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Dayforce Enters into US$12.3 Billion Definitive Agreement with Thoma Bravo to Become a Private Company

Thomabravo

Dayforce Stockholders to Receive US$70 Per Share in Cash, a 32% Premium to the Unaffected Share Price

Transaction Aims to Accelerate Dayforce’s Growth, Customer Value, and AI Leadership in HCM

MINNEAPOLIS and TORONTO—Dayforce, Inc. (“Dayforce” or the “Company”) (NYSE:DAY) (TSX:DAY), a global leader in human capital management (HCM) technology, today announced that it has entered into a definitive agreement with Thoma Bravo, a leading software investment firm, to become a privately held company in an all-cash transaction with an enterprise value of US$12.3 billion.

Under the terms of the agreement, Dayforce stockholders will receive US$70.00 per share in cash. The per share purchase price represents a premium of 32% over the Company’s unaffected closing share price on August 15, 2025, the last trading day prior to media reports regarding a potential transaction. The transaction includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”).

“Dayforce has always stood for a bold promise: to make work life better. As one of the world’s leading enterprise software investors, Thoma Bravo’s commitment amplifies this promise as we partner to grow our business, increase quantifiable value for customers, and further secure our position in AI as a generational software company,” said David Ossip, Chair and CEO of Dayforce. “With Thoma Bravo, we are partnering with a truly special organization to accelerate our business – with our focus, resources, and product innovation all laser-pointed on leaping forward as the HCM leader for a world of work shaped by AI.”

“The Board of Directors believes this transaction will provide immediate and substantial value to Dayforce stockholders and recognizes the valuable organization that the team has built,” said Gerald Throop, Lead Independent Director of Dayforce.

“We are thrilled to be investing in Dayforce, a clear category leader that is poised to define the future of HCM in the age of AI,” said Holden Spaht, a Managing Partner at Thoma Bravo. “Dayforce’s differentiated platform, global scale, and world-class team make it well-positioned to meet the growing and evolving needs of employers and employees around the world. We see significant opportunity to accelerate growth, deepen customer impact, and continue to drive innovation across the global HCM landscape.”

“Dayforce has built an exceptional business by pairing relentless innovation with a deep commitment to its customers,” said Tara Gadgil, a Partner at Thoma Bravo. “This combination has fueled strong growth and established Dayforce as a partner of choice in HCM. We are excited to build on this strong foundation and momentum alongside them, helping them to move faster, think bigger, and unlock even more market and product potential.”

Transaction Details
The transaction, which was approved by the Dayforce Board of Directors, is expected to close in early 2026, subject to customary closing conditions, including approval by Dayforce stockholders and the receipt of required regulatory approvals. The transaction is not subject to a financing condition.

Upon completion of the transaction, Dayforce’s common stock will no longer be listed on any public stock exchange. The Company will continue to operate under the Dayforce name and brand.

Advisors
Evercore is serving as the exclusive financial advisor to Dayforce and Wachtell, Lipton, Rosen & Katz is serving as the Company’s legal advisor. Financing for the transaction is being provided by Goldman Sachs & Co. LLC. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Thoma Bravo, and Kirkland & Ellis LLP is serving as its legal counsel.

About Dayforce
Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on enabling thousands of customers and millions of employees around the world do the work they’re meant to do. With our single AI-powered people platform for HR, Pay, Time, Talent, and Analytics, organizations of all sizes and industries are benefiting from simplicity at scale with Dayforce to help unlock their full workforce potential, operate with confidence, and realize quantifiable value. To learn more, visit dayforce.com.

About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with approximately $184 billion in assets under management as of March 31, 2025. 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 knowledge and strategic and operational expertise, 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 approximately 535 companies representing approximately $275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York, and San Francisco. For more information, visit Thoma Bravo’s website at www.thomabravo.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian Securities laws (collectively, “forward-looking statements”). Forward-looking statements may be identified by the use of words such as “continue,” “guidance,” “expect,” “outlook,” “project,” “believe” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the benefits of and timeline for closing the merger. These statements are based on various assumptions, whether or not identified in this press release, and on current expectations and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of Dayforce. These forward-looking statements are subject to a number of risks and uncertainties, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could delay the consummation of the proposed transaction or cause the parties to abandon the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into in connection with the proposed transaction; the possibility that Dayforce stockholders may not approve the proposed transaction; the risk that the parties to the merger agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Dayforce’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Dayforce to retain and hire key personnel and to maintain relationships with customers, vendors, partners, employees, stockholders and other business relationships and on its operating results and business generally. Further information on factors that could cause actual results to differ materially from the results anticipated by the forward-looking statements is included in the Dayforce Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) and Canadian securities regulators on February 28, 2025, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings made by Dayforce from time to time with the SEC and Canadian securities regulators. These filings, when available, are available on the investor relations section of the Dayforce website at https://investors.dayforce.com or on the SEC’s website at https://www.sec.gov. If any of these risks materialize or any of these assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Dayforce presently does not know of or that Dayforce currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. Dayforce assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Additional Information and Where to Find It
In connection with the proposed transaction between Dayforce and Thoma Bravo, Dayforce will file with the SEC and Canadian securities regulators a preliminary Proxy Statement of Dayforce (the “Proxy Statement”). Dayforce plans to mail to its stockholders and holders of exchangeable shares a definitive Proxy Statement in connection with the proposed transaction. DAYFORCE URGES YOU TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DAYFORCE, THOMA BRAVO, THE PROPOSED TRANSACTION AND RELATED MATTERS. You will be able to obtain a free copy of the Proxy Statement and other related documents (when available) filed by Dayforce with the SEC at the website maintained by the SEC at www.sec.gov. You also will be able to obtain a free copy of the Proxy Statement and other documents (when available) filed by Dayforce with the SEC by accessing the investor relations section of Dayforce’s website at https://investors.dayforce.com or by contacting Dayforce investor relations at investors@dayforce.com or calling (844) 829-9499.

Participants in the Solicitation
Dayforce and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Dayforce stockholders in connection with the merger.

Information regarding the directors and executive officers of Dayforce, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth (i) in Dayforce’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, including under the headings “Proposal One: Election of Directors,” “Executive Team,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Security Ownership of Certain Beneficial Owners and Management” and “Certain Relationships and Related Party Transactions,” which was filed with the SEC on March 13, 2025 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1725057/000172505725000064/day-20250313.htm, and (ii) to the extent holdings of Dayforce’s securities by its directors or executive officers have changed since the amounts set forth in Dayforce’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, such changes have been or will be reflected on Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5 filed with the SEC, which are available at EDGAR Search Results https://www.sec.gov/edgar/browse/?CIK=0001725057&owner=only.

Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents through the website maintained by the SEC at https://www.sec.gov.

Read the release on Globe Newswire here.

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Abry Partners Launches Collateralized Loan Obligation Platform

Abry Partners logo

Strategy led by seasoned executives Mike Ferrante and Jon Barry

Inaugural CLO priced at $400 million, building on strength of the firm’s Liquid Credit business

BOSTON, MA, August 21, 2025 – Abry Partners (“Abry”), a Boston-based private equity and credit firm, today announced the formal launch of its collateralized loan obligation (“CLO”) platform to further build upon the firm’s liquid credit management strategy. The platform will be overseen by Mike Ferrante, CFA, Managing Director and Head of Abry Liquid Credit, and Jon Barry, Head of CLO Structuring. The seasoned team employs a disciplined, diversified investment approach with a focus on capital preservation and loss avoidance.

In connection with the launch of Abry’s CLO platform, the firm also announced the successful pricing of its inaugural CLO, Abry Liquid Credit CLO 2025-1, LLC (“ALC CLO 2025-1”). The $400 million CLO is the first in a program expected to issue two to three transactions annually.

Abry’s senior-led team combines deep underwriting expertise with active portfolio management, building on the firm’s long track record of delivering consistent results across credit cycles. The addition of the CLO strategy is a natural extension of Abry’s expertise in managing diversified portfolios of broadly syndicated loans. The CLO platform is supported by robust middle- and back-office infrastructure, led by Head of Credit Operations Alana Lavelle.

“Launching our CLO platform is an exciting milestone that underscores the strength and maturity of our Liquid Credit business,” said Mike Ferrante. “We continuously strive to deliver the risk-adjusted returns that our limited partners are seeking while building on Abry’s evolution and growth. This initiative reflects our commitment to providing investors with innovative solutions, and we believe that ALC CLO 2025-1 and our future investment vehicles will position us for continued success.”

Under Abry’s existing Liquid Credit strategy, the firm has invested nearly $44 billion in broadly syndicated senior debt since 2008, and currently has $4.8 billion in invested gross assets under management.

Key ALC CLO 2025-1 Terms

• $248.00 mm Class A-1 notes, AAA, 38%, S+140
• $12.00 mm Class A-2 notes, AAA, 35%, S+165
• $44.00 mm Class B notes, AA, 24%, S+180
• $24.00 mm Class C notes, A, 18%, S+210
• $24.00 mm Class D notes, BBB-, 12%, S+325
• $16.00 mm Class E notes, BB-, 8%, S+600

About Abry Partners
Abry Partners is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages $17 billion of assets across several fund strategies.

More information about Abry Partners: www.abry.com

Contact
FGS Global
abry@fgsglobal.com
(212) 687-8080

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FieldAI Announces Over $400M in Funds Raised to Advance Embodied AI at Scale

Intel Capital

Backing from Bezos Expeditions, Canaan Partners, Khosla Ventures, Prysm, Temasek, and others to accelerate commercial expansion of first risk-aware foundation models for robotics

Irvine, CA – August 20, 2025 – FieldAI, a leader in physical AI and robotic autonomy, today announced that it has raised $405 million in two consecutive rounds. Investors include Bezos Expeditions, BHP Ventures, Canaan Partners, Emerson Collective, Intel Capital, Khosla Ventures, NVentures (NVIDIA’s venture capital arm), Prysm, Temasek, and others. Previous investors include Gates Frontier and Samsung. The latest round was oversubscribed, following rapid customer adoption and multiple expansion contracts for FieldAI’s general-purpose robotics intelligence, with successful testing and deployments across hundreds of complex real-world industrial environments.

FieldAI is at the forefront of the general-purpose robotics revolution, developing a single software brain that is powering a variety of robots in many diverse environments. FieldAI robots are deployed in daily operations at numerous customer sites worldwide. Deployments span a variety of robot types in high-complexity environments from Japan, to Europe, to the U.S., with some of the world’s largest companies in industries including construction, energy, manufacturing, urban delivery and inspection.

FieldAI’s systems operate in real-time autonomously, with decisions made directly by the models at the edge, seamlessly integrating into real customer workflows. They have logged unprecedented real-world data and operational hours, demonstrated a transformative pace of model evolution, and delivered value and cost-effective autonomy at scale. As industries turn to automation to address labor shortages, safety risks, and efficiency goals, demand for FieldAI’s platform continues to accelerate.

Capital to Accelerate Global Expansion

The newly raised capital will accelerate FieldAI’s global growth, support continued product development across locomotion and manipulation, and enable strategic hiring to scale its team as it plans to double headcount by the end of the year.

“Enabling autonomy solutions at scale is an extremely difficult problem, but the deep expertise of the FieldAI team and their unique approach to embodied intelligence reflects a pragmatic path forward,” said Vinod Khosla, founder of Khosla Ventures. “FieldAI is at the forefront of the general-purpose robotics revolution, and its ability to rapidly deploy will unlock long-term economic and societal value.”

A New Era of Robot Intelligence

At the core of FieldAI’s platform are Field Foundation Models (FFMs): a new class of “physics-first” foundation models built specifically for embodied intelligence. Unlike conventional vision or language models retrofitted for robotics, FFMs are designed from the ground up to grapple with uncertainty, risk, and the physical constraints of the real world. This enables safe and reliable robot behaviors when managing scenarios that they have not been trained on, navigating dynamic, unstructured environments without prior maps, GPS, or predefined paths.

“Our team has spent years in the field, driving major breakthroughs in ‘field robotics’ and safety-critical robotic AI in complex environments,” said Ali Agha, Founder and CEO of FieldAI. “With a deep understanding of the resilience and robustness required to deploy robotic AI in complex real-world conditions, we have taken a fundamentally different approach. Rather than attempting to shoehorn large language and vision models into robotics—only to address their hallucinations and limitations as an afterthought—we have designed intrinsically risk-aware architectures from the ground up. With Field Foundation Models, we are enabling robotic operations to scale seamlessly across diverse environments with varying risk profiles, moving beyond the constraints of traditional solutions.”

The FieldAI architecture marks a breakthrough in the robotics space. FFMs’ robust nature enables the models to safely and dynamically adapt to new and unexpected conditions without requiring reprogramming, enabling robots to execute complex tasks reliably in unstructured environments. FFMs have already been proven across a wide range of embodiments, including quadrupeds, humanoids, wheeled robots, and passenger-scale vehicles. Their hardware-agnostic design allows different form factors and manipulators to operate using the same core intelligence, accelerating deployment and scalability.

“We are excited and privileged to be partnering with the FieldAI team on this next phase of their journey. Their new class of foundation models offers the reliability and adaptability required for autonomous robotics deployment at scale across numerous sectors,” said Jay Park, Co-Founder and Managing Partner of Prysm Capital. “FieldAI’s revolutionary models not only greatly broaden possible use cases but also enable risk-aware deployment, a critical element for scaling AI that has the potential to reshape how robots interact with the physical world.”

Led by world-renowned veterans in robotic AI from DeepMind, Google Brain, Tesla Autopilot, NASA JPL, SpaceX, Zoox, Cruise, Amazon, DARPA, TRI, and others, FieldAI combines deep research expertise with unmatched real-world deployment experience. From Mars rovers to Earth’s mines and factories, the FieldAI team has driven landmark breakthroughs in field robotics – winning DARPA challenge circuits, scaling foundation models across autonomous fleets, and delivering autonomy at scale. That ethos of solving for the field is what inspired the company’s name.

About FieldAI

Headquartered in Irvine, CA, FieldAI is a pioneer in developing embodied AI software that is redefining autonomous robot operations in real-world environments. The company’s Field Foundation Models provide an embodiment-agnostic autonomy brain, empowering robots to navigate dynamic and unpredictable conditions without maps, GPS, or predefined trajectories. Proven across diverse platforms – from quadrupeds to humanoids – FieldAI is driving a global expansion that enables industries such as construction, energy, mining, logistics, and federal applications to scale automation like never before. With a robust pipeline of deployments and strategic partnerships accelerating its growth, FieldAI is spearheading a new era in industrial robotics, setting the stage for transformative, large-scale automation worldwide.

For more information, visit www.fieldai.com or contact PR@fieldai.com.

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Our Investment in FieldAI: Enabling Robots to Conquer Complex Environments

Intel Capital

08 . 20 . 2025

By Alexandra Farmer and Srini Ananth

Robotics is becoming increasingly accessible as hardware has reached a level of maturity and standardization, providing a solid foundation (the “body”). The next challenge is advancing the robot’s “mind.” Specifically, the use of large language models and other AI systems that autonomously drive essential functions like perception, motion control, and decision-making. We are seeing robotic use cases becoming more achievable, thanks to hardware standardization, improved dexterity and manipulation, and better contextual understanding. These advancements are making robots more “plug-and-play,” enabling them to adapt to a wider range of real-world scenarios.

We at Intel Capital look to invest in the leaders of robotics and autonomy. Over the years, we have invested in Figure AI, Beep and Formant. Now, we’re excited to announce our investment in FieldAI – pioneering Physical- AI.

Field AI has developed proprietary, “physics-first” foundation models that enable fully autonomous solutions. Field’s customers deploy their Field Foundation Models (FFMs) on any robot embodiment, or vehicle (legged, wheeled, flying, tracked) and any sensor. FFMs can be deployed in any environment, and can handle unknown and unpredictable real-world conditions. FFMs’ driven autonomyexcels in hazardous or hard to reach areas, allowing robots to collect high-precision data in sectors where human access is limited by safety concerns or complex physical constraints, particularly amongst industries including construction, energy, manufacturing, urban delivery, and security. Deployed robots can perform duties such as progress and object tracking, high precision inspection and readings, object manipulation and transportation, and surveillance within dynamic real-world environments at the edge with no prior map training, no GPS – truly out of the box.

What excites us about Field is not just its ability to enable on-edge robotic autonomy, but also the team behind it. FieldAI CEO Ali Agha brings deep expertise from his work leading the Autonomous and Robotics system division at NASA’s Jet Propulsion Laboratory. He has built a distinguished team with experience across AI, autonomy, and deep tech companies including DeepMind, Google Brain, Tesla Autopilot, NASA, SpaceX, NVIDIA, Zoox, Cruise, TRI, and others. We look forward to working closely with FieldAI to create an accelerated path towards next-generation AI-based robotics and deployments.

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Foundation Building Materials, Building Products Distribution Company Owned By American Securities and CD&R, To Be Sold To Lowe’s In $8.8 Billion Transaction

American Securities

American Securities LLC (“American Securities”) and CD&R today announced they have entered into a definitive agreement to sell Foundation Building Materials, Inc. (“FBM” or the “Company”) to Lowe’s Companies, Inc. (“Lowe’s”) (NYSE: LOW) for $8.8 billion.

FBM is a leading North American distributor of interior building products, including drywall, metal framing, ceiling systems, commercial doors and hardware, insulation and complementary products serving large residential and commercial professionals in both new construction and repair and remodel applications. Since 2011, FBM has grown organically and inorganically to become an industry leader, with a network of over 370 locations in the United States and Canada serving 40,000 Pro customers.

Under the ownership of American Securities and CD&R, FBM has experienced a period of exceptional growth resulting in 27% per annum revenue growth and 31% per annum EBITDA growth. This momentum has been driven by both organic expansion and strategic transactions, including the acquisitions of Beacon Roofing Supply’s interior products business, Marjam Supply Company, Unified Door & Hardware, and REW Materials. These acquisitions have improved the Company’s competitiveness, broadened its product and service portfolio, and expanded its scope across key regions in North America. In addition, FBM has advanced long-term strategic goals, including launching a new e-commerce platform and digital application designed to deliver enhanced service for its customers, and investing to expand its commercial capabilities.

Ruben Mendoza, CEO of FBM, said: “Working alongside American Securities and CD&R has been incredible. With their support, we’ve been able to accelerate growth, expand our capabilities, and improve our position, all while staying true to our values and culture. I am immensely grateful for what our team has accomplished and am excited about the opportunities ahead as we join forces with Lowe’s.”

Kevin Penn, Partner at American Securities, added: “Over the last four and a half years, we have been privileged to work with an extraordinary management team, building on a relationship with Ruben Mendoza that goes back years before our investment. We’re proud to have supported FBM in achieving remarkable growth, transforming the business through strategic M&A, the opening of new markets, and innovative e-commerce initiatives. This transaction is a testament to the value of true partnership with an outstanding team.”

“Our team was pleased to partner with Ruben Mendoza and American Securities to help FBM unlock its full potential and establish new avenues for growth,” said John Stegeman, Operating Advisor to CD&R funds and Chairman of FBM. “Over the course of our partnership, FBM has strengthened its capabilities, invested in organic growth initiatives and enhanced its best-in-class customer value proposition, which will enable long-term, sustained growth.”

“Over the course of our investment, our shared vision — to position FBM as a leading, reliable partner to customers across North America through unmatched service and operational excellence — has been brought to life through the management team’s ability to execute and their passion for the business,” commented Aaron Maeng, Partner at American Securities. “Together, we have not only achieved impressive results, but also built a resilient, customer-focused business ready to seize future opportunities.”

“When we began our collaboration with FBM, we were excited by the strength of the team, long-term track record of performance, best-in-class customer feedback and the strategic value of the business,” said Tyler Young, Principal at CD&R. “Over the past 18 months, FBM has established new avenues for growth through strategic acquisitions and a compelling set of well-resourced organic growth initiatives. We are confident FBM is well-positioned for continued success in its next chapter as part of Lowe’s.”

The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approvals. RBC Capital Markets served as exclusive financial advisor and Weil, Gotshal & Manges LLP served as legal counsel to FBM, American Securities, and CD&R.

About FBM
Founded in 2011 and headquartered in Santa Ana, California, FBM is an industry-leading building materials and construction products distribution company. With over 370 locations across the U.S. and Canada, FBM has an expansive North American reach with a mission to serve the changing needs of the professional construction trades. For more information, visit www.fbmsales.com.

About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $23 billion under management. For more information, visit www.american-securities.com.

About CD&R
Founded in 1978, CD&R is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr.com and follow the firm’s activities through LinkedIn and @CDRBuilds on X/Twitter.

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Backing Garage: Transforming How America’s Critical Equipment Is Bought and Sold

Initialized

Why Initialized led Garage’s seed round and participated in its Series A for $18M total funding

America’s local governments and public safety departments are the backbone of our communities, yet the way they buy and sell the most essential equipment needed for doing their jobs hasn’t changed in decades. Whether it’s a used fire engine or surplus emergency response gear, these transactions often happen offline, through outdated regional auctions or informal Facebook groups. It’s an inefficient, fragmented system that slows operations, limits budgets, and wastes valuable time and money.

BUILDING THE MODERN MARKETPLACE

Garage is a modern, AI-powered marketplace designed to streamline how specialized equipment is bought and sold. When we first met co-founders Martin Hunt and Alaz Sengul, we immediately saw how deeply personal this mission is to them, and how well-equipped they are to fix this broken system. Martin’s firsthand experience as a volunteer firefighter — logging over 1,500 hours of training by age 18 — gave him a firsthand view of just how archaic these workflows are. Their vision goes beyond making equipment transactions easier, it provides a means for America’s first responders and civil servants to access the tools they need to do their jobs well.

The first thing that surprised us in diligence was how little innovation has touched this space, despite how critical and expensive these assets are. The U.S. has more than 27,000 fire departments, and most operate under tight budget constraints. A new or used fire truck can cost anywhere from $500K to $1M, and buying or selling one can take weeks of coordination, back-and-forth messages, and fragmented logistics. The absence of a central platform isn’t just inefficient, it’s a missed opportunity to recapture budget and reinvest in communities.

Garage is filling that gap. The platform handles the full lifecycle of the sale: AI-based appraisals, integrated payments, freight quotes, and national reach for the equipment listed. They’re already being used by hundreds of fire departments across all 50 states, impacting the well-being of millions of Americans. Compared to previous approaches, they also don’t take inventory risk on the equipment being traded.

THE PERFECT COMBINATION: FRONTLINE EXPERIENCE AND TECHNICAL EXPERTISE

Martin and Alaz aren’t new to building together. They met at Columbia, where they developed apps together. After graduation, Alaz went on to engineering roles at Twitter, and Mem, while Martin worked in private equity at Goldman Sachs, bringing operational rigor to complement his front-line fire service experience.

Martin’s authenticity, paired with Alaz’s product instincts and technical execution, is a combination we’re genuinely excited to back for the next ten years. This is a deep, mission-oriented company. It’s not uncommon for Martin to share stories with us during office hours of how he’s used his firefighting training to help a stranger drowning.

WHY OVERLOOKED INDUSTRIES MAKE THE BEST INVESTMENTS

At Initialized, we believe some of the best opportunities lie in underserved, overlooked industries, where the tools haven’t caught up to the needs of the people using them. Garage is a perfect example of that thesis in action.

As the market shifts toward more capital efficiency and durable business models, Garage stands out: high-value transactions, strong early traction, and a clear roadmap to scale. We’re proud to have led Garage’s seed round and to be part of this $13.5M Series A alongside Infinity Ventures, Y Combinator, Benchstrength, Wayfinder Ventures, and FJ Labs, and we’re excited to support Garage as they continue building the infrastructure America’s communities rely on.

Garage is hiring! Visit shopgarage.com/careers if you’re interested in joining this stellar team.

Visit www.shopgarage.com to learn more about Garage.

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Astorg partners with ATTIKON, a Leading German Commercial Insurance Brokerage Platform

Astorg

Luxembourg/Frankfurt/London – Astorg, a leading pan-European private equity firm, is pleased to announce its investment in ATTIKON Finanz AG (“ATTIKON” or “the company”), a leading German commercial insurance brokerage platform. The founders, the management team and other significant shareholders, including Sigla, will remain invested in the company. Through this partnership, Astorg will support ATTIKON’s growth and expansion, collaborating closely with the founders and the management team.

Press Release

 

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Founded in 2019 through the combination of two regional brokers, ATTIKON has rapidly grown into one of Germany’s foremost multi-specialist commercial insurance brokers for small and medium-sized enterprises (“SMEs”). The company offers a comprehensive portfolio across property, liability, and specialty lines such as cyber and directors and officers (“D&O”) liability insurance. ATTIKON has built a particularly strong presence in the residential real estate segment, where it ranks among the top three brokers nationwide.

Headquartered in Düsseldorf, ATTIKON serves more than 30,000 clients through five metropolitan hubs in Germany with a team of around 230 professionals.

ATTIKON’s focused platform, strong foothold in attractive niche segments, proven M&A execution, and resilient business model positions it to continue delivering strong growth. Astorg’s investment will support ATTIKON in accelerating its acquisition strategy, enhancing digitization across the platform, and expanding into complementary services such as managing general agent (MGA) capabilities.

The investment will be part of Astorg’s Mid-Cap portfolio, representing the seventh investment of the fund to date, the second in Germany, the fifth primary, and the first in the Business Services sector.

Astorg is partnering on this transaction with Sigla, whose founders and managing partners are longstanding significant shareholders in ATTIKON. Having invested in the company nearly from its inception, Sigla brings deep expertise in the insurance brokerage sector.

Florian Luther, Partner and Head of DACH Mid-Cap, and Kevin Bernges, Managing Director at Astorg, said:

“ATTIKON has built a remarkable platform in just a few years, combining deep sector expertise with a proven ability to integrate and grow acquired businesses. Operating in Europe’s largest and most resilient commercial insurance market, the company is well placed to capture sustained growth opportunities. We look forward to partnering with the excellent management team to accelerate ATTIKON’s strategy, enhance its digital capabilities, and further expand its leadership position in the German commercial insurance market.”

Lionel de Posson, Partner and Co-Head of Astorg’s Mid-Cap fund, added:

“Supporting ambitious companies through buy-and-build strategies has long been a core part of Astorg’s DNA, as demonstrated by our strong track record with investments such as Normec, IQ-EQ, and, more recently, IPCOM and Steliau. We are excited to bring this expertise to support ATTIKON’s growth and consolidation strategy.”

Thomas Michels, CEO of ATTIKON Finanz AG, said:

“Partnering with Astorg gives us not only the resources to accelerate our growth, but also a like-minded partner who shares and actively supports our strategic vision. Together, we aim to strengthen our position, enhance the value we deliver to our clients and employees, and advance towards our goal of becoming one of Germany’s leading brokerage groups.”

Astorg was advised by Rothschild & Co (M&A), Willkie Farr & Gallagher and Kirkland & Ellis (legal), EY (financial, tax, cybersecurity, and tech & ops), Oliver Wyman (commercial), Howden (insurance) and ERM (ESG).

*ENDS*

Astorg

Astorg is a leading pan-European private equity firm with over €23 billion of assets under management. Astorg works with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the US, providing them with the strategic guidance, governance and capital they need to achieve their growth goals. Enjoying a distinct entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body, Astorg has valuable industry expertise in healthcare, software and technology, business services and technology-based industrial companies.

Headquartered in Luxembourg, Astorg has offices in London, Paris, New York, Frankfurt, and Milan.

For more information about Astorg: www.astorg.com | Follow Astorg on LinkedIn.

ATTIKON

ATTIKON Finanz AG focuses on the acquisition and further development of specialized brokerage companies. ATTIKON is already among the top 20 brokers in the corporate and commercial sectors and continues to grow. New brokerage firms are systematically integrated into the group, with strategic consideration given to all aspects—from IT to human resources, finance, and even the company name.

Further information can be found at: www.attikon.de

Sigla

Sigla is a newly established, sector-focused private equity firm. We invest across Europe in countries we
know well and where we understand local markets and can bring our networks to bear. Sigla targets a limited range of specific investment themes within the Healthcare and Business Services sectors, where Sigla has deep expertise. Sigla invests in high quality businesses with best-in-class managers and with a combination of strong levels of resilience as well as distinct value creation levers, especially when they involve opportunities to digitalise and to consolidate. Sigla was founded by its three Managing Partners and Nordstjernan AB, a Swedish foundation-owned and family-controlled investment house with +130 years of legacy in direct investing and in entrepreneurship.

For more information about Sigla: www.sigla-capital.com | Follow Sigla on LinkedIn.

 

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Back to Press Releases KKR Leads Financing for Flexera Recapitalization

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR-managed credit funds and accounts served as lead investor on the debt financing for the recapitalization of Flexera Software (“Flexera” or the “Company”), a global leader in technology spend and risk intelligence. KKR Capital Markets also served as Lead Arranger and Bookrunner on the transaction.

Founded in 1987 and based in Illinois, Flexera helps organizations understand and manage the value of their technology investments. Powered by the world’s largest high-fidelity technology asset data catalog, Flexera’s award-winning IT asset management, FinOps and SaaS management solutions provide comprehensive visibility and actionable insights on the entire IT landscape. With the Flexera One platform, organizations can optimize spend, minimize risk and accelerate AI implementation. Flexera is a portfolio company of Thoma Bravo, a leading software investment firm.

“We were drawn to Flexera’s strong momentum and scaled global platform that offers critical, simplified IT solutions in a highly fragmented and complex industry,” said Bobby Campbell, Managing Director at KKR. “We are pleased to support the team in this recapitalization to position the business for its next chapter of growth.”

KKR was advised on the transaction by Latham & Watkins LLP. Flexera was advised by Kirkland & Ellis LLP.

About KKR

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

About Flexera

Flexera helps organizations understand and maximize the value of their technology, saving billions of dollars in wasted spend. Powered by the Flexera Technology Intelligence Platform, our award-winning IT asset management, FinOps and SaaS management solutions provide comprehensive visibility and actionable insights on an organization’s entire IT ecosystem. This intelligence enables IT, finance, procurement and cloud teams to address skyrocketing costs, optimize spend, mitigate risk and identify opportunities to create positive business outcomes. More than 50,000 global organizations rely on Flexera and its Technopedia reference library, the largest repository of technology asset data. Learn more at flexera.com.

Lauren McCranie
Media@kkr.com

Source: KKR

 

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Adamantem Capital to acquire majority stake in Nexon Asia Pasific

Adamantem

Australian private capital manager Adamantem Capital (Adamantem) is pleased to announce it has reached an agreement to acquire a majority stake in leading IT services provider Nexon Asia Pacific (Nexon). Founded in 2000, Nexon delivers comprehensive end-to-end IT solutions to business, government and not for profit clients, with deep expertise in security, cloud, and digital solutions. Nexon services over 1,000 active clients across all core managed IT offerings including cloud services, network and communications management, cybersecurity and digital solutions. Adamantem Managing Director Katie Wood said the firm looks forward to partnering with Nexon’s co-founder and Chief Executive Officer, Barry Assaf, and his management team to support the business in its next phase of growth. “We’ve been impressed by Nexon’s journey so far and believe the business is well positioned for future growth,” she said. “Having invested successfully in the IT services sector in the past, we see a great opportunity for the business to continue to grow organically in the Australia and New Zealand markets, as well as to support the management team in its acquisition strategy.” The transaction is subject to customary conditions and approvals and will mark the eighth investment from Adamantem’s Fund II, alongside Retail Zoo, QANTM, and Advara Heartcare. -Ends- Media contact: Jess Bell 0415399272 Jess.bell@sodali.com

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boost.ai named a leader in 2025 Gartner® Magic Quadrant™ for conversational AI platforms

Nordic Capital

Boost.ai, a leading developer of AI Agents for regulated enterprises, today announced it has been recognized as a Leader by Gartner in the 2025 Magic Quadrant for Conversational AI Platforms. Boost.ai has been recognized in this Magic Quadrant by Gartner for its “Ability to Execute” and “Completeness of Vision”.

The report states that “Gartner defines conversational AI platforms (CAIPs) as SaaS products that primarily enable the development of applications simulating human conversation across multiple channels and media”. As AI adoption accelerates, the market is seeing a clear shift in customer expectations toward higher-quality self-service and interactions. While enterprises increasingly turn to generative AI to meet these expectations, platforms, like boost.ai, that combine generative capabilities with proven conversational AI, offer the scalable, reliable solutions needed to deploy with confidence.

“We’ve always believed that trust is the foundation of enterprise AI. Being recognized as a Leader by Gartner reinforces our position as a global provider of AI-driven conversations that our customers can trust,” said Jerry Haywood, CEO of boost.ai. “It affirms our commitment to delivering AI that is not only powerful and scalable but also responsible and secure. It’s this unwavering focus that continues to earn the confidence of some of the world’s most respected brands.”

Over the past year, boost.ai announced multiple customer wins and partnerships in the US and UK, including Jack Henry, SwitchThink and Sage. The company also introduced Test Studio, a first of its kind built-in studio to test and validate AI Agent performance before they are deployed by enterprises. With more than 600 live AI Agents across 450+ organizations worldwide, boost.ai is the go-to provider of trustworthy AI Agents for leading banking, insurance, and government institutions. The platform delivers industry-leading resolution rates above 90% and is certified to both ISO 27001 and ISO 27701 standards, reinforcing enterprise-grade data protection and privacy management across every customer interaction.

Boost.ai continues its upward global trajectory within the Enterprise Conversational AI market, while driving innovation and helping enterprises push the boundaries of AI responsibly. To learn more about how boost.ai is empowering customers like DNB and Jack Henry using conversational AI, please visit boost.ai.

Gartner disclaimer:
GARTNER is a registered trademark and service mark of Gartner Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with the permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Gartner, “Magic Quadrant for Conversational AI Platforms”, by Gabriele Rigon, Justin Tung, Bern Elliot, Arup Roy, Adrian Lee, Uma Challa, 12 August 2025.

About Boost.ai
Boost.ai is the trusted leader in AI-powered customer experience solutions for regulated industries. Built for security, speed, and scale, the platform enables fast deployment, high-resolution rates, and full hybrid control through seamless orchestration of traditional NLU and LLMs. With over 650 successful deployments, 600 live virtual agents, and more than 150 million automated conversations, boost.ai helps enterprises around the world resolve with confidence, automate at scale, and trust every conversation.

Proven performance and enterprise-grade reliability make boost.ai the partner of choice for leading brands across the world, including Nordea, Credit Union of Colorado, Sage, DNB, Trading 212, and more.

Download a complimentary copy of the report here.

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