(Bloomberg) -- Madison Dearborn Partners is acquiring a majority stake in software company Unison Software Inc. from fellow private equity firm Carlyle Group Inc. 

Carlyle is keeping a minority stake, according to a statement. The transaction values Unison at more than $1 billion, including debt, people familiar with the matter said, who asked to not be identified because the terms are private.

Representatives for Madison Dearborn and Carlyle declined to comment on the terms.

Valuations may have come down in public technology companies, but the decline hasn’t fully hit the steadier market for private tech buyouts.

Carlyle partner Steve Bailey said in an interview that because of the technology company valuation correction in both the private and public markets, there are fewer transactions compared with the record pace seen last year. “But the deals for A+ quality assets are still getting done and at strong valuations,” he said.

Dulles, Virginia-based Unison supports government agencies and contractors, serving all 15 US cabinet-level agencies and more than 200,000 users, according to the statement. 

“Unison sits right at the intersection of our team’s core focus areas, and we look forward to applying our extensive expertise to help drive Unison forward in the service of the US federal government and its key contractors,” Matt Norton, managing director and head of the business and government software and services team at Madison Dearborn, said in the statement. 

It’s the second time Carlyle has sold the company, which was founded in 1983. It first invested in the company in 2005 and sold it five years later to JMI Management Inc.

Financing for the deal is being provided by Antares Capital. The deal is slated to close in the third quarter. 

Robert W. Baird & Co. is advising Unison and Carlyle on the deal while Lincoln International is advising Madison Dearborn. 

©2022 Bloomberg L.P.