Goldman Sachs-backed data management company BackOffice Associates of Cape Cod announced on Thursday that a private equity firm has bought a majority stake in the company.
Bridge Growth Partners LLC, a New York-based private equity firm where former EMC Corp. CEO Joe Tucci serves as chairman, signed a deal for majority equity investment in Hyannis-based BackOffice.
BackOffice is not disclosing the exact investment, according to a spokeswoman, but said that it is "significantly larger than the previous $30 million Goldman Sachs investment in 2008." Bloomberg reported that Bridge Growth’s stake will value the company at about $300 million, citing two people with knowledge of the matter.
The company said CEO David Booth will continue to lead the company and also serve on its board of directors.
BackOffice has 800 employees and will remain in Hyannis, a spokesperson said.
The company also said that Goldman's Joe DiSabato and David Campbell will represent the investment firm on the board. Representing Bridge Growth, Tucci will join the board along with Bill Teuber, Bridge Growth Partners Senior Operating Principal and former EMC executive, among others.
BackOffice Associates is Bridge Growth Partner’s fifth investment in the technology sector following Accedian, Finalsite, SalientCRGT and Solace Systems.