M&A Deal Summary

TPG Acquires Conservice

On December 22, 2025, private equity firm TPG acquired internet software and services company Conservice from TA Associates and Advent International

Acquisition Highlights
  • This is TPG’s 34th transaction in the Internet Software and Services sector.
  • This is TPG’s 299th transaction in the United States.
  • This is TPG’s 4th transaction in Utah.

M&A Deal Summary

Date 2025-12-22
Target Conservice
Sector Internet Software and Services
Buyer(s) TPG
Sellers(s) TA Associates
Advent International
Deal Type Secondary Buyout
Advisor(s) Evercore Group
Goldman Sachs (Financial)
Goodwin Procter (Legal)

Target

Conservice

River Heights, Utah, United States
Conservice is a utility and billing management company that provides software and service solutions for over 1.6 million units in the rental housing industry. Conservice’s unique services include sending each tenant in a housing unit a single bill that encompasses rent, utilities, and any extra charges. Conservice was founded in 2000 and is based in River Heights, Utah.

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Buyer(S) 1

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 453 of 453
Sector: Internet Software and Services M&A 34 of 34
Type: Secondary Buyout M&A Deals 76 of 76
State: Utah M&A 4 of 4
Country: United States M&A 299 of 299
Year: 2025 M&A 13 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-17 Pike

Charlotte, North Carolina, United States

Pike is a provider of construction, repair and engineering services for distribution and transmission powerlines and substations, with a growing portfolio of turnkey and renewable projects. Pike was founded in 1945 and is based in Charlotte, North Carolina.

Buy -

Seller(S) 2

SELLER

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 261 of 261
Sector: Internet Software and Services M&A 16 of 16
Type: Secondary Buyout M&A Deals 51 of 51
State: Utah M&A 3 of 3
Country: United States M&A 208 of 208
Year: 2025 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-12-17 PairSoft

Miami, Florida, United States

PairSoft provides procure-to-pay automation, helping businesses optimize their AP workflows with AI-powered solutions and seamless ERP integrations. PairSoft is based in Miami, Florida.

Buy -
SELLER

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 91.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 235 of 235
Sector: Internet Software and Services M&A 10 of 10
Type: Secondary Buyout M&A Deals 61 of 61
State: Utah M&A 2 of 2
Country: United States M&A 85 of 85
Year: 2025 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-04 Lanteris Space Systems

Palo Alto, California, United States

Lanteris Space Systems provides engineering and manufacturing services for satellite structures and components. The Company develops mechanical systems, payload mounts, and spacecraft structures for use in commercial, government, and defense missions. Lanteris Space System is headquartered in Palo Alto, California.

Sell $800M