Xytech has been purchased by software-focused private equity firm Banneker Partners.
The San Francisco-based equity company completed the acquisition on 30th December 2021.
Xytech said customers for its facility management software business can expect a seamless transition and the company will update its partners in the coming days.
“When I created Xytech, my primary goal was to bring facility management into the next generation to help media facilities — both large and small — be more efficient and productive,” said Xytech CEO Richard Gallagher.
“For more than three decades, this has been Xytech’s focus, and we are proud of what we have accomplished. Banneker, with its investment focus on software solutions aimed at specific verticals and willingness to invest to scale operational delivery, product innovation and sales and marketing, is the perfect partner for Xytech’s next stage of growth.”
“We see this as a strategic investment to accelerate Xytech’s ability to enhance their solution offering and operational delivery capabilities in this key market segment,” added Kenneth Frank, partner at Banneker Partners. “We look forward to working alongside Richard and the rest of the management team to strengthen the company’s customer penetration and market reach.”