Private equity firms Thoma Bravo LLC and Madison Dearborn Partners LLC teamed up to invest in Syntellis Performance Solutions LLC.

Syntellis is the former software division of Kaufman Hall & Associates Inc., an enterprise performance management software, data and management consulting solutions provider.

The new standalone company consolidates Kaufman Hall's Axiom Software and the recently acquired Change Healthcare Inc.'s Connected Analytics practice. It will act as Kaufman Hall's enterprise performance management software and data analytics provider.

Kermit Randa, who is also at the helm of Kaufman Hall's software division, will act as CEO of the new entity, which will be headquartered in Chicago with offices in Portland, Ore., and Skokie, Ill.

Madison Dearborn will continue as a significant investor in Kaufman Hall.

Funds managed by affiliates of BlackRock US Private Credit, Fortress Investment Group, The Private Credit Group of Goldman Sachs Asset Management LP, Pathway Capital Management LP and Thoma Bravo Credit committed funding for the transaction.