Haveli, General Atlantic to Buy Software Provider Certinia

Haveli Investments, a tech-focused private equity firm, has acquired business software provider Certinia, formerly FinancialForce, from Advent International and Technology Crossover Ventures.

While financial terms of the deal or a valuation were not disclosed, Reuters reported it was valued at nearly $1 billion, including debt.

Haveli will fund the transaction through Haveli Investments Software Fund I L.P., with participation from partners including private equity firm General Atlantic. Salesforce, which owns under 10% of the company, will remain a shareholder.

“Certinia is the gold standard system of record for end-to-end software for professional services organizations, and its demonstrated continued ability to deliver market-leading capabilities underscores the Company’s impact and future potential,” said Ian Loring, senior managing director and executive chair of the Haveli Software Fund.

Austin-based Haveli has already made investments in gaming ventures since its launch by Brian Sheth, former president of Vista Equity Partners, in 2009. However, this is their first major venture into enterprise software. In October 2022, it partnered with Apollo, which made a $500 million commitment to Haveli strategies.

Headquartered in San Jose, CA, Certinia boasts an impressive client list, featuring prominent corporations such as Hewlett-Packard Enterprise, Philips, Cisco Systems, and Siemens, among others.

Ropes & Gray LLP and Morgan Stanley served as legal and financial advisors to Haveli on the transaction.