Private equity firm GTCR and The Adecco Group struck a deal to sell VMS provider Beeline to New York-based private equity firm New Mountain Capital LLC. The firms aim to close the deal in August; it is subject to customary closing conditions.

Before this deal, Adecco owned 43% of Beeline after selling a majority stake to Chicago-based private equity firm GTCR in December 2016. GTCR held a majority stake in VMS provider IQN and merged the two operations under the Beeline brand last year. Beeline now has about 350 clients.

New Mountain will now be Beeline’s sole owner.

“The sale of the group’s stake in Beeline realizes significant value for our shareholders and illustrates our disciplined approach to our strategy deployment and portfolio management,” Adecco Group CEO Alain Dehaze said.

Adecco said it will record a gain on sale of approximately €110 million (US$128.7 million) and after-tax cash proceeds of approximately €172 million (US$201.2 million). No further terms of the transaction were announced.

Beeline’s executives and leadership will remain with the firm.

“New Mountain is an ideal partner for us and we look forward to leveraging their expertise,” Beeline CEO Doug Leeby said. “Our existing customers will greatly benefit as we make even more technological advancements, such as the continued application of artificial intelligence and machine learning, to our industry-leading products.”

New Mountain is based in New York. It had owned RPO firm Alexander Mann, but sold it earlier this year to Omers Private Equity.