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Providence Equity to buy Posti Group's cash management solutions unit

A fund managed by Providence Equity Partners LLC signed an agreement to acquire OpusCapita Solutions Oy, a subsidiary of Finland-based postal and logistics service provider Posti Group Oyj, for an undisclosed amount.

OpusCapita offers digital solutions and transaction processing for source-to-pay, cash management and product information management. The company is headquartered in Finland and has eight offices in Europe and the U.S.

The staff of OpusCapita will remain with the company, and no changes will be made to its customer relations, according to a news release.

The transaction, which is subject to approval by Germany's Federal Cartel Office, is in line with Posti's strategy of focusing on its postal, parcel, e-commerce and logistics services. It also marks Providence's first growth-stage software investment in Europe.

Providence Equity Partners is a Providence, R.I.-headquartered private equity firm investing in media, communications, education and information companies.