Rocket Software, a Waltham, MA-based global technology provider delivering enterprise modernization and optimization solutions, received a majority investment from Bain Capital Private Equity.
The amount of the deal was not disclosed but it is known that the enterprise value of the transaction is approximately $2 billion.
The company intends to use the proceeds to accelerate product development and M&A.
Following the close of the investment, which is subject to customary closing conditions, including requisite regulatory approvals, and expected to close during the fourth quarter of 2018, Rocket Software will continue to operate under its current management team, led by President and Chief Executive Officer Andy Youniss.
Founded in 1990, Rocket Software provides organizations in the IBM ecosystem with a solutions to run their existing infrastructure and data, as well as extend those assets to take advantage of cloud, mobile, analytics, and other future innovations.
More than 10 million IT and business professionals currently use Rocket Software products to run their critical infrastructure applications, business processes and data, including 43 of the Fortune 50 companies.
The company, which also has locations in Europe, Asia, and Australia, is currently owned by Court Square Capital Partners.