(Bloomberg) -- Vista Equity Partners has agreed to acquire privately held software company Jaggaer.
Austin, Texas-based Vista is buying the business from fellow private equity firm Cinven, according to a statement on Tuesday that confirmed a Bloomberg News report.
Financial terms were not disclosed. People familiar with the matter said the deal could value Jaggaer at close to $3 billion.
North Carolina-based Jaggaer specializes in procurement solutions to businesses, including invoice and supply chain management. It changed its name from SciQuest in 2017. Cinven, one of Europe’s biggest buyout funds, first invested in the company in 2019 in a deal that valued it at about $1.5 billion including debt.
Vista is making the purchase through its flagship fund focused on take-private transactions. The private equity firm has completed acquisitions such as Avalara, KnowBe4 and Duck Creek Technologies in recent years. Last month, Vista led a group of investors that bought hybrid cloud-storage provider Nasuni.
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