TORONTO — Onex Partners, a Canadian private equity fund, has signed a deal to buy Tes Global, a Canadian provider of software that colleges use to manage everything from fundraising to student government, the investment firm said on Thursday.
Terms of the transaction were not disclosed.
The investment will help Tes Global “become a leader in new technology-enabled offerings and expand its channel partnerships across North America,” said Amita Malhotra, Onex’s chief executive.
The company’s products are used at about 230 colleges and universities across the country, with clients including the University of Toronto, Western University and Western and York universities.
By acquiring Tes Global, Onex is seeking to expand its presence in North America, its second largest market, with the Canadian company, whose business is about 60 percent of its asset value, said Steve Spaccia, Onex’s senior managing director.
Tes Global Chairman Brian Tibidio said the investment will be used to boost its campus partnerships. “As I have said before, Onex is the perfect partner for Tes Global, as the public markets are failing to value Tes Global’s innovation and market opportunity,” he said.
Founded in 2000, Tes Global has grown from 10 employees to approximately 450 employees, and reported revenue of C$57 million ($43 million) in 2017.