Luminate Capital Partners sells AutoQuotes to TA Associates
Luminate Capital Partners, a private equity firm investing in enterprise software companies, has sold AutoQuotes, a specialist in configure-price-quote (CPQ) and supply chain software for the foodservice equipment and supplies industry, to TA Associates.
The company will become part of Revalize, a new cloud-software platform for manufacturers formed by TA.
Luminate acquired AutoQuotes in 2018 from the founding team. Since Luminate’s investment, AutoQuotes has seen strong growth, adding a world class management team and significantly expanding its product suite. In 2020, AutoQuotes acquired Axonom, a visual configuration platform for B2B finished products.
Jim Contardi, Chief Executive Officer of AutoQuotes, says: "Over the last few years, the AutoQuotes team has enjoyed a great partnership with Luminate; they have helped us build our organisation organically and through acquisition, opening up new growth opportunities and expanding on our market leadership."
"AutoQuotes is a mission critical provider to its customers and has experienced strong performance since our initial investment," says Hollie Haynes, Managing Partner at Luminate. "The company has done a great job of continually developing new products for its existing customer base, in addition to entering adjacent verticals," noted Mark Haidet, who has served as chairman of AutoQuotes since the Luminate investment.
Legal advice to Luminate and AutoQuotes was provided by Kirkland & Ellis.