EQT To Buy Stake in $2 Billion Private Tech Company Storable (1)

European private equity firm EQT AB announced it would buy a majority stake in Storable in a deal that people familiar with the matter said valued the U.S. software maker at roughly $2 billion, including debt.

An announcement Wednesday confirmed an earlier Bloomberg report. Cove Hill Partners, Storable’s private equity owner, will retain a minority stake in the Austin, Texas-based company, which makes software used by self-storage companies.

The people asked not to be identified speaking about the value of the deal since financial terms weren’t disclosed.

Storable’s technology helps storage companies run their businesses and it also operates ...