Frontenac, a Chicago-based private equity firm, has acquired Prime Technology Group, a provider of outsourced application development and managed software solutions for complex, highly regulated industries from Renovus Capital Partners. Financial terms of the transaction were not disclosed.
Headquartered in Wayne, Pennsylvania, Prime is a global technology services company with innovation at its core. The company partners with its clients to develop and deliver customized software solutions for pharmacy benefit management systems to data warehousing solutions that enable insurers to underwrite a variety of insurance products. Prime then works with its clients on an ongoing basis to support and maintain these systems.
Frontenac Principal Joe Rondinelli said in a statement, “Prime’s unique focus on and deep industry knowledge of highly regulated industries are real differentiators. We look forward to helping take the company to the next level by investing in strategic growth initiatives, recruiting additional outside talent to the company and adding complementary software development capabilities which strengthen its core practice areas.”
Honigman LLP served as legal counsel to Frontenac on the transaction. DLA Piper served as legal counsel to Renovus and Prime. 360Advisory and Raymond James acted as financial advisers to the company.