Private equity firm TA Associates has launched a sale process for its minority stake in MISA Joint Stock Company (MISA JSC), a Vietnam-based accounting and financial management software provider, according to four sources familiar with the situation.

The Boston-headquartered private equity firm has hired BDA Partners for the stake sale, the sources said.

The sellside, which has distributed teasers to potential buyers, is seeking to fetch a deal size of over USD 150m, said three of the sources. TA Associates holds around 30% of MISA JSC, according to one of the sources.

TA Associates in 2019 announced the minority investment in MISA for an undisclosed sum. The company is majority owned by founders Lu Thanh Long and Nguyen Xuan Hoang, said the second source.

Founded in 1994, MISA is among the software industry leaders that provide accounting, financial, enterprise resource planning (ERP), and business management software to enterprises, government, and individuals in Vietnam, serving over 70,000 government sector clients and 170,000 enterprises, as disclosed by the company.

In October last year, the firm launched MISA Lending to serve small- and medium-sized enterprises (SMEs) in Vietnam that are facing financing challenges. This is a platform to connect businesses which use MISA’s electronic invoice software to big credit institutions and banks in Vietnam.

Earlier in April last year, MISA and Standard Chartered Vietnam launched digital financing for SMEs via MISA Lending. Similarly, the company this month has also signed a partnership agreement with Shinhan Bank Vietnam in digital financing solutions for local SMEs, as announced.

The company last year generated a revenue of VND 1.15trn (USD 47.3m) and a net profit of VND 153.8bn. It has a total asset of VND 2.36trn as of end-2022, according to its financial statements.

Some of MISA’s local peers are FAST and Bravo, according to an industry source.

MISA has an LTE score of 17 out of 100, according to Mergermarket’s Likely to Exit (LTE) predictive algorithm.*

*Mergermarket’s LTE predictive analytics assign a score to sponsor-backed companies to help track and predict when an exit could occur through M&A, an IPO, a direct listing or a deSPAC transaction. 

BDA declined to comment. TA Associates and MISA did not respond to requests for comment.

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