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Private equity firm Astorg has appointed Jefferies and Arma Partners to sell IP software firm Anaqua, 9fin sources said.

The company posted roughly $80m in 2023 EBITDA, the sources said.

Astorg bought Anaqua in 2019 from Insight Venture Partners, through its Astorg VII fund.

Incumbent lender Ares showed a $4.3m equivalent position in the company’s Euribor+550bps first lien term loan due 2026 and a $2.3m position in its SOFR+525bps first lien term loan also due 2026 in its Ares Capital Corporation BDC, as of 30 June. Both tranches were marked at par. The BDC also reported an equity position in Anaqua valued at $11.8m.

Anaqua was founded in 2004 and provides integrated, end-to-end innovation and intellectual property management software solutions. It counts Adidas, Novo Nordisk, and Honda among its clients, its website shows.

The company is based in Boston and employs over 800 people across nine countries.

Software companies have been attractive to both private equity and private credit funds lately, securing high multiples and low coupons.

Real estate software firm MRI Software is currently in the process of repricing its existing $2.5bn debt down to SOFR+475bps, as well as seeking an additional $250m incremental loan, 9fin reported in August.

Also last month, CorroHealth secured a $1.3bn HPS-led debt package priced at SOFR+500bps. And in January, Vista Equity Partners secured a $1.05bn senior secured term loan for its LBO of EngageSmart, priced at SOFR+525bps.

Astorg declined to comment. Arma Partners, Jefferies and Anaqua did not return requests for comment.

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