WFCF, Others Provide Financing to Clearlake’s HEAT Software
Clearlake Capital Group announced that it has reached a definitive agreement to acquire FrontRange Solutions. Clearlake also announced that, upon closing, FrontRange and Clearlake portfolio company Lumension will merge to form HEAT Software, a global provider of hybrid service management and unified endpoint management solutions for organizations of all sizes. Terms were not disclosed.
Stifel acted as financial advisor to FrontRange. Wells Fargo Capital Finance, PNC Bank, Capital One and Consortium Finance provided financing to HEAT Software.
HEAT Software will be led by CEO Jonathan Temple, FrontRange’s President and CEO, and it will also feature a management team that combines Lumension and FrontRange executives. The combined company, which will have more than 350 employees serving its combined 8,700 customers globally, will be headquartered Milpitas, CA, and will maintain significant operations in Scottsdale, AZ. HEAT is the name of FrontRange’s industry-leading software suite; the new name was approved by both Lumension and FrontRange.
“We are excited to sponsor a new and exciting business through the formation of HEAT Software. In bringing together FrontRange and Lumension, we are combining two organizations with outstanding people, products and high-quality customer bases,” said Behdad Eghbali and Prashant Mehrotra of Clearlake Capital Group. “HEAT Software will have a unique opportunity to provide enterprises with greater efficiency and effectiveness for their IT departments, as well as enhanced security across the entire organization. The combined company will have the scale, breadth of capabilities and resources to extend its initial leadership position and to offer robust solutions to grow with the needs of its clients.”