Payroll services specialist Cast & Crew Entertainment Services has signed a definitive agreement to be acquired by technology investing firm Silver Lake for $700 million from ZM Capital.

Burbank-based Cast & Crew’s senior management will remain in their current roles and continue as “meaningful” equity partners in the new ownership structure. It touted the deal, announced Monday, as enabling it to accelerate its technology initiatives.

The companies did not disclose the price but a person with knowledge of the deal said the transaction was valued at $700 million.

Cast & Crew provides payroll services to the entertainment industry, including major and independent film and TV studios, as well as live event venues. It has about 350 employees in 11 offices.

“Silver Lake’s technology expertise and entertainment industry understanding position them as the ideal strategic partner for our company,” said Eric Belcher, president and CEO of Cast & Crew. “This investment will enable us to continue to offer best-in-class service and support to our clients in a rapidly evolving entertainment landscape. We undoubtedly will benefit from Silver Lake’s involvement as we accelerate our investment in technology and as we bring new client-centric digital solutions to market.”

A ZMC-led consortium, including VSS, Emigrant Capital Corp. and other ZMC limited partners and affiliates, acquired the company in 2012. Silver Lake’s portfolio includes Alibaba Group, Go Daddy, Hillstone Network and WME/IMG.

Cast & Crew was advised in this transaction by Moelis & Company, Morgan Stanley & Co. and Sidley Austin. Silver Lake was advised by Kirkland & Ellis. RBC Capital Markets, Credit Suisse, Deutsche Bank Securities and Société Générale are providing debt financing for the transaction.