Private equity firm GTCR says that it has acquired Innovative Systems — a provider of mission-critical enterprise software — from Alpine Investors, another investment firm.
GTCR said that it also said that it is partnering with Scott Alcott, who has joined the company with a mandate to manage Innovative Systems’ next growth phase. Alcott, who most recently was Comcast’s chief information officer, will be Innovative Systems’ CEO.
No information on the purchase price or other details was included in the press release.
“Innovative Systems’ differentiated, platform-based solution sets it apart from competitors, providing a seamless operational experience for rural broadband and utility customers,” GTCR Managing Director Stephen Jeschke said in a press release.
“We look forward to leveraging GTCR’s expertise across vertical market software, telecommunications infrastructure and payments technology, working with Scott and the rest of the senior management team to strategically expand the Company and its unique product suite, both organically and through M&A.”
Innovation Systems was founded in Mitchell, South Dakota in 1998. It provides an integrated suite of mission-critical operating and billing software systems (OSS/BSS), and payments and bill processing.
Last April, Innovative Systems entered into an agreement with Datatel, a provider of payment technologies and PCI compliance products. The strategic partnership was aimed at combining Datatel’s IVR Payment technology and Innovative Systems’ enterprise software.
The companies planned to offer broadband and utility customers the ability to add what Datatel said would be seamless, secure payment options, simplifying bill payment processes for their customers.
Even before the Innovative Systems acquisition, GTCR was not a stranger to the telecommunications sector. In late 2019, for instance, the company announced completion of its acquisition of Vyve Broadband through GTCR’s portfolio company Mega Broadband Investments LLC (“MBI”).
Founded in 2012, and operationally headquartered in Shawnee, Oklahoma, Vyve provided broadband, television, and voice services to residential and business customers in rural markets across Oklahoma, Kansas, Texas, Arkansas, Louisiana, Tennessee, Georgia, and Wyoming.
