Palo Alto, CA -- April 1, 2014. HGGC, a leading middle market private equity firm, and JMI Equity, a growth equity firm focused on investing in leading software and technology-enabled services companies, today announced that they have acquired Polaris Library Systems ("Polaris"). Polaris is a major provider of integrated library systems (ILS) technology to public libraries in the U.S. that will be integrated with Innovative Interfaces ("Innovative"), a global provider of library technology in which HGGC and JMI invested in 2012. Terms of the private transaction were not disclosed.
"This is the combination of two leading companies in the public library market," said Kim Massana, CEO of Innovative. "We have appreciated and respected Polaris's focus on service and support, especially to public libraries, and we look forward to combining two great service organizations and learning from each other."
Polaris, headquartered outside Syracuse, New York, serves more than 2,800 public libraries in the United States with a full suite of products for inventory management, inbound and outbound calling services, and self-check technology. The Polaris executive team will join the Innovative management group and Polaris' Syracuse office will be retained to serve as one of Innovative's centers for operations along with Emeryville, California (corporate headquarters); Dublin, Ireland; and Noida, India.
"Individually, Innovative and Polaris have been real drivers of developing advanced technology for the ILS market," said Rich Lawson, CEO and Managing Partner of HGGC. "By sharing technical knowledge and best practices, the combined business will be an even stronger force for bringing the most sophisticated technology solutions and services to library organizations worldwide."
"We're very pleased to grow Innovative through this strategic acquisition," said Paul Barber, Managing General Partner of JMI Equity. "The addition of Polaris will enable Innovative to serve a broader range of customers through the combined offering, and by integrating new capabilities across the two platforms."
This is HGGC's fourth acquisition of 2014, following Serena Software, the largest independent provider of it application development and deployment solutions; AutoAlert, a provider of data analytics and lead-generation solutions to auto dealers; and Buy4Now Technology Group a provider of eCommerce software solutions to grocery and retail clients, which was integrated with MyWebGrocer.
Based in Palo Alto, California, HGGC is a leading private equity firm focusing on leveraged buyout, recapitalizations and growth equity transactions in the middle market. The firm seeks to partner with strong management teams and founders to build companies capable of generating sustainable growth. With years of collective deal and operational experience, HGGC brings best practices from private equity and global corporations to help middle market businesses in a wide range of industries outperform the market. For more information, please visit www.hggc.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software and technology-enabled services companies. Founded in 1992, JMI has invested in 110 businesses in its target markets and has over $2.1 billion of committed capital under management. JMI provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include DoubleClick, Eloqua, Halogen (TSX: HGN), PointClickCare, PowerPlan and ServiceNow (NYSE: NOW). For more information on JMI Equity, visit www.jmi.com.
About Innovative Interfaces
Innovative (www.iii.com) is dedicated to providing leading technology solutions and services that empower libraries and enrich their users worldwide. Innovative offers the broadest and most complete portfolio of library automation products on the market today. Innovative's flagship library services platform, Sierra, is the most rapidly adopted product in library automation history. The company's versatile and market-leading solutions also include the Polaris and Millennium Integrated Library Systems, the Encore discovery solution, Decision Center collection management tool, the SkyRiver cataloging service, and INN-Reach resource sharing. Headquartered in Emeryville, California, Innovative serves thousands of libraries in over 50 countries and has offices around the world.