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Mediar Therapeutics Announces Oversubscribed $76 Million Series B Financing and Clinical Advancement of First-in-Class Fibrosis Portfolio

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Series B Co-led by New Investors Amplitude Ventures and ICG
MTX-474 Global Phase 2a study Initiated in Systemic Sclerosis (SSc)
MTX-463 Global Phase 2a Study in Idiopathic Pulmonary Fibrosis (IPF) Enrolling & Partnered with Lilly
MTX-439 Advancing to Phase 1 studies for Fibrosis Associated with Chronic Kidney Disease (CKD)

BOSTON, Mass., (January 7, 2026) – Mediar Therapeutics, Inc., a clinical-stage biotechnology company advancing first-in-class therapies designed to halt fibrosis, today announced an oversubscribed $76 million Series B financing co-led by Amplitude Ventures and ICG, with participation from new investors Longwood Fund, Asahi Kasei Pharma Ventures, Alexandria Real Estate Trust (ARE), and existing Series A investors. Joining the Mediar board from Amplitude Ventures is Bharat Srinivasa, PhD, and from ICG is Allan Marchington, PhD. Proceeds from the financing will further support advancement of Mediar’s wholly owned assets, including MTX-474, an antagonist of EphrinB2, being studied in a Phase 2a study in patients with systemic sclerosis (SSc), and MTX-439, a SMOC2 antagonist, proceeding to Phase 1 studies for the treatment of chronic kidney disease (CKD) associated fibrosis.

“It has been a transformative 12 months for Mediar, from our deal with Eli Lilly and Company on MTX-463, to this oversubscribed Series B financing with leading biotech investors,” said Rahul Ballal, PhD, Chief Executive Officer of Mediar Therapeutics. “With $175 million raised through these transactions, we can advance our novel anti-fibrotics through clinical studies and potentially bring life-changing therapies to patients suffering from fibrosing diseases of the skin, lung, and kidney. I would like to take this moment to thank our entire Mediar team for their dedication and demonstration that direct targeting of the myofibroblast holds promise to halt fibrosis.”

The company has initiated the EncompaSSc trial, a randomized, double-blinded, placebo-controlled 24-week Phase 2a study designed to evaluate the efficacy, safety, and tolerability of MTX-474 in approximately 90 patients living with SSc, using the validated mRSS (Modified Rodnan Skin Score) tool, as the primary endpoint.

“The EncompaSSc study marks an important milestone in our effort to bring new treatment options to patients living with SSc,” said Lorinda Chung, MD, MS, Global Principal Investigator of the trial and professor of Medicine and Dermatology at Stanford Medicine. “Emerging research shows that EphrinB2 signaling may contribute to the progression of fibrosis in multiple organ systems impacted by systemic sclerosis. These patients have a large unmet need, and this Phase 2a trial will allow us to evaluate MTX-474’s potential to treat patients suffering with this disease.”

“By addressing the fundamental causes of fibrosis, Mediar is paving the way for transformative clinical advances in the field,”said Allan Marchington, PhD, Head of Life Sciences at ICG. “We are proud to co-lead this financing to accelerate these vital therapies.”

“We are excited about Mediar’s unique approach to targeting fibrosis across multiple organ systems,” added Bharat Srinivasa, PhD, Principal at Amplitude Ventures. “Together, we aim to translate this deep scientific understanding into novel therapies that positively impact patient lives.”

Andreas Jurgeit, PhD, Partner in Gimv’s Life Sciences team comments: “We are proud to continue our support of Mediar following this oversubscribed USD 76 million Series B financing. Mediar is advancing three first-in-class programs targeting key drivers of fibrosis, including two global Phase 2 studies in Idiopathic Pulmonary Fibrosis (IPF) and Systemic Sclerosis (SSc), as well as a progressing Phase 1 program in Chronic Kidney Disease (CKD). We look forward to collaborating with ICG and Amplitude, who joined this round.”

The company is also finalizing an IND-enabling package for MTX-439, a SMOC2 antagonist, for the treatment of fibrosis associated with chronic kidney disease (CKD), with plans to initiate Phase 1 studies in the first half of 2026.

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Apollo Backs $5.4 Billion Valor and xAI Data Center Compute Infrastructure Transaction with $3.5 Billion Capital Solution

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GPU Lease Financing to Support xAI’s Second Data Center

NEW YORK, Jan. 07, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates (the “Apollo Funds”) have led a $3.5 billion capital solution for Valor Compute Infrastructure L.P. (“VCI”), a fund managed by Valor Equity Partners (“Valor”), to support its $5.4 billion acquisition and lease of data center compute infrastructure, including NVIDIA GB200 GPUs, to a subsidiary of xAI Corp (“xAI”). The financing uses a triple net lease structure and will support one of the world’s most powerful compute clusters for ongoing model training and development of Grok.

NVIDIA invested in VCI as an anchor Limited Partner alongside many of Valor’s institutional investors. Since inception in 2023, xAI has rapidly established its position as one of the leading companies in artificial intelligence, with Grok 4 demonstrating strong performance across benchmarks.

“This transaction represents a hallmark, downside-protected investment for Apollo in the AI infrastructure space and underscores our role as a leading provider of flexible, asset-based capital for next-generation assets,” said Apollo Partner Christopher Lahoud. “We are supporting the growth of this transformative technology by investing in the critical infrastructure that enables it, alongside highly regarded partners like Valor and NVIDIA, who are driving the next wave of innovation.”

“VCI is an extension of our continued service as a firm to xAI. The fund provides investors with the opportunity to invest in critical artificial intelligence compute infrastructure with quarterly cash distributions and upside through ownership of the compute assets,” said Valor Founder, CEO and CIO Antonio Gracias.

Apollo estimates that global data center infrastructure will require several trillion dollars of investment over the next decade, driven by secular trends associated with the Global Industrial Renaissance and accelerating demand for compute capacity and AI workloads. Since 2022, Apollo-managed funds and affiliates have deployed over $40 billioni into next-generation infrastructure, including compute capacity, digital platforms and renewable energy.

Latham & Watkins LLP served as legal counsel to the Apollo Funds, Proskauer Rose LLP served as legal counsel to VCI and Sullivan & Cromwell LLP served as legal counsel to xAI.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2025, Apollo had approximately $908 billion of assets under management. To learn more, please visit www.apollo.com.

About Valor Equity Partners

Valor Equity Partners is an operational growth investment firm focused on investing in high-growth companies across various stages of development. For decades, Valor has served its companies with unique expertise to solve the challenges of growth and scale. Valor partners with leading companies and entrepreneurs who are committed to the highest standards of excellence and the courage to transform their industries. As of December 31, 2025, Valor had approximately $55 billion of assets under management. For more information on Valor Equity Partners, please visit www.valorep.com.

Contacts

Noah Gunn

Global Head of Investor Relations

(212) 822-0540

IR@apollo.com

Joanna Rose

Global Head of Corporate Communications

(212) 822-0491

Communications@apollo.com

________________________________
i Includes certain transactions that have signed but not yet closed. There can be no assurance that these transactions will close as expected or at all.

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Warburg Pincus Closes on $3.0 Billion Financial Services Fund

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Warburg Pincus Financial Sector III exceeds initial target, reflecting strong support for the firm’s Financial Services strategy and compelling set of investment opportunities

January 7, 2026 – New York – Warburg Pincus, the pioneer of global growth investing, today announced it has successfully raised Warburg Pincus Financial Sector III, L.P. (“WPFS III”), closing on $3.0 billion of capital. WPFS III launched in 2024, with a target of $2.5 billion.

Over the past five decades, Warburg Pincus has been a leader in investing in financial services companies, deploying nearly $27 billion in over 160 companies across market cycles and remains highly active in today’s dynamic environment. The firm invests across the full spectrum of financial services sub-sectors globally, including banks, insurance, asset & wealth management, specialty finance, payments, and financial services-focused software, infrastructure and services. Notable investments of the firm’s financial services strategy include AA, Avanse, Banc of California, EverBank, Foundation Risk Partners, GCash, IntraFi, Kestra, Mellon Bank, McGill & Partners, and Procare.

“Despite a complex macroeconomic and geopolitical backdrop, Warburg Pincus demonstrated the strength and global reach of our platform, successfully closing our third Financial Services fund, marking our largest Financial Services fund to date. We believe our strong fundraise reflects the substantial momentum and trust of our limited partners, earned through consistent engagement, rigorous execution, and deep sector experience across financial services,” said Jeff Perlman, CEO, Warburg Pincus. “Guided by a long‑term, collaborative approach, we continue to offer differentiated strategies and innovative solutions while remaining disciplined and focused on our investor-first approach.”

“Our Financial Services investing practice leverages a broad global platform and deep experience across a variety of sub-sectors, with the flexibility to pursue what we view as the most attractive opportunities. Secular trends like rapid digital transformation, rising financial product use in emerging markets, and growing household wealth are creating new investment opportunities and making financial services a prime sector for long-term growth,” said Dan Zilberman, Global Co-Head of Financial Services and Global Head of Capital Solutions.

“We believe that the strong performance of our first two Financial Services companion funds, driven by our demonstrated ability to consistently return capital to investors, has fueled this strong demand for our latest fund. With this fresh set of capital, we believe we are well-positioned to pursue both secular and cyclical trends shaping the financial services sector to build durable companies that are capable of delivering value,” added Vishal Mahadevia, Global Co-Head of Financial Services and Head of Asia Private Equity.

The firm’s Financial Services practice is a cohesive, global platform comprising over 40 investment professionals, one of the largest dedicated global financial services teams in the industry.

WPFS III follows the success of the firm’s global flagship fund, Warburg Pincus Global Growth 14, which closed with $17.3 billion, also exceeding its initial target fund size of $16 billion. It also succeeds the successful $4.0 billion close of the firm’s Capital Solutions Fund (WPCS FF), exceeding its initial target of $2.0 billion.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Contact

Kerrie Cohen | Managing Director, Global Head of Communications & Marketing
kerrie.cohen@warburgpincus.com

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Blackstone Announces Additional Investment in AIR Control Concepts

Blackstone

Blackstone to Acquire Madison Dearborn’s Remaining Stake to Become Sole Institutional Investor Supporting AIR’s Next Phase of Growth

Norfolk, Virginia – January 7, 2026 – Air Control Concepts (“AIR”), the largest commercial HVAC, electrical, and controls platform in North America, announced today that funds managed by Blackstone’s private equity strategy for individual investors (“Blackstone”) have signed and closed the acquisition of Madison Dearborn Partners’ (“MDP”) remaining equity stake in AIR, following Blackstone’s original investment in July 2024. Founder, President and CEO of AIR, Brad Hobbs, and his family will also invest alongside Blackstone. With this transaction, Blackstone becomes AIR’s sole institutional investor, deepening its partnership with AIR’s management and positioning the company for its next phase of growth.

Headquartered in Norfolk, Virginia, AIR operates across 35 states and Canada through a network of more than 38 operating companies and over 1,900 associates. The platform supports leading OEM partners and their customers by combining deep local market expertise with the scale, resources, and connectivity of a national organization. AIR’s operating model is designed to preserve the entrepreneurial culture and trusted relationships of each operating company while enabling collaboration, shared services, and long-term growth.

Brad Hobbs, Founder, President and CEO, and Hayden Bland, COO of AIR said:

“Blackstone has been a fantastic partner since joining us in 2024. Their strategic insights and resources have helped AIR continue to scale rapidly while strengthening our commitment to excellence on behalf of our OEM partners and customers. As we look to the future – including our further expansion, the substantial opportunity in data centers and exciting adjacency strategies – we are thrilled to deepen our partnership. We thank the MDP team for their collaboration and support in helping build the AIR platform into what it is today.”

Seth Meisel, Senior Managing Director, and Karl Eber, Managing Director, at Blackstone, stated:

“We thank MDP for a terrific partnership, and we are thrilled to support Brad, Hayden and the entire AIR leadership team to help drive the company’s continued success. The 18 months since our original investment have seen tremendous growth and we are excited to help perpetuate that going forward. We believe AIR is exceptionally well positioned to continue delivering leading solutions for its customers and OEM partners as the platform continues to scale.”

Terms of the transaction were not disclosed. Centerview Partners served as lead financial advisor to Blackstone, and RBC Capital Markets, LLC also served as financial advisor to Blackstone. Kirkland & Ellis LLP acted as legal counsel to AIR and MDP. Simpson Thacher & Bartlett LLP acted as legal counsel to Blackstone.

About AIR Control Concepts
AIR Control Concepts (“AIR”) is a leading commercial HVAC, electrical, and controls platform operating across 35 states and Canada. Headquartered in Norfolk, Virginia, AIR partners with and supports a network of operating companies by providing shared resources, technology, and strategic support while preserving the local culture, leadership, and customer relationships that define each business. Through its collaborative platform model, AIR enables long-term growth and scalable solutions for OEM partners and the customers they serve. More information is available at www.aircontrolconcepts.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Madison Dearborn Partners
Madison Dearborn Partners, LLC (“MDP”) is a leading private equity investment firm based in Chicago. Since its formation in 1992, the firm has invested $27 billion and completed 168 platform investments across its dedicated industry verticals. For more information, please visit www.mdcp.com.

Contacts
 
For Blackstone:
Hallie Dewey
Hallie.dewey@blackstone.com
 
For AIR:
Kelly Duffy
Kduffy@aircontrolconcepts.com

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Bain Capital, Revcap and Black Swan Invest in Prime Mixed-Use Asset on the Champs-Élysées to Support Landmark Paris Redevelopment

BainCapital

LONDON/PARIS – January 7, 2026 – Bain Capital, a leading global private investment firm, Revcap, a pan-European real estate private equity firm, and Black Swan today announced the investment in 29–33 Avenue des Champs-Élysées in Paris, a prime mixed-use building located on one of the world’s most prominent retail corridors. The investment, being conducted as a joint venture between Bain Capital’s European Real Estate strategy and Revcap’s Real Estate Platforms strategy, will support the redevelopment of the vacant asset into three flagship retail units and modern office space designed to meet long-term demand from global brands and corporate occupiers.

The project is structured as a comprehensive repositioning initiative, benefitting from an existing building permit and a fully stripped interior that enables an efficient redevelopment program. The investment reflects the investors conviction in high-quality European real estate, particularly in corridors with sustained international tourism, limited availability of large flagship units and resilient rental dynamics. The firm is partnering with Black Swan Real Estate Capital on the execution of the business plan.

Bain Capital’s European Real Estate strategy continues to focus on high-quality assets in markets where long-term operating fundamentals remain resilient and demand is structurally supported.

“This investment highlights the strength of our European real estate strategy and our ability to underwrite unique assets in globally strategic locations,” said Ali Haroon, a Partner and Head of Special Situations and Real Estate in Europe at Bain Capital. “The Champs-Élysées remains one of the most recognizable and resilient retail avenues in the world, and we see compelling long-term potential in delivering a next-generation retail and office destination in the heart of Paris.”

“The fundamentals supporting this asset are exceptionally strong,” said Rafael Coste Campos, a Partner at Bain Capital. “Flagship retail units of this scale and quality are extremely rare and structurally undersupplied, whilst tenant demand continues to deepen. The current macro dislocation is allowing a special window to acquire unique assets at attractive valuations. We are convinced that combining our expertise with that of Revcap and Black Swan will enable us to maximize value creation for the asset.”

“We are delighted to be partnering with Bain to acquire such an iconic asset in Central Paris. The acquisition demonstrates Revcap’s ability to execute complex transactions of scale in key European markets, whilst illustrating the capabilities of Black Swan Real Estate Capital, a platform created by Revcap. We look forward to contributing to the ongoing evolution of one of the world’s most recognisable streets,” said Andrew Pettit, Equity Partner of Revcap.

“This acquisition represents a defining step in our strategy. By acquiring this office and retail building on this iconic avenue, we are proud to join forces with prestigious partners to reimagine a landmark project at the heart of Paris,” said Rouzbeh Badi Arez, Partner at Black Swan. “This transaction represents an exceptional opportunity to acquire a truly rare redevelopment asset, located at the very heart of an internationally acclaimed address. Through its ambition and positioning, the project fully aligns with the ongoing renaissance of the Champs-Élysées and represents a unique opportunity to take part in the transformation of the world’s most beautiful avenue,” said Gautier Beurnier, Senior Advisor at Black Swan.

The redevelopment will incorporate leading environmental performance features and is targeting top sustainability certifications, including HQE, BREEAM and BBCA. Plans include enhanced natural light, energy-efficient systems and potential integration of green or solar roofing, consistent with Paris 2030 climate objectives and broader EU sustainability frameworks.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $205 billion in assets under management. To learn more, visit baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Revcap

Founded in 2004, Revcap is an independently owned private equity real estate principal investor. Revcap targets real estate joint ventures in partnership with local operating partners. Since inception, Revcap has partnered with institutions, foundations, endowments, and family offices to invest in over €15bn of European real estate transactions across 13 investment vehicles. The firm has closed more than 80 deals in France.

About Black Swan Real Estate Capital

Launched in February 2021, Black Swan Real Estate Capital is a real estate investment and asset management firm operating in the French market. Black Swan was founded by Rouzbeh Badi-Arez and Revcap and invests in and manages a total of €500m of office, retail and residential real estate investments predominantly in Paris, alongside leading institutional investors.

 

Media Contacts

 Europe

 Jason Lobo

 Camarco

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UserTesting Acquires User Interviews to Strengthen the Industry’s Most Comprehensive Customer Insights Solution for the AI Era

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Combination unites UserTesting’s category-leading insights platform with User Interviews’ leading participant recruitment to help enterprises make better decisions.

BELLEVUE, WASHINGTON — UserTesting, the leading provider of customer insights for the enterprise, today announced it has acquired User Interviews, the leading participant recruitment platform for user research, market research, and AI training. The combination brings together powerful insights technology and premium participant access to deliver the industry’s most comprehensive and scalable customer insights solution.

“As companies reimagine their products and experiences to win in the AI era, the need for trusted customer insights has never been greater,” said Eric Johnson, CEO of UserTesting. “By bringing UserTesting and User Interviews together, we’re creating the fastest and most reliable way for teams to understand their customers and make better, smarter decisions with confidence.”

“We started User Interviews to help organizations hear from the people that matter most to their businesses,” said Basel Fakhoury, CEO of User Interviews. “Combining User Interviews’ panel capabilities with UserTesting’s platform gives enterprises a more scalable, trusted way to access the right audiences and turn insights into action.”

Advancing Panel Reach and Participant Management at Enterprise Scale

The combination of UserTesting and User Interviews brings together UserTesting’s category-leading insights platform and global general population network with User Interviews’ large-scale, premium participant marketplace. Together, the companies make it fast, easy, and cost-effective to recruit the right participants at scale across any criteria, geography, or audience type. With unmatched panel breadth, depth, and speed of access to consumers, B2B professionals, and specialized audiences, enterprises gain trusted, high-fidelity insights to support rapid and high-stakes decision-making.

The combined offering enables organizations to ground every AI deployment, product enhancement, marketing program, and customer experience in authentic customer understanding, bringing the real voices of customers directly into the decisions that matter most.

Customers benefit from:

  • Broad reach: Everyday consumers, niche audiences, specialized experts, B2B professionals, and hard to reach roles
  • Precise targeting and matching: Rich demographic, behavioral, attitudinal, and industry-specific segmentation
  • Proprietary fraud prevention: Sophisticated controls designed to protect quality and trust
  • Rapid scale: Fast access to millions of participants for live and unmoderated conversations, as well as high quality quantitative research at scale
  • Enterprise-grade trust: Built-in security, privacy, and data governance designed for global enterprises

Empowering Designers, Researchers, and Marketers

The acquisition unlocks unprecedented ability for designers, researchers, product managers and marketers to identify the exact audiences they need, engage them quickly, and extract insights at speed using AI-powered analysis. It enables teams to move from understanding to confident action faster than ever before.

Advisors

Lightning Partners served as the exclusive financial advisor to User Interviews.

About UserTesting
UserTesting enables organizations to craft exceptional customer experiences through actionable customer insights. With the world’s strongest participant network, AI-driven insights, comprehensive feedback solutions, and expert-level services, enterprises can validate decisions, co-innovate at scale, and accelerate their path to better products and experiences. Trusted by 3,000+ customers, including 75 of the Fortune 100, UserTesting is the partner of choice for businesses committed to delivering experiences customers love. Learn more at www.usertesting.com.

About User Interviews
User Interviews is the most scalable way to recruit quality participants for any kind of research. With over 6 million participants, precise matching, and fraud prevention, User Interviews can reliably fill nearly any research study. Researchers, designers, product managers, and marketers can quickly connect with the right people in any niche, whether consumers, B2B professionals, or domain experts needed for model training, for any kind of study, moderated, unmoderated, in-person or remote.

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Ping Identity Marks Digital Trust Milestone with Zero-Knowledge Biometrics in the Age of AI

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Completion of the Keyless acquisition adds privacy-preserving biometric authentication and re-verification to strengthen enterprise defenses against AI-powered spoofing and fraud.

DENVER — Ping Identity, a leader in securing digital identities for the world’s largest enterprises, today strengthened its identity platform to help enterprises counter increasingly sophisticated AI-driven attacks. With the acquisition of Keyless now complete, Ping adds Zero-Knowledge Biometrics to its portfolio, expanding access to device-independent, cryptographically protected biometric authentication and re-verification, elevating the standard for verified trust across the digital ecosystem.

Keyless’ patented Zero-Knowledge Biometrics technology re-verifies the originally verified person with one glance, enabling lightning-fast multi-factor authentication and re-verification in under 300 milliseconds. Each re-verification uses advanced cryptographic techniques that ensure biometric data is never stored in a retrievable or reconstructable form. The result is a highly portable, privacy-first approach that eliminates the need for a dedicated device, while helping organizations counter deepfakes, impersonation, and account takeover.

How Will Ping’s Acquisition of Keyless Help Enterprises Create Trusted Digital Experiences?

“AI is accelerating identity-based attacks. Authentication must be resilient and simple to use, while simultaneously ensuring the originally verified user is who they say they are” said Andre Durand, CEO and Founder of Ping Identity. “Keyless delivers privacy-preserving biometrics that make strong verification effortless. Now that the acquisition is complete, we can bring this simplicity and strength to customers across every digital interaction.”

Andrea Carmignani, CEO and Co-Founder of Keyless, added: “Joining Ping Identity is a major milestone for our team and technology. Zero-Knowledge Biometrics allow organizations to re-verify the originally verified identity across the entire journey—onboarding, access, step up, and recovery—without ever exposing biometric data. Together with Ping, we can deliver that level of protection at a global scale.”

How Does This Acquisition Combine Ping and Keyless Capabilities, While Furthering Ping’s One Platform Strategy?

Keyless securely binds a user to one or more devices and can also re-verify different users on a shared device, strengthening Ping’s ability to support re-verification in environments where traditional MFA falls short. Together, Ping and Keyless provide continuous identity assurance by extending strong verification across diverse identity environments and use cases.

The combined capabilities across customer, workforce, and B2B identity use cases will help enterprises:

  • Support continuous identity assurance across all stages of the identity lifecycle.
  • Prevent account takeover and identity fraud with one glance at the camera.
  • Deliver passwordless multifactor authentication and seamless single sign-on.
  • Provide mobile and frontline workers with instant biometric re-verification in less than 300ms.
  • Protect critical user moments, including account creation and recovery.
  • Support compliance with global privacy and security regulations, including GDPR, CCPA, eIDAS 2.0, and the emerging PSD3.

Together, these capabilities advance Ping’s Platform vision: delivering verified trust across all identities without adding friction, compromising privacy, or reducing control.

Keyless technology is now available to customers. Financial terms of the transaction were not disclosed.

Resources:

About Ping Identity 
At Ping, we make it possible to trust every digital moment—moments with customers, employees, partners, and non-human identities. Whether you’re securing millions of users, fighting sophisticated fraud, simplifying third-party access, or embracing passwordless experiences and verifiable credentials, establishing trust shouldn’t slow you down. Our enterprise-grade identity platform is built for scale, speed, and flexibility—and works seamlessly with your existing tech stack across cloud, hybrid, and on-prem. We help innovators like you accelerate growth and confidently leverage AI—making life easier for your developers, users, IT teams, and partners. With Ping, all your digital experiences start with trust. Learn more at pingidentity.com.

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Accenture to acquire Faculty, an Apax Digital Fund I portfolio company, to scale AI capabilities

Apax

Accenture has agreed to acquire Faculty, a leading UK-based AI native services and products business built on highly technical applied AI skills and a unique decision intelligence product that features advanced simulation and optimization capabilities. The acquisition will expand Accenture’s capabilities to help its clients reinvent core and critical business processes with safe and secure AI solutions that result in tangible outcomes.

Founded in 2014, Faculty has a strong track record working with public and private sector clients to deploy AI solutions in the U.K. and other key markets. Its services – which include AI strategy, AI safety and the design, build and implementation of high-performance AI systems – support the scaled and safe adoption of AI by client organizations.

Faculty has built a distinctive market position by pairing deep technical capability with an ability to attract and retain top-tier data science talent in the UK. This is driven by its thought leadership, fellowship programme, and work on high-profile, mission-critical projects, including the NHS Early Warning System. Most recently, Faculty became OpenAI’s first global technical partner, underlining its credentials in advanced and generative AI.

Since 2021, with the support of Apax Digital and LocalGlobe, Faculty has more than quadrupled in size, evolving from an applied AI services provider into a business with a differentiated, scalable software platform at its core. Investment in Frontier, Faculty’s software platform, has also unlocked significant growth opportunities, particularly in life sciences, where Faculty’s decision intelligence capabilities address complex regulatory and operational challenges.

Faculty’s team of more than 400 AI native professionals, including highly qualified data scientists and AI engineers, will integrate with Accenture’s teams to scale world class AI capabilities for clients.

Marc Warner, CEO of Faculty, said, “Our vision has always been a world in which safe AI delivers widespread benefits to humanity. We have spent the last ten years supporting our clients to bring this world about, step by step. As AI advances rapidly, the ambition of our clients is now, rightly, no less than the reinvention of their business. I am delighted that by teaming up with Accenture, we have everything in place to support AI transformation from start to finish.”

Faculty is known for their ability to apply AI in mission-critical settings. For example, during the COVID-19 pandemic, Faculty built the UK National Health Service’s (NHS) Early Warning System. This was used daily by NHS Gold Command to accurately predict patient demand across the country, and to optimally allocate critical care resources to where they were needed most.

Saul Klein, Co-founder and Executive Chairman at Phoenix Court, home of LocalGlobe, said: “We are proud to have invested in Faculty in January 2016, when they were a small team of around 10 people, together with the other early stage investors in the company. We extend our warmest congratulations to Marc, Andy, Angie and the whole Faculty team as they embark on this exciting next stage of their journey, together with Accenture.”

Mark Beith, Partner at Apax Digital, said: “Faculty has built the UK’s standout applied AI business, pairing serious technical depth with the discipline to deploy AI safely in the real world. We met Faculty in 2017 and became a client early on. It has been a privilege to partner with Marc, Angie, Andy, John and their world-class team, as well as LocalGlobe. Quadrupling revenues in four years, launching a successful AI software offering and becoming a unicorn – this is a great outcome for Faculty and showcases the strength of the UK’s AI ecosystem. Accenture now gives Faculty a global platform to industrialise applied AI for the world’s largest organisations.”

Faculty would like to extend our deep gratitude to Apax, LocalGlobe, our seed stage investors – Mercuri, Metaplanet, and RockSpring, and our long list of angel investors, who have all helped us along the way.

Goldman Sachs International served as sole financial advisor and Simpson Thacher & Bartlett LLP as legal advisor to Faculty, and Slaughter and May as legal advisor to management.

Completion of the acquisition is subject to customary closing conditions, including required regulatory approvals. Terms of the transaction were not disclosed.

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OneStream Enters into Definitive Agreement to be Acquired by Hg for $6.4 Billion

KKR

BIRMINGHAM, Mich., Jan. 6, 2026 /PRNewswire/ — OneStream, Inc. (Nasdaq: OS) (“OneStream” or the “Company”), the leading enterprise Finance management platform that modernizes the Office of the CFO by unifying core Finance and operational functions – including financial close, consolidation, reporting, planning and forecasting – today announced that it has entered into a definitive agreement to be acquired by Hg, a leading investor in software, services and data businesses. The all-cash transaction values OneStream at approximately $6.4 billion in equity value. Hg will be OneStream’s majority voting shareholder. General Atlantic, a leading global investor, will also be a significant minority investor alongside Tidemark, a leading technology investment firm.

Under the terms of the agreement, OneStream shareholders will receive $24.00 per share in cash. The per-share purchase price represents a 31% premium to OneStream’s closing share price on January 5, 2026 and a 27% premium to its volume-weighted average share price over the 30-trading day period ending the same date. An entity controlled by Hg will acquire all outstanding shares, including those shares owned by investment funds managed by KKR, a leading global investment firm, which took OneStream public in 2024. The transaction is expected to close in the first half of 2026. Upon completion of the transaction, OneStream will become a privately held company. Hg will invest in OneStream from its Saturn Fund.

“Today marks a pivotal moment for OneStream and our vision to be the operating system for modern Finance,” said Tom Shea, CEO of OneStream. “The Office of the CFO is at a critical AI inflection point, and we believe OneStream is well positioned for this shift. As we build on our strong foundation of growth, we are thrilled to partner with the teams at Hg, General Atlantic and Tidemark. Through this partnership, we are able to significantly advance our AI-first go-to-market strategy and expand our Finance AI capabilities at a rapid pace. This transaction delivers immediate value to our shareholders and is a vote of confidence in our strategy, our talented employees and our partner ecosystem. We look forward to having the ability to move faster, think bigger and deliver more for our forward-thinking Finance customers.”

“With over $4.5 billion invested in providers that serve the Office of the CFO to date, we understand the tremendous opportunity for OneStream, as technology and industry trends continue to place increasing demands on Finance teams,” said Alan Cline, Partner and Head of North America at Hg. “To meet this need, OneStream’s powerful AI differentiation, strong global customer base and clear vision for the future of modern Finance make it a leading enterprise provider in this space and exceptionally well positioned for the future.”

“We’re excited to support Tom and the OneStream team,” added Joe Jefferies, Partner at Hg. “We will seek to preserve the strong customer focus and entrepreneurial culture that have been central to their success, while bringing Hg’s deep expertise in scaling software businesses. This includes support from our AI team of over 100 specialists and supporting partnerships, as well as Hg Catalyst, our dedicated AI incubator designed to accelerate AI product innovation across Hg’s portfolio.”

“OneStream is reimagining enterprise Finance with an AI-focused, multi-product platform that provides immense value to the Office of the CFO,” added Jimmy Miele, Managing Director at General Atlantic. “We look forward to accelerating OneStream’s growth and innovation alongside Hg and Tidemark.”

“We are incredibly proud of what the OneStream team has been able to achieve over the course of our strategic partnership and the role that it has been able to establish as a trusted partner to global enterprises,” said Dave Welsh, Partner at KKR and Head of TMT Growth Equity. “With a category-leading platform and clear vision for the future, we see strong momentum for its next chapter with Hg, Tidemark and General Atlantic.”

Transaction Details

The transaction, which has been unanimously approved by OneStream’s Board of Directors, is expected to close in the first half of 2026, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions. KKR, in its capacity as the holder of a majority of OneStream’s voting power, has approved the transaction. No further approval of OneStream’s stockholders is required or will be sought.

Upon completion of the transaction, OneStream’s Class A common stock will no longer be listed or traded on any public stock exchange.

Mr. Shea will continue to serve as CEO, and the current leadership team will remain in place. OneStream will maintain its headquarters in Birmingham, Michigan.

Fourth Quarter and Fiscal Year 2025 Earnings Results

The Company plans to release its fourth quarter and fiscal year 2025 results in February 2026. In light of the pending transaction announced today, the Company does not expect to hold a corresponding conference call.

Advisors

J.P. Morgan Securities LLC is acting as financial advisor and provided a fairness opinion to OneStream, and Centerview Partners LLC provided a fairness opinion. Wilson Sonsini Goodrich & Rosati, Professional Corporation, is serving as legal advisor, and FGS Global is serving as strategic communications advisor to OneStream. Goldman Sachs & Co. LLC is serving as exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Hg. Jones Day is serving as legal advisor to KKR. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as financing counsel to Hg. Deloitte & Touche LLP is providing financial & tax diligence, Bain & Company is providing commercial & technological diligence and Cruxy & Company is providing product strategy diligence, to Hg.

About OneStream

OneStream is how today’s Finance teams can go beyond just reporting on the past and Take Finance Further by steering the business to the future. It’s the leading enterprise Finance platform that unifies financial and operational data, embeds AI for better decisions and productivity and empowers the CFO to become a critical driver of business strategy and execution.

We deliver a comprehensive cloud-based platform to modernize the Office of the CFO. Our Digital Finance Cloud unifies core financial and broader operational data and processes and embeds AI for better planning and forecasting, with an extensible architecture, so customers can adopt and develop new solutions, achieving greater value as their business needs evolve.

With over 1,700 customers, including 18% of the Fortune 500, a strong ecosystem of go-to-market, implementation, and development partners and 1,600 employees, our vision is to be the operating system for modern Finance. To learn more, visit onestream.com.

About Hg

Hg is the leading investor in European and transatlantic software and services businesses. Hg helps to build sector-leading enterprises that supply critical software applications or workflow services to deliver intelligent automation for their customers. Hg takes an active approach to value creation, combining deep end-market knowledge with world class operational resources to provide compelling support to entrepreneurial leaders looking to scale enduring businesses. With a vast European network and strong presence across North America, Hg has approximately $100 billion in assets under management and more than 400 employees. Hg’s portfolio spans more than 55 companies worth over $185 billion in aggregate enterprise value, employing more than 130,000 people and consistently growing revenues at more than 20% annually.

About General Atlantic

General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $118 billion in assets under management, inclusive of all strategies, as of September 30, 2025, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

About Tidemark

Tidemark is a growth equity firm purpose-built to help companies win and scale. Tidemark is powered by a community of investors, entrepreneurs, and operators who are energized by ideas, a love of competition, and the drive to give back. We give 10% of our profits to our foundation, Tidemark10, to support the communities we serve. For more information, visit www.tidemarkcap.com

Contacts

OneStream

Investor Contact
Anne Leschin
VP, Investor Relations and Strategic Finance
OneStream
investors@onestreamsoftware.com

Media Contact
Victoria Borges
VP, Corporate Communications
OneStream
media@onestreamsoftware.com

Hg

Media Contact
Tom Eckersley
tom.eckersley@hgcapital.com

General Atlantic

Media Contact
Emily Japlon & Sara Widmann
media@generalatlantic.com

Forward-Looking Statements

Certain statements contained in this communication may be characterized as forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially.

Statements in this communication regarding OneStream that are forward-looking may include statements regarding: (i) the transaction; (ii) the expected timing of the closing of the transaction; (iii) considerations taken into account in approving and entering into the transaction; (iv) the anticipated benefits to, or impact of, the transaction on OneStream’s business; and (v) expectations for OneStream following the closing of the transaction. There can be no assurance that the transaction will be consummated.

Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the possibility that the conditions to the closing of the transaction are not satisfied, including the risk that required regulatory approvals to consummate the transaction are not obtained, on a timely basis or at all; (ii) the occurrence of any event, change or other circumstance that could give rise to a right to terminate the transaction, including in circumstances requiring OneStream to pay a termination fee to Hg; (iii) possible disruption related to the transaction to OneStream’s current plans, operations and business relationships, including through the loss of customers and employees; (iv) the amount of the costs, fees, expenses and other charges incurred by OneStream related to the transaction; (v) the risk that OneStream’s stock price may fluctuate during the pendency of the transaction and may decline if the transaction is not completed; (vi) the diversion of OneStream management’s time and attention from ongoing business operations and opportunities; (vii) the response of competitors and other market participants to the transaction; (viii) potential litigation relating to the transaction; (ix) uncertainty as to timing of completion of the transaction and the ability of each party to consummate the transaction; and (x) other risks and uncertainties detailed in the periodic reports that OneStream filed with the Securities and Exchange Commission, including OneStream’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

All forward-looking statements in this communication are based on information available to OneStream as of the date of this communication, and, except as required by law, OneStream does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

SOURCE OneStream, Inc.

 

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Apollo to Announce Fourth Quarter and Full Year 2025 Financial Results on February 9, 2026

Apollo logo

NEW YORK, Jan. 06, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) plans to release financial results for the fourth quarter and full year 2025 on Monday, February 9, 2026, before the opening of trading on the New York Stock Exchange. Management will review Apollo’s financial results at 8:30 am ET via public webcast available on Apollo’s Investor Relations website at ir.apollo.com. A replay will be available one hour after the event.

Apollo distributes its earnings releases via its website and email lists. Those interested in receiving firm updates by email can sign up for them here.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2025, Apollo had approximately $908 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Categories: News