Sometimes, the little software company that you follow turns out to be worth over a billion dollars.
Actually, that’s been happening more and more often as the gold rush in enterprise software continiues.
The latest example is Hamilton, NJ-based Sparta Systems, whose strength is in a growing corner of the software/SaaS business, Enterprise Quality Management, using the Salesforce platform with an emphasis on Life Sciences. Sparta just agreed to be acquired by Honeywell for $1.3 billion.
Honeywell is reasserting itself as a enterprise software company, building around its Forge Platform, introduced last year. Hopefully, Forge is a more functional platform than GE’s Predix, which was overhyped.
Sparta Systems’ two primary platforms are TrackWise Digital, built on the Salesforce platform, and QualityWise.ai., which brings natural language processing, signal detection and confidence levels for recommendations to TrackWise Digital.
Both platforms will be integrated with Honeywell Forge for life sciences and adjacent industries. Honeywell will also use its scale to expand Sparta Systems’ reach.
Sparta once partnered with Veeva Systems in the life sciences industry, but Veeva eventually became a competitor. Sparta became entangled in a long-running legal battle, along with others, with Veeva over enforcement of non-competes.
Honeywell bought Sparta from PE firm New Mountain Capital , which in turn bought it from Thoma Bravo in 2017.
Honeywell recently moved its headquarters from Morris Plains, New Jersey to Charlotte, where it is constructing a new headquarters.
John Tough describes how Sparta is another example of a successful SaaS enterprise built on the Salesforce platform.