Thoma Cressey Equity Partners has bought a majority stake in Sterling Commerce’s banking software unit for an undisclosed sum.
Sterling Commerce is a subsidiary of broadband service provider SBC Communications
The unit, which sells software to automate check imaging, electronic payments and other financial transactions, will be spun out and renamed VECTORsgi.
Its management team will remain the same but answer to a new board of directors and the firm will stay in Addison, Texas, CEO Sydney Hicks said. About 100 people work at the banking business. Most will be offered jobs at VECTORsgi, a spokesman said.
“This exciting development allows us to further our success in the financial services industry and will give us access to even more capital to invest in (our products),” Hicks said.
The additional capital could be used for acquisitions for technology that complements existing offerings for the financial service industry.
“VECTORsgi is a solid investment and a platform upon which we can build,” said Scott Crabill, principal of TCEP.
Chicago-based TCEP typically invests at least $20 million of equity and as much as $100 million in each of its investments over time. Among the areas it invests in are: marketing, logistics, transaction processing, financial services, systems implementation, networking, software applications, and related services.
It also has a portfolio of health care investments, medical care provider and the companies that supply them with equipment and businesses services.