Vista Equity Partners, the private equity firm that owns Datto, has acquired a majority stake in LogicMonitor -- a SaaS-based performance monitoring platform for enterprise IT and MSPs. Existing LogicMonitor owner Providence Strategic Growth (PSG) will retain a minority ownership stake in the company. The deal is expected to close this quarter. Financial terms were not disclosed.
LogicMonitor supports enterprise and midmarket IT professionals, along with MSPs. PSG invested $130 million in the company back in 2016. Key advisors have included former Nimsoft CEO Gary Read. Also, MSP industry veteran David Powell joined the company as GM for its service provider business in 2016. True believers in the company apparently include Xcellerate -- an MSP accelerator.
By mid-2017, LogicMonitor expanded its platform to reach enterprise-class service providers. And more recently, the company introduced cloud services monitoring for Amazon Web Services and Microsoft Azure.
Headquartered in Santa Barbara, California, LogicMonitor has a Global Center of Customer Excellence in Austin, and offices in London, Boston, Singapore and Chengdu, the company says.
Vista Equity Partners, meanwhile, is very familiar with MSP-oriented monitoring platforms. The private equity firm already owns the merged Datto and Autotask business.
Describing today's deal, LogicMonitor CEO Kevin McGibben said:
“Vista enables some of the most impactful software companies on the market today to grow quickly while expanding innovation. Our platform delivers real-time performance visibility to IT operations so global enterprises, managed service providers, and modern web technology companies can scale to deliver superior products and services. This investment by Vista endorses the leadership position we’ve built to date, and provides us with an incredible opportunity to leverage their intellectual capital and portfolio of resources to continue to scale our own business."
Added Alan Cline, principal at Vista Equity Partners:
“LogicMonitor’s differentiated and high ROI solution is uniquely positioned to support complex corporate IT environments. We are thrilled to be partnering with the LogicMonitor team to further accelerate its product investment and its rapid growth trajectory as it supports companies that monitor increasingly complicated cloud and hybrid environments."
