Private equity firm buys majority of Bomgar

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JACKSON, Miss. (AP) - One of Mississippi’s small crop of technology companies has been sold. Boston-based private equity firm TA Associates has bought a majority share of Ridgeland-based software maker Bomgar, which provides remote technical support for computers.

No price was disclosed in the transaction, which was announced Thursday.

The company has more than 200 employees worldwide, with a majority based in Ridgeland, and yearly revenue of more than $50 million. The company will keep its headquarters in Mississippi.

Founder Joel Bomgar, who founded the company while he was in college, will remain as chairman and keep a minority share. Bomgar said other shareholders, including employees, were bought out by TA Associates. He said that he had already been transitioning out of day-to-day management over the last couple of years, and his role won’t change much.

“The value I have been adding I could add just as chairman,” Bomgar said in a telephone interview Thursday.

Matt Dircks has been named the company’s CEO.

The new CEO was vice president and general manager of service support products at BMC software, joining BMC through the acquisition of Numara Software in February 2012 where he was vice president of products since 2008. TA Associates owned Numara beginning in 2005. Dircks said he wants Bomgar to focus on expanding its software to new markets. For example, he noted that employees increasingly do work on mobile phones and tablets that they personally own, but still need support from their employer. He also said Bomgar’s software could help manage Internet-enabled devices such as home thermostats.

Bomgar’s rapid growth has drawn praise for years, and the founder said TA Associates’ investment will fuel continued expansion past its current 8,000 customers in 65 countries.

“It has access to capital that there’s no way we could have had without TA Associates,” Bomgar said. “There’s so much upside to get to a much bigger worldwide presence and a much larger market share in North America.”

TA Associates says it’s one of the world’s largest private equity firms, having made investments in more than 430 companies around the world and raised $18 billion in capital.

“Bomgar has a reputation for customer-focused development, intuitive product functionality and high-quality service, and is well-regarded among large enterprise clients,” TA’s Ashutosh Agrawal said in a statement. He is one of two TA Associates directors who have joined Bomgar’s board.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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