By combining Black Mountain's Everest platform with Stone Point's relationships and expertise in financial services, Black Mountain said it is well positioned to advance its mission of bringing growth and innovation to investment professionals. Additionally, the transaction will enable Black Mountain to hasten its pace of expansion and allow its management team to deploy additional resources for a broader roll-out of its product- and service-based solution offerings.
"We see tremendous strategic value in Everest's highly configurable design, broad functionality and capacity to empower decision makers with complete and accurate information," said Charles Davis, CEO of Stone Point. "We also recognize the technical and client-based expertise that the Black Mountain team brings to its clients, and we look forward to working with the management team to help Black Mountain reach its full potential."
"This is the right move for Black Mountain's long-term strategy and will enable us to better serve our customers and employees," said Kevin MacDonald, co-CEO of Black Mountain Systems. "I look forward to working with Stone Point as Black Mountain enters its next phase of innovation, growth and leadership."
"We were very careful about making this decision, and I firmly believe that Stone Point is the best partner we could have chosen to position Black Mountain for its next chapter. I am extremely proud of the great team we have assembled and the culture we have cultivated at Black Mountain, and I am truly excited about the opportunity to take our success to a new level," added Andy Horwitz, Black Mountain's co-CEO.
SunTrust Robinson Humphrey acted as financial advisor to Black Mountain Systems.
Black Mountain Systems, a software company that develops data and process management solutions for asset managers and financial institutions, has completed a majority recapitalization. The transaction was led by Black Mountain's management and funds managed by Stone Point Capital, which is a leading private equity firm focused on investing in the global financial services industry.