Xytech has announced it has been purchased by San Francisco-based Banneker Partners, a leading software-focused private equity firm.
Xytech CEO Richard Gallagher commented: “When I created Xytech, my primary goal was to bring facility management into the next generation to help media facilities — both large and small — be more efficient and productive. For more than three decades, this has been Xytech’s focus, and we are proud of what we have accomplished. Banneker, with its investment focus on software solutions aimed at specific verticals and willingness to invest to scale operational delivery, product innovation and sales and marketing, is the perfect partner for Xytech’s next stage of growth.”
“We see this as a strategic investment to accelerate Xytech’s ability to enhance their solution offering and operational delivery capabilities in this key market segment,” commented Kenneth Frank, Partner at Banneker Partners. “We look forward to working alongside Richard and the rest of the management team to strengthen the company’s customer penetration and market reach.”
Banneker Partners is an enterprise-software focused private equity firm with deep software experience. The Banneker team works in close partnership with management teams and provides resources and expertise for software-focused best practices and believes in building long-term value over short-term profits.
Xytech customers can expect a seamless transition and the company will update its customers and partner in the coming days.