Owl Rock Capital provided financing to support Thoma Bravo’s acquisition of business software company ConnectWise. The transaction is expected to close on February 28.

Thoma Bravo’s software expertise, extensive track record and deep capital will enable ConnectWise to pursue a strategy focused on organic growth and strategic acquisitions.

After the transaction is completed, ConnectWise founder and CEO Arnie Bellini will transition into an advisory role, while current president and COO, Jason Magee, will become CEO. Additional terms of the transaction were not disclosed.

“Five years ago, we began exploring all of the financial options to accelerate the ConnectWise mission and our partners’ success. Thoma Bravo was the clear and obvious choice over an Initial Public Offering (IPO) and seven other private equity firms,” Bellini said. “Thoma Bravo is the premier investor in Software-as-a-Service technology. ConnectWise and Thoma Bravo have co-created a multi-year strategy that is aligned with our mission, vision, culture and partners. With this new relationship we plan to accelerate our partners’ success worldwide.”

“Thoma Bravo has long recognized ConnectWise’s position as a leader and pioneer in the Managed Service Provider (MSP) and broader IT services space. For nearly 40 years, the company has been the market leader in providing the most comprehensive integrated software solutions to its community of partners,” said Robert Sayle, Partner at Thoma Bravo. “Under the strong leadership of Arnie and the management team, ConnectWise has innovated and created top tier products and services, and we are thrilled to partner with Jason to enable further success and opportunity for ConnectWise partners.”

Holland & Knight served as the legal advisor to ConnectWise while Raymond James & Associates served as the exclusive investment banking advisor to the Special Committee of the Board of Directors, consisting of Steve Raymund and Stan Levy. Kirkland & Ellis served as Thoma Bravo’s legal advisor.