Solifi, a global fintech software partner for secured finance, announced on Wednesday that it will receive a “majority” investment from TA Associates, a leading global private equity firm.

While financial terms of the transaction were not disclosed, a company news release indicated existing investor Thoma Bravo, a leading software investment firm, will continue to maintain a “meaningful” stake in Solifi.

Company leadership said this transaction will accelerate Solifi’s growth by supporting product innovation, driving expansion into adjacent financing markets and new geographies and delivering enhanced value to its customers.

“TA’s expertise scaling companies will be a significant value-add for Solifi as we look to expand our business and reach our full potential as a leading provider of end-to-end solutions for the secured finance market,” Solifi CEO David Hamilton said in the news release.

“For over 50 years, we have been committed to helping our customers strengthen their market position with our scalable, secure, and best-in-class software solutions. We are incredibly proud of our growth thus far and are grateful to have Thoma Bravo’s continued support as we begin this exciting next chapter in partnership with TA,” Hamilton continued.

Solifi is a provider of scalable front-and back-office software that can empower customers to effectively manage their asset finance portfolios across equipment, automotive, wholesale, and working capital finance.

Its customers include many of the world’s largest banks as well as independent and captive finance organizations.

“We have tracked Solifi for many years and have been continually impressed by its leadership in developing innovative, mission-critical technology for the secured finance market,” said Harry Taylor, managing director at TA. “As more organizations aim to modernize their financial processes and migrate to the cloud, Solifi’s Open Finance Platform is well-equipped to support enterprises in their digital transformation journey, helping them automate their workflows and maximize efficiency.”

TA director Nicholas Leppla added “We believe there is significant opportunity for Solifi to expand both organically and through strategic acquisitions and look forward to collaborating with David, the Solifi team and Thoma Bravo in Solifi’s next phase of growth.”

Today, Solifi’s team of more than 650 people operates globally with dual headquarters in Minneapolis and Milton Keynes, U.K., with regional offices in Australia, Austria, Canada, Germany and India.

“As a partner to Solifi since 2019, it has been a privilege to work alongside David and his team to drive the company’s evolution through product expansion and accretive acquisitions,” said A.J. Rohde, senior partner at Thoma Bravo. “We are excited to continue our relationship with Solifi as it enters this new stage of growth.”

George Jaber, principal at Thoma Bravo added, “We are thrilled to partner with TA and jointly work to further strengthen Solifi’s position as the world’s leading provider of secured finance software technology.”

Goodwin Procter provided legal counsel to TA. Jefferies served as financial advisor and Kirkland & Ellis provided legal counsel to Solifi.