Monthly Archives: August 2019

IRIS Software Group enters definitive agreement to acquire FMP Global

HG Capital

IRIS Software Group is today announcing it has entered into a definitive agreement to acquire FMP Global, from Tenzing, the UK lower mid-market investor. FMP is a leading provider of payroll and HR services to international and UK based Small and Medium sized Enterprises.

Set to be the largest acquisition by IRIS to date, FMP Global is closely aligned with the Group’s mission to be the most trusted provider of mission critical software and services. In the UK, US and internationally, FMP supports over 1,750 businesses in 135 countries, providing international HR consultancy, outsourced global payroll services, and international money transfers.

Please find the full press release here.

Kevin Dady, CEO of IRIS Software Group says, “As part of our acquisition strategy, we continue to identify opportunities to expand both domestically and internationally where we can apply our expertise in compliance-driven software. Bringing FMP into the Group is transformative, expanding IRIS’ footprint into the US and other international markets, while also further strengthening our position in the UK payroll and HR sectors.

“Domestically we are seeing an increased demand for fully or partially outsourced payroll management solutions and internationally, we are seeing a growing payroll requirement for businesses of all sizes. IRIS’ heritage, combined with its marketing reach, investment in cloud technology and sector expertise will help propel FMP Global to the next phase of its growth.”

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Graphite Capital acquires Horizon Care and Education

Graphite

 

In August 2019, Graphite Capital led the management buy-out of Horizon Care and Education, a leading provider of specialist care for children and adolescents. Horizon provides care for young people with Social, Emotional and Mental Health (“SEMH”) needs, managing 47 residential homes, fourteen day schools and a range of supported living accommodation across England. The company is split into three divisions: Residential, Education and Transitional Services.

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Graphite Capital acquires global conference specialist Hanson Wade

Graphite

Graphite Capital, aleading UK mid-market private equity specialist,has backed the management buy-out of Hanson Wade, the market-leading conference organiser and provider of information services,focused primarily on the pharmaceutical and biotech industries.

Hanson Wade’s management team is led by Tom Richardson, who has overseen a period of rapid expansion since being appointed chief executive in 2015. Between 2016 and 2018, the company’s portfolio of events almost doubled to 108 and its revenues increased by 117% to £22.6 million.

Hanson Wade is based in London, but generates the overwhelming majority of its revenues in the United States, where the addressable market is estimated at over $700 million. The global market for conferences is highly fragmented and growing strongly, providing Hanson Wade with scope to expand both organically and through acquisitions.Sarah McCaldin, who founded the business in 2008, and her family have reinvested in the company and Sarah will remain on the board as a non-executive director.

Hanson Wade has three conference divisions: pharma and biotech, which generates approximately three-quarters of revenues;construction and engineering;and human resources. The business benefits from high repeat bookings from both sponsors and delegates.The company also owns a fast-growing scientific data business, Beacon, which provides subscribers with access to a powerful database covering clinical trials and other research data in niche sectors of the bio-pharma industry.

Tom Richardson said: ‘We have been impressed by Graphite’s track record of growing innovative businesses, its understanding of the industry and its partnership approach to 22 working with management teams. Graphite shares our vision for the future and its expertise will be invaluable as we further expand the business internationally.’

Graphite partner Humphrey Baker commented: ‘The Hanson Wade management team has developed a differentiated model that enables the business to identify and respond to trends within its target markets,expanding the range of conferences it produces to gain first-mover advantage in attractive new niches. We also see strong potential in Beacon, which is proving a highly attractive data source for the scientific community. We look forward to working with Tom and his team to grow the business in the coming years.’Mike Tilbury, Head of New Investment at Graphite,Tony Saade and Liam McGivern also worked on the transaction.

Crescent Capital Group and HSBC provided the debt finance for the transaction.

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Novacap completed its largest acquisition at US $889 million

Cdpq

Nuvei, one of Novacap’s portfolio companies, executes SafeCharge’s acquisition for US $889 million
Novacap, one of Canada’s leading private equity firms, is proud to announce that its portfolio company Nuvei, a Montreal-based payment technology company, has completed the acquisition of SafeCharge International Group Limited for US $889 million. SafeCharge provides global omni-channel payments services from card acquiring and issuing to payment processing and checkout, all underpinned by advanced risk management solutions. Its fully featured proprietary payment platform connects directly to all major payment card schemes including Visa, Mastercard, American Express and UnionPay International, as well as over 150 local payment methods.The acquisition creates a global leading payment solutions provider with significant scale, able to service clients of any size across the world. Montreal, Quebec, will become the worldwide headquarters for the combined organization.Novacap played a critical role in this transformative and complex acquisition, which saw SafeCharge being privatized from the AIM stock exchange in London at a valuation of US $889 million. Nuvei’s acquisition of SafeCharge was done with great support from Novacap and Caisse de dépôt et placement du Québec (CDPQ).

The acquisition is highly strategic and complementary to both businesses, aimed at accelerating the growth of the combined organization. “By marrying SafeCharge’s market-leading technology and Nuvei’s established distribution channels in the US and Canada, Nuvei will now be able to deliver fully-supported payment solutions to its clients and distribution networks, regardless of size, vertical or geography,” said David Lewin, Partner at Novacap (TMT).

“I would like to thank our partner Philip Fayer for being the driving force behind this acquisition, while continuing to successfully excute on Nuvei’s strong growth potential, as well as CDPQ, our partner in Nuvei, for their constant support. I am very happy to say that Safeharge is the largest acquisition in Novacap’s 38 year history making Nuvei another Novacap platform that is a leader in its industry with headquarters in Montreal” added Pascal Tremblay, Novacap’s President and Managing Partner (TMT).

“Without Novacap and CDPQ, Nuvei would not have been able to complete this acquisition,. I am very proud to have them as my partners” stated Philip Fayer, Nuvei’s Chairman and CEO.

ABOUT NUVEI

Nuvei is the first-ever community of payment experts. They provide fully-supported payment solutions designed to promote and advance our partners’ success. Nuvei works with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by their full-service, globally connected platform, their vision is to build a network in which all partners can truly thrive. Nuvei’s goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at  www.nuvei.com

ABOUT NOVACAP

Founded in 1981, Novacap is a leading Canadian private equity firm with $3.2 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap’s deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 38 years, Novacap has invested in more than 90 companies and completed more than 130 add-on acquisitions. The company has offices in Toronto, Ontario and Brossard, Quebec. For more information, please visit  www.novacap.ca.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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Baird Capital Portfolio Company Apervtia Merges with Qcentive

Baird Capital

Baird Capital portfolio company Apervita today announced the acquisition of Boston-based Qcentive. The combined Apervita-Qcentive solutions will integrate clinical and financial insights into a single, secure platform to enable healthcare organizations to create value-based contracts that drive greater efficiency and quality of care.

Here the press-release:

Combined company to provide performance measurement, performance improvement and value-based contract administrative solutions to more than 1 in 5 U.S. hospitals and leading insurers

CHICAGO, August 13, 2019 – Apervita, the leading platform for performance-based collaboration in healthcare, today announced the acquisition of Boston-based Qcentive, a leader in value-based contract and alternative payment administration solutions for healthcare organizations. The combined Apervita-Qcentive solutions will integrate clinical and financial insights into a single, secure platform to enable healthcare organizations to create value-based contracts that drive greater efficiency and quality of care.

“Qcentive is the perfect complement to Apervita,” said Paul Magelli, CEO of Apervita. “Apervita has focused on performance measurement and improvement for providers and plans, including the ability to engage providers directly in their workflow. Qcentive’s focus on performance-based contracts between plans and providers and their associated economics is a natural extension.”

“Value-based relationships are critical building blocks to changing the way we buy and sell healthcare,” said Christopher Pilkington, co-founder and CEO of Qcentive. “Linking plans and providers through a trusted secure platform that aligns incentives across quality, efficiency and consumer satisfaction is absolutely essential. The Apervita-Qcentive combination is the first healthcare industry platform with the ingredients to make that happen at scale.”

Qcentive was launched in 2016 by Blue Cross Blue Shield of Massachusetts, a nationally recognized leader for value-based payment innovation. BCBSMA has engaged Apervita and will continue to be a customer of Qcentive technologies.

“Several years ago, we realized we needed a cloud-based analytics solution to make it easier to navigate the complex demands of a new generation of value-based contracts,” said Patrick Gilligan, executive vice president of sales, marketing and product for BCBSMA and CEO of its venture investment subsidiary, Zaffre Investments. “Not finding a solution in the market, we incubated Qcentive with the intent of sharing its innovations with the broader market. The combination of Apervita and Qcentive makes this vision a reality.”

Value-based contracts align financial and clinical quality incentives between healthcare insurance plans and hospitals, physicians, and other clinicians. These contracts establish metrics to measure the quality of care that consumers receive. BCBSMA’s Alternative Quality Contract, one of the largest and longest-running value-based models in the country, has substantially moderated cost growth while producing significant improvements in the quality of patient care, a recent Harvard Medical School study found.

Qcentive was designed to allow other healthcare organizations to create their own value-based models. It provides detailed insights into the quality of clinical care and financial results to both payers and providers on a continuous, year-round basis.

The combined Apervita and Qcentive entity will operate under the Apervita brand with offices in Chicago and Boston.

About Apervita
Apervita, Inc. is the first platform-as-a-service (PaaS) for the healthcare industry that enables providers, payers and their stakeholders to easily connect, build and share critical applications that lower costs, improve consumer and clinician experience, and improve healthcare outcomes. With Apervita, health enterprises can collaborate freely and securely within and outside of their organizations, streamlining, standardizing and auditing quality measures, operational metrics and care pathways. Apervita is used by approximately 1,000 U.S. hospitals.

About Qcentive
Founded in 2016 and based in Boston, Qcentive is the nation’s leading platform for streamlining the administration of value-based contracts and payment relationships in healthcare. The company’s cloud tools support the end-to-end lifecycle of value contract operations, including collaborative modeling and negotiation, rolling financial/clinical performance calculations and reports, actionable insight tied to actual financial rewards, and accurate final settlement/reconciliation.

About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. Blue Cross Blue Shield of Massachusetts is committed to the relentless pursuit of quality, affordable healthcare with an unparalleled consumer experience. Consistent with its promise to always put its members first, the company is rated among the nation’s best health plans for member satisfaction and quality.

For further information, contact:
Michelle Schallhorn
Vice President of Marketing
773.320.9788
michelle.schallhorn@apervita.com

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Swegon acquires Klimax AS, a leading distributor of chillers and heat pumps

Latour logo

Investment AB Latour has, through its subsidiary Swegon Group AB, acquired Klimax AS, a leading distributor of products for heating and cooling of indoor climate in Norway.

”Today we are leaders in ventilation of commercial buildings in Norway. With the addition of heating and cooling solutions we will be able to serve our customers with a full offering for high indoor environmental quality, says Hannu Saastamoinen, CEO at Swegon Group. He continues; “Our full range of HVAC products and systems combined with our services make us unique in Europe. Klimax provides knowledge in cooling and heating with high quality customer interactions. The acquisition gives us a platform to grow from, offering the Swegon heating and cooling assortment, by utilizing the Klimax regional offices in Norway.”

Stig Erik Gunnarsrud, Managing Director at Klimax says; “We are happy to merge with Swegon, a strong brand within the HVAC business in Norway, and with a long-term perspective. It’s a very good match with a shared focus of delivering great solutions for indoor climate in commercial buildings. We look forward to continued growth and development of our organization as part of the Swegon Group”.

Klimax was founded in 2001 and has 12 employees in 6 offices around Norway. Net sales in 2018 amounted to approximately NOK 66 m.

Göteborg, August 13, 2019

INVESTMENT AB LATOUR (PUBL)
Jan Svensson
President and CEO

For further information, please contact:
Hannu Saastamoinen, CEO Swegon, +46 31 89 58 10
Gustaf Ahlenius, Director Corporate Development, +46 31 89 58 19

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 59 billion. The wholly-owned industrial operations has an annual turnover of about SEK 12 billion. 

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LPA acquires Tel Aviv based Modelity Technologies in a strategic move to become the leading CapTech player

Motive Partners
Lucht Probst Associates (LPA) acquires 100% of the shares in Modelity, a leading Israeli tech company for the financial and capital market industry
Combining the product and customer portfolios of Modelity and LPA makes the combined company the CapTech market leader in Europe
International expansion continues with a location in the Israeli technology metropolis of Tel Aviv, one of the most important tech hotspots worldwide

Frankfurt am Main, Tel Aviv 13.08.2019: The contracts have been signed: LPA, a leading provider of technology innovations for capital markets and financial institutions (CapTech) has acquired 100% of the shares of Modelity Technologies Ltd. The company, which has had a new majority shareholder in Motive Partners since the fall of 2018, is thus making further progress in its internationalization and on its way to becoming the global market leader for CapTech.

CapTech companies develop technology solutions and products that help financial services companies to increase their ability to innovate in their capital market activities. Specifically, they use their offerings and services to support their customers in scaling their business activities (through automation for example) and improving their business processes through sustainable optimisation and digitalisation – always in compliance with existing and future regulatory standards.

By acquiring Modelity Technologies, an experienced CapTech provider that was established in 2000 and employs 80 highly skilled technology capital markets and regulatory professionals, LPA has significantly expanded its customer base outside the DACH region, making it the largest and leading CapTech provider in Europe. By integrating Modelity, LPA has added state-of-the-art products and solutions to its own extensive CapTech suite. Whereas LPA has focused its technological activities on the digitalisation and automation of documents and processes, for example, Modelity now adds a multi-award-winning technology for financial and regulatory analytics to complete LPA’s future offerings. Based on this technology, Modelity recently developed Unicost, a system for monitoring regulatory reporting (e.g. costs & charges, product governance) between MiFID manufacturers and distributors and marketplace, a fully automated multi-dealer platform for the issuance and processing of personal investment products.

With the company’s location in Tel Aviv, LPA is gaining access to an extensive pool of top talents and to the great innovative strength of the Israeli technology scene and can continue to expand its own CapTech expertise. This opens up new ways for the company to generate further renowned national and international customers and recruit highly talented professionals.
The management team of Modelity will continue to serve the company. The old and new CEO of Modelity is Ayal Leibowitz, one of the founders of the company, who has more than 20 years of experience in management and software development and capital markets. Asaf Seri will continue as President and Chief Operating Officer (COO). Like Leibowitz, he has many years of experience and extensive expertise in software development and project management.

Peter Schurau, CEO of LPA: “Modelity and Tel Aviv fit perfectly with LPA. Experts in the Israeli technology metropolis have long been setting new trends in the digitalisation of the financial market industry. Making use of this know-how, combining it with LPA’s own expertise and working with our new colleagues in Tel Aviv on developing innovative products and solutions – that’s a really exciting prospect. I am very much looking forward to working with Ayal Leibowitz, Asaf Seri and the entire Modelity team.”

Stefan Lucht and Roland Probst, founders and directors of LPA: “The integration of Modelity Technologies is a strategic and significant milestone in the history of our company and adds the latest piece to our internationalisation strategy jigsaw. Above all, it strengthens our positioning as the market leader in the CapTech segment. Together we will be able to gain major new customers in highly attractive regional markets.”

Ayal Leibowitz, CEO of Modelity and new member of the Global Executive Committee of LPA: “The fact that we now belong to the LPA group is a wonderful opportunity for Modelity to add our in-depth expertise acquired over many years in developing technology solutions for the capital markets and to apply our know-how in a powerful group of companies. We will work together to achieve our common goal to become the leading global provider of capital market technologies”

About Lucht Probst Associates (LPA):
Lucht Probst Associates is a technology company specialising in the demands and characteristics of the capital market sector. The core business of LPA is the continual development and expansion of its portfolio of technology solutions for automated consultancy (LPA Digital Client Interaction), sales (LPA Captano) and documentation (LPADoc) for financial instruments, structured products and OTC derivatives. LPA offers market-leading solutions that support banks in efficient compliance with the requirements of MiFID II, PRIIPs and FIDLEG in conjunction with the Key Investor Information Document (KIID). This document contains the essential information about a financial product, including financial terms, risks and historical performance data for private investors. In addition to the development of technology solutions for the capital market, LPA offers strategic consultation, management and implementation services. Following the integration of Modelity, almost 300 technology and capital market experts are working on the international client portfolio at nine international locations.

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Advanced Attracts Investment From BC Partners

12th August 2019 – London, UK – Advanced announced today that it has secured an investment from Funds advised by BC Partners (“BC Partners”), a leading international private equity firm. The funds from BC Partners will support Advanced’s rapid growth aspirations to become the number-one provider of business software solutions in the UK, whilst expanding its global footprint. Vista Equity Partners (“Vista”), a leading investment firm focused on enterprise software, data, and technology-enabled businesses who acquired Advanced in 2015, will continue as an investor, partnering with BC Partners and the Advanced team to accelerate adoption of the Company’s cloud-based ERP, vertical market and application modernisation software solutions. Terms of the transaction were not disclosed.

This investment comes after a period of rapid growth and transformation for Advanced, the UK’s third largest software and services company. Since 2015, the Company has realigned its structure and successfully recruited more than 900 new hires across three regional hubs. More recently, Advanced has launched 14 cloud-based SaaS solutions and completed six acquisitions, further extending its offerings to UK mid-market organisations in the public, private and third sectors.

“This investment is an exciting development for Advanced. Today’s business leaders are under constant pressure to innovate, in order to sustain a competitive advantage. Vista and BC Partners share our vision for the future and will work to support our growth, benefitting our customers through continued improvement of our cloud-based software solutions and extending our offering through M&A and further innovation,” said Gordon Wilson, CEO, Advanced.

Going forward, Advanced will benefit from two committed investment partners with complementary areas of expertise. Vista’s experience growing world-class software companies, with BC Partners’ extensive cross-sector experience and local market expertise across Europe, will support continued long-term growth through strategic acquisitions and investments in product innovation across the company’s solutions.

Nikos Stathopoulos, Partner at BC Partners said, “Advanced has the hallmarks we look for in our investments – a market leader in a growing sector, with a strong management team and multiple levers for growth, both organic and by acquisition. We are pleased to partner with Vista and the Advanced leadership team to drive even more success for this high-quality business.”

Philipp Schwalber, lead deal Partner at BC Partners added: “We see significant, long-term potential to build on what Advanced has accomplished over the past four years, including its strong track record providing mission-critical ERP, vertical market and application modernization software solutions to its over 19,000 customers.”

Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners said, “Since 2015, we have worked closely with Gordon and the Advanced team to transform the Company into a leader in business software solutions. We are proud of the success the company has achieved and we are thrilled to have BC Partners join as an investment partner as we look forward to the Company’s next phase of growth.”

About Advanced

We are the third largest British software and services company in the UK. We help organisations create the right digital foundations that drive productivity, insight and innovation – all while remaining safe, secure and compliant.

We enable our customers to achieve increased efficiencies, savings and growth opportunities through focused, right-first-time software solutions that evolve with the changing needs of their business and the markets they operate in.

Our solutions for both commercial and public sector organisations simplify business challenges and deliver immediate value, positively impacting millions of people’s lives.

We have a strong track record in helping our customers journey to the Cloud. We manage private, public and hybrid Cloud environments as well as deliver sector specific Cloud-based solutions and services. We are certified partners with Amazon Web Services (AWS) and Microsoft, and have achieved the highest levels of accreditations.

Our Cloud solutions are used by organisations of all shapes and sizes including Highways England, Performing Rights Society (PRS) and Aspire Furniture.

www.oneadvanced.com

About BC Partners

BC Partners is a leading international investment firm with over €22 billion of assets under management in private equity, private credit and real estate. Established in 1986, BC Partners has played an active role in developing the European buy-out market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in Europe and North America.

Since inception, BC Partners Private Equity has completed 111 private equity investments in companies with a total enterprise value of over €135 billion and is currently investing its tenth private equity fund. For more information, please visit www.bcpartners.com.

About Vista Equity Partners

Vista Equity Partners is a U.S.-based investment firm with offices in Austin, Chicago, New York City, Oakland, and San Francisco with more than $50 billion in cumulative capital commitments. Vista exclusively invests in enterprise software, data, and technology-enabled organizations led by world-class management teams. As a value-added investor with a long-term perspective, Vista contributes professional expertise and multi-level support towards companies to realize their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity. For more information, please visit www.vistaequitypartners.com.

Media Inquiries

Advanced

Andrea Hounsham
andrea@fireworkpr.co.uk
+44 07783 535928

Clare Homer
clareh@fireworkpr.co.uk
+44 07825 744134

BC Partners

Pro-bcpartners@prosek.com
+44 (0)20 8323 0475

Vista Equity Partners

Alan Fleischmann
vista@laurelstrategies.com
+1 202-776-7776

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Lucidworks Raises $100 Million From Francisco Partners, TPG Sixth Street Partners, and Top Tier Capital Partners

Franciso Partners

Press Release – August 12 2019

Silicon Valley firm quietly becoming de facto standard for enterprise and commerce search, delivering personalized experiences for Fortune 1000 customers and employees

SAN FRANCISCO — Lucidworks, a leader in AI-powered search solutions, today announced a $100 million investment from investors including Francisco Partners, a global technology-focused private equity fund, and TPG Sixth Street Partners, a global finance and investment firm. With the investment, Francisco Partners and TPG Sixth Street Partners join Top Tier Capital Partners, Shasta Ventures, Granite Ventures, and Allegis Cyber. No existing investors sold shares as part of this financing and all proceeds will be used to fund Lucidworks’ continued growth and expansion.

“Search is the best way to unlock value from the world’s data,” explains Will Hayes, Lucidworks CEO. “Francisco Partners and TPG Sixth Street Partners understand that getting from question to answer when you’re dealing with thousands of employees, millions of customers, and a mountain of data is still a headache for large corporations. Our team has worked tirelessly to develop AI-powered solutions that augment human intelligence by automating tedious, time-consuming tasks to provide richer insights and real-time recommendations. With the investment, we can continue to advance the enterprise standard for personalization and AI.”

Lucidworks’ flagship product Fusion has doubled revenue year over year for the last three years and is now servicing 400 of the Fortune 1000 with global expansions into APAC and EMEA. Lucidworks was also recognized by Forrester, leading independent analyst and research firm, as a leader in the Forrester Wave™: Cognitive Search, Q2 2019.

“We are excited to be partnering with Will and the rest of the management team for the next phase of Lucidworks’ growth. The feedback from customers and analysts has been excellent and we believe Lucidworks is well-positioned to capitalize on the huge market opportunity ahead of them,” said Jonathan Murphy at Francisco Partners. “Lucidworks’ powerful Fusion product enables its customers to deliver highly relevant and personalized search results to the end-user across a broad range of verticals and we believe we are in the early phases of adoption of next-generation search; our goal is for our customers to be able to leverage Lucidworks’ technology to quickly create tailored applications to search specific data sources within the enterprise.”

“Lucidworks’ impressive management team and market-leading position in the enterprise search space makes it a compelling growth story,” said Bo Stanley, Partner and Co-Head of the Capital Solutions business at TPG Sixth Street Partners. “Their investment in this market over many years has made Fusion the best product in the space, which is evidenced by its high quality and extremely loyal customer base. We are thrilled to partner with them on their journey.”

The world’s largest organizations, including AT&T, Honeywell, Morgan Stanley, Red Hat, Reddit, Staples, Uber, and the U.S. Census Bureau, rely on Fusion. Under the strategic guidance of CEO Will Hayes since 2015, Lucidworks has created a new standard in digital experience, delivering personalized customer journeys and valuable business insights to billions of people around the globe.

About Lucidworks

Lucidworks builds AI-powered search solutions for many of the world’s largest brands. Fusion, Lucidworks’ advanced development platform, provides the enterprise-grade capabilities needed to design, develop, and deploy intelligent search applications at any scale. Companies across all industries, from consumer retail and healthcare to insurance and financial services, rely on Lucidworks every day to power their consumer-facing and enterprise search apps. Lucidworks’ investors include Francisco Partners, TPG Sixth Street Partners, Top Tier Capital Partners, Shasta Ventures, Granite Ventures, Silver Lake Waterman, and Walden International. Learn more at lucidworks.com.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 275 technology companies, making it one of the most active and longstanding investors in the technology industry. 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 TPG Sixth Street Partners

TPG Sixth Street Partners is a global finance and investment business with over $31 billion in assets under management. TPG Sixth Street’s Capital Solutions platform provides customized, non-control private capital for growth-oriented companies. Since inception, TPG Sixth Street has completed more than thirty transactions investing over $3.0 billion in capital within its Capital Solutions strategy. Co-founded in 2009 by Managing Partner Alan Waxman and TPG Sixth Street’s management team, the firm’s long-term oriented, highly flexible capital base allows it to invest across industries, geographies, capital structures and asset classes. TPG Sixth Street Partners is in a strategic partnership with TPG, the global alternative asset firm. For more information, visit www.tssp.com.

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Waterlogic establishes footprint in Belgium through acquisition of Pure Services

Castik Capital

Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the acquisition of Pure Services.

Established in 2007, Pure Services specialises in renting and servicing drinking water dispensers and fountains to small and large corporate organisations across Belgium and Luxembourg.

Founded in 1992, Waterlogic was one of the first companies to introduce Point-of-Use (POU) water dispensers that utilise the mains water supply. The company has been at the forefront of the POU market, promoting eco-friendly product design and quality, the application of new technologies, and world class service.

Veerle Claes, Managing Director, Waterlogic Benelux said, “Pure Services is the natural partner to help us establish a footprint in Belgium’s fast-growing hydration market. The company has worked tirelessly over the last 12 years to establish an outstanding reputation for exceptional service and drinking water solutions for their customers.”

Waterlogic has direct presence in 16 countries and an extensive independent global distribution network in place, reaching over 60 countries around the world. Waterlogic Belgium is part of the company’s newly formed Benelux region alongside an already established market in the Netherlands and plans to enter Luxembourg, further fulfiling its strong growth ambition in Europe.

Emmanuel Eeman, former owner of Pure Services said, “We are very excited to be joining Waterlogic. Waterlogic’s extensive range of dispensers are backed by superior technologies focused on delivering purified, great-tasting water in the most environmentally-responsible way without the need for plasic bottles, giving our customers the high quality sustainable choice they deserve.”
Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. Pure Services is a recent acquisition as part of the company’s buy and build strategy since the acquisition by Castik, and following substantial acquisitions in the US, UK, Australia, Spain, France, Germany, and Scandinavia.

Media Contact

Rosanna Turner, Group Marketing Communications Manager
rosanna.turner@waterlogic.com

About Waterlogic

Waterlogic is an innovative designer, manufacturer, distributor and operator of Point-Of-Use (POU) drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to customers worldwide, and has been in the forefront of the POU market, promoting product design and quality, the application of new technologies and world class sales and service. Waterlogic has its own subsidiaries in many markets and an extensive and expanding independent global distribution network in place, reaching over 60 countries around the world. Waterlogic products are currently distributed in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the US, Australia and Western Europe, in particular the UK, Scandinavia, Germany and France. More information can be found at www.waterlogic.com

About Castik

Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multistrategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams. Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its final fund close of EUR 1bn in July 2015.

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