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Periscope Buys eSourcing Service Provider BidSync; Brian Utley Comments

acquisitionPeriscope Holdings has purchased BidSync, provider of cloud-based procurement and bid notification services for the public sector, for an undisclosed amount.

Brian Utley,  president and CEO of Periscope Holdings, will lead the combined company and the transaction was completed on Monday,  Periscope said Wednesday.

Utley said Periscope Holdings intends for the merger to continue delivering “purpose-based procurement” services to the public sector.

Parthenon Capital Partners,  Periscope’s private equity partner, helped to fund the acquisition.

American Fork, Utah-based BidSync provides eSourcing services and government bid notification system in North America.

Stephens Inc. acted as the financial adviser to Periscope Holdings on the transaction and Piper Jaffray & Co. to BidSync.

Kirkland & Ellis LLP served as legal adviser to Parthenon on the transaction.

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