Founded in 2006 by Ashay Prabhu and Joel Brakey, and backed by investor MH Carnegie, Assetic offers a powerful strategic asset management software solution that enables public and private organizations to make better long-term decisions and save millions of dollars annually in maintaining and sustaining their asset portfolios. Assetic is headquartered in Melbourne, Australia, and has 75 employees globally, including a North American business.
The acquisition will accelerate Assetic’s expansion into the U.S. market, bringing its best of breed technology to customers globally. The combination of Dude’s existing operational asset management offering and Assetic’s market-leading long-term capital planning software has created a robust end-to-end suite of solutions that will drastically improve infrastructure maintenance and budget allocation for its customers in the government and education sectors.
Ashay Prabhu and Joel Brakey, Co-founders of Assetic, commented: “We are very excited about the combined market opportunity and Dude is an extremely complementary product and cultural fit for us. As North America shifts its focus from reactive to pro-active capital planning to solve its trillion-dollar infrastructure deficit, our software platform provides public sector, public schools, transport and facility clients with the analytical ability to do so without raising taxes. We built this platform to co-exist with any ERP making it agnostic to fit into any of the circa one million North American target clients. GP Bullhound’s process and methodologies have been fantastic, and we really appreciate the support of both MH Carnegie and Clearlake.”
Jonathan Cantwell, Partner at GP Bullhound, said: “Dude Solutions made a highly strategic acquisition. Assetic’s software solution is by far the best product in the strategic asset management space and will be complimentary to Dude’s current offering. It was a pleasure to work with all parties, Assetic, MHC, Dude and Clearlake, to bring this combination together.”
This represents GP Bullhound’s 13th transaction in the software space in the last 12 months, following our recently completed deals including the $200m investment by CVC Growth Partners into EcoVadis, the acquisition of AppBuddy by Validity, the $177m investment by Apax Digital in Signavio, the acquisition of Unomaly by Vista Equity Partners backed LogicMonitor, and the $50m investment by Accel-KKR in Partnerize, among many others.
For enquiries, please contact:
Jonathan Cantwell, Partner
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit www.gpbullhound.com.