TA Associates announces minority recapitalization of Prometheus Group

Photo taken from TA Associates website.
Photo taken from TA Associates website.

TA Associates, a private equity firm with offices in Boston, said that it has completed a minority recapitalization of Prometheus Group, a provider of enterprise application software.

Terms of the investment were not disclosed.

Ashutosh Agrawal, a principal at TA Associates, and A. Bruce Johnston, a managing director at the firm, will join the Prometheus Group board of directors.

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Headquartered in Raleigh, N.C., Prometheus makes software applications for plant maintenance and capital projects. Customers include companies in the oil and gas, chemical, utilities, mining, and asset-intensive manufacturing industries.

Prometheus has made a video explaining some of what it does. That Youtube video can be viewed below.

“Prometheus serves a true marketplace need, helping companies more efficiently and effectively utilize EAM (Enterprise Asset Management) software solutions,” Agrawal said in a statement. “The Prometheus solutions address the entire plant maintenance lifecycle and its customers cite noticeable improvements in productivity and meaningful cost savings. We are pleased to complete this investment and to partner with Prometheus’ management team on the next phase of the company’s growth.”

According to TA Associates, it has invested in more than 425 companies around the world and has raised $18 billion in capital.