FrontRange and Lumension, leading providers of Hybrid Service Management and Unified Endpoint Management software solutions for organizations of all sizes, today jointly announced that the companies will merge to create HEAT Software.
The creation of HEAT Software is being driven by Clearlake Capital Group’s (“Clearlake”) acquisition of FrontRange in combination with the merger of its existing portfolio company Lumension. HEAT Software will be led by industry veteran Jonathan Temple as CEO, and the new company will feature a blended management team with senior executives from both companies.
The combined company, which will have more than 450 employees serving its global customer base, will be headquartered in Milpitas, CA, and will maintain operations in Scottsdale, Arizona. As a trusted vendor managing millions of service interactions and endpoints every day for organizations around the world, HEAT Software has the scale and ability to serve enterprises across all geographies and verticals.
The combination of the two companies offers customers the ability to deliver world-class service while maximizing operational efficiencies with reduced cost and complexity. Additionally, the platform offers enhanced capabilities in the management of endpoint operations, security and compliance. “Our customers are improving service quality every day by deploying HEAT, the industry’s leading hybrid service management platform with fully integrated client management capabilities. The existing HEAT platform is unique in that from a single code base, the solution can be deployed either on-premises, in the cloud, or a combination of both,” said Temple, who previously served as President and CEO of FrontRange. “Thanks to the strong financial backing and operational expertise from Clearlake, we will now be able to add Lumension’s best-in-class endpoint management and protection solutions that greatly complement FrontRange’s existing HEAT platform. HEAT Software is now in the envious position of providing a product portfolio that is the most flexible, advanced, and complete, offering in the market.” “We are excited to sponsor a new and rapidly expanding business through the formation of HEAT Software. In bringing together FrontRange and Lumension, we are combining two organizations with outstanding people, products and high-quality customer bases,” said Behdad Eghbali and Prashant Mehrotra of Clearlake. “HEAT Software will have a unique opportunity to provide enterprises with greater efficiency and effectiveness for their IT departments, as well as enhanced security across the entire organization. The combined company will have the scale, breadth of capabilities and resources to extend its initial leadership position and to offer robust solutions to grow with the needs of its clients.” Clearlake Operating Advisor John Ferron will serve as Chairman of the HEAT Software Board of Directors, which will also include Temple, Eghbali and Mehrotra. Stifel acted as financial advisor to FrontRange. Wells Fargo Capital Finance, PNC Bank, Capital One and Consortium Finance provided financing for Clearlake’s acquisition of the Company.
About HEAT Software
HEAT Softwareis a leading provider of Hybrid Service Management and Unified Endpoint Management software solutions for organizations of all sizes. With its suite of applications, HEAT Software is the only company in the world that provides, from a single platform, Service Management and Unified Endpoint Management software on-premise and in the cloud. HEAT manages millions of service interactions and millions of endpoints every day for thousands of leading organizations across IT, HR, Facilities, Finance, Customer Service and other enterprise functions. Its customers deliver world-class servicewhile maximizing operational efficiencies with reduced cost and complexity. HEAT Software is headquartered in Milpitas, Calif. For more information, visit www.HEATSoftware.com.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm focused on special situations and private equity investments such as corporate divestitures, recapitalizations, buyouts, reorganizations, turnarounds and other equity investments. Clearlake seeks to partner with world-class management teams by providing patient, long-term capital and operational expertise to invest in dynamic businesses. Clearlake currently manages approximately $1.4 billion of equity capital, and Clearlake’s founding principals have led over 70 investments totaling more than $3 billion of capital in sectors including software, business services, communication, consumer products/retail, defense/public safety, energy/power, healthcare, industrials, media, and technology. For more information, please visit www.clearlakecapital.com.