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Holland Capital Fuels Conversational Commerce Advancements and Invests in Conversation24

Holland Capital

Rotterdam, 24 August – Investment company Holland Capital announces an investment in Conversation24, the trailblazing omnichannel communication provider focussing on lead conversion, conversational commerce and live chat. The funding round, led by Holland Capital, marks a significant milestone for Conversation24, which is poised to leverage this infusion of capital to expand its global footprint.

Conversation24 is leveraging a state-of-the-art omnichannel communication platform and conversational AI to revolutionise the way businesses engage with their customers. The company empowers clients to engage in more meaningful customer interactions, to boost customer satisfaction, to increase conversions and share of wallets, and to unlock unprecedented insights based on vast troves of conversational data. On top of that, it offers consumers shopping experiences in WhatsApp where it also connects payments to WhatsApp. Their suite of solutions has already garnered acclaim from prominent global industry players, establishing Conversation24 as a frontrunner in the burgeoning lead conversion and conversational commerce domains.

Lead conversion and conversational commerce

The decision of Holland Capital to invest in Conversation24 reflects a well-grounded belief in the immense potential of lead conversion and conversational commerce. As customer expectations continue to evolve, businesses across the globe seek innovative ways to provide personalised, seamless, and real-time interactions. Conversation24’s state-of-the-art platform not only addresses these demands but also empowers enterprises to achieve unparalleled conversion rates combined with higher customer satisfaction scores.

International growth

The investment will fuel Conversation24’s further international growth. “We are delighted to partner with Conversation24 in this exciting phase of their journey,” said Jorg van der Heijden, Partner at Holland Capital. “Their breakthrough lead conversion and conversational commerce technology has already demonstrated significant impact across diverse sectors, and we are confident that this investment will help Conversation24 reach new heights. As pioneers in fostering innovative technologies, Holland Capital recognises the transformative potential of Conversation24 and its vital role in shaping the future of customer engagement.”

Nick Blom, CEO and founder of Conversation24, “As Conversation24 propels its growth trajectory with the backing of Holland Capital, businesses worldwide can anticipate a new era of customer interactions characterised by unmatched personalisation and enhanced user experiences. This funding round will help us to bring the capabilities of our platform towards all consumer facing enterprises.”

About Conversation24

Conversation24 is a pioneering omnichannel communication platform with a focus on Lead Conversion, Conversational Commerce and Live Chat. Through this cutting-edge platform, Conversation24 empowers businesses to interact with consumers in a better, faster and more qualitative way in the channel of the consumer’s choice.

About Holland Capital

Over the past 40 years, Holland Capital has responsibly and successfully invested in more than 160 promising companies that are reshaping industries and driving global innovation. With a clear investment strategy, it is active in the attractive growth markets of technology, healthcare, and food & agri. The experienced and committed investment team understands what entrepreneurship entails. They strive for an open, sustainable, and professional relationship with the management teams of the companies in which they invest, with the common goal of achieving growth. Holland Capital is supported by a broad network of successful entrepreneurs.

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PAG to Acquire Australian Venue Co from KKR

KKR

SYDNEY–(BUSINESS WIRE)– Global investment firm KKR and PAG, a leading alternative investment firm focused on Asia Pacific, today announced the signing of definitive agreements under which PAG will acquire KKR’s controlling interest in Australian Venue Co (“AVC”). Financial terms of the transaction were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230824361787/en/

AVC is an established food and beverage hospitality business that owns and operates a portfolio of more than 210 unique pubs, bars and restaurants in metro, suburban and regional locations across Australia and New Zealand.

KKR invested in AVC in 2017 with a portfolio of 50 leasehold venues with the objective of partnering and supporting the growth ambitions of its management team. This successful collaboration has resulted in venue growth of more than 300%.

PAG’s acquisition of AVC marks the firm’s latest investment in Australia’s growing consumer sector. Previous control investments include Craveable Brands, owner of iconic restaurant brands Red Rooster, Oporto, Chargrill Charlie’s and Chicken Treat; The Cheesecake Shop; and Cordina Farms. More recently PAG acquired and integrated together Patties Foods and Vesco Foods, leading manufacturers of some of Australia’s best-loved food brands including Four’N Twenty, Patties and Nanna’s.

David Lang, Partner and Co-Head of KKR Australia and New Zealand, said, “AVC has established itself as a leader in Australia and New Zealand’s dynamic and constantly evolving hospitality sector. We are excited to have worked alongside Paul and AVC’s dedicated team to invest in the company’s expansion and believe that AVC is well positioned for the future. We wish the entire AVC team continued success with PAG.”

Lincoln Pan, Partner and Co-Head of PAG Private Equity, said, “We are very pleased to partner with AVC, a proven market leader with an exceptional management team and great potential. Our goal is to work with strong businesses and help them become even stronger in Australia. AVC has created some of the most unique and iconic venues across Australia and New Zealand, and we are looking forward to supporting them on their next stage of growth.”

Paul Waterson, Australian Venue Co CEO, said, “This is an exciting time for AVC. We are grateful for KKR’s strong support in scaling the business over the years, growing our employee base from 780 to 8,500 people, and creating jobs through growth and investment in our venues. We look forward to working with our new partners in PAG, their investment affirms the strength of the platform and our future growth potential in Australia and New Zealand.”

The transaction is expected to close late 2023, subject to customary conditions, including regulatory approvals.

Jefferies and Allens advised KKR and AVC, and BofA Securities and Ashurst advised PAG, with acquisition financing arranged by KKR Capital Markets.

About Australian Venue Co
Australian Venue Co (AVC) is a food and beverage-led hospitality group that owns and operates more than 210 pubs, bars and event venues across Australia and New Zealand. AVC takes pride in delivering exceptional customer experiences, creating exciting career pathways in hospitality and tailoring every venue to its local community. www.ausvenueco.com.au

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

About PAG
PAG is a leading alternative investment firm focused on Asia Pacific with three core businesses: Credit & Markets, Private Equity, and Real Assets. PAG Private Equity is an active investor in Australian food and consumer businesses and is the owner of Patties Foods, Cordina Farms and Craveable Brands, which includes the brands Red Rooster, Oporto, Chargrill Charlie’s and Chicken Treat. For more information, please visit www.pag.com.

Media Contacts:

Citadel-MAGNUS (for Australian Venue Co and KKR Australia)
James Strong
+61 (0)448 881 174
jstrong@citadelmagnus.com

KKR
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

PAG
Tim Morrison
+852 9630 2383
tmorrison@pag.com

FTI (for PAG)
Shane Murphy
+61 420 945 291
shane.murphy@fticonsulting.com

Source: KKR

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Pollen Street agrees acquisition of majority stake in Assessio, Nordics’s leading talent assesment software platform

Pollenstreet

Pollen Street today announces the acquisition of a majority stake in Assessio International Holdings 2 AB (“Assessio”), a leading talent assessment software platform in the Nordics.

Founded in 1954 as a psychology research institute, the business has transformed over the years into a scalable technology platform to deliver standardised data-driven insights for recruitment and talent development to enterprises and SMEs across a wide range of sectors, including many financial services and professional services businesses.

Assessio is focused on high volume hiring and post hire development. The business has a deep scientific heritage which allows it to support customers in hiring talent based on potential (attitude, personality, cultural fit, capacity for learning, etc). Assessio’s proprietary technology and Saas offering has allowed it to win market share in core markets of Sweden, Norway, Netherlands and Denmark, competing with the more traditional providers of tests and talent management consulting services. The business has grown organically and through acquisitions in recent years, while enhancing its product capability.

The investment in Assessio is the latest in a series of recent Pollen Street investments into high growth software businesses targeting the financial services sector, including Aryza, Proactis and Pacific Fund Systems, in its tech-enabled services vertical.

Pollen Street’s investment and value creation strategy will build on Assessio’s reputation as the Nordic’s leading talent assessment software platform, and help build a leading pan-European talent management player. The investment will be deployed to accelerate M&A and organic growth and to support ongoing development of Assessio’s proprietary technology. The group will continue to be led by Assessio’s current management team, Johan Masironi, Evelien Schram, Peter Tjernstrom and Staffan Landberg, leveraging Pollen Street’s deep expertise in effective growth acceleration and internationalisation.

The closing is expected to happen in the coming weeks.

Commenting on the announcement, Johan Masironi and CEO at Assessio, said: “We are delighted to announce our investment from Pollen Street and are excited to have their support as we accelerate the growth of Assessio. We have chosen to partner with Pollen Street as they have unrivaled expertise and experience in supporting high growth software business’ scale and internationalise. The substantial growth capital and ongoing professional and financial support from Pollen Street will allow us to further develop our tech-platform to accelerate the deployment of services, while providing funding and expertise to expand our strategic growth programme to fulfill our ambition to become Europe’s leading talent assessment partner.”

Anastasia Kovaleva, Investment Director at Pollen Street, said: “Assessio has developed an exciting and highly differentiated proposition which makes it uniquely positioned in the HCM software market. Pollen Street is proud of its track record of supporting high growth software businesses and believe that Assessio has the potential to become a European leader in innovative talent assement and development solutions, an exciting and growing market solving current challenges such as talent shortages and supporting diversity and inclusion. Assessio is led by a dynamic and highly regarded team, we are impressed by what they have achieved to date, and we look forward to working with Johan, Evelien, Peter and Staffan in the next stage of growth for the business.”

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Main Capital Partners sells Assessio to Pollen Street

Main Capital Partners

Main Capital Partners is pleased to announce the successful signing of a sale of Assessio to Pollen Street Capital.

Main Capital Partners is pleased to announce the successful signing of a sale of Assessio to Pollen Street Capital. Over the last four years, Assessio has evolved from a local player active mainly within recruitment to a leading Northern European talent assessment player with an offering across both the pre- and post-hire space. Under the new stewardship of Pollen Street, Assessio is now well-positioned to push the boundaries of its success and expand its reach into new and exciting markets.

Main Capital Partners made its strategic investment in Assessio in 2019, recognizing its potential to become a leading talent assessment software provider. Over the course of Main’s investment period, Assessio transformed from consultancy driven business to a highly scalable SaaS-operation with a cutting-edge platform that covers both the pre- and post-hire space of recruitment. During this period, Assessio’s revenues more than doubled, solidifying its position as a market leader in the Nordic and Benelux region.

Main played a pivotal role in supporting Assessio’s growth trajectory, including strategic acquisitions that enhanced the company’s product portfolio and market presence. Main backed Assessio’s acquisition of Dutch HFMTalentindex. Additionally, Assessio further strengthened its footprint across unpenetrated Nordic markets as well as establishing a leading position in the Benelux with the acquisitions of Dutch Eelloo and Danish People Test Systems. Today, Assessio is the leading talent assessment player in both the Nordics and Benelux, servicing >1.800 clients across a wide range of industries.

The sale of Assessio to Pollen Street marks another significant achievement for Main Capital Partners. Pollen Street, as the acquiring party, recognizes the exceptional value and expertise that Assessio brings to the talent assessment market. The transaction will bring together Assessio’s innovative solutions and the means as well as support needed to expand its reach and to continue its growth journey in becoming a global leader in the industry.

Johan Masironi, CEO of Assessio, comments: ‘’Together with Main Capital, we transitioned into a scalable SaaS operation, doubling our revenues, and establishing ourselves as a leader in the Nordic and Benelux regions. We’re excited about the next chapter as we partner with Pollen Street. Their experience in scaling software businesses aligns perfectly with our goal of international expansion and tech platform enhancement. This partnership will accelerate growth, broaden our offerings, and strengthen our position as a top talent assessment partner in Europe.”

Anastasia Kovaleva, Investment Director at Pollen Street, said: “Assessio has developed an exciting and highly differentiated proposition which makes it uniquely positioned in the HCM software market. Pollen Street is proud of its track record of supporting high growth software businesses. Our investment and value creation strategy will build on Assessio’s reputation as the Nordic’s leading talent assessment software platform to build a leading pan-European talent management player in an exciting and growing market solving current challenges such as talent shortages and supporting diversity and inclusion. Assessio is led by a dynamic and highly regarded team, we are impressed by what they have achieved to date, and we look forward to working with Johan, Evelien, Peter and Staffan in the next stage of growth for the business.”

Wessel Ploegmakers, Partner at Main Capital Partners, concludes: “Since our partnership in 2019, we have seen significant growth, claiming market leading positions in the Benelux and Nordics regions as well almost tripling in size and profitability. Through organic growth and a selective buy-and-build strategy, the HR-software provider for talent assessment has emerged as a prominent player in Northern Europe. We are proud to have supported Assessio on this growth journey.”

Since our partnership in 2019, we have seen significant growth, claiming market leading positions in the Benelux and Nordics regions as well almost tripling in size and profitability.

– Wessel Ploegmakers, Partner and co-Head of the Nordics office at Main

About

Assessio

Assessio is the Nordic region’s leading e-assessment company with a platform solution that helps HR to work inclusively and time-efficiently with recruitment and development of leaders and teams. Through tests and tools, they provide organizations with data-driven insights about both current and potential employees. Assessio was founded in the 1950s and today their work psychological tests are used all over the world and in over 30 different languages.

Pollen Street Capital

Pollen Street is a purpose led and high performing private capital asset manager. Established in 2013, the firm has built deep capability across the financial and business services sector aligned with mega-trends shaping the future of the industry. Pollen Street manages over £3.4bn AUM across private equity and asset-backed credit strategies, on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 80 professionals with offices in London and the US.

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PAI Partners to acquire Alphia

PAI Partners

PAI Partners (“PAI”), a pre-eminent private equity firm, today announces that it has agreed to acquire Alphia, Inc. (“Alphia”), one of the largest pet food co-manufacturers in North America, from J.H. Whitney Capital Partners (“J.H. Whitney”). Terms of the transaction were not disclosed.

Headquartered in Denver, Alphia is a leading national manufacturer of pet food in the U.S., manufacturing more than one billion pounds of dry pet food and treats annually on behalf of leading pet food brands and retailers. Alphia also provides milling, R&D, innovation, warehousing, transportation, and distribution services. The company has six manufacturing facilities across the U.S. and is the parent company of LANI, an ingredient milling solutions company, and Veracity, a warehousing and logistics provider. Combined, Alphia offers its partners complete farm-to-bowl custom solutions.

J.H. Whitney acquired Alphia’s predecessor, C.J. Foods, Inc., in 2014. Alphia was formed through the merger of American Nutrition, Inc. and C.J. Foods, Inc. in 2020 to create a national pet food manufacturing platform, delivering best-in-class food safety and unparalleled value for its customers.

This transaction underlines PAI’s expertise in the Food & Consumer sector and its particular experience in pet food and contract manufacturing, with representative investments in Royal Canin, Provimi, Diana Pet Food and Refresco. With the support of PAI, Alphia will seek to accelerate further North American growth, both organically and through acquisitions.

David McLain, CEO & President of Alphia, said: “We appreciate the many years of support and partnership with J.H. Whitney, during which time we created Alphia, one of the leading pet food co-manufacturing platforms in the world.  PAI is committed to our ongoing vision for growth and shares the common values of innovation, food safety and industry leadership.”

Bob Williams, a Senior Managing Director at J.H. Whitney, said: “We have had a great partnership with the Alphia management team.  Through deep investment in people, systems and facilities, with a constant focus on customers, Alphia has developed into a leading and pre-eminent co-manufacturer in the pet food industry. We are proud of the team and look forward to seeing Alphia continue its successful growth with PAI.”

Maud Brown, a Partner at PAI and Head of PAI’s US Team, said: “We are excited to announce our investment in Alphia, which represents our second platform in the U.S.  We are committed to building the PAI franchise in the U.S. and look forward to our continued growth and success in this market.”

Winston Song, a Partner at PAI and Consumer Lead in the U.S., said: “Alphia is a best-in-class company and plays an invaluable role in the value chain of pet food and treats, an exciting consumer category with strong secular tailwinds.  Pet parents continue to seek out innovation, quality and value – Alphia has set the industry standard as the trusted partner to many leading brands and retailers.  We look forward to partnering with David McLain and his mission-driven team as we continue to invest behind Alphia to grow and scale the platform.”

Completion is subject to customary closing conditions, including the receipt of certain regulatory approvals.

Goldman Sachs & Co. LLC acted as financial adviser to Alphia.  Gibson, Dunn & Crutcher LLP served as legal counsel to J.H. Whitney and Alphia, and Weil, Gotshal & Manges LLP served as legal counsel to PAI.

Media contacts

PAI Partners
Dania Saidam
+44 20 7297 4678

ICR (for PAI Partners)
Chris Gillick
+1 646 277 1298

About Alphia

Alphia® is a leading custom manufacturer of super-premium pet food in the U.S., manufacturing more than one billion pounds of dry pet food and treats annually. Customers choose Alphia as their trusted partner for offering unparalleled marketplace intelligence, providing research and development expertise, and delivering the safest, highest quality products on shelf. Alphia’s decades of leadership remain focused on safety, quality and consistently delivering growth for its customers, its employees, and their communities. Alphia has six (6) manufacturing facilities nationwide and is also the parent company of LANI, a world-class ingredient milling solutions provider, and Veracity, a logistics company providing warehousing, transportation, and distribution services. Combined, Alphia offers its partners complete farm-to-bowl custom solutions. For more information, visit www.alphia.com.

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. It manages c. €25 billion of dedicated buyout funds and, since 1994, has completed 100 investments in 12 countries, representing over €70 billion in transaction value.  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. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

About J.H. Whitney

J.H. Whitney (JHW), established in 1946 by the industrialist and philanthropist, John Hay “Jock” Whitney, was one of the first U.S. private equity firms and is often credited with pioneering the development of the private equity industry. Today, JHW remains privately owned by its investing professionals and our main activity is to provide private equity capital to small and middle-market companies with strong growth prospects in a number of industries including consumer, healthcare and specialty manufacturing. Our investors include leading foundations, universities, pension funds and other institutions.

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BPEA EQT exits Coforge, a multinational Digital IT Solutions & Technology Consulting Services provider

eqt
  • BPEA EQT sells its remaining 26.6 percent stake in Coforge, an India-headquartered Digital IT Solutions & Technology Consulting Services provider, through a USD 924m block trade
  • Ideally positioned in one of BPEA EQT’s core sectors, Tech Services, Coforge has under BPEA EQT’s ownership doubled its revenue and EBITDA, crossing USD 1 billion of revenue in April 2023
  • BPEA EQT helped strengthen Coforge’s organic growth through enhancing its sales organization and re-aligning its go-to-market strategy, while supporting the recruitment of industry leading leadership, and executing on an ambitious M&A agenda

EQT is pleased to announce that BPEA Private Equity Fund VII (“BPEA EQT”) has sold its remaining 26.6 percent stake in Coforge (the “Company”), listed on the Indian National Stock Exchange, through a USD 924 million block trade.

Headquartered in Noida, India, Coforge is a technology services provider offering application development and maintenance, infrastructure management services and business process outsourcing services to clients primarily within the financial services, insurance, and travel verticals. The Company’s proprietary platforms power critical business processes across its core verticals and it has presence in 21 countries globally with 26 delivery centers across nine countries.

BPEA EQT and co-investors acquired a 70.1 percent stake in Coforge in May 2019 and under BPEA EQT’s tenure, the Company has doubled its revenue and EBITDA, crossing USD 1 billion of revenue in April 2023. The growth has been driven by a combination of organic initiatives such as enhancing the sales organization, re-aligning focus on the three core verticals, building digital & AI capabilities, and executing a successful M&A strategy, including the acquisition of SLK Global. Coforge is a strong proponent of sustainability having pledged to be Carbon Neutral, Water Positive and Zero Waste by 2030.

Hari Gopalakrishnan, Partner and Co-Head of BPEA EQT’s Investment Advisory Team in India, commented, “Tech Services is a high conviction thematic for BPEA EQT and Coforge is benefitting from multiple sector tailwinds, such as AI enabling the existing apps estate, replacement of legacy systems and a continuing talent shift to Asia where countries like India have a deep STEM talent pool. The Company’s long and sticky client relationships and deep technical expertise make it integral to the performance of multiple global market leaders in the banking, insurance and travel sectors. We are proud to have supported Coforge and its mission over the past four years. It has been a pleasure partnering with CEO Sudhir Singh and his entire team and we look forward to following the next phase of Coforge’s growth.”

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About BPEA EQT
BPEA EQT is part of EQT, a purpose-driven global investment organization in active ownership strategies. BPEA EQT combines the private equity teams from Baring Private Equity Asia (BPEA) and EQT Asia, creating a comprehensive Asian private equity presence with local teams in eight cities across the region, a 25-year heritage, and more than USD 25 billion of capital deployed since inception. In addition to BPEA EQT, EQT’s strategies in the region include EQT Infrastructure and the real estate division EQT Exeter.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Coforge
Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. A focus on very select industries, a detailed understanding of the underlying processes of those industries and partnerships with leading platforms provides us a distinct perspective. Coforge leads with its product engineering approach and leverages Cloud, Data, Integration and Automation technologies to transform client businesses into intelligent, high growth enterprises. Coforge’s proprietary platforms power critical business processes across its core verticals. The firm has a presence in 21 countries with 26 delivery centers across nine countries.

More info: www.coforge.com 

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EQT Growth leads USD 85 million investment round into global corporate wellness platform Gympass

eqt
  • New York-based Gympass allows its base of over two million employee subscribers to access a global network of over 50,000 gyms, studios, classes, personal trainers, and wellness apps although though one employee benefit
  • The USD 85 million investment round will help Gympass accelerate growth across its 11 global markets, as employers prioritize decreasing healthcare costs and improving employee wellbeing
  • EQT Growth, in partnership with the company’s management team and existing investors, will support the company in the next leg of its growth journey, leveraging its in-house digital business development experts to continue to deepen Gympass’ network and global leadership

EQT is pleased to announce that the EQT Growth fund (“EQT Growth”) has invested in Gympass (or the “Company”), as part of its $85m Series F round. The round also saw participation from Neuberger Berman client funds and existing investors. Carolina Brochado, Deputy Head of the EQT Growth Advisory team, will join the Gympass Board.

Founded in 2012 and based in New York, Gympass is a leading corporate wellness platform, providings access to a network of over 50,000 gyms, studios, classes, personal trainers, and wellness apps through a single employee benefit. With over two million global employee subscribers, Gympass supports companies around the world to retain employees, drive productivity, and reduce healthcare costs.

Gympass has seen 80% year-on-year growth in its customer base over the last year, on the back of strong adoption tailwinds for its platform. For example, four out of five employees globally believe wellbeing is equally important to salary, according to the Gympass Work-Life Wellness Report 2022. As a result of its powerful platform, Gympass has more than doubled the average number of employees engaged with wellness at its corporate customers and has thereby grown the market, all while driving improved employee happiness and health.

EQT Growth will support Gympass in its next phase of growth, drawing on EQT’s presence in over 20 countries across the world. It will leverage its in-house digital business development experts, as well as its extensive network of industrial advisors to help Gympass continue to deepen its reach and global leadership. EQT Growth will also support further investment in the Company’s product capabilities.

Carolina Brochado, Deputy Head of the EQT Growth Advisory team, said: “For years we have watched the Gympass team exceed expectations again and again. Their powerful recurring model, which now reaches 11 markets globally, sees clear and strong network effects the more it scales. It enables Gympass to deliver a diverse and growing network of partners, thereby reaching employees who might not have previously had access to wellness activities and as a result further expanding the market. We are really excited to be helping this stellar management team continue to build a healthier, happier, and more productive corporate world.”

Cesar Carvalho, Co-Founder and CEO of Gympass, said: “We live in a time where companies globally are making investments to drive efficient growth and reduce spending. Organizations are shifting from reactive and traditional healthcare benefits that increase costs, to more holistic and preventative wellness benefits that reduce costs and improve employee wellbeing and productivity. With the support of EQT Growth and our other investors, we look forward to further accelerating our growth and reach so that we can improve the wellbeing of even more employees around the world.”

Contact
​​Finn McLaughlan, finn.mclaughlan@eqtpartners.com, +44 771 534 1608
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT Growth
EQT Growth supports leading growth-stage technology companies as they take the next step to scale. The strategy seeks to invest around EUR 50 million to EUR 200 million, backing strong management teams of companies supported by secular macro trends primarily within four tech sub-sectors: enterprise, con/prosumer, health, and climate. Based in five countries across Europe, the EQT Growth team has extensive investing and operating experience that allows it to support its portfolio companies however called upon.

EQT Growth is part of EQT, a purpose-driven global investment organization with EUR 126 billion in fee-paying assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram 

About Gympass
Gympass is one of the most loved corporate wellness platform, offering the best network of gyms, studios, classes, personal trainers, and wellness apps – all in one employee benefit. More than 15,000 companies use Gympass to help their employees move, eat, sleep, and feel better with access to fitness and wellness partners in subscriptions that cost up to 50% less than traditional memberships. Gympass more than doubles the number of employees engaged with wellness. This widespread participation results in workforces that are 40% less likely to turnover and save their companies up to 35% on healthcare costs. Investing in employee wellbeing is investing in company performance. Get started at gympass.com

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Hanneke Modderman has joined the board of ACG Holland

Bolster

Hanneke Modderman has been appointed Vice President of the board of ACG Holland. After 10 years, Hanneke will take over the role as board member from Mark van Rijn. Hanneke will apply her knowledge, experience and enthusiasm to further shape and expand ACG Holand together with her co-board members!

 

Bolster Investment Partners is a long-term investor specialized in minority interests. Bolster invests in exceptional Dutch companies with a keen focus and a proven business model. Bolster helps entrepreneurs realize their company’s full potential. By acting as equal partners to make the difference.

Bolster has a proven track record. As an investment firm we have collaborated successfully with over 100 companies since 1982. Van Lanschot Kempen is involved through a substantial minority interest in the fund, investing alongside a select group of current and former entrepreneurs.

 

OUR MISSION

“To create real, sustainable value for our businesses and our investors by leveraging knowledge, resources and network.”

Categories: People

Innovation Industries Co-Leads Series A Round Of BeeOLED

Innovation Industries

beeOLED raises EUR 13.3m in Series A funding to further develop its innovative, high-efficiency, deep-blue emitter technology

beeOLED, a Dresden based deep-tech startup, today announced it has raised EUR 13.3m for a Series A funding co-led by eCAPITAL and Innovation Industries. The round was joined by KBC Focus Fund as well as existing investors M Ventures (the corporate venture capital arm of Merck KGaA, Darmstadt, Germany), HTGF, TGFS, and JBN-Invest.

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Founded by veterans of the OLED industry and led by serial entrepreneur and Novaled co-founder Jan Blochwitz-Nimoth, the company is aiming to solve the last major challenge of OLED displays: efficient and stable deep-blue emitters. The company will officially emerge from stealth mode presenting their progress with a presentation at the key industry event “International Meeting on Information Display” (IMID) in Busan, South Korea on August 25th.

 

Today, deep blue emitters in OLED displays are either stable (fluorescent emitters) or efficient (phosphorescent emitters, TADF emitters), but no market-ready technology delivers both of these important metrics at the same time. beeOLED’s intra-metallic emission technology has proven high stability and high efficiency when employed in other display technologies in the past, but, so far, had not been useable in OLEDs. The beeOLED team managed for the first time to make such molecules compatible with the vacuum processing technology used in high-volume OLED display manufacturing today – a technical breakthrough, protected by several patents, that was made possible by the team’s extensive know-how in ligand design. Carsten Rothe, CTO of beeOLED, explains: “Our technology seamlessly integrates into existing OLED structures and established OLED display manufacturing technology. The technology allows for 100 percent internal quantum efficiency, a prerequisite for the highest power efficiency in OLED displays.”

 

beeOLED’s CEO Jan Blochwitz-Nimoth said “It’s incredible to see that after all these years, this critical issue for OLED displays still hasn’t been solved. This creates a huge market potential for a materials provider. We are very happy that we not only found the solution to that issue but also were able to team up with such an amazing group of investors to fund the commercialization of this technology.”

 

“As an early investor in the OLED space, we have seen many startups that aimed to solve this last major challenge of OLED displays. But beeOLED was able to convince us as they not only have the most promising solution but also the experienced team needed to bring such a disruptive technology to the market, especially with key experience in the OLED-materials field.” remarked Paul-Josef Patt, Managing Partner and CEO of eCAPITAL.

 

“Increasing the efficiency of the blue emitter in OLED displays is a key driver to reduce energy consumption in modern TVs, tablets and smartphones. Our investment into beeOLED is therefore in line with our mission to support ground-breaking deeptech startups for a more sustainable future.” added Tom van Vuren, Director at Innovation Industries.

 

Christian Patze of added: “As the corporate VC of one of the largest OLED materials suppliers in the world, the potential of beeOLED’s innovation was immediately clear to us. We are very happy to have such reputable investors join us on the journey to build the next OLED materials success story in Germany.”

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Thoma Bravo Completes Acquisition of ForgeRock; Combines ForgeRock into Ping Identity

Thomas Bravo

CHICAGO and SAN FRANCISCO and MIAMI and DENVER—Thoma Bravo and ForgeRock today announced the completion of Thoma Bravo’s acquisition of ForgeRock in an all-cash transaction valued at approximately $2.3 billion. The acquisition agreement was previously announced on October 11, 2022, and approved by ForgeRock stockholders at ForgeRock’s Special Meeting of Stockholders held on January 12, 2023.

Upon completion of the acquisition, ForgeRock stockholders are entitled to receive $23.25 in cash for each share of ForgeRock class A common stock and class B common stock they owned. ForgeRock’s class A common stock will no longer trade and will be delisted from the New York Stock Exchange.

Thoma Bravo also announced that it has combined ForgeRock into its portfolio company Ping Identity. The combined company is positioned to better serve customers across the dynamic and fast-growing Identity and Access Management market by providing enhanced products and services, broader geographic support, and increased innovation. The combined company will seek to accelerate the delivery of identity security experiences for the customers, employees, and partners of companies worldwide.

J.P. Morgan acted as exclusive financial advisor to ForgeRock, and Wilson Sonsini Goodrich & Rosati, P.C., acted as legal counsel to ForgeRock. Kirkland & Ellis LLP and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Thoma Bravo.

About ForgeRock

ForgeRock® helps people simply and safely access the connected world. The ForgeRock Identity Platform delivers solutions for customers, employees, and connected devices, with more than 1,300 organizations using ForgeRock’s comprehensive platform to manage and secure identities with identity orchestration, dynamic access controls, governance, and APIs in any cloud or hybrid environment. For more information, visit www.forgerock.com or follow ForgeRock on social media: Facebook ForgeRock | Twitter @ForgeRock | LinkedIn ForgeRock.

About Ping Identity

At Ping Identity, we believe in making digital experiences both secure and seamless for all users, without compromise. That’s digital freedom. We let companies combine our best-in-class identity solutions with third-party services they already use to remove passwords, prevent fraud, support Zero Trust, or anything in between. This can be accomplished through a simple drag-and-drop canvas. That’s why customers choose Ping Identity to protect digital interactions from their users while making experiences frictionless. Learn more at www.pingidentity.com.

About Thoma Bravo

Thoma Bravo is one of the largest software investors in the world, with more than US$127 billion in assets under management as of March 31, 2023. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector expertise and strategic and operational capabilities, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20 years, the firm has acquired or invested in more than 440 companies representing over US$250 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com and Twitter @ThomaBravo.

Forward-Looking Statements

This press release may contain forward-looking statements that involve risks and uncertainties, including statements regarding the merger and ForgeRock’s expectations following the merger. If any of these risks or uncertainties materialize, or if any of ForgeRock’s assumptions prove incorrect, ForgeRock’s actual results could differ materially from the results expressed or implied by these forward-looking statements. Additional risks and uncertainties include those associated with: (i) the nature, cost and outcome of any legal proceeding that may be instituted against ForgeRock and others relating to the merger; (ii) economic, market, business or geopolitical conditions (including resulting from the COVID-19 pandemic, inflationary pressures, supply chain disruptions, or the military conflict in Ukraine and related sanctions against Russia and Belarus) or competition, or changes in such conditions, negatively affecting ForgeRock’s business, operations and financial performance; (iii) the effect of the announcement of the merger on ForgeRock’s business relationships, customers, operating results and business generally; (iv) the amount of the costs, fees, expenses and charges related to the merger; (v) possible disruption related to the merger to ForgeRock’s current plans and operations, including through the loss of customers and employees; and (vi) other risks and uncertainties detailed in the periodic reports that ForgeRock has filed with the SEC, including ForgeRock’s Annual Report on Form 10-K filed with the SEC on March 1, 2023, ForgeRock’s quarterly reports on Form 10-Q filed with the SEC on May 9, 2023 and on August 8, 2023, respectively, and subsequent filings. All forward-looking statements in this communication are based on information available to ForgeRock as of the date of this communication, and ForgeRock 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, except as required by law.

 

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