**Editor's Note: Please click here for a recap of the biggest channel-impacting mergers in Q1 2014.**
Rumors that Autotask Corp. soon would sell came to fruition on Monday.
The company, which makes professional services automation software, said it has agreed to be acquired by Vista Equity Partners. Financial terms were not disclosed as both parties are privately held, but the transaction is expected to close this summer.
The transaction comes amid a wave of M&A in the managed services segment. Last year, SolarWinds bought N-able, AVG Technologies snapped up Level Platform and a venture capital firm purchased Kaseya. Industry speculation had it that Autotask soon would have a new owner, and most people appeared to be betting on the buyer being a remote monitoring and management vendor.
But the buyer is a private equity firm with holdings throughout the IT world.
“This announcement reflects our deep commitment to accelerate the value we deliver to our customers," said Mark Cattini, president and CEO of Autotask, said in a press release. “We are devoted to our clients’ ongoing success and are confident that our partnership with Vista will drive innovation and growth and deliver dynamic solutions as the traditional IT landscape evolves."
Autotask was founded in 2001 and is headquartered in East Greenbush, N.Y.