FrontRange bought for $200M by private investors

CRM, service and voice applications software maker FrontRange Solutions Inc. said Friday that it is being acquired by a private investment firm.

FrontRange Solutions, which caters primarily to the small and midsize market, announced that Francisco Partners, a private equity fund that invests in high-tech firms, has bought it for US$200 million. The deal is expected to close in 90 days.

FrontRange boasts some 140,000 customers and 1.2 million end users and has a global partner network. Among its better-known products is the Goldmine CRM application.

In a statement, FrontRange CEO Michael McCloskey said his company "has outperformed the industry for the last two years, growing at a rate that far exceeds our competition. During this period, we have invested heavily in both R&D and sales expansion, while continuing to increase our profitability. With several new products coming to market, we are well-positioned for continued growth, and plan to increase our market share."

He said the buyout would allow FrontRange to "continue to pursue our aggressive growth strategy."