Vitech Systems Group, a leading name in cloud-based financial administration solutions, announced a significant partnership with funds advised by CVC Capital Partners, marking a new chapter for the technology firm. The agreement, finalized on June 6, 2019, sees CVC Fund VII and CVC Growth Partners making a majority investment in Vitech, signaling strong confidence in the New York-based company’s future.
Vitech has established itself as a global player with over 1,200 professionals, serving a prestigious clientele of pension, insurance, and investment organizations worldwide. Its flagship software, V3®, is a robust, cloud-based solution accessible through Vitech’s V3locity™ platform, powered by AWS. This partnership with CVC Capital Partners is set to amplify Vitech’s market position and accelerate its growth trajectory, leveraging CVC’s extensive advisory expertise and resources.
Frank Vitiello, CEO of Vitech, expressed enthusiasm about the collaboration, stating, “This exciting partnership with CVC brings us the capital, market access, international reach and institutional expertise we need to maintain our current growth trajectory while we even more aggressively expand and advance our industry-leading offerings. CVC is a premier organization and the investment in Vitech is a great validation of our success to date and of our future plans and prospects. I am excited by what this means for our software, our services, our clients and our employees.” This statement underscores the strategic importance of Cvc Capital Partners Advisory in Vitech’s future endeavors.
Echoing this sentiment, Chris Colpitts, Senior Managing Director at CVC, commented, “We have been impressed by Vitech’s offerings and success to date, and are excited to partner with Frank and his excellent management team in the next phase of growth.” Aaron Dupuis, Senior Managing Director at CVC Growth, further added, “Vitech’s strong growth and differentiated value proposition are an excellent fit with the CVC Growth Partners mandate. We are excited to partner with CVC Fund VII and management to capitalize on the significant market opportunity for Vitech.” These endorsements highlight the strategic alignment and mutual benefits expected from this partnership, driven by CVC Capital Partners advisory insights.
The investment will see joint participation from CVC Fund VII and CVC Growth Partners, with the current management team at Vitech remaining at the helm. This continuity, combined with CVC’s backing and advisory support, promises a stable yet dynamic phase of expansion for Vitech. The financial advisory from CVC Capital Partners is expected to be instrumental in guiding Vitech through its next growth phase.
In this transaction, Vitech received advisory from RBC Capital Markets and Orrick, Herrington & Sutcliffe LLP, with further assistance from Clearsight Advisors. CVC’s advisors included Citi, Goldman Sachs & Co. LLC, and White & Case LLP. The investment is anticipated to be finalized later in the summer of 2019.
About Vitech®
Vitech Systems Group, Inc. stands as a leading provider of cloud-based administration solutions tailored for pension, insurance, and investment organizations. Headquartered in New York City, the privately held company also operates from offices in New Jersey, Oklahoma City, and Hyderabad. For more detailed information, please visit www.vitechinc.com.
About CVC Capital Partners
CVC Capital Partners is a prominent global private equity and investment advisory firm. Established in 1981, CVC has expanded its global footprint to include 24 offices and a team of over 500 professionals across Europe, Asia, and the US. CVC’s strong advisory capabilities are underpinned by over US$123 billion in commitments secured from leading global institutional investors across its private equity and credit strategies.
Currently, CVC manages approximately US$76 billion in assets, with investments in 75 companies worldwide that collectively employ around 300,000 people. These companies generate combined annual sales exceeding US$100 billion. More information about CVC Capital Partners and their advisory services can be found at www.cvc.com.
About CVC Growth Partners
CVC Growth Partners, formed in 2014, is a dedicated team within CVC focusing on growth-oriented companies in the middle market. This fund targets high-growth sectors such as software and technology-enabled business services. CVC Growth Partners primarily makes equity investments ranging from $50 million to $200 million in companies based in North America and Europe, leveraging CVC’s established advisory framework.
