Corporate spend management and auditing specialist Oversight
has been acquired by growth-stage private equity investor TCV, which purchased
a majority interest in Oversight from Luminate Capital Partners, the companies
announced.
Luminate will remain a minority equity partner in Oversight.
Financial terms of the deal were not disclosed.
Under TCV's ownership, Oversight plans to expand product
innovation and continue to build out its enterprise spend risk and auditing
platform, which it recently revamped with added artificial intelligence and
machine learning capabilities, according to the company.
Since its founding in 1995, TCV has invested more than US$13
billion in technology companies including Netflix, Facebook, Expedia, Airbnb
and Zillow.