(Bloomberg) -- Vista Equity Partners has reached an agreement to sell a minority stake in LogicMonitor Inc. to a group of investors in a deal valuing the IT infrastructure monitoring platform at about $2.4 billion, including debt.

LogicMonitor is receiving $800 million in new equity and strategic financing from an investor consortium that includes PSG Equity, Golub Capital and others, according to a statement Wednesday confirming an earlier Bloomberg News report. Vista will remain LogicMonitor’s controlling shareholder.

Bloomberg News reported in March that Vista was working with financial advisers to explore options for LogicMonitor. Founded in 2007 and led by Chief Executive Officer Christina Kosmowski, the Santa Barbara, California-based company provides a cloud-based, AI-powered performance monitoring platform for enterprise IT, managed service providers and small and midsize businesses.

LogicMonitor will use the investment to accelerate platform expansion through mergers and acquisitions, entering new markets globally and diversifying into new verticals, according to the statement.

Vista acquired LogicMonitor in May 2018 through its Vista Foundation Fund III for about $415 million, according to data provider PitchBook.

The company has scaled organically over 650% since Vista’s investment in mid-2018, according to Patrick Severson, co-head of Vista’s Foundation Fund, and Ryan Atlas, managing director at Vista. “Over the course of our partnership, LogicMonitor has broadened its solution suite from infrastructure performance monitoring to AI-powered hybrid observability and meaningfully extended its global customer and employee base.”

Evercore Inc. and Morgan Stanley advised LogicMonitor on the transaction.

(Updates throughout with confirmation.)

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