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TA Associates backs software company Prometheus

11 Jul 2013

software6_sqPrivate equity firm TA Associates has completed a minority recapitalisation of enterprise application software provider Prometheus Group.

The company supplies SAP-certified software for plant maintenance, capital projects, shutdowns and turnarounds to companies operating in the oil and gas, chemical, utilities, mining and asset-intensive manufacturing sectors.

Prometheus serves the global enterprise asset management (EAM), which is expected to grow to $1.5bn by the end of the year, according to research and advisory company Gartner.

TA Associates principal Ashutosh Agrawal said, “Prometheus serves a true marketplace need, helping companies more efficiently and effectively utilize EAM software solutions.

“The Prometheus solutions address the entire plant maintenance lifecycle and its customers cite noticeable improvements in productivity and meaningful cost savings.

“We are pleased to complete this investment and to partner with Prometheus’ management team on the next phase of the company’s growth.”

Last month TA Associates took a minority stake in Indian advanced analytics company Fractal Analytics for $25m.

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