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KKR to Acquire Probe CX

KKR
September 30, 2021

MELBOURNE, Australia–(BUSINESS WIRE)– Quadrant Private Equity, Five V Capital, Rodney Kagan and other shareholders of Probe CX (“Probe” or the “Company”) today announced they have entered into an agreement under which KKR will acquire a majority stake in Probe alongside existing management. The investment will be used to further fuel Probe’s robust growth and strengthen its digital capabilities to enhance its service offering to customers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210930006031/en/

Probe is a leading provider of customer experience (“CX”) and business process outsourcing (“BPO”) solutions based in Australia. Probe was founded by Co-chairman Rodney Kagan in 1979 and is now the largest provider of outsourced CX and BPO services in Australia and New Zealand, with more than 600 clients and over 15,000 staff located in its 33 offices across the globe.

Andrew Hume, CEO of Probe, said: “Customer experience is truly at the heart of our business. Through our intelligent, tailored solutions, Probe enables companies to consistently deliver positive and enriching experiences to their customers. With this mission in mind, we are really excited to welcome KKR as a shareholder and value-added strategic partner, as their experience in transforming CX and BPO companies globally will be invaluable in our next phase of growth.”

Gareth Woodbridge, Managing Director at KKR, said: “We are excited to work closely with Andrew and his team to expand Probe CX’s leading market position. We look forward to leveraging KKR’s industry and operational expertise to help accelerate Probe CX’s growth plans and to scale its digital services capabilities and footprint for the benefit of its customers.”

Rodney Kagan, Founder of Probe, said: “It is with much pride and joy that after 43 years I can see Probe continue as the leader in the customer experience and outsourcing industry. Probe’s success has always been to surround itself with the most brilliant, committed, and professional team. I am so passionate for Probe’s future and feel very excited to see KKR help take the Company to the next level on its global journey.”

Jonathon Pearce, Managing Partner of Quadrant Private Equity, said: “Probe is a fantastic business led by an exceptional team which has been at the forefront of digital innovation. Over the past 18 months Probe has continued to ensure customers and consumers received the highest quality support despite the external challenges. Now, with KKR’s global reach and capabilities, we believe the business will continue to grow and enhance its service offerings for customers in the years ahead.”

KKR is making this investment from its Asian Fund IV. The firm’s investment in Probe CX builds on its long history of investing in Australia. KKR also has experience in successfully growing businesses in the CX industry globally, including its prior investment in Webhelp – a leading provider of CX and BPO solutions throughout Europe.

The transaction is expected to be completed by the end of calendar year 2021, subject to regulatory approvals and other customary closing conditions. Additional details of the transaction were not disclosed.

Probe CX was advised by Morgan Stanley Australia Limited, PwC, and Gilbert + Tobin. KKR was advised by Credit Suisse, King & Wood Mallesons, and EY.

About Probe CX

Probe CX is a globally recognised and award-winning customer experience organisation that designs and deploys solutions to bolster and optimise our client operations. Founded more than 40 years ago and with 15,000-plus staff across five countries, the company delivers exceptional customer experiences through its deep knowledge and capabilities in Contact Centre and Customer Management, Digital Consulting, Intelligent Automation and Analytics. Probe CX also provides Shared Services such as Finance and Accounting services and Help Desk/Support Desks and specialist Knowledge Services such as SEO/SEM marketing, software and web development, health care and loan processing.

About KKR

KKR is a leading global investment firm that offers alternative asset management and 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 The 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 Quadrant Private Equity

Quadrant Private Equity was first established in 1996 (firstly as Quadrant Capital) and is a leading Sydney-based mid-market private equity firm investing in companies in Australia and New Zealand. Quadrant Private Equity has raised $7 billion and 12 funds since inception. Its latest funds, QPE No. 7 and Quadrant Growth Fund 2, have $1,240 million and $530 million in equity commitments respectively for private equity investment Quadrant has extensive investment experience, having led 83 investments in the past 11 funds (with 60 exits) across a range of sectors including retail, healthcare, media, consumer foods, financial services, eCommerce and other sectors.

About Five V Capital

Five V Capital, a certified B Corporation, is a private equity fund manager based in Sydney with over $900 million of funds under management. Five V’s unique investment approach is underpinned by a philosophy of alignment and is reflected in the Five V Capital team being the largest investors across its funds. This alignment between team, investors, partners and management teams is a key component of Five V’s success. Five V Capital’s current portfolio contains several leading businesses including Penten, APP Corporation, Zenith Investment Partners, Totara Learning, Monson Agencies, Probe CX, Education Perfect and Plenti. For more information about Five V Capital, please visit Five V’s website at https://www.fivevcapital.com and on LinkedIn at https://www.linkedin.com/company/fivevcapital.

Media for Probe CX:
Citadel-MAGNUS
Jack Gordon
+61 478 060 362
jgordon@citadelmagnus.com

Media for KKR:
KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Citadel-MAGNUS (For KKR Australia)
James Strong
+61 448 881 174
JStrong@citadelmagnus.com

Source: KKR

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Active Capital Company invests in cleaning agents manufacturer VDMI, aiming for sustainable growth

Activecapital

Active Capital Company (ACC) acquires, together with management, the shares of VDM Industries (VDMI). VDMI is a specialist in developing, manufacturing and filling of cleaning agents and is market leader in the mid-market of private label and contract manufacturing. Annually, VDMI delivers tens of millions cleaning products to leading players in both the professional and the household segment. VDMI is able to serve the diverging demand of its customers through its two entities, Van Dam Bodegraven and Multifill.

Investing and developing in sustainable segments

Mels Huige, partner at ACC: “We believe that VDMI has a very attractive position in the market. The combination of the different manufacturing locations enables VDMI to produce both large batches as well as more specialised runs.” Additionally, ACC sees opportunities in research and development: “VDMI has an impressive R&D department and cooperates closely with its customers. Therefore, we think that VDMI is very well positioned to anticipate trends, such as further development of sustainable alternatives based on environmentally friendly raw materials.”

Growth

Marc Bakker Schut, CEO of the company since 2007: “We are glad that, with ACC as investor, we have been able to bring in a strong partner that will help us to realise our international growth ambitions.” Bakker Schut aims at growth in this dynamic market: “We see solid growth in various segments, and expect that we can grow with our customers. By further investing in our manufacturing locations we will be able to serve our customers with our ca. 200 employees even better and more efficient.” Mels Huige adds: “During the acquisition process, we were very impressed by the good relationship between VDMI and its customers. We therefore believe that customers will look for solutions together with VDMI. We also see ample opportunities for a buy-and-build strategy, which will allow us to further strengthen the position and knowledge of VDMI. We have already started discussions with parties that should accelerate our ambitions related to sustainable packaging.”

About VDM Industries

VDMI consists of two companies, Van Dam Bodegraven and Multifill, located in Bodegraven and Mijdrecht. Both companies are specialised in developing, manufacturing, filling and packaging of cleaning products. Quality, flexibility and a focus on service are core values of VDMI. VDMI has two manufacturing locations and has an extensive automated production process. VDMI focuses on various segments such as household, disinfection, skin care, and professional cleaning products. More information can be found on the website.

About Active Capital Company

Active Capital Company (“ACC”) is an independent hands-on private equity fund focused on small- and medium sized enterprises in the Netherlands and Germany. ACC invests in companies active in the sectors Industry, Technical Wholesale and Business Services with revenues between € 10m and € 100m. Through a highly entrepreneurial and active approach, ACC maximizes the long-term value of its investments by supporting management in the execution of value enhancing projects and providing access to its extensive partner network. ACC currently invest from its fourth fund that has € 85m in committed capital, principally raised from institutional investors and entrepreneurs.

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UPshow closes $10 million credit facility led by Espresso Capital

espresso capital

Chicago — September 30, 2021 — Espresso Capital has provided UPshow, the leading in-venue entertainment and marketing platform that develops interactive digital TV networks with a $10 million venture debt facility. The company will use the funds to make strategic investments in its product development and go-to-market engine.

“There’s never been a better time to help brick and mortar businesses embrace on-premise digital transformation,” says UPshow CEO Adam Hirsen. “We’re seeing increasing demand for our solutions and this capital will help us further accelerate our growth into new markets as we build our brand.”

UPshow is the first and only marketing and engagement platform for out of home venues that delivers hyper-targeted marketing and interactive entertainment alongside a robust suite of analytics tools. The company has created a revolutionary in-venue network that drives customer and employee behaviors and engagement directly from their mobile devices using hyper-relevant and immersive content.

“Adam and his team have developed the leading technology in this space and are changing the way that restaurant, fitness, and health and wellness venues can engage with customers, patients, and employees,” said Espresso Capital Director Mark Gilbert. “UPshow is disrupting a very large market and we believe it is on course to enjoy very strong growth as it expands into new markets and replaces traditional systems.”

Prior to the pandemic, the Chicago-based business began creating private digital TV networks to engage employees. In the wake of the pandemic, retail businesses have seen unprecedented workforce challenges, high turnover, and difficulties with training and engagement. As a result, UPshow’s Back-of-House Employee Engagement product has seen growing interest from big QSR hospitality brands that employ large, distributed, and deskless workforces. UPshow is currently progressing pilot programs in this area with Burger King, Buffalo Wild Wings, and Dunkin Donuts.

“We’re delighted to see the progress that UPshow is making as it expands its service offerings to include employee engagement,” said Dan Malven, Managing Director at 4490 Ventures, who led UPShow’s Series A round. “Partnering with an innovative and trusted capital provider like Espresso to help accelerate that progress made total sense.”

“It’s been great working with Espresso,” said Hirsen. “We’ve had a close relationship with them for years and appreciate that they’re strategic partners who truly understand our business and the market opportunity we’re going after. Not only that, the non-dilutive venture debt facility from Espresso will improve our strategic flexibility and help us maximize enterprise value.

About UPshow

UPshow is the leading in-venue entertainment and marketing platform for retail and hospitality businesses that develops interactive digital TV networks. As the first and only provider of interactive digital signage networks, UPshow creates a revolutionary in-venue network that drives customer and employee behaviors directly from their mobile devices. Enterprise businesses in the hospitality, entertainment, fitness and healthcare industries rely on UPshow’s plug-and-play technology to create deeper brand engagement and maximize profitability and efficiency. Founded in 2015, UPshow now reaches audiences through more than 25,000 screens in businesses around the world. Learn more at upshow.tv.

About 4490 Ventures

4490 Ventures invests in Connected Software companies. We are a team of investors, founders and operators with more than 100 years of combined experience who bring capital and a network of resources to help entrepreneurs build the next generation of tech companies. We are high conviction, high concentration early-stage investors focused on companies outside of Silicon Valley. For more information, visit 4490Ventures.com, or follow us on LinkedIn.

About Espresso Capital

Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at www.espressocapital.com.

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bp leads $25m Series A round in EV ride-hailing and charging start-up BluSmart

BP Ventures
  • BluSmart is India’s first and largest integrated EV ride-hailing and charging business
  • It is bp venture’s first direct investment in India and tenth in the mobility space
  • The investment will help BluSmart bring its electric vehicles and charging stations to five major cities

bp ventures has made its first direct investment in India, investing $13 million in integrated EV ride-hailing and charging company BluSmart. It led a $25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns and Survam Partners, alongside other existing investors.

 

BluSmart will use the capital to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the next two years. The investment will help bp move towards becoming a leader in India’s mobility market, and to provide integrated energy and mobility solutions to help customers reduce their emissions across the world.

 

BluSmart is India’s first and largest integrated EV ride-hailing and charging company, and aims to deliver safer, cleaner and more sustainable mobility. It is the first service of its kind with no surge pricing or rides rejected by drivers. Safety and cleanliness are paramount in the Indian market, and customers can view the last time each car was sanitised and driver vaccination status via the BluSmart app. The company also removes the financial burden of vehicle ownership by leasing vehicles to drivers and oversees all vehicle maintenance, to help reduce driver stress.

 

“Our partnership is underpinned by shared values; caring for customers, colleagues and the environment, and with safety at the core of everything we do.”

Richard Bartlett, SVP future mobility & solutions

 

India is now the third-largest startup market globally and its GDP is projected to be the world’s third largest by 2030. Yet with 35 of the top 50 most polluted cities globally, there’s a huge need for low carbon technologies to help make that growth compatible with its climate ambitions.

 

Urbanization is also increasing rapidly, with the UN projecting that India’s urban population size will nearly double from 2018 to 2050, potentially creating further congestion and environmental challenges that electric ride-hailing can help play a part in improving.

 

The industry is forecast to grow significantly, with mobility as a service projected to make up 15% of the 1.1 trillion kilometres to be travelled by passenger vehicles in India by 2030, compared to 5% of the 477 billion kilometres travelled today.

 

With the largest EV charging infrastructure in India and a growing fleet of electric vehicles, BluSmart aims to transform ride hailing in the country. The business is growing quickly in Delhi NCR, which represents 20% of India’s mobility market, which BluSmart estimate has already saved over approximately 1,500 tonnes of CO2, with more than 650,000 passenger trips completed to date.

 

Richard Bartlett, SVP future mobility & solutions, said: “The electric mobility revolution will have a huge impact in reducing vehicle emissions in cities, which in India are growing quickly. BluSmart’s business model solves a number of key barriers to urban EV ride-hailing take-up, from the cost for drivers to the quality of customer experience. Our partnership is underpinned by shared values; caring for customers, colleagues and the environment, and with safety at the core of everything we do. We are excited to have made our first direct investment in India, to grow alongside the BluSmart business.”

 

Anmol Singh Jaggi, co-founder of BluSmart, added: “We believe that electric mobility has huge growth potential, driven in part by the increasingly favourable economics behind electric vehicles. With that in mind we want to redefine ride-hailing with electric vehicles, and our consumer focus has helped us to already establish a strong brand presence in our core market; to date our vehicles have travelled over 21 million kilometres. This latest funding infusion will help us grow as we work with bp to help transform India’s high-polluting cities and redefine ride-hailing with electric vehicles.”

 

Sophia Nadur, managing partner at bp ventures, will join BluSmart’s board. To date, bp ventures has invested almost $800m in more than 60 companies across seven geographies.

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Climate action technology company ClimateView secures EUR10m in funding

CommerzVentures

ClimateView, a Swedish climate action technology company, has secured EUR10 million in funding to enhance its ClimateOS platform and make it available in additional markets in Europe, North America and beyond. 

The funding round was led by CommerzVentures, a specialist fintech investor, and NordicNinja, a Nordic-Japanese venture capital fund. Norrsken, 2050. VC and Gaingles also took part in the round, bringing the company’s total investment to EUR 14.5 million.

Launched at the start of 2021, ClimateOS was initially developed by ClimateView for the Swedish government to make their decarbonisation plans publicly available. Now supporting over 30 cities and municipalities across Sweden, the UK, Germany, Switzerland, Spain and Canada, ClimateOS helps a growing number of cities with net zero commitments identify the most cost-effective route to decarbonise their economies.

More than 700 cities have already committed to reaching net zero by 2050, but they have complex economies and to plan effective action they must understand emissions from thousands of activities and develop comprehensive plans to decarbonise key sectors such as transport, buildings, industry, energy and waste.

ClimateOS offers a unique range of functions that helps cities such as Newcastle, Mannheim and Bern develop, implement and manage comprehensive climate action plans and accelerate action to decarbonise their economy. It creates a digital twin city reflecting the complexity of each city’s economy, using the best data available from national and international statistics and the city’s own sources. It models the impact of low-carbon initiatives, allowing leaders to explore different ways of meeting their carbon targets, and identify the best transition path to meet local needs.

Tim Rippon, Senior Climate Change Advisor with Newcastle City Council, says: “The wholesale decarbonisation of a city is something that’s never been done before and the challenge is absolutely enormous. ClimateView gives us the platform we need to develop and roll out an ambitious climate action plan. By breaking the net zero challenge down into bite-size chunks you can understand how each will contribute to cutting carbon, start setting year by year transition targets, and then build a robust set of actions on this framework.”

“The new funding will be used to roll out enhanced functionality in early 2022 which will allow cities to identify the costs of each of the numerous shifts they can take to cut emissions, from encouraging uptake of EVs to retrofitting old buildings to make them more energy efficient. It will also identify additional benefits, such as better health through cleaner air and warmer homes. This will make it easier for cities to make the economic case for their climate plans, minimise financial risk, and win support for investment. As well as developing the ClimateOS platform, funding will go towards driving further market expansion across Europe and into North America.”

Paul Morgenthaler, Partner at CommerzVentures, says: “Cities around the world are placing carbon reduction at the heart of their agenda and looking to cut emissions across every sector of their economy. ClimateView’s technology makes this complex challenge manageable, enabling effective decarbonisation strategies that can deliver thriving and sustainable economies. ClimateView have unlocked the vital ability for cities to win greater investments into robust climate action plans and we’re delighted to be investing in this essential business.”

Tomosaku Sohara, Managing Partner at NordicNinja and former deputy director for green and climate finance at Japan Bank for International Cooperation, says: “I understand the struggle cities face to identify their best route to climate neutrality and to coordinate action on many fronts. That’s why I knew the moment I met ClimateView that it has the solution cities all over the world are seeking. We are thrilled that our investment will allow it to expand globally and help cities make a faster transition to net zero.”

Tomer Shalit, ClimateView founder and Chief Product Officer, says: “Cities have to cut carbon fast, but it’s hard to plan how to meet their commitments while maintaining a thriving economy. ClimateOS enables them accelerate climate action, helping them identify their best route to net zero, make the right investments, and manage a successful transition in one living climate action plan.”

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AURELIUS Equity Opportunities SE & Co. KGaA appoints Richard Schulze-Muth as new CFO 29.09.2021

Aurelius Capital
  • Richard Schulze-Muth promoted to the new CFO
  • Schulze-Muth with several years of experience in finance and capital markets
  • Strengthening the organization considering a well filled deal and exit pipeline

Munich, September 29, 2021 –AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) a leading active European investment company with focus on lower mid-market and as co-investor on mid-markets announced today, that Richard Schulze-Muth will join the company’s leadership team as Chief Financial Officer as of October 1, 2021.

Richard brings many years of business experiences in management, law and corporate finance. He joined AURELUS in 2015, heads the corporate finance team and was responsible for the issuance of various bonds of the company. As Chief Financial Officer, Richard will lead the group finance organization and will be responsible for accounting, auditing, controlling, corporate finance, tax, and special financing of portfolio companies.

“I am pleased to welcome Richard to our leadership team”, said Matthias Täubl, CEO of the company. “His deep and extensive experiences in the financial and legal industry as well as his reputable standing within the company will be an invaluable addition to the team.

Filling this vacancy allows AURELIUS to gear up for its next phase of growth. A sound operational performance of our portfolio companies meets a significant uptick of activities in the M&A market. With several mature companies in the portfolio and thanks to a well filled deal pipeline, we are confident to increase our M&A activities – an area where Richard will be of great value for the company.”

Richard Schulze-Muth said “I am delighted and thankful to join the leadership team at AURELIUS as new CFO and I look forward to working with the team and especially with the finance department. For me, focus is on the people within the AURELIUS universe, improve transparency and communication, accelerate growth and enhance value for shareholders and all stakeholders.”

Categories: People

Magdalena Bonde new CEO for Ports Group

Priveq

Ports Group is the obvious partner for all companies that want to avoid business risks caused by lack of brand protection. In a world of accelerating globalization and digitalization, branding is becoming increasingly important. Ports Group has created a strong position in this market and is now taking the next step in the company’s journey to expansion together with Magdalena.

“Ports Group is a very exciting SaaS company with great growth potential, and I am so happy for this opportunity to join as CEO and co-owner,” says Magdalena Bonde.

Magdalena will take over the position as CEO of Ports Group, October 11, 2021.

Magdalena Bonde has more than 20 years of experience as a leader and visionary in the business world with a special emphasis on technology, digitalization, and growth strategies. Magdalena most recently came from Eniro AB (publ), where she held several senior positions, of which in recent years as CEO.

“We are proud and happy to present Magdalena Bonde as our new CEO. Magdalena’s solid background as a leader in general, and long experience of brands and digital transformation in particular, make her the right person to lead and develop Ports Group in the future,” says Jakob Svärdström, Chairman of the Board of Port Group.

Ports Group is a market leader in brand security. Ports Group handles several of Sweden’s strongest brands, such as Spotify, Qlik and Folksam, where they are responsible for the management, monitoring and protection of brands and digital assets through a SaaS-based business model and automated platform. Ports Group has offices in Stockholm, Gothenburg, and Malmö. Ports Group’s main owner is Priveq Investment fund IV.

For more information contact:

Jakob Svärdström, Chairman of the Board, Ports Group AB
Tel: +46 70 422 51 66
jakob.svardstrom@portsgroup.com

Magdalena Bonde, CEO, Ports Group AB
Tel: +46 76 112 00 48

Categories: People

Stellar Health Raises Over $60 Million in Series B Funding Round Led by General Atlantic

Company plans to accelerate growth of team and support expansion into new and existing markets

September 28, 2021

Stellar Health (“Stellar”), a leading healthcare technology company, today announced that it has raised over $60 million in Series B funding. The funding round was led by General Atlantic, a leading global growth equity firm, with participation from Point72 Ventures and Primary Venture Partners, who led Stellar’s Series A financing in 2020. New investors also include Mike Pykosz and Geoff Price, two of the co-founders of Oak Street Health, a leading network of value-based primary care centers for adults on Medicare. With the additional capital and resources provided by this new round of funding, the Company plans to focus on growing and investing in its team, as well as advancing product development, engineering, and operations initiatives, all to support the expansion of its differentiated services to new and existing markets.

“The healthcare landscape is experiencing a seismic shift towards favoring systems that motivate and allow providers to focus on what matters most – patients,” said Michael Meng, Co-Founder and CEO of Stellar Health. “Stellar’s partnership with General Atlantic aims to further accelerate our growth trajectory to expand both internally and externally, and to address workflow evolution. It will also support our efforts to activate practice staff by solving economic barriers that exist in the shift to value-based care. We will continue to evolve our product in ways that will improve the healthcare experience for providers and patients alike.”

Founded in 2018 by leaders in the healthcare and technology spaces, Stellar empowers providers to deliver high-quality, value-based care through their innovative, cloud-native point-of-care platform. By integrating patient data, tracking provider workflows, and pushing meaningful, actionable insights directly to providers and practice staff, the Stellar platform helps primary care providers achieve value-based care outcomes for their patients. A significant example of the platform in use comes from a primary care physician who had a scheduled annual wellness visit with a 77-year-old male patient in the Fall of 2020. The patient came in with no indication of any cardiovascular or stroke risk and the physician was unaware of a diagnosis of stroke from six years prior. Using the Stellar platform, with its advanced system of analytics and identification, the primary care physician was informed of the patient’s heightened risk and had the right incentives to offer meaningful care at a critical time, placing the patient on secondary prevention treatments. This intervention, with the right behavioral economics, changed the patient’s trajectory forever. Stellar simplifies value-based care effectively by engaging and incentivizing providers to take actions that reduce inefficient medical utilization, improve documentation accuracy, advance the quality of care delivered, and in turn compensate providers for each action in real time.

“Stellar Health has developed an intuitive, modern, and behavior-focused platform that enables a broad continuum of providers to advance patient outcomes,” said Robbert Vorhoff, Managing Director and Global Head of Healthcare at General Atlantic. “In just three years, Stellar Health has established itself as a leading player in the field, delivering significant value to its clients and provider network. As long-standing advocates for the shift to value-based care, we are excited to partner with the Stellar Health team in further developing its platform.”

“Stellar’s technology platform uses data to make recommendations and incentivize provider decisions,” said Sri Chandrasekar, Partner at Point72 Ventures. “We believe this unique data-driven approach will compound the impact on patient outcomes over time. We’re excited to continue to support Michael and his team as they grow their business.”

Since the beginning of 2020, the Company has increased its robust payor and provider network, with more than 60 collaborations across 20 states, managing more than 375,000 patients in total. With this capital raise, Stellar expects to continue expanding into new markets, as well as grow its team to support product development, engineering, and operations. In 2021 alone, Stellar has tripled in size to over 90 employees and plans to double the size of its team within the next year. Stellar Health has also seen strong performance improvement and high user engagement with its modern platform, including a weekly active rate of greater than 80%, medical expense ratio improvement of greater than 15%, and improvement of Medicare Advantage Star ratings of greater than one full Star.

Today, more than a third of reimbursement contracts are value-based[1], a trend that continues upward every year, and more than half of all providers are now participating in at least one accountable care organization (ACO) type program. While the industry has successfully transitioned providers into value-based arrangements (VBAs), provider engagement and performance has lagged as providers struggle to see tangible reward from shifting their focus towards providing high quality, value-based care.

Stellar rewards providers for the time it takes to complete value-based work that generates a strong ROI for health plans or risk-bearing organizations, leading to higher quality and more affordable care for patients. “Traditional fee-for-service healthcare has not historically equipped primary care providers with the right tools and framework to help their patients achieve the highest quality care and best health outcomes,” said Mike Pykosz, CEO of Oak Street Health. “Stellar Health’s innovative platform combines proven value-based care knowledge with simple, meaningful actions to bring value-based care to broad groups of patients, including those on Medicare, Medicaid, and individual or commercial health plans.”

About Stellar Health

Stellar Health (“Stellar”) is a healthcare technology company focused on enabling success across the value-based care (“VBC”) continuum by bridging the incentive gap between providers and payors. The Stellar solution is the first point-of-care, cloud-based platform that helps primary care providers continually engage with their patients by providing them real-time information and tangible action-based incentives for improving quality of care. With Stellar, providers can achieve a range of VBC goals, like improving quality scores and optimizing the patient care journey through transitions of care and high-value referrals, all with the objective of improving patient health. For more information on Stellar Health, visit www.stellar.health.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 400 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $78 billion in assets under management inclusive of all products as of June 30, 2021 and more than 175 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

[1] http://hcp-lan.org/workproducts/2018-APM-Progress-Press-Release.pdf

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Genevieve Pasculli
Stellar Health genevieve.pasculli@stellar.health

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Linden Invests in Formulated Solutions

Linden

Chicago, IL (September 28, 2021) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today that it has invested in Formulated Solutions, LLC (“Formulated Solutions” or the “Company”) alongside current shareholders, the founding Dann Family and HealthEdge Investment Partners. Headquartered in Largo, FL, Formulated Solutions provides contract development and manufacturing services for over-the-counter (“OTC”) and prescription (“Rx”) healthcare products, with a focus on complex topical and nasal formulations in semi-solid, aerosol, and liquid formats.

Eric Dann, Founder and CEO of Formulated Solutions, stated “We are proud of the team, our culture of innovation, and the Marketing Partner-centric business model we have built at Formulated Solutions. We are excited to partner with Linden to further invest in growth and expand the capabilities we can provide to our customers. We chose Linden because of their partnership orientation, growth mindset, and differentiation in healthcare-related contract manufacturing. They have the experience, relationships, and resources to support our shared value creation plan.”

Steven Klosk, Operating Advisor at Linden and incoming Chairman of Formulated Solutions, said, “We commend Eric Dann and the entire management team at Formulated Solutions for building a truly extraordinary CDMO. Formulated Solutions has developed a differentiated model for driving innovation in complex formulations that aligns well with the needs of the consumer healthcare and pharmaceutical market. I look forward to working with Eric and Linden to execute on our long-term vision.”

Piyush Shukla, a Partner at Linden and incoming board member at Formulated Solutions, added “Our investment in Formulated Solutions represents a successful outcome of Linden’s dedicated sector effort across the pharmaceutical supply chain. We are excited to partner with Eric Dann and support the Company’s long-term growth in the OTC and Rx segments.”

Linden’s Brian Miller and Jonathan Skekloff, together with Linden Operating Advisor, Marshall Crew, have also joined the Board of Formulated Solutions. Linden Operating Partner Ron Fugate served as an advisor on the transaction.

Kirkland & Ellis LLP served as legal advisor to Linden. Robert W. Baird & Co. served as exclusive financial advisor and Macfarlane Ferguson & McMullen and Hill Ward Henderson as legal advisors to Formulated Solutions. Twin Brook Capital Partners provided debt financing for the transaction.

About Formulated Solutions
Founded in 1999, Formulated Solutions has long been known as one of the most innovative contract manufacturing and formulation development companies (CDMO) in North America. With over 650 million units of annualized production capacity, Formulated Solutions exists to enhance consumer healthcare products through creativity and invention, delivering our Marketing Partners unmatched formulations, innovative packaging, and cost-effective reliable supply of semisolids, aerosols, and Bag on Valve products. With partnerships with seven of the world’s top 12 Consumer Healthcare companies, the regulated products we’ve developed and the brands we support cover a global footprint of more than 45 countries, supported by numerous regulatory body registrations, including FDA, ANVISA, EMA, Health Canada, TGA, Korean Ministry of Food and Drug Safety, UL, ISO and more.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating experience, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2.5 billion in healthcare companies. For more information, please visit www.lindenllc.com.

About HealthEdge Investment Partners
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit www.healthedgepartners.com.

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BrightPay and Relate Software join forces to create an accounting & payroll software champion

HG Capital

The combined business will provide an integrated suite of cloud payroll and accounting software tools for accounting bureaus and small to mid-sized businesses in the UK and Ireland.

Dublin, Republic of Ireland, and London, United Kingdom. 28th September 2021. BrightPay, a leading provider of payroll and HR software solutions, and Relate Software (“Relate”), a champion in post-accounting, practice management and bookkeeping software, today announce that they have agreed to join forces to create a software champion serving payroll and accounting bureaus and SMEs across the Republic of Ireland and the United Kingdom.

Paul Byrne, co-founder and CEO of BrightPay, and Ray Rogers, co-founder and CEO of Relate, will remain as significant investors in the combined business and will become co-CEOs. Ross Webster and Richie McMahon, also co-founders of BrightPay and Relate respectively, will also remain as investors and will continue to focus on developing the combined business’ best-in-class product suite.

Hg, a leading software and services investor with over two decades’ experience in growing tax & accounting technology businesses across Europe and North America, will become majority investor in the combined business.

The two complementary businesses will bring together their operational strengths and sector-leading products whilst, with the support of Hg, investing further in new cloud innovations to deliver increased automation, efficiency and value for their customers. The combined group will have over 190 employees and has plans to further grow headcount to continue providing best-in-class services and support for its payroll, accounting and SME customers across both the UK and Ireland.

“We are delighted to be joining with Ray and his team at Relate. They have a proven track record in a sector we know well and, together, we will aim to be a leading solution for many businesses and accountancy firms. We are also delighted that Hg continues to support us. Their deep sector knowledge has proven invaluable to us and will be instrumental in fuelling the further growth of BrightPay/Relate.”

Paul Byrne, founder and CEO of BrightPay

 

“Combining products from both businesses will provide a compelling offering for our customers, with the scope and backing for further innovation and development. I’m looking forward to working with Paul and am also excited to welcome Hg, a leading software investor with a track record of supporting growth in Irish software businesses.”

Ray Rogers, founder and CEO of Relate

 

“Both BrightPay and Relate are very highly regarded businesses and champions in their field. The two companies bring together core operational strengths whilst also unlocking a high-quality, complementary suite of products to a newly combined customer base. We’re proud to bring together this highly accomplished team. This is a sector and region we know deeply and we are excited for what we’ll all be able to achieve together.”

Jonathan Boyes, Hector Guinness and Thomas Martin at Hg

The terms of the transaction are not disclosed.

Media Contacts:

Hg

Tom Eckersley

Tom.Eckersley@hgcapital.com

+44 208 148 5401

About BrightPay

BrightPay is a modern payroll and HR software for accounting and payroll bureaus and SMEs. It takes care of every aspect of running your payroll, from entering employee and payment details to creating payslips and sending RTI submissions. BrightPay has been designed from the ground up to be really simple, yet with no compromise on payroll features. It’s priced fairly with no hidden costs and free support. Our products are in use by over 330,000 employers in the UK and Ireland. As a customer-focused company, we strive to look after each and every one of them. BrightPay is also known as Thesaurus Software, a company with over twenty years of industry experience in the UK and Ireland. For more information visit: https://www.brightpay.ie/

About Relate Software

Relate Software was formed in 2002 from the former management team of Apex Software. We have been building software for the accountancy profession for over 25 years. Relate is dedicated to building innovative and focused products specifically for the accountancy profession. Its offering includes Surf products, a modern, cloud native product suite of bookkeeping, post-accounting, and practice management software to accountancy bureaus and SMEs in the Republic of Ireland. Relate’s product suite also includes compliance, company secretary, personal and corporation tax, and enterprise payroll software. For more information visit: https://www.relate-software.com/

About Hg

Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

The combined business will provide an integrated suite of cloud payroll and accounting software tools for accounting bureaus and small to mid-sized businesses in the UK and Ireland.

Dublin, Republic of Ireland, and London, United Kingdom. 28th September 2021. BrightPay, a leading provider of payroll and HR software solutions, and Relate Software (“Relate”), a champion in post-accounting, practice management and bookkeeping software, today announce that they have agreed to join forces to create a software champion serving payroll and accounting bureaus and SMEs across the Republic of Ireland and the United Kingdom.

Paul Byrne, co-founder and CEO of BrightPay, and Ray Rogers, co-founder and CEO of Relate, will remain as significant investors in the combined business and will become co-CEOs. Ross Webster and Richie McMahon, also co-founders of BrightPay and Relate respectively, will also remain as investors and will continue to focus on developing the combined business’ best-in-class product suite.

Hg, a leading software and services investor with over two decades’ experience in growing tax & accounting technology businesses across Europe and North America, will become majority investor in the combined business.

The two complementary businesses will bring together their operational strengths and sector-leading products whilst, with the support of Hg, investing further in new cloud innovations to deliver increased automation, efficiency and value for their customers. The combined group will have over 190 employees and has plans to further grow headcount to continue providing best-in-class services and support for its payroll, accounting and SME customers across both the UK and Ireland.

“We are delighted to be joining with Ray and his team at Relate. They have a proven track record in a sector we know well and, together, we will aim to be a leading solution for many businesses and accountancy firms. We are also delighted that Hg continues to support us. Their deep sector knowledge has proven invaluable to us and will be instrumental in fuelling the further growth of BrightPay/Relate.”

Paul Byrne, founder and CEO of BrightPay

 

“Combining products from both businesses will provide a compelling offering for our customers, with the scope and backing for further innovation and development. I’m looking forward to working with Paul and am also excited to welcome Hg, a leading software investor with a track record of supporting growth in Irish software businesses.”

Ray Rogers, founder and CEO of Relate

 

“Both BrightPay and Relate are very highly regarded businesses and champions in their field. The two companies bring together core operational strengths whilst also unlocking a high-quality, complementary suite of products to a newly combined customer base. We’re proud to bring together this highly accomplished team. This is a sector and region we know deeply and we are excited for what we’ll all be able to achieve together.”

Jonathan Boyes, Hector Guinness and Thomas Martin at Hg

The terms of the transaction are not disclosed.

Media Contacts:

Hg

Tom Eckersley

Tom.Eckersley@hgcapital.com

+44 208 148 5401

About BrightPay

BrightPay is a modern payroll and HR software for accounting and payroll bureaus and SMEs. It takes care of every aspect of running your payroll, from entering employee and payment details to creating payslips and sending RTI submissions. BrightPay has been designed from the ground up to be really simple, yet with no compromise on payroll features. It’s priced fairly with no hidden costs and free support. Our products are in use by over 330,000 employers in the UK and Ireland. As a customer-focused company, we strive to look after each and every one of them. BrightPay is also known as Thesaurus Software, a company with over twenty years of industry experience in the UK and Ireland. For more information visit: https://www.brightpay.ie/

About Relate Software

Relate Software was formed in 2002 from the former management team of Apex Software. We have been building software for the accountancy profession for over 25 years. Relate is dedicated to building innovative and focused products specifically for the accountancy profession. Its offering includes Surf products, a modern, cloud native product suite of bookkeeping, post-accounting, and practice management software to accountancy bureaus and SMEs in the Republic of Ireland. Relate’s product suite also includes compliance, company secretary, personal and corporation tax, and enterprise payroll software. For more information visit: https://www.relate-software.com/

About Hg

Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

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