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Healthcare Realty Trust Announces Strategic Joint Venture With KKR

KKR

Contributes seed portfolio valued at $383 million to the JV, resulting in proceeds of approximately $300 million
Additional KKR capital commitment of up to $600 million to increase the potential value of the JV to more than $1 billion

NASHVILLE, Tenn., May 06, 2024 (GLOBE NEWSWIRE) — Healthcare Realty Trust Incorporated (NYSE:HR) today announced that it has entered into a strategic joint venture (JV) relationship with KKR to jointly own and invest in quality medical outpatient buildings. Healthcare Realty expects to receive approximately $300 million in proceeds for the contribution of a seed portfolio to the JV and will partner with KKR to explore additional acquisitions, including the potential contribution of more Healthcare Realty properties to the JV.

Under the terms of the agreement, Healthcare Realty will contribute 12 of its existing properties to seed the JV at a value of $382.5 million, representing a cap rate of approximately 6.6%. KKR will make an equity contribution to the JV equal to 80% of the value of the properties. Healthcare Realty will retain a 20% interest and will manage the JV, as well as continue to oversee day-to-day operations and leasing of the properties. KKR has also committed up to $600 million to the JV to pursue additional acquisitions or contributions of high-quality stabilized assets that are a match for its long-term capital base.

“Healthcare Realty is pleased to announce the formation of a strategic relationship with KKR, a leading global investment firm,” stated Todd Meredith, President and CEO. “We look forward to collaborating with KKR to strategically invest in the medical outpatient sector. In the near term, our capital allocation priority is to repurchase stock on a leverage neutral basis. Looking ahead, we may contribute additional Healthcare Realty properties to the JV or pursue acquisitions, depending on market conditions.”

“Healthcare Realty is a leading owner and operator of medical outpatient buildings in the U.S. with a strong focus on quality properties and serving tenants through best-in-class management,” said Peter Sundheim, Managing Director at KKR. “This high-quality portfolio is a great match for our long-term capital. We look forward to collaborating on new investments at an opportune moment when the current deleveraging cycle is impacting all types of real estate, including in favored sectors with excellent long-term fundamentals and demand drivers.”

The 12 properties to be contributed to the joint venture are medical outpatient buildings in seven top markets located predominantly on or adjacent to leading hospital campuses. The properties comprise a total of 762,399 square feet and are 98% occupied. The contribution of the properties is expected to occur throughout May and June upon satisfaction of customary closing conditions.

Eastdil Secured LLC and BlackBirch Capital served as Healthcare Realty’s financial advisors. Latham & Watkins LLP served as Healthcare Realty’s legal advisor.

Newmark’s Healthcare Capital Markets Group served as financial advisor and Simpson Thacher & Barlett LLP served as legal advisor to KKR. KKR is making this investment through capital accounts advised by KKR.

About Healthcare Realty

Healthcare Realty is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty’s portfolio includes nearly 700 properties totaling over 40 million square feet concentrated in 15 growth markets. Additional information regarding the Company can be found at www.healthcarerealty.com.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Ron Hubbard
Vice President, Investor Relations
P: 615.269.8290

In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty, including its Annual Report on Form 10-K for the year ended December 31, 2023 under the heading “Risk Factors,” and in its Quarterly Reports filed thereafter and in the Company’s other SEC filings. Forward-looking statements represent the Company’s judgment as of the date of this release. The Company disclaims any obligation to update forward-looking statements.

 

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Permira to Acquire Majority Position in BioCatch at $1.3bn Valuation

BainCapital

Permira to Acquire Majority Position in BioCatch at $1.3bn Valuation

Permira Growth Opportunities Transaction builds on initial minority investment made in early 2023 to acquire a majority position and support BioCatch’s accelerated growth within online fraud detection and financial crime prevention

New York and Tel Aviv – May 2, 2024 – BioCatch (the “Company”), the global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence, today announced that Permira Growth Opportunities II (the “Fund”), a fund advised by global private equity firm Permira, has agreed to acquire a majority position in the Company. Alongside the Fund’s investment, existing shareholders Sapphire Ventures and Macquarie Capital will also increase their investments in BioCatch. The transaction is expected to accelerate the Company’s global expansion, advance its innovative product roadmap and support its continued overall growth.

Under the terms of the agreement, the Fund will acquire a majority stake in BioCatch, buying out shares primarily from Bain Capital Tech Opportunities and Maverick Ventures, in a secondary transaction valuing the Company at a total enterprise valuation of $1.3bn.

BioCatch was founded in 2011 – at the dawn of a significant consumer shift from branch to online banking – with a mission to fight fraud and keep users safe in online transactions without disrupting user experience. Today, the Company is a leader in behavioral biometric intelligence and advanced fraud detection, leveraging patented artificial intelligence, data science, and machine learning technology to analyze a user’s cognitive intent and deliver highly accurate insights as to the legitimacy of their identity, motivations, and behavior. In 2023, the Company expanded its mission to include a proactive approach to fighting financial crime with the launch of predictive, behavior-based mule account detection.

As fraud attacks have become increasingly scaled, sophisticated and complex, BioCatch has experienced significant and sustained momentum. Permira, via its growth equity strategy, completed an initial minority investment in the Company in early 2023, a year that BioCatch ultimately finished with 49% ARR growth, whilst also surpassing the $100 million ARR milestone and attaining EBITDA profitability. Today, BioCatch counts more than 190 financial institutions as customers globally, including over 30 of the world’s largest 100 global banks, who use its solutions to fight fraud, facilitate financial crime prevention and decision intelligence sharing, accelerate digital transformation, and grow the value of customer relationships.

Permira brings a growth mindset to BioCatch’s next chapter, with the ability and network to help the Company expand across Continental Europe, where Permira was first established nearly four decades ago. In addition, Permira is excited to back the Company’s exceptional management team and innovative product roadmap, and is committed to further strengthening BioCatch’s global leadership position both organically and inorganically.

“Permira has backed the theme of cybersecurity for several years, and within this, online fraud detection, customer identity and access management markets have become a clear focus. We have tracked BioCatch with enthusiasm for many years, and now having been a shareholder since early 2023, our conviction in the business, its growth potential, its technology leadership, and its management team continues to grow. We’re excited to become the company’s majority shareholder and look forward to a continued successful partnership with Gadi and the BioCatch team as we seek to further accelerate growth and expansion in the years to come,” said Stefan Dziarski, Partner and Co-Head of Permira Growth Opportunities.

Gadi Mazor, CEO of BioCatch, added: “After building a strong partnership with Permira over the last year, we are delighted to welcome them as majority shareholders. The firm’s impressive experience within technology and cybersecurity, combined with their scale, global network, and our close working relationship, has been invaluable since their initial investment. We’re excited to take BioCatch to the next level together. I’d also like to thank Matthew Kinsella from Maverick Ventures and Dewey Awad from Bain Capital for their support over the last four years, which has been key in helping us establish our leadership position in the market.”

“We have had the privilege of partnering with BioCatch over the past four years and worked closely with Gadi and the BioCatch team to develop a long-term strategy to realize the business’s growth potential,” said Dewey Awad, a Partner at Bain Capital. “Together, we drove several key initiatives aimed at augmenting BioCatch’s go-to-market strategy, team, and operations, all with the goal of protecting end-users and their most sensitive transactions. We believe the company is well-positioned to continue its growth journey under Gadi’s leadership and with Permira’s support.”

“At Permira, we are looking to back product-led businesses operating in structurally growing end markets and that have management teams with the ambition to scale and grow their business. We found all of that in BioCatch and were grateful to have the opportunity to make an initial investment in 2023. After a successful first year, we are delighted to take a majority stake in the business as it continues to grow at scale. With the full extent of Permira’s resources and experience at its disposal, we’re excited for what’s to come at BioCatch,” commented Ran Maidan, Senior Adviser and Head of Permira in Israel.

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About BioCatch

BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 30 of the world’s largest 100 banks and more than 190 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships.

BioCatch’s Client Innovation Board, an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank, collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 90 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, visit www.biocatch.com.

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Mobysoft expands executive management team

ECI
N
 
TOPIC:
MobysoftStephen Roberts

Mobysoft has expanded its executive management team with the appointment of Chris Fleck, Chief Technology & Product Officer, Paul Jackson, Chief Marketing Officer, and Nicola Brazewell, Chief People Officer.

The move forms part of Mobysoft’s ambitious growth plans, with each new member bringing a wealth of knowledge and insight to their respective areas of the business.

Left to right: CTPO, Chris Fleck, Paul Jackson, CMO and Nicola Brazewell, CPO

Chris Fleck joins Mobysoft from LandTech, a global PropTech business serving thousands of property developers in the UK and USA, where he was CTO for the last three years. Prior to LandTech, Chris spent 10 years as CTO in other fast growing SaaS businesses.

Paul Jackson has over 30 years’ experience in B2B technology and professional services marketing, spanning several markets and global regions. Paul joins Mobysoft from Clinisys, where, as CMO, he led the marketing evolution over the last three years.

Nicola Brazewell joins Mobysoft from Interactive Investor where she was Head of People. Prior to that, Nicola was Head of HR, Northern Europe at Hilti, for eight and a half years. Nicola has over 25 years of HR experience, covering the financial services, construction and FMCG sectors.

I am delighted with our three new executive appointments, all of whom bring a wealth of additional senior management experience to our 100 strong Mobysoft team.”

Paul Evans

CEO, Mobysoft

Chris, Paul and Nicola are all highly experienced additions to the Mobysoft executive team.  I’m looking forward to working with them as the business continues its exciting growth journey.”

Stephen Roberts

Partner, ECI

ECI announce close of latest fund

Categories: People

819 Capital Partners joins the NVP

819 Capital Partners is pleased to share that we recently became a member of the Nederlandse Vereniging van Participatiemaatschappijen (NVP), the Dutch Association for Private Equity and Venture Capital!

NVP’s goals align perfectly with ours, as we both aim to build innovative, diverse, and sustainable companies that contribute to a strong economy. This benefits consumers, employees, and shareholders.

Furthermore, the NVP works on improving the investment climate and contributes to the professionalization of private equity & venture capital, which fits well with our ambitions.

We look forward to collaborating with other members to drive growth and success in the industry.

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PAI Partners to acquire majority stake in Vamed’s European rehabilitation business

PAI Partners

PAI Partners (“PAI”), a pre-eminent private equity firm, and Fresenius SE & Co. KGaA (“Fresenius”), a global healthcare company, today announced a strategic partnership for Vamed’s leading pan-European rehabilitation unit, currently a fully consolidated subsidiary of Fresenius. PAI – through its fund dedicated to mid-market opportunities, PAI Mid-Market Fund (“PAI MMF”) – will hold a 67% stake and Fresenius will hold a 33% stake upon completion.

Vamed’s rehabilitation business operates 67 clinics and care centres across Germany, Austria, Switzerland, the Czech Republic and the UK, serving more than 100,000 patients annually. Supported by around 10,000 highly-skilled staff, the unit provides a comprehensive range of inpatient and outpatient rehabilitation services, as well as specialist acute care. The business follows a multidisciplinary approach to patient care, with areas of expertise including neurology, orthopaedics, psychosomatics, and cardiology.

As a standalone business, the rehabilitation business will be well positioned to focus on operational excellence to better meet the needs of its patients. Additionally, this will allow for greater investments in the team, attracting further industry talent to strengthen the business’ rehabilitation services.

PAI will draw on its significant experience in the Healthcare sector – including past investments, such as DomusVi, a leading player in the European residential elderly care sector, an adjacent space to rehabilitation – to support Vamed’s rehabilitation business going forward. PAI will also leverage its strong track record in carve-outs – this transaction will be the firm’s twentieth carve-out and follows PAI MMF’s carve-out and joint venture with Nestlé on European Pizza Group last year.

Stefano Drago, a Founding Partner of PAI Mid-Market Fund, said: “Vamed’s rehabilitation business is a European leader, providing essential rehabilitation services with a strong reputation for delivering quality care. Working closely with our partner Fresenius, we will draw on our mutual industry expertise to strengthen our new healthcare business, placing service, patient experience and medical outcomes at the forefront.”

Closing is expected in the second half of 2024, subject to regulatory approval and other customary closing conditions. Approval of the transaction by a Vamed General Meeting where Fresenius holds a requisite 77% majority is expected shortly.

Media contacts

PAI Partners
Dania Saidam
+44 20 7297 4678

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has c. €27 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €24 billion in proceeds from 60 exits. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond.

PAI Mid-Market Fund, PAI’s first vehicle fully dedicated to investing in mid-market companies across Europe, draws on PAI’s core investment DNA and capabilities, leveraging the firm’s European expertise, its local market presence, and its specialist sector knowledge to create an extension of the firm’s platform across the mid-market. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

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AURELIUS Private Equity acquires Dayco’s Propulsion Solutions Business

Aurelius Capital
  • Global carve-out of the leading power transmission system supplier to Commercial & Off-Highway and Light-Vehicle OEMs
  • Quality, customer service and technological know-how drive market position
  • More than USD 450m in revenue, order book above USD 2bn
  • Footprint in North America, Europe and Asia

New York/London/Luxembourg, May 2, 2024 – AURELIUS Private Equity Mid-Market Buyout announces the acquisition of Dayco Propulsion Solutions from Dayco Group, a company backed by financial sponsor Hidden Harbor Capital Partners. The transaction emphasises AURELIUS´ growing focus on North America. Dayco Propulsion Solutions is the leading power transmission system supplier to Commercial Vehicle & Off-Highway (CVOH) and Light Vehicle (LV) Original Equipment Manufacturers (OEMs). The company specialises in manufacturing propulsion systems which manage the belt power transmission system of CVOHs and LVs. Its products are sold to OEMs as well as related aftermarkets.

AURELIUS´ expertise for operational transformation offers Dayco Propulsion Solutions the option to leverage its market-leading position in hybrid systems, helping the company to enter a new phase of profitable growth. With its deployment, the AURELIUS Operational Task Force will advise the management team in unlocking new opportunities and further expanding the business´ position.

Following in the footsteps of the acquisition of LSG Sky Chefs, this marks another transaction with significant US operations, once more confirming AURELIUS’ commitment to the region. With Dayco Propulsion Solutions, AURELIUS Investment Advisory has identified yet another company that had become non-core to its owner, but offers ample operational improvement potential. While countries across the world are imposing ever tighter restrictions on harmful emissions, AURELIUS is convinced that the company´s best-in-class hybrid vehicle solutions can play a key role in solving these industry challenges.

“Dayco Propulsion Solutions underlines our growing focus on North America. We are grateful to be chosen as a trusted partner by Dayco and its shareholder, financial sponsor Hidden Harbor Capital Partners. Looking ahead, we aim to build on the company’s strong positioning in its sector and to drive further growth”, commented Fabian Steger, Managing Director at AURELIUS European Opportunities IV.

With eight manufacturing facilities across the globe, Dayco Propulsion Solutions operates on a global scale and serves as a trusted partner to a range of LV-OEMs, including some of the leading LV & CVOH OEMs in North America. A strong order book in the CVOH segment, bolstered by its close customer relationships and growing portfolio in the hybridized vehicle space, affirms its leading market position and testifies to its significant growth potential.

AURELIUS was advised by Woodward Park Partners (M&A), Berylls (Commercial), BakerMcKenzie (Legal), Deloitte (Accounting), AON (Insurance), HaverMailänder (Anti-trust) and EY (Tax).

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Annica Bresky and Henrik Jonsson elected new Board members of Nordstjernan AB

Nordstjernan

At today’s Annual General Meeting of Nordstjernan AB, the following Board members were re-elected: Viveca Ax:son Johnson (chairman), Axel Mörner (vice chairman), Johan Blomquist and Peter Leimdörfer. Tomas Nicolin and Christoph Vitzthum have declined re-election. Annica Bresky and Henrik Jonsson were elected as new members of Nordstjernan’s Board.

Annica Bresky has a civil engineering degree from Uppsala University and an Executive MBA from the M group/School of Economics in Stockholm. Annica has extensive experience from Swedish industrial companies and previously held roles at Holmen and Stora Enso where she also was CEO from 2019 to September 2023. Annica Bresky is currently a member of the Royal Academy of Engineering Sciences (IVA) and a member of the Boards of the wind power company Ørsted and in the technology and sensor company Vaisala.

 

Henrik Jonsson has a civil engineering degree from KTH and has completed Diploma training for financial analysts (CEFA) at the Stockholm School of Economics. Henrik Jonsson has broad experience from investments, asset management and Board work. Since 2020, he has been CEO of Interogo Holding, a position he will leave in August 2024. Before that, Henrik Jonsson was Chief Investment Officer for Interogo Holding between 2018 and 2020, CEO of Nalka Invest between 2009 and 2018 and before that CEO of Catella Investments.

 

“We are very happy to have been able to attract both Annica and Henrik to our Board. Annica’s solid experience from large industrial companies and Henrik’s many years of experience in international investment activities are excellent additions to our Board,” says Viveca Ax:son Johnson, Chairman of the Board, Nordstjernan. “I also want to take this opportunity to thank both Tomas Nicolin and Christoph Vitzthum for their many years of work for the company”.

Questions answered by:
Tor Krusell, media contact Nordstjernan
Mobile: +46 70 543 87 47
E-mail: tor.krusell@nordstjernan.se

 

 

Nordstjernan is predominantly owned by the Axel and Margaret Ax:son Johnson Foundations. Since its establishment in 1890, Nordstjernan has owned and developed hundreds of companies in a range of industries. Today, Nordstjernan has investments in more than 20 companies in five sectors. Together, these companies have sales of SEK 120 billion and employ more than 50,000 people. Read more on www.nordstjernan.se.

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Cotiviti Completes Recapitalization With KKR And Long-Standing Owner Veritas

KKR

SALT LAKE CITY–(BUSINESS WIRE)–Cotiviti, a leading healthcare data analytics and technology business, announced today the close of its business recapitalization with two premier firms, affiliates of its long-standing partner Veritas Capital (Veritas) and investment funds managed by KKR. KKR and Veritas are now co-sponsors with equal ownership stakes in Cotiviti.

Cotiviti’s mission is to improve the healthcare system through its combination of advanced technology, data analytics, and specialized expertise. Its dynamic, integrated SaaS solutions enable health plans to solve their biggest challenges by closing care gaps, helping to ensure claims are appropriately reimbursed, capturing population risk accurately, and engaging consumers through highly tailored, multichannel approaches.

“This is a significant milestone for Cotiviti and one that positions us for continued growth across the healthcare ecosystem as we leverage our deep expertise and infrastructure,” said Emad Rizk, M.D., Chairman, President, and CEO of Cotiviti. “In Veritas and KKR, we have two world-class investment firms joining forces because of their belief in our mission. With their support, we have additional capital to accelerate innovation and fund growth investments in commercial expansion, new product development, and technology-related opportunities. As we enter this next chapter, we remain committed to providing greater value through our differentiated scalable service model, accelerating meaningful innovation across our platform, and delivering deep expertise as a trusted partner to our customers.”

“Veritas partners with businesses like Cotiviti whose products and services drive industry transformation and where our investment can help strengthen those solutions for the benefit of customers,” said Ramzi Musallam, CEO and Managing Partner of Veritas. “Over the course of our investment, Veritas supported a series of organic and inorganic initiatives that drove sustained, transformative growth. With the close of this transaction and the combined support of Veritas and KKR, Cotiviti is optimally equipped to continue its growth trajectory while driving further advancements to improve the sustainability of the healthcare system and quality of care.”

“We are thrilled to support Cotiviti’s mission to meaningfully improve today’s healthcare system,” said Max Lin, Partner at KKR. “Cotiviti’s portfolio of best-in-class solutions is used and trusted by over two hundred healthcare payers, including some of the largest plans in the United States, to enable accuracy, efficiency, and quality for all stakeholders. We look forward to working alongside the Cotiviti management team and Veritas to further scale the business through strategically investing in innovation, talent, and technology.”

About Cotiviti:

Cotiviti enables healthcare organizations to deliver better care at lower cost through advanced technology and data analytics, helping to ensure the quality and sustainability of how healthcare is delivered in the United States. Cotiviti’s solutions are a critical foundation for healthcare payers in their mission to lower healthcare costs and improve quality through higher performing payment accuracy, quality improvement, risk adjustment, and consumer engagement programs. The company also supports the retail industry with data management and recovery audit services that improve business outcomes. For more information, visit www.cotiviti.com.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Veritas Capital:

Veritas is a longstanding technology investor with approximately $40 billion of assets under management and a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, and national security, is core to the firm. Veritas is a proud steward of national assets, improving the quality of healthcare while reducing cost, advancing our educational system, and protecting our nation and allies. For more information, visit www.veritascapital.com.

Contacts

Cotiviti
Ross Homer
Aria Marketing for Cotiviti
+1 (508) 344-8051
rhomer@ariamarketing.com

KKR
Julia Kosygina or Emily Cummings
+ 1 (212) 750-8300
media@kkr.com

Veritas Capital
Prosek Partners
Pro-Veritas@Prosek.com

 

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Blackstone Completes Acquisition of Civica

Blackstone

LONDON, UK – May 2, 2024 – Blackstone (NYSE:BX), the world’s largest alternative asset manager, announced today that private equity funds managed by affiliates of Blackstone (“Blackstone”) have completed its acquisition of Civica, a global leader in public sector software solutions, from Partners Group, a leading global private markets firm, acting on behalf of its clients. Financial terms of the transaction were not disclosed.

The transaction was previously announced on November 22, 2023, and has fulfilled all regulatory approvals. Civica was founded in 2001 and has since grown into one of the UK’s largest software companies and a global leader in software for the public sector, providing mission-critical automating and streamlining technology services to over 6,000 customers around the world.

Jonathan Murphy, Senior Managing Director, and Miguel García Gómez, Principal at Blackstone, said: “Civica has established itself as a leader in the ‘GovTech’ space, helping public bodies globally embrace technology and improve their services. We’re thrilled to partner with Lee and the management team and support Civica’s continued growth and global expansion.”

Lee Perkins, Chief Executive Officer at Civica, said: “With digitalization transforming the expectation of public services around the world, Civica creates the software that helps public servants deliver for citizens every day. Blackstone has a long track record of investing in technology and in the UK, and we look forward to partnering with them as we build on two decades of growth and innovation.”

Blackstone was advised by Barclays as lead financial advisor, Shea & Company and DC Advisory as secondary financial advisors, and Simpson Thacher & Bartlett and Kirkland & Ellis as legal advisors. Partners Group was advised by Clifford Chance and Arma Partners. Arma Partners acted as exclusive financial advisor to Civica and Management was advised by Travers Smith and Wyvern Partners.

About Blackstone  
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram

About Civica Group 
We’re Civica and we make software that helps deliver critical services for citizens all around the world. From local government to central government, to education, to health and care, over 5,000 public bodies across the globe use our software to help provide critical services to over 100 million citizens. Our aspiration is to be a GovTech champion everywhere we work around the globe, supporting the needs of citizens and those that serve them every day. www.civica.com

Media Contacts

Civica
Amanda Newman
press@civica.co.uk

Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

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Red Oak Compliance Solutions Welcomes Dave Dutch as CEO

Mainsail partners

Dutch Brings More Than Three Decades of Leadership Experience in Software, Financial Technology and Compliance.

AUSTIN, Texas, May 1, 2024 /PRNewswire/ — Red Oak Compliance Solutions, a leading provider of regulatory compliance software for the financial services industry, announced today that Dave Dutch has joined the company as Chief Executive Officer and as a board member. Dutch joins Red Oak to lead the company through its next stage of growth. Joining him is Tripp Neville, newly appointed as the company’s Chief Revenue Officer. Co-founder and former CEO, Stephen Pope, will remain on the board and focus on strategic initiatives.

“I am excited and honored to be Red Oak’s new CEO at such a transformative time for the company,” Dutch said. “There is a growing need for compliance solutions specific to financial institutions, and we see an opportunity to continue to inject deep subject matter expertise into our software platform. This is a unique opportunity to continue shaping the way financial services firms manage their compliance programs using a platform that is already trusted and respected by hundreds of organizations globally.”

 

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Dutch brings a wealth of experience as a seasoned SaaS executive, having successfully scaled several growth-stage businesses in previous roles. Dutch’s background includes CEO positions at Paylease and OrderMyGear and extends to many board roles at SaaS companies like Clubspeed, Raken, and Trakref.

“Dutch’s track record of energizing and strategically leading high growth software companies align perfectly with Red Oak’s trajectory. We are pleased to welcome Dave to the team,” said Romir Bosu, who serves as the Executive Chairman of the board and has worked closely with Dutch at multiple companies over the past decade.

“Dave’s vast experience in financial technology, SaaS and compliance will be invaluable as Red Oak continues to build on its momentum and capitalize on the compliance market opportunity,” said David Farsai, Partner at Mainsail Partners, the growth equity firm that invested $51 million into Red Oak in June 2023.

Founded in 2010, Red Oak has distinguished itself by providing intelligent software solutions to global financial services and insurance industries, underpinned by a customer-centric culture. Co-founder, Stephen Pope, who was serving in the role of CEO prior to Dutch joining, says the company has been steadfast in its commitment to customers, consistently refining its product roadmap in response to customer needs and feedback, while aiming to stay ahead of innovation trends.

“With Dave Dutch at the helm, I am confident we will be able to deliver an even more powerful suite of compliance products to our valued customers. His industry expertise, his reputation as a fantastic and inspirational leader and his demonstrated commitment to thoughtful growth all strongly align with our core values,” says Pope.  Pope will continue to be involved in strategic initiatives and serving as a board director.

Since receiving a $51 million investment from Mainsail Partners in June 2023, Red Oak has experienced meaningful scale and recently completed the strategic acquisition of SiteQuest, a comprehensive intelligent compliance monitoring and website surveillance software firm, which significantly expanded the breadth of Red Oak’s product offerings. In addition, Red Oak has scaled its product and engineering teams and has launched a stack of innovative AI-powered ancillary compliance products, leading to the company being named to the AI FINTECH 100 list in 2023.

About Red Oak
Red Oak Compliance Solutions is a global advertising review software in the financial services and insurance industries, serving over 1,800 firms globally, ranging from single-state advisors to over half of the top 20 asset managers. Their flagship advertising compliance review software offers quick implementation timelines and agile technology that is 100% Books and Records/WORM compliant.

Clients of Red Oak typically see 35% faster approvals and 70% fewer touches, with many experiencing even better results. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies. To learn more about Red Oak Compliance Solutions, visit www.redoakcompliance.com or follow them on LinkedIn.

About Mainsail Partners
Mainsail Partners is a growth equity firm that partners with founders of bootstrapped software companies to help them realize their potential. For more than 20 years, Mainsail has been helping management teams navigate the challenges and opportunities that come with rapidly scaling a software company. The firm includes women and men who are former software company operators who have seen these challenges first-hand. Mainsail offers assistance across various functional areas, including talent, finance, customer success, sales and marketing, product management, and R&D. With offices in Austin and San Francisco, the firm has raised over $2.2 billion in committed capital and invested in more than seventy companies. For more information, visit www.mainsailpartners.com or follow the firm on LinkedIn.

CONTACT: Amy Watson, awatson@redoakcompliance.com

SOURCE Red Oak Compliance Solutions

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