GTCR buys Innovative Systems; Morgan Stanley exits Clarity Software

Deal Wrap is updated as of 3 p.m. ET.

– Chicago-based GTCR LLC acquired Innovative Systems, LLC, a provider of enterprise software for regional broadband providers, from Alpine Management Services III LLC. The deal value was not disclosed. Technology executive Scott Alcott, former chief information officer of Comcast Corp., will join Innovative Systems as CEO. Stifel, Stephens Inc., and Shea & Co. served as GTCR's financial advisers on the deal, with Kirkland & Ellis LLP as legal adviser. Lincoln International acted as financial adviser to Alpine Investors and Innovative Systems, and Goodwin served as the sellers' legal adviser.

– Morgan Stanley Investment Management Inc. exited Clarity Software Solutions Inc., a provider of health plan member communication services, in a sale to mPulse Mobile Inc. Financial details of the transaction were not disclosed. William Blair served as the lead financial adviser, and Lincoln International acted as a financial adviser to Clarity. Dechert provided legal counsel, and Alvarez and Marsal conducted financial diligence.

– In a secondary sale, Mountaingate Capital Management, L.P., a Colorado-based private equity firm, sold its stake in Bold Orange Co. LLC, a customer experience company, to funds affiliated with Beringer Capital. Deal value was not disclosed. Mountaingate Capital and Bold Orange were advised by global investment bank Canaccord Genuity and law firm Kirkland & Ellis LLP.

– In another secondary transaction, Nautic Partners LLC agreed to make an undisclosed minority investment in KabaFusion LLC, a provider of home infusion therapies. The deal represents an exit for Novo Holdings A/S while retaining KabaFusion's management as significant investors. The transaction is subject to customary closing conditions. Goodwin Procter LLP served as legal adviser and Houlihan Lokey served as financial adviser to KabaFusion. Kirkland & Ellis LLP served as legal adviser to Nautic.

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