Baker Capital Sells IQNavigator
GTCR Golder Rauner adds to its technology portfolio, picking up a stake in the services procurement company.
June 27, 2008
Private equity firm Baker Capital sold a 40% share in IQNavigator to PE group GTCR Golder Rauner, it was announced. The other shareholders in the technology company also sold their shares, according to a statement released.
Specific terms of the transaction were not disclosed.
"Baker Capital has worked closely with John Raeder and his management team to establish IQNavigator as the leader in the services procurement sector," said Jonathan Grabel, a partner with Baker Capital. "As a result of a fifty-fold increase in revenues and the transition to a cash generating business during the period of our investment, our investors will realize a highly attractive return."
The Hillman Company, Sequel Venture Partners and Raeder Venture Fund also share a stake in IQNavigator.
GTCR Golder Rauner is a PE firm with about $8 billion under management, concentrating investments in the consumer, healthcare services, outsourcing, technology and pharmaceutical spaces.
IQNavigator is a provider of on-demand services procurement software and managed service programs.
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