Tag Archives: Data

Baird Capital Invests in JMAN Group

Baird Capital
CHICAGO/LONDON (1 June 2023) – Today, JMAN Group (“JMAN”), an international commercially focused data consultancy, announced a minority investment from Baird Capital’s Global Private Equity Fund. The investment supports the continued expansion of JMAN’s range of data-led solutions for clients, as well as international growth, with a specific focus on North America. Financial details of the transaction were not disclosed.Founded in 2013, JMAN delivers a range of solutions combining consulting, data science and data engineering capabilities that address the growing need for investment and value creation initiatives to be driven by data, at pace. JMAN combines the commercial mindset of a management consultancy with the agility and skillset of a technology company to value creation solutions across sectors and geographies, with a primary focus on the Private Equity industry. JMAN currently has two operational footprints, one in London, United Kingdom and the other in Chennai, India, serving clients in UK, mainland Europe and North America.“Given Baird Capital’s experience in supporting their portfolio companies with expansion into new markets, we believe this is a natural partnership given our intention to grow further internationally,” said Anush Newman, Co-Founder & CEO at JMAN Group. “We’ve experienced phenomenal growth since 2019 and proved ourselves as a leader in the provision of data-driven services and solutions that deliver value, in a fast, flexible and commercially focused manner. We can’t wait to work with Baird to push our boundaries and continue to build a globally recognised world-class team.”

“JMAN’s culture, global footprint and US expansion plans are a great complement to Baird Capital,” said Michael Holgate, Partner with Baird Capital’s Global Private Equity team. “Anush and Michael [LeoValan] have built a fantastic business and we are delighted to be partnering with them. Long-term demand drivers for Data Strategy, Analytics and Engineering are strong and we are excited to support JMAN’s ambition to become a leading global player in this market.”

Baird Capital was advised by Eversheds Sutherland (Legal), Canaccord Genuity (Corporate Finance), Armstrong (Commercial Diligence), Ernst & Young LLP (Financial & Tax), Seedcloud (Technical), BDO (Tax), New Street Consulting (Management), WTW (Insurance) and Humatica (Organisation); JMAN was advised by Alantra (Corporate Advisory), Grant Thornton (Tax) and Gowlings (Legal).

About JMAN Group

Founded in 2013, JMAN Group (“JMAN”) is an international commercially focused data consultancy. JMAN delivers a range of solutions-with a primary focus on the Private Equity industry- combining consulting, data science and data engineering capabilities that address the growing need for investment and value creation initiatives to be driven by data, at pace. JMAN currently has two operational footprints, one in London, United Kingdom and the other in Chennai, India, serving clients in UK, mainland Europe and North America. Learn more at https://jmangroup.com/.

About Baird Capital

Baird Capital manages two investment platforms: Global Private Equity and U.S. Venture Capital and makes investments in B2B technology & services-focused companies around the world. Having invested in 339 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.

Baird Capital Partners Europe Limited is authorised and regulated by the Financial Conduct Authority.

For More Information

Rachel Berkowitz
Baird Capital Public Relations
(414) 298-5101 | rberkowitz@rwbaird.com

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Fivetran Announces $125 Million in New Financing from Vista Credit Partners

Vista Equity

Investment will be used to accelerate enterprise growth, global go-to-market strategy and fuel platform innovation

OAKLAND, Calif.–(BUSINESS WIRE)–Fivetran, a global leader in automated data movement, today announced $125 million in financing from Vista Credit Partners, a subsidiary of Vista Equity Partners and strategic credit and financing partner focused on the enterprise software, data and technology markets. The investment will be used to support Fivetran’s continued innovation and enterprise growth, bolstering its leadership position in the automated data movement market.

“In today’s macroeconomic climate, many of the most successful companies are data companies. From making revenue-impacting decisions to driving operational efficiencies, enterprises rely on data to run their business. Data availability across an organization cannot be something in question. Access must be as simple and as reliable as electricity,” said George Fraser, CEO at Fivetran. “Fivetran’s automated data movement platform helps enterprises connect to all of their data – whether on prem or in the cloud – with 99.9% guaranteed uptime. The financing will allow us to accelerate R&D and expand our automated data movement platform as we continue to scale globally.”

This past year, Fivetran has demonstrated significant momentum and continued growth. Company milestones include:

Fivetran also continued to add new product functionalities in the last year. Key updates include the introduction of Fivetran’s Metadata API which simplifies data governance for enterprises by automating the tracking of data in-flight. In addition, the company introduced new enterprise-grade capabilities including: support for Amazon S3 with Apache Iceberg which makes data lakes more effective and accessible for all users across the organization; High-Volume Agent (HVA) Connectors, AWS Gov Cloud support and private deployment – setting the industry standard with options for all deployment types for secure, real-time and high-volume database replication; and Lite connectors, which allow Fivetran to connect to virtually any SaaS application.

“Fivetran is an ideal partner for Vista Credit Partners as a founder-led, scaled and growing category leader providing mission-critical solutions to modern businesses,” said David Flannery, President at Vista Credit Partners. “We are pleased to provide non-dilutive credit solutions and operational support to George and the entire team as they continue to innovate and help more companies become data-driven.”

About Fivetran

Fivetran automates data movement out of, into and across cloud data platforms. We automate the most time-consuming parts of the ELT process from extracts to schema drift handling to transformations, so data engineers can focus on higher-impact projects with total pipeline peace of mind. With 99.9% uptime and self-healing pipelines, Fivetran enables hundreds of leading brands across the globe, including Autodesk, Conagra Brands, JetBlue, Lionsgate, Morgan Stanley and Ziff Davis, to accelerate data-driven decisions and drive business growth. Fivetran is headquartered in Oakland, California, with offices around the world. For more info, visit fivetran.com.

About Vista Credit Partners

Vista Credit Partners (VCP) is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner focused on the growing enterprise software, data and technology market. VCP employs a highly disciplined approach to credit investing while maintaining flexibility to pursue investments offering the best relative value and investing across the capital structure. As of December 31, 2022, VCP has grown to over $6.8 billion of assets under management. Since formation in 2013 and as of March 31, 2023, VCP has deployed over $10.4 billion. For more information, please visit www.vistacreditpartners.com.

Vista Credit Partners offers solutions tailored to strategic objectives with growth-friendly terms and long-term investment horizons across both the private and broadly syndicated markets, sourcing deals directly from founder-led companies, through sponsor relationships, and from its deep network of experts, advisors and other intermediaries to support growth and unlock value through creative capital solutions and operational partnership. Vista Credit Partners has completed more than 495 software and technology transactions since inception.

Contacts

Fivetran Media Contact:
Ross Perich
press@fivetran.com

Vista Credit Partners Media Contact:
Brian W. Steel
media@vistaequitypartners.com
(212) 804-9170

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Abacus Insights Enables Health Plans to Track Total Cost of Care Throughout the Claims Process

.406 Venture

Boston, May 9, 2023 –

Abacus Insights, the leader in data usability for healthcare payers, is introducing a data solution that better enables health plans to calculate and monitor their total cost of care in real-time and across all lines of business throughout the claims process. As a result, payers can closely track costs to target care for all members, address higher than expected claims and ensure sufficient reserves.

Medical costs account for 85 to 87 cents of every $1 spent by payers. For a plan with 100,000 Medicare members and 100,000 commercial members, reducing annual cost of care by 1% would generate more than $14 million in savings.

“This usable data on claims and the cost of care is foundational for improving quality and member experience and outcomes while controlling costs. It gives payers the information and insights they need to pursue key goals, from increasing preventative and early interventions for highly acute members and those with chronic conditions to working with providers to reducing out-of-network referrals,” said Minal Patel, CEO and founder of Abacus Insights.

Eliminating the lags and gaps in claims information improves a host of core operations and analytics, including:

  • maintaining adequate reserves
  • forecasting costs
  • designing and pricing value-based care arrangements and health-plan products
  • assessing network adequacy
  • developing risk scores for Medicare and ACA lines of business

Abacus Insights’ Cost of Care Management Solution pulls, consolidates and validates claims data wherever it is in the process, including pharmacy benefit managers, utilization management companies, delegated entities and other vendors and providers, so payers know how much has been paid or committed to spend at any moment in time, including by its delegated vendors. The usable data for claims also can be segmented and analyzed by line of business, product, geography, or other variables.

To improve claims cost planning and projections, Abacus Insights also can mine and incorporate other valuable information before, during and after care. The Abacus platform can add data about members searching the payer website or calling a service representative about whether a specific procedure is covered.

With the only HITRUST r2 data transformation platform and data solutions developed specifically for health plans, Abacus Insights makes healthcare data usable by ensuring it meets six dimensions—accurate, complete, timely, relevant, versatile and use case and application agnostic. Abacus Insights begins delivering business value in 4 to 6 months and at a 60% lower total cost than an internal build.

About Abacus Insights

Abacus Insights is a healthcare technology leader with the only data transformation platform and solutions built specifically for health plans. Focused on data quality and usability, Abacus Insights gives payers a new level of control and flexibility with their data by developing accurate, timely, and robust ecosystems that can support any analytics or other applications. Managing data for 21 million members, Abacus Insights partners with payers to deliver scalable solutions that drive strategic initiatives, control costs, and improve member lives and experiences.

Media Contact:
Lois Padovani

773.501.8744

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KKR to Acquire CoolIT Systems

KKR

Investment to Support Company’s Growth as Demand for Energy-Efficient Data Center Cooling Grows

CALGARY, Alberta & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, and CoolIT Systems (“CoolIT” or the “Company”), a leading provider of scalable liquid cooling solutions for the world’s most demanding computing environments, today announced the signing of a definitive agreement under which KKR will acquire CoolIT. The investment will support the Company’s ability to scale and serve its global customers across the data center market, including the enterprise, high-performance computing, and cloud service provider segments as well as in desktop computing.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230502006157/en/

Founded in 2001, CoolIT designs, engineers and manufactures advanced liquid cooling solutions for the data center and desktop markets. CoolIT’s patented Split-Flow Direct Liquid Cooling technology is designed to improve equipment reliability and lifespan, decrease operating cost, lower energy demand and carbon emissions, reduce water consumption and allow for higher server density than legacy air-cooling methods.

“Our business has evolved tremendously over the past few years and today we are proud to be one of the most trusted providers of liquid cooling solutions to the global data center market,” said Steve Walton, Chief Executive Officer of CoolIT. “KKR shares our perspective on the significant opportunity ahead for liquid cooling. Having access to KKR’s expertise, capital and resources will put us in an even better position to keep scaling, innovating and delivering for our customers.”

Kyle Matter, Managing Director and Head of KKR’s Global Impact team in North America, said, “Increasing data and computing needs are on a collision course with sustainability considerations – the data center industry is expected to consume 8% of the world’s energy by 2030.1 As a firm, we have committed more than $17 billion to digital infrastructure since 2011 and deeply appreciate the mission critical role that it plays in enabling our economy. We also recognize that as a society, we are grappling with the enormous energy usage and related environmental impacts that are only expected to accelerate with the rise of AI and other high performance applications. We believe that liquid cooling has a critical role to play in helping to reduce the emissions footprint of our digital economy and we are thrilled to back CoolIT, a leader in this space.”

Evan Kaufman, Director at KKR, added, “By combining our manufacturing and decarbonization expertise with CoolIT’s track record of product innovation, we expect to further scale its best-in-class direct liquid cooling solution to meet the anticipated demand for higher density, more energy efficient data centers. Importantly, we look forward to working with Steve and the entire CoolIT management team to invest additional capital and resources into expanding its cooling solutions across new applications, customers and end markets.”

As part of this transaction, CoolIT will expand its equity ownership program to make all employees owners of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 50,000 non-management employees across nearly 30 companies.

KKR is investing in CoolIT through its Global Impact strategy, which is focused on identifying and investing behind opportunities where financial performance and societal impact are intrinsically aligned. Specifically, the strategy focuses on investing in companies that contribute measurable progress toward one or more of the United Nations Sustainable Development Goals (“SDGs”). CoolIT directly supports SDG 7 (Affordable and Clean Energy), 9 (Industry, Innovation and Infrastructure) and 13 (Climate Action).

The transaction is expected to close in the second quarter of 2023, subject to regulatory approvals and customary closing conditions.

About CoolIT Systems

CoolIT Systems specializes in scalable liquid cooling solutions for the world’s most demanding computing environments. In the enterprise data center and high performance computing markets, CoolIT partners with global leaders in OEM server design to develop efficient and reliable liquid cooling solutions for their own leading-edge products. In the desktop enthusiast market, CoolIT provides unparalleled performance for a range of gaming systems. Through its modular, Direct Liquid Cooling technology, Rack DLC™, CoolIT enables dramatic increases in rack densities, component performance and power efficiencies. Together, CoolIT and its partners are leading the way for widespread adoption of advanced cooling technology. For additional information on CoolIT Systems, please visit CoolIT’s website at www.coolitsystems.com and on LinkedIn at http://www.linkedin.com/company/coolit-systems-inc-.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

________________________________
1 “On Global Electricity Usage of Communication Technology: Trends to 2030,” Challenges, 2015.

Media:
For CoolIT:
Brandon Peterson, SVP Product and Caroline Penrose, Director, Business Development
403-235-4895
media@coolitsystems.com

For KKR:
Julia Kosygina and Emily Cummings
212-750-8300
media@kkr.com

Source: KKR

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Arcadia Raises $125 Million in New Financing from Vista Credit Partners

Vista Equity

Investment to Accelerate Platform Innovation and Company Growth; Further Establish Leadership Position in Healthcare Data Analytics

BOSTON–(BUSINESS WIRE)–Arcadia (Arcadia.io), a leading data analytics platform for healthcare, today announced $125 million in financing from Vista Credit Partners, the credit-lending arm of Vista Equity Partners and a strategic investor and financing partner focused on the enterprise software, data and technology market. The investment will accelerate Arcadia’s platform innovation and go-to-market strategy to meet the growing demand from leading healthcare organizations to aggregate and analyze data from across disparate systems for business efficiencies and improved patient care.

“Arcadia’s mission is to inform better healthcare decisions by unlocking the power of the vast amount of data that is captured in modern healthcare delivery and operations,” said Michael Meucci, CEO, Arcadia. “Vista Credit Partners is the preferred partner to help us achieve our goals, providing new financing and access to the broader Vista ecosystem which holds deep expertise and resources for scaling HealthTech and enterprise software businesses. We look forward to further investing in our platform, our service delivery and customer relations to solidify our position as the leading data platform for healthcare organizations.”

Arcadia helps providers and health plans deliver actionable insights to advance care and research, drive strategic growth, and ensure financial success. The past year included several important milestones for Arcadia, including:

  • Inclusion on Inc. 5000’s 2022 Fastest Growing Private Companies list, reflecting 99% revenue growth over three years;
  • Achieving 35%+ ARR growth in 2022 by continuing to build and expand relationships with the top payers and providers in the U.S.;
  • Growing total active unique users of the Arcadia Analytics platform by 50% in nine months; and
  • Saving customers more than $1.3 billion through Arcadia’s Medicare Shared Savings Program (MSSP) service.

“Vista Credit Partners invests in innovative software businesses with established market leadership, providing non-dilutive credit solutions and counsel to help them achieve their next phase of growth,” said David Flannery, President, Vista Credit Partners. “Arcadia is an exciting investment as its platform serves as a mission-critical tool for blue-chip national health systems, hospitals, and health plans, helping them drive ROI by delivering actionable intelligence that enables strategic growth and financial success in pursuit of better health outcomes. We’re thrilled to partner with Michael and the entire Arcadia team and support the Company’s continued growth and success.”

In addition to business growth and platform adoption, Arcadia has been consistently recognized for outstanding customer satisfaction and company culture, earning Best in KLAS in Value-Based Care Managed Services for five consecutive years and being named to Built In’s 100 Best Places to Work in 2023 in Boston and Chicago.

About Arcadia

Arcadia is dedicated to happier, healthier days for all. We transform data into powerful insights that deliver results. Through our partnerships with the nation’s leading health systems, payers, and life science companies, we are growing a community of innovation to improve care, maximize value, and confront emerging challenges. For more information, visit arcadia.io.

About Vista Credit Partners

Vista Credit Partners (VCP) is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner focused on the growing enterprise software, data, and technology market. VCP employs a highly disciplined approach to credit investing while maintaining flexibility to pursue investments offering the best relative value and investing across the capital structure. Since formation in 2013 and as of December 31, 2022, VCP has deployed over $9.7 billion and grown to over $6.6 billion of assets under management. For more information, please visit www.vistaequitypartners.com.

Vista Credit Partners offers solutions tailored to strategic objectives with growth-friendly terms and long-term investment horizons across both the private and broadly syndicated markets, sourcing deals directly from founder-led companies, through sponsor relationships, and from its deep network of experts, advisors and other intermediaries to support growth and unlock value through creative capital solutions and operational partnership. Vista Credit Partners has completed more than 495 software and technology transactions since inception.

Contacts

Media
For Arcadia:
Isaac Sheinkopf
isheinkopf@sloanepr.com
212-446-1890

For Vista Credit Partners:
Brian W. Steel
media@vistaequitypartners.com
212-804-9170

Arcadia

Contacts

Media
For Arcadia:
Isaac Sheinkopf
isheinkopf@sloanepr.com
212-446-1890

For Vista Credit Partners:
Brian W. Steel
media@vistaequitypartners.com
212-804-9170

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Hazy raises $9m to power synthetic data usage in enterprises

AlbionVC

We are thrilled to share that Hazy, the leading synthetic data disruptor, announced today that it has raised $9 million in Series A funding round backed by UCL Technology Fund, including investors Conviction, M12 (Microsoft), Wells Fargo, Nationwide Building Society, ACT Venture Partners, Terra VC, Evenlode, Logo Ventures, Sarus Ventures and Neva SGR, the Intesa Sanpaolo bank venture capital company.

Originally a UCL AI spin out, London-based Hazy uses AI-generated smart synthetic data that preserves the statistical quality of the real data but contains no real information and therefore eliminates the privacy risk. Hazy’s synthetic data can be used as a drop-in replacement for real data with AI/ML development, software testing and data commercialisation use cases.

“The response from businesses to the capabilities of synthetic data has been huge. Enabling our customers to access and actually use their data unlocks real commercial value… we’re very excited to be right at the forefront of the synthetic data revolution.”

HARRY KEEN, CO-FOUNDER & CEO, HAZY

Hazy’s meteoric rise began with winning the $1 million Microsoft Innovate AI prize for the best AI startup in Europe, and has gone from strength to strength since. Customers include Nationwide Building Society, Vodafone Group and Wells Fargo. This raise will enable Hazy to continue to grow within the banking and telecom sectors in the UK, Europe and the US.

Having worked with Harry for many years now, David Grimm, Investment Director, UCL Technology Fund said:

“Generative AI has only recently exploded onto everyone’s radar, but Hazy has been pioneering the use of this type of AI to keep personal data safe for some time now.”

DAVID GRIMM, INVESTMENT DIRECTOR, UCL TECHNOLOGY FUND

More on UKTN here.

More from Hazy’s CEO, Harry Keen here.

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Mentha invests in Amsterdam Data Collective to support international growth strategy

Mentha

Mentha enters into a partnership with Amsterdam Data Collective (ADC). The integrated data science consultancy is among the fastest growing companies in the Netherlands and will accelerate their international growth ambitions starting with the merger with DAMVAD Analytics.

Since 2017, the team at Amsterdam Data Collective have helped organisations become more data-driven, particularly within the financial, healthcare, and public sectors. ADC has since grown to more than 80 employees by focusing on sector specialisation and refining a collective company culture of people who share a common goal of making a positive impact with data science. The FD Gazellen Awards 2022 marked the success of ADC’s collective culture, ranking the company among the top 20 fastest growing companies in the Netherlands for two years in a row. Next to that, ADC received multiple Great Place to Work certifications based on employee surveys.

ADC’s international expansion strategy started in 2022 with the opening of an office in Copenhagen. As part of the partnership with Mentha, ADC is now able to accelerate its expansion plans in the Nordics by merging with DAMVAD Analytics, a data science consultancy based in Denmark and Sweden. The DAMVAD Analytics team consists of around 30 consultants and has a strong presence in pharmaceuticals, financial services, the public sector, and philanthropy.

“Following the opening of the Amsterdam Data Collective office in Copenhagen, the investment by Mentha provides ADC with the opportunity to accelerate growth in the Nordics and merge with DAMVAD Analytics. We look forward to take the next steps in our international growth story with Mentha and believe the added diversity and expertise of the enlarged ADC team will lead us to create better solutions with more impact”, says Rik van der Woerdt, Co-Founder and CEO of Amsterdam Data Collective.

With a team of more than 110 experts in data strategy, data engineering, data science and data visualisation, ADC is able to offer a complete Data-Driven Organisation proposition to the market. ADC aspires to become a leading data science agency on a European scale and, as part of the collective company culture, the broader employee base will be shareholders alongside Mentha in this growth journey.

Dirk Vriend, Investment Director at Mentha: “We value ADC for its collective culture and their drive to use data science to make a positive impact. Together with the enterprising team, we expect to continue ADC’s strong growth track by attracting and retaining talent, developing innovative integrated data science solutions and accelerating expansion through an international buy-and-build strategy.”

About Mentha

Headquartered in Amsterdam and founded in 2006, Mentha is an independent private equity firm active at the lower end of the mid-market. Mentha invests in established, mid-sized and profitable companies with clear opportunities for growth along multiple avenues, such as organic growth, expansion in new markets or through buy-and-build. The entrepreneurial team is a strong collective of investment professionals, with solid financial and operational business experience. Mentha likes to team up with entrepreneurs and enterprising management teams to jointly realise ambitious growth plans. With its companies, Mentha seeks an active approach that is based on true entrepreneurship, growth acceleration and transformation, and is spurred by the human factor and sustainability.

About Amsterdam Data Collective Amsterdam Data Collective (ADC) is an integrated data science agency. The European consultancy helps organisations become data driven through data strategy, data engineering, data science, and data visualisation. ADC perceives data as part of a bigger whole that includes people, management, cultures, processes, and technology to make data work for organisations. ADC believes their collective culture is the key to success, because people thrive in a well-connected group. For more information: https://amsterdamdatacollective.com

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DIF Capital Partners acquires US-based data center provider Tonaquint

DIF Capital Partners is pleased to announce that it has signed an agreement to acquire Tonaquint Data Centers, a leading data center provider in the Mountain West region in the United States, headquartered in St. George, Utah. Tonaquint’s management continues to hold a minority stake. The investment will be done through DIF’s core-plus CIF III fund.

Tonaquint is a colocation and cloud service provider with operations in St. George, Utah and Boise, Idaho. The company offers a comprehensive set of critical infrastructure products and services and is active in a fast-growing segment of the digital industry. The acquisition will enable Tonaquint to continue its growth, enhancing its existing facilities and expanding its service offering.

Tonaquint is mainly focusing on high growth smaller markets, which are not as well serviced by other major data center operators. It serves a well-diversified and growing client base in the technology, healthcare, financial services, and industrial sectors.

DIF data center operating advisor Michael DeVito will be joining the Tonaquint management team to further build out the company in North America.

Willem Jansonius, partner and Head of CIF at DIF Capital Partners, commented: “Given the rapid growth of the private cloud market, Tonaquint’s product offering is right where the opportunities are. Now and in the years to come. Our investment will enable Tonaquint to further build towards a leading North American data center platform. The acquisition fits DIF’s ambition to further grow in the digital infrastructure space in North America and beyond by investing in small to medium-sized businesses. That’s exactly why we already started expanding our capabilities and expertise in the sector a few years ago.”

Matt Hamlin, co-founder and CEO of Tonaquint said: “Working with the DIF team has been such a great experience. A very experienced team and a good strategic fit as they will be able to help our management team grow Tonaquint as we have envisioned in our overall business strategy. Our goals still remain the same: provide our customers with the best infrastructure and match it with the best client experience. That’s who we are.”

Philip Daley, co-founder and COO of Tonaquint added: “Tonaquint’s ability to build and maintain quality data centers and cloud services is now enhanced by DIF’s ability to bring additional capital and expertise in digital infrastructure. We look forward to expanding our footprint and services throughout the United States.”

Bank Street Group LLC served as exclusive financial advisor to Tonaquint in connection with this transaction. Agentis Capital served as an exclusive financial advisor to DIF.

 

About Tonaquint

Tonaquint is a leading data center provider which operates two data center facilities in St. George, Utah and Boise, Idaho. Tonaquint was founded in 2008, and entered into the Boise market in 2020 with the acquisition of Fiberpipe Data Centers, Inc. The company provides data center services to over 250 customers across its two facilities. Tonaquint provides a robust product suite including colocation, cloud services (including secure and compliant hosting for infrastructure), disaster recovery, and backup as a service, as well as ancillary network and managed services. Tonaquint has achieved strong success within its existing markets, leveraging a sales strategy focused on developing local relationships to build to a longstanding customer base.

For more information please visit www.tonaquint.com.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds, of which DIF VII is the latest fund in the series, invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

 

Contact DIF: Diederik Heinink, d.heinink@dif.eu

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Francisco Partners Completes Acquisition of IBM’s Healthcare Data and Analytics Assets;

Truewind

Launches Healthcare Data Company Merative

Merative will deliver industry-leading data and technology across the healthcare value chain

SAN FRANCISCO, CA – June 30, 2022 – Francisco Partners, a leading global investment firm that
specializes in partnering with technology businesses, today announced that it has completed the
acquisition of healthcare data and analytics assets that were part of IBM’s (NYSE: IBM) Watson Health
business, previously announced in January.

Under the ownership of Francisco Partners, the new standalone company will be called Merative and will
be headquartered in Ann Arbor, Michigan.

Merative brings together market-leading offerings that deliver value across the global healthcare
ecosystem, serving clients in life sciences, provider, imaging, health plan, employer, and government
health and human services sectors.

Seasoned healthcare CEO Gerry McCarthy has been tapped to lead the new organization. McCarthy has
been in healthcare information technology for 30 years, most recently serving as CEO of eSolutions, a
Francisco Partners portfolio company, which exited to Waystar in October 2020. Prior to eSolutions,
Gerry was the President of TransUnion Healthcare and an executive at McKesson.

“Merative has market leading products, top clients and talented leadership,” said McCarthy. “With the
commitment, support and deep experience of Francisco Partners, we will invest heavily in expanding the
reach of these products as we continue to work with clients to improve healthcare delivery, decision
making and performance.”

Paul Roma, General Manager of the Watson Health business, will be transitioning to Senior Advisor to
Francisco Partners. McCarthy said, “Paul has been instrumental in driving crucial transformation of the
business. His relentless focus on customers has laid a solid foundation to build on, and we thank him for
his leadership.”

Merative’s products will be organized into six product families, including Health Insights; MarketScan;
Clinical Development; Social Program Management and Phytel; Micromedex, and Merge Imaging
solutions. Francisco Partners’ investment will provide Merative with significant resources and
opportunities for new investment, acquisitions, partnerships, and growth.

“Francisco Partners is excited about the opportunity to partner with the team and employees at Merative
to help them achieve their mission, bringing technology and expertise to clients across healthcare through
industry-leading data and analytics solutions,” said Ezra Perlman and Justin Chen of Francisco Partners.

“We appreciate IBM’s work in developing this business, and our ownership will help Merative drive
crucial focus in executing on organic and inorganic growth strategies.”

True Wind Capital and Sixth Street are investing in Merative. True Wind Capital is a San Francisco-based
private equity firm focused on investing in leading technology companies, and the team has a longstanding track record of partnering with healthcare businesses. Sixth Street is a global investment firm
that uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes
and offer solutions to companies across all stages of growth.

Deutsche Bank served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to
Francisco Partners.

About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and
technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in
over 400 technology companies, making it one of the most active and longstanding investors in the
technology industry. With more than $45 billion in assets under management, the firm invests in
opportunities where its deep sectoral knowledge and operational expertise can help companies realize
their full potential. For more information on Francisco Partners, please visit www.Franciscopartners.com.

About Merative
Merative is a data, analytics and technology partner for the global health industry – including providers,
payers, life sciences companies and governments. With trusted technology and human expertise, the
company works with clients to drive real progress. Merative helps clients orient information and insights
around the people they serve to improve healthcare delivery, decision making and performance. Formerly
IBM Watson Health, Merative became a new standalone company under Francisco Partners’ ownership in
2022. Learn more at www.merative.com.

Media Contacts

For Francisco Partners & Merative:
Whit Clay
wclay@sloanepr.com

Sarah Braunstein
sbraunstein@sloanepr.com

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EcoVadis secures $500M investment to usher in new era of sustainability-led business decisions

CVC Capital Partners

Investment led by Astorg and BeyondNetZero, General Atlantic’s climate investing venture; ratings and insights leader leverages sustainability intelligence to fundamentally transform supply chains, private equity, ESG-linked loans, climate impact and more

EcoVadis, the leading provider of globally trusted business sustainability ratings, has raised $500M with plans to accelerate its vision of influencing every business decision with sustainability intelligence, becoming a sustainability impact unicorn.

The global investment round – the largest equity fundraising for a sustainability data SaaS company to date – brings EcoVadis’ total capital raised to over $725M and was led by Astorg and BeyondNetZero, General Atlantic’s climate investing venture, with participation from Singapore-based GIC Private Limited and Princeville Capital.

“This investment is validation of EcoVadis’ model for scaling impact across global value chains, despite the pandemic, geopolitical or financial headwinds,” said Frédéric Trinel, co-founder and co-CEO of EcoVadis. “We continue to experience record demand as more companies are empowered to integrate the planet and society into their business operations. We expect this investment to enable us to build on our traction to meet companies – including SMEs and private companies – at any stage of their sustainability journey, and collaboratively drive improvement in practices and impact at scale.”

More than 95,000 businesses across 200 industry categories and 175 countries rely on EcoVadis to monitor and improve the sustainability performance of their own business and trading partners. Today, EcoVadis – a pioneer in the use of sustainability intelligence in procurement and global supply chains – is used across a growing number of use cases, including Scope 3 carbon emissions management, private equity, ESG-linked loans, supply chain finance, third-party risk and resilience and more.

“We invest in companies that have the potential to combat climate change at scale,” said Rhea Hamilton, Managing Director at BeyondNetZero. “We believe EcoVadis has all the critical elements to make global impact and a meaningful contribution to the net zero transition, including a high-quality business model, strong leadership, innovative technology and a bold vision for driving ESG-oriented transformations across supply chains and industries. We are excited to back EcoVadis as the company enters a new phase of growth and look forward to partnering with its management team as we aim to further accelerate the company’s global expansion and climate impact.”

EcoVadis continues to experience rapid growth across its global customer base and network. Over the past 12 months, EcoVadis’ revenue grew 50% and its global workforce reached 1300 employees, 15,000 companies engaged with EcoVadis’ new Carbon Action Module, and it achieved more than 500,000 companies screened using EcoVadis IQ.

In addition to its own growth, EcoVadis has become a partner of choice in bringing sustainability intelligence into all key business decision points across its ecosystem of enterprise, procurement, financial and risk management platforms. Building on EcoVadis’ existing partnerships with Microsoft, SAP, Celonis, Coupa, Taulia and 40 others, this investment positions the company to scale impact and positively influence decision-makers around the world.

“We have tracked EcoVadis for many years and have been impressed with its strong leadership position and track record of fast global growth”, said Benoit Ficheur, Partner at Astorg. “Further, Astorg has been the first private equity client of EcoVadis, using its services to assess and measure our portfolio companies’ ESG performance and to raise sustainability-linked financing. This partnership has had a transformative impact across our portfolio, contributing to making Astorg one of the leaders in ESG and sustainability across the private equity world. Going forward we see very meaningful opportunities to support the company in its ambition to become the standard for private equity and finance”.

Previous funding rounds have included investments from CVC Growth Partners II (“CVC GrowthPartners”) in January 2020 and Partech in 2016, as well as a participation from Bain & Company in February 2020. CVC Growth Partners, the growth-oriented middle-market technology investment arm of CVC Capital Partners, remains the largest institutional shareholder in the business.

EcoVadis plans to leverage the funds to accelerate its global scale-up, deepen its artificial intelligence and machine learning capabilities, make strategic acquisitions and fulfill its vision as a purpose-led company.

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