Janesville tech firm Data Dimensions has changed hands from one private equity firm to another, the company announced Thursday.
In a news release, Data Dimensions said it has been sold by private equity firm HealthEdge Investment Partners, its most recent majority owner, to Thompson Street Capital Partners, a St. Louis firm.
Data Dimensions officials said they expect the sale won’t significantly change operations. The move will allow the company to branch out with new clients in data and document management services.
Marketing Director Sara Miller said Thursday that the sale was expected, and employees had been told about it in recent weeks.
She said private equity firms typically hold an asset for three to five years and then sell it, which is what happened with Data Dimensions.
“We had lived out to five years with HealthEdge, and then they were looking to sell us either to a private company or another private equity firm,” Miller said. “Really, day to day, nothing changes. We run business as usual. It’s just that we have a different majority investor ownership.”
Under terms of the sale, Data Dimensions will remain headquartered in Janesville, where it employs about 550 people in data and document management services that it contracts to other companies, some of which are in the health care and insurance industries.
Overall, the company employs about 900 people between Janesville and Clinton, Iowa.
Under HealthEdge, Data Dimensions said it signed new clients and launched “innovative automation technology” to serve customers in the government sector.
Data Dimensions joins more than 100 companies in Thompson Street’s holdings in the health care, life science, software technology and business sectors.
Thompson Street Capital Partners and Data Dimensions did not disclose financial details of the sale, but Miller said Thompson Street’s size will allow Data Dimensions to add new clients.
She said it’s possible Data Dimensions could add new facilities.
“The change we anticipate in the future is adding on maybe new locations and acquiring some new organizations,” Miller said. “We’re going to be expanding our footprint in workers comp, insurance industries, the financial industry, and also in the pharmacy industry. I would say anything, any business or service that works within those spaces are businesses we’d be looking at.”