PPM bought by Toronto equity firm
Edmonton-based incident management software company PPM announced Wednesday that it has been sold to a Toronto private equity group that has an interest in not only growing the company but using it as a platform to acquire more.
PPM was bought by Klass Software, the acquiring arm of Toronto-based Klass Capital. The deal closed last Friday. Klass Software will now operate solely as PPM and its CEO Will Anderson will take over as the CEO of PPM.
PPM’s co-CEOs Brian McIlravey and Elaine O’Sullivan will remain with the company — McIlravey becomes PPM’s executive vice-president and O’Sullivan takes on the title of president. The three senior managers at PPM, McIlravey, O’Sullivan and CFO Peter Mah will also maintain an ownership stake in the company.
The deal “allows PPM to stay PPM, which is very important to us. We never wanted to be acquired and become something else,” McIlravey told SP&T News. “What Will brings to the table is he has tremendous experience in software companies. He knows a lot about sales process and back office.”
PPM will remain headquartered in Edmonton and existing client and partner relationships will remain unaffected “other than we will be bigger and be able to service them better.”
The deal also gives PPM greater access to capital, said McIlravey, allowing it to grow organically and through acquisition.
The objective is to acquire companies and technology that would allow PPM to offer a broader suite of security options, he explained, adding that he anticipates growth will be swift. “The goal is to make PPM a much bigger company,” he said. “I think you will see a lot of M&A out of PPM fairly quickly.”
PPM was originally founded in Edmonton in 1988 by Denis O’Sullivan. Earlier this year, the company announced the creation of a new Integrated Solutions Division to oversee its portfolio of integrations for its Perspective incident management software.