Priority Software, an Israeli provider of mission-critical business software, is being acquired by Stephen Schwarzman’s private equity firm Blackstone. While the details of the acquisition have not been revealed, it will reportedly leave Priority Software with an $8 billion valuation.
Blackstone is an alternative asset manager with more than $1 trillion in assets under management including global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds.
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Founded back in 1986, Priority Software is a provider of scalable, agile, and open cloud-based business management solutions for a wide range of industries and organizations of all sizes; from global enterprises to small and growing businesses. Recognized by top industry experts and analysts for its product innovation, Priority provides real-time access to business data and insights from any desktop or mobile device, enabling organizations to increase operational efficiency, improve the customer experience, identify new opportunities, and outpace the competition.
Yifat Oron, Senior Managing Director at Blackstone and head of its Israel office, said, “Priority Software has grown into a leader within the ERP market by developing business application software – both horizontal and vertical – that caters to the holistic needs of companies across sectors from their early days, through every stage of growth and, ultimately, at scale. Given our extensive experience in the software space – as well as the significant insight we glean from our global reach and more than 230 portfolio companies, including in hospitality, industrials, life sciences, energy and beyond – we believe Blackstone is well-positioned as a growth partner for this exceptional business.”
Sagive Greenspan, CEO of Priority Software, said, ״The decision by Blackstone to partner with Priority Software is a testament to the strength of our business and the tremendous market opportunity that lies ahead. With Blackstone’s support, we are well-positioned to accelerate our growth trajectory, deepen our market penetration, and solidify our position as a leader in the industry. We are excited about the possibilities this partnership brings and remain steadfast in our commitment to driving וunparalleled value for our customers and stakeholders. ״
