• by Joe Mandese  @mp_joemandese, June 29, 2015

Mediaocean, the primary processor of Madison Avenue’s media buys, has sold a majority stake to private equity firm Vista Equity Partners. Terms were not disclosed, but the investment values Mediaocean at $720 million.

The companies said the investment is intended to “accelerate global growth and further drive product innovation for Mediaocean,” which has been struggling to redefine itself from an old-line data-processing company to more of an enterprise software provider ever since it was formed by merging venture capital-backed startup MediaBank and Madison Avenue’s main legacy player, Donovan Data Systems, three years ago.

While terms were not disclosed, the investment appears may have helped DDS founder Michael Donovan exit some of his position in the company. The company said Donovan “will continue as a key board member and will retain the remaining equity in Mediaocean” when the deal is completed in the third quarter.

“When Vista approached us, we were impressed by its strategic vision,” Donovan said in a statement announcing the deal this morning. “They operate more like an enterprise software holding company than a classic private equity firm with nearly 200 employees -- most of whom are operators, not finance professionals.&rdquo ;