Bomgar has a new majority investor, founder to remain chairman of board
Thursday, May 1, 2014 11:34 AM
Ridgeland-based Bomgar has a new majority investor and its founder will remain to chairman of the board, it was announced earlier today.
Joel Bomgar will remain chairman of the Bomgar board.
TA Associates, a global private equity firm, completed an investment with the tech company. Details of the investment were not disclosed.
"We're confident that TA's majority investment will prove a significant milestone in the evolution of our company and take Bomgar to the next level," said Joel Bomgar, Founder and Chairman of Bomgar. "TA offers valuable investment expertise, particularly in the technology sector, which will help Bomgar to grow, both locally and internationally, and expand into new markets. We welcome TA to our Board and anticipate a close collaboration as we continue to deliver consistently measurable value to our customers and help them to deliver world-class tech support."
Bomgar is stepping down as CEO but will remain as chairman of the board
"I've been founder, CEO and chairman for the last 11 years," he said. "I could add just as much value as founder and chairman without having to worry about the day-to-day operational qualities."
Bomgar and TA did a search for new CEO candidates and appointed Matt Dircks to the position.
"We are very pleased to partner with an experienced investor like TA Associates," Dircks said. "We see numerous avenues to build even greater value in Bomgar by not only accelerating the organic growth the company has enjoyed since its founding, but also looking at exciting new market opportunities. The consumerization of IT paired with the influx of devices making up the Internet of Things is creating demand for new ways to access, support and manage remote systems. With TA's guidance, we will have additional experience and resources to fully leverage these opportunities."
According to TA Associates Director Ashutosh Agrawal, the investment was very attractive given the continuous growth of the company.
"Bomgar has a reputation for customer-focused development, intuitive product functionality and high-quality service, and is well-regarded among large enterprise clients," he said. "We believe that Bomgar uniquely addresses the needs of enterprise technology support organizations based on truly differentiated security, integration, collaboration and management capabilities."
It was announced that TA plans to keep jobs in Mississippi and add to that total.
"Everything is aligned for the next 11 years," Bomgar said. "With a growth-oriented investor like TA, they would not invest unless they clearly saw a path to tripling the size of the company."
Founded in 2003, Bomgar has been recognized as one of the fastest-growing private companies in North America, and today has more than 8,000 corporate customers in 65 countries. Bomgar will continue to be headquartered in Jackson, Mississippi, with offices in Atlanta, Washington D.C., London, Paris and Singapore.