Equity Firm Buys a Stake In Xytech

 Xytech, a San Fernando Valley company that provides facility management software for the broadcast and media industries, has been acquired by Banneker Partners, a software-focused private equity firm. 

Terms of the transaction between Xytech in Chatsworth and Banneker in San Francisco were not disclosed. 

Founded in 1988, Xytech has established a market with its software that streamlines everyday functions of entertainment-related companies such as scheduling for employees and equipment; accounting; timecard management; and allowing for better tracking of physical and digital assets. 

Its flagship software is MediaPulse which provides scheduling, automation, asset management, billing and cost recovery for broadcasters and transmission facilities.

Richard Gallagher, chief executive of Xytech, said that when he started the company his primary goal was to bring facility management into the next generation to help media companies be more efficient and productive. He added that for more than three decades that has been Xytech’s focus, and he is proud of what the company has accomplished. 

“Banneker, with its investment focus on software solutions aimed at specific verticals and willingness to invest to scale operational delivery, product innovation and sales and marketing, is the perfect partner for Xytech’s next stage of growth,” Gallagher said in a statement. 

Gallagher will retain ownership and continue as chief executive. 

Kenneth Frank, a partner at Banneker, said that the firm was thrilled with the strategic investment as it allows it to accelerate Xytech’s market penetration into the broadcast, media and related markets. 

“Our acquisition of Xytech aligns perfectly with our strategy of partnering with strong management teams and investing in their operational capabilities,” Frank said in a statement. “Our investment will accelerate Xytech’s go-to-market prospects, while ensuring continued innovation across its entire line of software products.