AMI ( “the Company”), the global leader in Dynamic Firmware, today announced that it will receive a majority investment from THL Partners (“THL”), a premier private equity firm investing in middle market growth companies. AMI provides leading technology companies with silicon level software (Dynamic Firmware) required to power and boot, manage, orchestrate, and secure modern computing environments. The strategic investment will accelerate AMI’s product innovation and market expansion as it serves global silicon designers, device manufacturers, and cloud service providers.
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Founded in 1985 and today employing over 1,500 engineers across seven countries, AMI claims a global customer base that includes Microsoft, Intel, AMD, Nvidia, Arm, and Foxconn, as well as hundreds of major silicon and cloud providers, and platform manufacturers. Over 60% of servers that power data centers and the cloud rely on AMI firmware, uniquely positioning the Company to support the substantial and growing need for firmware driven by the growth of artificial Intelligence (AI) and hyperscale cloud infrastructure.
“As we embark on our next stage of growth and innovation, we are confident that THL is the right strategic partner for AMI,” said Sanjoy Maity, CEO of AMI. “THL’s deep expertise in chips and software, and their commitment to the company’s core mission to help our customers scale, make them the right partner. We look forward to working with THL as we continue to provide best-in-class technology and services for those customers.”
“Given our experience in semiconductors and software, THL has long seen AMI as a unique opportunity,” said Zach Gut, Managing Director, THL. “As the world’s computational needs grow due to the proliferation of AI and cloud computing, demand for sophisticated firmware to manage complex hardware will grow in tandem. AMI is the global leader in this foundational work, and we are committed to help this talented team continue to support the world’s leading technology companies.”
THL invested in AMI through both its flagship Fund IX and Automation Fund, the private equity industry’s first fund dedicated to automation-related businesses.
AMI was previously owned by HGGC.
BofA Securities is serving as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to AMI. Evercore acted as financial advisor, Ropes & Gray LLP as legal counsel, and Paul Weiss as financing legal advisor, to THL. The transaction is expected to close in the fall of 2024.
About AMI
AMI (http://www.ami.com) is Firmware Reimagined for modern computing. As a global leader in Dynamic Firmware for security, orchestration, and manageability solutions, AMI enables the world’s compute platforms from on-premises to the cloud to the edge. AMI’s industry-leading foundational technology and unwavering customer support have generated lasting partnerships and spurred innovation for some of the most prominent brands in the high-tech industry.
About THL
THL Partners (www.THL.com) is a premier private equity firm investing in middle-market growth companies exclusively within three sectors: Healthcare, Financial Technology & Services, and Technology & Business Solutions. THL couples deep sector expertise through an Identified Sector Opportunity (“ISO”) process with dedicated internal operating resources from its Strategic Resource Group (“SRG”) to transform and build great companies of lasting value in partnership with management. The Firm’s domain expertise and resources help to build great companies with an aim to accelerate growth, improve operations and drive long-term sustainable value. Since 1974, THL has raised more than $35 billion of equity capital, invested in over 170 companies and completed more than 600 add-on acquisitions representing an aggregate enterprise value at acquisition of over $250 billion.
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