PSG and 2ndWave Software to Announce Acquisition of JAMS from Fortra

BOSTON - PSG, a leading growth equity firm that specializes in partnering with software and technology-enabled services companies to capitalize on transformational growth, in combination with 2ndWave Software, today announced an agreement to purchase JAMS, a leading workload automation and job scheduling solution, from Fortra, a global provider of cybersecurity solutions backed by TA Associates (“TA”), among other investors.

As a result of the transaction, JAMS will become an independent company owned by PSG, 2ndWave Software, and employees. Skybot, a complementary workload automation platform under the Fortra umbrella, will also be acquired as part of this transaction and will be included as part of the new company.

For over 35 years, JAMS has empowered IT operations teams with robust automation frameworks for orchestrating critical scheduled and triggered processes. This investment will help empower JAMS to accelerate product innovation, expand market reach and further support IT operations teams around the world.

Peter Hegland, who will be the new independent company’s Chief Executive Officer, stated, “This investment marks an exciting new chapter for JAMS. With the backing of PSG and 2ndWave Software, we believe that we will accelerate our innovation roadmap and increase our investment in development, ensuring our customers continue to benefit from high-quality workload automation and job scheduling solutions.”

Rich Zajeski, Principal, and Bill Skarinka, Managing Director, at PSG, said, "We are excited to partner with the talented team at JAMS as they embark on this new chapter as an independent company. Their track record of delivering robust workload automation solutions, combined with our growth equity expertise, creates a powerful opportunity to accelerate innovation and expand their market leadership. We look forward to supporting the team’s continued success."

Dan Mayleben, CEO of 2ndWave Software, which partners with middle-market enterprise software companies, stated, “JAMS possesses a strong foundation and considerable potential in the evolving automation landscape. 2ndWave Software is pleased to contribute our operational and strategic expertise to help drive scalable value creation. We are confident that this partnership will enable JAMS to enhance their offerings and achieve accelerated growth.”

“Since partnering with Fortra in 2019, it has been a privilege to support the company in expanding its robust portfolio of cybersecurity and automation tools,” said Harry Taylor, Managing Director at TA, Fortra’s lead investor. “Both JAMS and Skybot have meaningfully scaled Fortra, establishing themselves as notable players in the workflow automation market. We believe they are well positioned to thrive as an independent business backed by PSG and 2ndWave Software.”

“In our view, JAMS has consistently delivered exceptional value to their customers, demonstrating significant growth and a strong focus on customer satisfaction,” said Matt Reck, Chief Executive Officer of Fortra. “We are confident that PSG and 2ndWave Software’s expertise and resources will enable JAMS to thrive as an independent entity, meeting the evolving needs of the automation community.”

Lincoln International LLC served as financial advisor and Goodwin Procter LLP served as legal counsel to Fortra and TA. Weil, Gotshal, & Manges served as legal counsel to PSG and 2ndWave Software. The transaction is expected to close in the coming weeks, subject to certain closing conditions and regulatory approvals.