New Mountain Capital LLC agreed to purchase a majority interest in Muncie, Ind.-based Ontario Systems LLC.
Ontario Systems provides enterprise software that automates workflows and accelerates revenue recovery for the accounts receivable management, healthcare and government markets.
The transaction, terms of which were not disclosed, is slated to close Aug. 30.
With the stake acquisition, the New York-based investment firm will replace middle-market private equity firm Arlington Capital Partners as Ontario Systems' biggest investor. New Mountain Capital has more than $20 billion in assets under management.
Ropes and Gray LLP was legal adviser to New Mountain, while Eir Partners was an adviser on the transaction.
