LOS ANGELES—Private equity firm Banneker Partners Dec. 30, 2021, acquired industry facility management software firm Xytech, the software company announced today. Terms of the acquisition were not available.
“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,” said Kenneth Frank, partner at Banneker Partners. “We look forward to working alongside Richard [Gallagher, Xytech CEO] and the rest of the management team to strengthen the company’s customer penetration and market reach.”
Xytech worked to “bring facility management into the next generation” to help media companies become more efficient and productive, said 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,” he said.
Banneker Partners is an enterprise-software-focused private equity firm based in San Francisco.
More information is available on the company’s website (opens in new tab).
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Phil Kurz is a contributing editor to TV Tech. He has written about TV and video technology for more than 30 years and served as editor of three leading industry magazines. He earned a Bachelor of Journalism and a Master’s Degree in Journalism from the University of Missouri-Columbia School of Journalism.
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