A private equity firm in Palo Alto acquired a majority stake in Irvine-based software developer AutoAlert Inc. on undisclosed terms.
AutoAlert’s founders, President and Chief Executive Boyd Warner and Chief Operating Officer Jeff Cotton, will “reinvest a substantial portion of their proceeds and retain a significant minority stake in the business,” according to a news release.
The software company, founded in 2002, employs 110, with more than half at its Irvine office.
“ … it was a step we would only take if we were sure that we had the right partner,” Warner said in the release.
Rich Lawson, HGGC’s managing partner and chief executive, and Jake Hodgman, principal at HGGC, will join AutoAlert’s board of directors. Steve Young, managing partner and cofounder of HGGC, will be chairman of AutoAlert’s board.
―Mediha DiMartino
