12/17/2009 08:30 PM
SMH Private Equity Group Portfolio Company, Lombardi Software, Acquired By IBM
HOUSTON, Dec. 17 /PRNewswire-FirstCall/ -- SMH Private Equity Group today announced that IBM has entered into an agreement to acquire Lombardi Software, Inc., an SMH Private Equity Group portfolio company, based in Austin, Texas. SMH Private Equity Group is a division of Sanders Morris Harris Group.
Lombardi, a leading provider of Business Process Management (BPM) software and services, helps organizations automate and integrate business processes to increase efficiencies and reduce costs.
This is the third major private equity investment exit in the past twelve months for SMH, following the sale of Wayport Inc. to AT&T and New England Pantry to 7-Eleven, Inc.
About SMH Private Equity Group
SMH Private Equity Group invests in early-stage energy technology and healthcare technology companies. It focuses on emerging sectors that leverage its experience and expertise - providing the most productive guidance to its portfolio companies. Additional information is available at www.smhpeg.com.
About Sanders Morris Harris Group
Sanders Morris Harris Group is a wealth management company that manages approximately $10.6 billion in client assets. Client assets include the gross value of assets under management directly or via outside managers and assets held in brokerage accounts for clients by outside clearing firms. Its corporate philosophy of investment in common aligns its interests with those of its clients. Sanders Morris Harris has more than 600 employees in 21 states. Additional information is available at www.smhgroup.com.
SOURCE Sanders Morris Harris Group Inc.
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