RALEIGH – According to a company spokesperson, Raleigh-headquartered technology unicorn insightsoftware is in the process of buying its 20th company since the company was created by merging two companies with the financial backing of TA Associates.
The company, which closed an $800 million funding round earlier this year from one investor, will buy Magnitude, in a move that the spokesperson said will “expand its operational reporting capabilities.”
The deal will close in early November, according to the spokesperson.
A statement released by the company notes that the deal “reinforces insightsoftware’s vision to provide a comprehensive suite of software solutions to help organizations run a world-class financial operation.”
Magnitude is headquartered in Austin, Texas and has 1,300 customers, according to the statement issued by insightsoftware.
“Our largest deal ever, insightsoftware is excited to join forces with Magnitude and offer end-to-end reporting for every department in a company,” said Jim Triandiflou, CEO of insightsoftware, in a statement. “Adding Magnitude will give us market-leading content and reporting solutions for SAP, Oracle, and Microsoft, who are the three largest ERP publishers in the world.”
The company was valued at approximately $4 billion, under the financing deal with Hg Capital that made a $800 million investment in the company. The capital infusion “was designed to fuel a growth strategy through key acquisitions and organic growth,” the company noted in a statement.