manager focused on the lower middle market. The venture capital firm was founded in 2011 by Seth Alvord and has more than $1.1 billion in assets under management.
Salesforce Partners: Mergers, Acquisitions and Investments
M&A and investment activity remains strong across the Salesforce partner ecosystem. Here's a list of example deals.
