Legal counsel for TA in this transaction was provided by Goodwin Procter. Credit: jd8/Shutterstock.

Solifi, a software vendor to the automotive and asset finance sectors, has announced a majority investment from private equity firm TA Associates.

The financial terms of the transaction have not been disclosed.

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Solifi intends to use the investment to fund its growth strategy, which includes product innovation, market expansion and delivering enhanced value to its customers.

Thoma Bravo, a software investment firm, will maintain its stake in Solifi.

Solifi CEO David Hamilton said: “TA’s expertise scaling companies will be a significant value-add for Solifi as we look to expand our business and reach our full potential as a leading provider of end-to-end solutions for the secured finance market.”

Legal counsel for TA in this transaction was provided by Goodwin Procter. Solifi was advised financially by Jefferies, with Kirkland & Ellis LLP offering legal counsel.

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TA managing director Harry Taylor said: “We have tracked Solifi for many years and have been continually impressed by its leadership in developing innovative, mission-critical technology for the secured finance market.

“As more organisations aim to modernise their financial processes and migrate to the cloud, Solifi’s Open Finance Platform is well-equipped to support enterprises in their digital transformation journey, helping them automate their workflows and maximize efficiency.”

Solifi is engaged in providing scalable front-and back-office software help customers to efficiently manage their asset finance portfolios.

These solutions cater to various sectors including equipment, automotive, wholesale and working capital finance.

Solifi’s clientele comprises some of the largest banks worldwide, as well as independent and captive finance organisations.

Currently, Solifi employs more than 650 individuals and operates globally with dual headquarters in Minneapolis, US, and Milton Keynes, UK.

The company also has regional offices in Australia, Austria, Canada, Germany and India.