Additional Investment and Resources to
Accelerate AffiniPay's Expansion and Growth in Practice Management
Software and Embedded Financial Services
SAN FRANCISCO
and BOSTON, July 17,
2024 /PRNewswire/ -- Genstar Capital ("Genstar") and
TA Associates ("TA") announced today that the parties have entered
into an agreement for Genstar to make a significant investment in
AffiniPay, a leading provider of practice management software,
integrated payments and embedded fintech for professionals across
the legal, accounting, and professional services end
markets. TA has been an investor in AffiniPay since 2020 and
will continue to retain a meaningful stake in the company. Upon
completion of the transaction, funds advised by Apax, which
currently hold a minority position in AffiniPay, will fully exit
their investment.
Headquartered in Austin, TX, AffiniPay has more than 500
employees and serves over 245,000 customers through
industry-specific solutions, including: MyCase, CASEpeer, and
Docketwise, leading practice management software applications for
the legal industry; LawPay, a marquee payments platform for the
legal industry; and CPACharge, a leading payments platform for the
accounting industry. With this incremental investment, AffiniPay
plans to continue its commitment to innovation and excellence by
extending its already comprehensive suite of practice management
software and embedded fintech solutions.
"We are thrilled for this next chapter with TA
and Genstar," said Dru Armstrong,
CEO of AffiniPay. "Since I joined AffiniPay in 2021, we've had
incredible momentum and it's been so rewarding to influence how
core system of record software combined with financial technology
can benefit our customers and push the operations of the legal and
accounting industries forward. The support of Genstar and TA will
allow us to continue investing in our practice management software
and embedded financial services platform for professionals."
Eli Weiss,
Managing Partner of Genstar, commented, "Genstar has a long history
of investing in industry-leading vertical software and payments
companies. We are excited about AffiniPay's growth trajectory given
its leading market position, commitment to innovation, and, we
believe, strong management team. Alongside TA, Genstar looks
forward to helping the Company extend its leadership in software
and fintech while enabling new avenues of growth, through
investments in new products and verticals."
"Since our investment in 2020, AffiniPay has
realized meaningful organic growth and strategically enhanced its
offerings, empowering professionals with solutions that increase
productivity and reinforcing its position as an industry leader.
Genstar's new investment demonstrates the strength of AffiniPay's
strategy and the continued opportunity that lies ahead. We look
forward to deepening our partnership with the AffiniPay management
team and collaborating closely with Genstar to further accelerate
the Company's growth journey," said Roy
Burns, Managing Director of TA and Clara Jackson, Director
of TA.
Lazard and Raymond
James served as financial advisors to AffiniPay and TA.
Goodwin Procter LLP, provided legal counsel to TA. Ropes & Gray
LLP, provided legal counsel to Genstar.
About AffiniPay
AffiniPay is a market leader in practice management software and
online payments for professionals serving legal, accounting,
architectural, engineering, and construction firms. AffiniPay has
been recognized as one of Inc. 5000's fastest-growing companies for
12 years in a row. Each of its brands leads the market it serves
with solutions purpose-built by industry including LawPay, MyCase,
CASEpeer, Docketwise, CPACharge, and AffiniPay for Associations.
AffiniPay's solutions are trusted by more than 245,000 legal &
accounting professionals with more than 150 strategic partnerships
and endorsements, including the American Bar Association and the
American Institute of Certified Public Accountants. Visit
affinipay.com to learn more.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm
that has been actively investing in high quality companies for over
30 years. Based in San Francisco,
Genstar works in partnership with its management teams and its
network of strategic advisors to transform its portfolio companies
into industry-leading businesses. Genstar currently has
approximately $49 billion of assets under management and
targets investments focused on targeted segments of the financial
services, industrials, software, and healthcare industries.
About TA
TA is a leading global private equity firm focused on scaling
growth in profitable companies. Since 1968, TA has invested in more
than 560 companies across its five target industries – technology,
healthcare, financial services, consumer and business services.
Leveraging its deep industry expertise and strategic resources, TA
collaborates with management teams worldwide to help high-quality
companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150
investment professionals across offices in Boston, Menlo
Park, Austin, London, Mumbai and Hong
Kong.
Media Contacts:
For AffiniPay: Keely Leonard
AffiniPay PR Director
512-368-8988
kleonard@affinipay.com
For Genstar: Chris
Tofalli
Chris Tofalli Public Relations
chris@tofallipr.com
914-834-4334
For TA: Maggie
Benoit
Head of Communications, TA
617.598.6685
mbenoit@ta.com
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SOURCE Genstar Capital, LLC