Category Archives: News

Netskope S-1 Breakdown

Meritech

Netskope ($NTSK) filed for an IPO, making them only the 2nd pure-play software company in 2025 behind Figma’s blockbuster IPO. In a world where companies like Databricks can raise billions at $100B+ valuations, Netskope is opting for the public markets.

While they are not the fastest-growing (or most efficient) company at $700M+ in ARR, growing ~30% and still burning money, it’s a good time to be going out as the only other venture-backed software IPO except Figma in 2025. If they trade well and get a strong “IPO pop”, the company could exceed their 2021 post-money valuation of ~$7.5B.

The company does stretch the boundaries on some of their efficiency metrics. For example: 1) gross revenue retention does not include contraction, 2) they introduce a new set of metrics called “incremental gross margin” and “incremental operating margin” which is an attempt to show operating leverage, and 3) it appears much of their increase in free cash flow margin comes from billing changes.

Even so, being the first venture-backed software/infrastructure company behind Figma is a good place to be, and they should generate significant demand. The “IPO pop” will determine if they get past their 2021 series H post-money valuation of $7.5B.

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Carlyle to Acquire intelliflo from Invesco

Carlyle

Atlanta & London, August 26, 2025 – Global investment firm Carlyle (NASDAQ: CG) and Invesco (NYSE: IVZ), a leading global asset management firm, announced today an agreement for Carlyle to acquire intelliflo from Invesco. intelliflo is a market leading provider of cloud-based practice management software for independent financial advisors (IFAs) in the UK. The transaction includes intelliflo’s US-based subsidiaries, including RedBlack, a provider of SaaS-based portfolio rebalancing tools, and intelliflo Portfolio, a Portfolio Management software solution for US Registered Investment Advisors (RIAs).

The purchase price of up to $200 million is comprised of $135 million at closing, which is expected in the fourth quarter of this year subject to certain closing conditions, and up to an additional $65 million in potential future earn outs.

Founded in 2004 and headquartered in London, intelliflo offers an end-to-end software platform used by over 30,000 professionals at approximately 2,600 advisory firms, supporting the management of approximately £450 billion in client assets. intelliflo’s platform delivers CRM, financial planning, client onboarding, compliance workflows, and reporting functionality. Its cloud-native, multi-tenanted SaaS architecture integrates with over 120 third-party applications. The transaction aims to strengthen intelliflo’s market-leading position in the UK and accelerate its growth in Australia.

As part of the transaction, intelliflo’s US-based subsidiaries will be established as a standalone business called RedBlack, run by a separate management team. This separation will allow both businesses to better serve and focus on their existing customers and markets. intelliflo will focus purely on delivering market leading software and innovation for the UK and Australian markets, and RedBlack will focus solely on delivering for RIAs and other financial advisors in the United States. Carlyle will support the carve-out of both businesses from Invesco and partner with both leadership teams to execute their respective growth initiatives.

Equity for the investment will be provided by Carlyle Europe Technology Partners (“CETP”) V, a €3 billion fund which invests in technology companies across Europe. The CETP team has significant experience in financial software, wealthtech, and vertically focused SaaS, with current and recent investments including SER Group, CSS, SurePay, and Calastone.

Fernando Chueca, Managing Director in the CETP investment advisory team, said: “intelliflo is a mission-critical software provider to the UK’s wealth management ecosystem, with a deeply embedded and loyal customer base. We are excited to partner with Nick, Bryan, and the team to unlock the company’s full potential and deliver a new stage of growth.”

Nick Eatock, CEO and Founder of intelliflo, said: “This is an exciting moment for intelliflo. Carlyle’s investment reflects its trust in our business and its deep experience in scaling software companies make it an ideal partner for our next phase of growth. With Carlyle’s support, we will continue to focus on delivering great value to our clients, with a renewed focus on building innovative solutions for the evolving needs of our core UK and Australian customer bases.”

Bryan Perryman, the CEO of the newly formed RedBlack, said: “Our team is highly motivated by the opportunity to bring our full focus onto the US market as an agile, standalone company. RedBlack has a rich history of delivering market-leading software solutions for our US RIA customer base. We are excited to be backed in this endeavour by a sponsor with the reputation and credentials of Carlyle, which will continue to best position RedBlack to support advisors’ needs.”

Doug Sharp, Senior Managing Director, Head of Americas and EMEA, at Invesco, said: “As intelliflo and the newly incorporated RedBlack embark on their next phases of growth with Carlyle, we are confident that both companies are well-positioned for continued success and innovation in the wealth technology space. We look forward to our continued relationship with intelliflo and RedBlack through our common interaction with wealth advisor clients.”

Evercore served as financial advisor to Invesco and HSF Kramer acted as legal adviser. Altman Solon, PWC, Oliver Wyman and Ringstone conducted due diligence on the acquisition. Gibson Dunn acted as legal counsel to Carlyle.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $465 billion of assets under management as of June 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About intelliflo

intelliflo provides market-leading practice management solutions to financial advice firms, supporting over 30,000 users across the UK and internationally. Its core SaaS platform, intelliflo Office, is a central system for CRM, planning, compliance, and client communication. intelliflo is shaping the digital future of financial advice.

About RedBlack

RedBlack is a leading provider of wealth technology and managed services, empowering financial advisors to scale with confidence and deliver superior outcomes for clients. With its award-winning investment management solutions, RedBlack enables financial advice firms of all sizes to enhance their value, streamline operations, and drive growth. Trusted by the wealth management industry for over 15 years, RedBlack supports more than $825 billion in assets across its platforms. Discover how RedBlack is redefining investment management at www.RedBlackSoftware.com.

About Invesco

Invesco Ltd. (NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed US$2 trillion in assets on behalf of clients worldwide as of June 30, 2025. For more information, visit www.invesco.com/corporate. 

Media Contacts

Carlyle

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

Invesco

Jane Drew

Jane.drew@invesco.com

+44 2033 701 104

intelliflo

Rebecca Mayo

intelliflo@lansons.com

+44 7974 177 160

RedBlack

Amber Bush

amber@williammills.com

+1 706 248 6272

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Holland Capital announces acquisition of HealthConnected by software company Visma

Holland Capital

Amsterdam, 27th of August 2025 – Investment firm Holland Capital, active in Healthcare and Technology in the Benelux and Germany, today announces the acquisition of its portfolio company HealthConnected to software company Visma.

With this acquisition, Visma further expands its healthcare portfolio. HealthConnected is a leading provider of primary care platforms, offering solutions for GP practices (HIS), out-of-hours GP services (HAPIS) and integrated and network care (NIS). Over the years, HealthConnected has proven its strength in developing valuable digital solutions for the healthcare sector. The company now joins Visma, alongside well-known healthcare providers such as Ecare, Therapieland, SureSync, Esculine and ZorgDomein. .

HealthConnected & Holland Capital

With support from Holland Capital, HealthConnected has developed into a leading platform for primary care, placing the healthcare professional at the heart of its mission. The platform’s user-friendly design helps care providers work more efficiently and spend more time with patients. Since 2020, Holland Capital has actively supported the company’s operational and strategic growth.

“I have seen HealthConnected’s journey up close and I am impressed by the team’s innovation and determination,” says Jan Frens van Giessel, Partner at Holland Capital. “With Visma as its new owner, HealthConnected has found the right partner to accelerate its growth, expand its platform and make an even bigger impact in healthcare.”

Paul Witteman, Founder and CEO of HealthConnected, looks back on a period of intensive collaboration with Holland Capital. “Collaboration is easy when everything goes according to plan, but it was precisely in the moments when this was not the case that Holland Capital truly proved its added value. That has been the foundation of a successful partnership.”

Primary care as a key link in digitalization

Visma specializes in cloud solutions that simplify and automate complex work processes, improving user experience and saving time. In healthcare, Visma’s ecosystem accelerates digitalization by improving integration and collaboration across systems.

“In our search for an innovative HIS provider, we identified HealthConnected as the perfect fit,” says Sander van de Merwe, Business Area Director Healthcare & Education at Visma. “Together, we can further scale the platform and bring strong parties under one umbrella. For example, HealthConnected and ZorgDomein can now collaborate even more effectively to address the challenges in healthcare. Boards, our joint solution for integrated and network care, already demonstrates the power of this partnership.”

Independent, with shared ambitions

HealthConnected will continue to operate independently with its own products, teams and partnerships, while benefiting from the synergies within the Visma group.

“This step allows us to innovate faster and support GPs with a platform that grows with their needs,” says Paul Witteman. “By joining Visma, we gain access to expertise in software development, security and privacy, as well as the strength of other Visma companies. At the same time, we will remain an independent organization, fully committed to openness and collaboration with other systems.”

Building a stronger healthcare ecosystem

Healthcare digitalization requires deep expertise, due to the diversity of applications, integrations and complex processes. For professionals, collaboration across the care chain is essential to support patients effectively. “Healthcare doesn’t need one all-encompassing system, but a strong ecosystem with collaboration, long-term vision and room for innovation,” says Paul Simoons, CEO of ZorgDomein, who will join the board of HealthConnected on behalf of Visma. “This acquisition allows HealthConnected and ZorgDomein to strengthen their partnership and build a seamless chain of systems. This benefits patients, healthcare providers, and creates new opportunities for our partners.”

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Wugen Secures $115 Million to Advance Pivotal Study of First-in-Class Allogeneic CAR-T Therapy, WU-CART-007

Abingworth

— Financing led by Fidelity Management & Research Company with participation from RiverVest Venture Partners, Lightchain Capital, LYZZ Capital, Abingworth, Intermediate Capital Group (ICG), Tybourne Capital Management, Aisling Capital Management, and other top-tier life sciences investors —

— Proceeds will fund the ongoing pivotal T-RRex trial in relapsed/refractory T-ALL/T-LBL — 

— WU-CART-007 achieved 91% overall response rate in global Phase 1/2 trial, substantially outperforming current standard of care — 

— BLA filing targeted for 2027; therapy holds potential to be first approved “off-the-shelf” CAR-T for T‑cell malignancies —

 

ST. LOUIS, MO, August 27, 2025 – Wugen, Inc., a clinical-stage biotechnology company pioneering the next generation of allogeneic, off-the-shelf CAR-T cell therapies, today announced the closing of $115 million equity financing led by Fidelity Management & Research Company, with participation from RiverVest Venture Partners, Lightchain Capital, Abingworth, ICG, LYZZ Capital, Tybourne Capital Management, Aisling Capital Management, and other leading life sciences investors. The proceeds will advance the ongoing pivotal T-RRex study of WU-CART-007 in relapsed/refractory T-cell acute lymphoblastic leukemia (T-ALL) and T-cell lymphoblastic lymphoma (T‑LBL).

WU-CART-007, also known as soficabtagene geleucel, is a CD7-targeted, CRISPR-edited allogeneic CAR-T cell therapy with potential to be the first approved “off-the-shelf” CAR-T for T-cell malignancies. In a completed global Phase 1/2 study, WU-CART-007 achieved an overall response rate (ORR) of 91% and a composite complete remission (CRc) rate of 73% at the recommended Phase 2 dose. The median duration of response exceeded six months with manageable safety. These data, presented at the 2024 American Society of Hematology (ASH) Annual Meeting & Exposition, substantially surpass the outcomes achieved with current standard-of-care therapies.

“This financing comes at a decisive time for Wugen as we advance WU-CART-007 through our ongoing pivotal study with a clear path to a BLA filing in 2027,” said Kumar Srinivasan, Ph.D., MBA, president, and chief executive officer of Wugen. “Relapsed and refractory T-ALL/T-LBL are aggressive malignancies resistant to current treatment options. We are committed to delivering an accessible, off-the-shelf therapy that can significantly improve the trajectory of patients’ care. We are grateful for the support of a world-class syndicate of investors who share our vision of transforming the treatment landscape for T‑cell malignancies.”

“WU-CART-007’s robust response in a heavily pretreated patient population—coupled with manageable safety and scalable manufacturing—positions it as a potential first-in-class therapy,” said Cherry Thomas, M.D., chief medical officer of Wugen. “Our pivotal T-RRex trial is designed to evaluate WU‑CART-007 in a single study for both pediatric and adult patients, with the goal of offering a potentially curative option where current salvage therapies fail.”

“RiverVest has been impressed by the Wugen team’s efforts advancing WU-CART-007 into this pivotal study, and we are pleased that several of the world’s leading cancer centers are participating,” said Niall O’Donnell, Ph.D., Managing Director at RiverVest. “We are optimistic about Wugen’s potential to transform care for patients who currently face poor outcomes and limited treatment options, and we look forward to supporting WU-CART-007’s continued progress.”

 

Use of Proceeds and Next Steps
Proceeds from this financing will fund the advancement of the pivotal T-RRex trial in patients with relapsed/refractory or minimal residual disease-positive T-ALL/T-LBL, regulatory engagement with the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA), and preparations for commercial-scale manufacturing. The company anticipates a Biologics License Application (BLA) submission in 2027.

About WU-CART-007

WU-CART-007 is an allogeneic, off-the-shelf, CD7-targeted CAR-T cell therapy engineered to overcome the technological challenges of harnessing CAR-T cells to treat T-cell cancers. Wugen is deploying CRISPR/Cas9 gene editing technology to delete CD7 and the T cell receptor alpha constant (TRAC) genes, thereby preventing CAR-T cell fratricide and mitigating the risk of graft-versus-host disease (GvHD). WU‑CART-007 is manufactured using healthy donor-derived T cells to eliminate the risk of malignant cell contamination historically observed in the autologous CAR-T setting. WU-CART-007 is currently being evaluated in a global pivotal clinical trial for relapsed or refractory T-ALL/T-LBL. More information on the Phase 1/2 trial is available on clinicaltrials.gov, identifier NCT04984356 and on the pivotal trial on clinicaltrials.gov, identifier NCT06514794.

WU-CART-007 has received Regenerative Medicine Advanced Therapy (RMAT), Fast Track, Orphan Drug, and Rare Pediatric Disease designations from the U.S. Food and Drug Administration and Priority Medicines (PRIME) Scheme designation in the European Union for the treatment of relapsed or refractory T-ALL/T-LBL. RMAT and PRIME designations provide increased agency support to expedite the development and review of promising therapies for patients in need.

About Wugen
Wugen, Inc., headquartered in St. Louis, Missouri, is a clinical-stage biotechnology company focused on developing next-generation, allogeneic CAR-T cell therapies for cancer. Wugen’s proprietary gene-editing platform is designed to overcome key limitations of first-generation cell therapies, enabling scalable, off-the-shelf treatments with biologics-like cost of goods margins. The lead program, WU‑CART-007, targets CD7 and has demonstrated best-in-class efficacy in T-ALL/T-LBL, with the potential to be the first approved allogeneic CAR-T therapy for T-cell malignancies.

# # #

Investor Contact:

Mark Lewis, Ph.D.

Wugen

Mlewis@wugen.com

314-501-1968

Media Contact:

Cory Tromblee

Scient PR

cory@scientpr.com

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Bencis acquires majority stake in Cadac Group

Bencis

Bencis acquires majority stake in Cadac Group

Investment firm Bencis has acquired a majority stake in automation company Cadac Group from Heerlen. Bencis is taking over approximately 70 percent of the shares from founder Jan Baggen and from development company LIOF, which has been a co-shareholder since 1998.

Bencis is an independent Dutch investment company that invests in medium-sized, successful businesses in the Netherlands, Germany, and Belgium. Bencis supports entrepreneurs in realizing their growth ambitions, with a focus on engaged entrepreneurship and sustainable value creation. Bencis currently has 32 companies in its portfolio, together generating a turnover of €2.5 billion and employing more than 13,000 people.

“For Cadac, Bencis is the best option,” says founder Jan Baggen, who established the company in 1986 and grew it into a leading automation firm with a turnover of more than €66 million last year and nearly 200 employees. “By choosing a private equity partner, changes will be minimal; only the ownership structure of Cadac Group Holding will change.”

Confidence
Jacob Versteeg of Bencis expressed great satisfaction with the transaction:“We look forward to supporting Cadac with its growth ambitions. Cadac is a market leader in automation around design, engineering, and construction software, and is known for the high quality of its services. The company is active in various markets that are particularly interesting due to the increasing demand for automation and integration among chain partners. We therefore have a lot of confidence in Cadac, but above all in the collaboration with Jan Baggen, Paul Smeets (CTO), and the rest of the Cadac team. We have known Jan and his team for a long time and are excited to now intensify our cooperation.”

Two Options
The two parties have been in serious discussions behind the scenes for quite some time. “Since 2024,” explains Baggen. “Despite my love for Cadac and my desire to remain involved with the company forever, I had to be rational and think about Cadac’s future without me. Broadly speaking, I had two options: keep the shares and hope that one of our children would take over the company, or look for a new investor. The first option would have been the most beautiful, but it placed an enormous burden on our family. That’s why we started looking for a new investor. Bencis is the right candidate, I am convinced of that.”

Autodesk
Cadac is one of Autodesk’s largest partners, particularly in the Benelux, Germany, and Southern Europe. Autodesk is an American software company globally recognized for its advanced design, engineering, and construction software, such as AutoCAD and Revit. Digitalization is in full swing in the manufacturing industry, construction sector, and government. Cadac Group’s experts help clients embrace this digital transformation with both Cadac and Autodesk software and related services.
Baggen: “We could have chosen to partner with another major Autodesk partner, but with this transaction we safeguard Cadac’s independence, continuity, and identity. For us, it is important that the current vision and strategy are continued. During our discussions with Bencis, trust has grown. This was not just a financial transaction—it is also about our people and the resources to continue investing and growing.”

LIOF
Development company LIOF, which has been an involved investor, shareholder, and partner of Cadac for more than 25 years, fully supports the sale of its shares.
“We wholeheartedly support this acquisition,” says Siska van Houdt, Manager Investing. “Our collaboration dates back to the period when LIOF was actively investing in the then-emerging ICT sector. Cadac has since grown into a leading Limburg-based company within the ICT industry. The acquisition by Bencis strengthens the foundation for the future. Cadac retains both its international position and its regional ties with Limburg.”

Shares
The share transaction was officially signed on Wednesday, August 27, 2025, by all parties involved.
Jan Baggen will remain CEO of Cadac Group and will retain a quarter of the shares through his holding company TwinPort. Slightly less than 5 percent of the shares will remain with management and several key employees, including CTO Paul Smeets and CFO Astrid van de Sande.

Contact InformationPlease contact Jan Baggen via +31 (0)88-932 2333.
Visit www.cadac.com for more information about Cadac and www.bencis.com for more information about Bencis.

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Attio raises $52M to scale the first AI-native CRM for go-to-market builders

Balderton

Over the past two years, Attio has grown to 5,000 paying customers, including AI leaders like Lovable, Granola, Modal, and Replicate

Attio, the AI-native CRM for the next era of companies, today announced it has raised $52 million in Series B funding. The round was led by GV (Google Ventures), with participation from existing investors Redpoint Ventures, Point Nine, 01A and Balderton – who first invested in Attio’s seed round in 2021. Attio has raised $116 million to date.

This investment will accelerate Attio’s mission to build the first AI-native CRM that understands every customer and gives teams the power to build their go-to-market systems exactly as they need, at scale.

 

CRM is one of the most important categories in B2B, but it’s been stuck in the past. AI-native CRM needs a completely different foundation — one that allows you to truly understand every customer, take action fast, and gives you the freedom to build the exact go-to-market systems you need at scale. That’s what we’re building with Attio, and this funding will allow us to accelerate our vision.

Nicholas SharpCEO and co-founder, Attio

Since its launch two years ago, Attio has become the CRM of choice for the next generation of companies. 5,000 customers are now building their go-to-market on the platform, including leading AI companies like Lovable, Granola, Modal, and Replicate. The company is on track to 4x ARR this year.

 

This round follows incredible momentum in customers, revenue, and team growth. But what excites us most remains the same as the very first day I met Nick four years ago, and the reason we have continued to back Attio from Seed through to Series A to now: game-changing product philosophy, world-class technological leadership and delivery, and resulting customer delight.

Daniel WaterhousePartner, Balderton

Shaping the next era of CRM

CRM has been the backbone of B2B software for decades, but its foundations haven’t kept up with how business actually works today. As a result, many core go-to-market capabilities were built outside the system, spawning a fragmented ecosystem of thousands of point tools that companies have had to stitch together at great cost. The result for go-to-market builders has been inflexible systems, expensive integrations, and slow innovation.

That era is ending. Two powerful forces are colliding to reshape the market:

  1. AI is exposing the limits of legacy architecture. Today’s CRMs were built for a world of static workflows, manual data entry, and human-only operators. Bolting AI onto those foundations can automate tasks, but it can’t remove the structural constraints.
  2. AI is empowering a new generation of go-to-market builders and leaders. They’re building alongside AI, creating in days what once took months, and are no longer constrained by vendor roadmaps or 12-month rollouts.

 

Today’s go-to-market builders expect platforms that they can shape to fit their vision, not rigid systems they’re forced to work around. To truly capture the opportunities AI creates in CRM, it has to be deeply integrated into the architecture of the platform, not just bolted on as an afterthought. Retrofitted solutions will always be less effective because the foundations of legacy CRMs weren’t designed for the scale, autonomy, and extensibility that AI demands.

Alexander ChristieCTO and co-founder, Attio

That’s why Attio was built differently from day one: to remove those constraints entirely and give teams an AI-native CRM platform for go-to-market (GTM) that has complete customer context, is endlessly adaptable, and can be shaped by its users.

The primitives of AI-native CRM

To make this possible, Attio is built from the ground up on a new foundation, with AI-native primitives that give teams the freedom to build go-to-market systems that fit exactly how they work. These core building blocks define all next-generation software and are essential for any AI-native CRM:

  • Native data ingestion – clean, real-time GTM data from every source, unified in one place — no duplicates or stale records
  • Intelligent workflow engine – powerful automation that scales across systems and teams, end-to-end
  • Programmable surfaces – APIs, SDKs, and natural language interfaces for building applications, features, integrations, and workflows directly inside the CRM
  • Agent collaboration – designed for humans and AI to operate together across every GTM process
  • Granular permissions – fine-grained access control across users, data, and AI agents
  • Predictive intelligence – context that continuously learns and surfaces the right insights and actions at the right moment

Customers are using native data ingestion to unify accurate, real-time data from across their go-to-market stack, intelligent workflows to automate complex processes in record time, and programmable surfaces like Attio’s App SDK (now in beta) to build and launch apps and new features directly within the platform. Additional primitives, including agent collaboration and advanced permissions, are in active development and will expand capabilities even further as they are released.

What’s next

With its Series B, Attio will scale engineering, fast-track product development, and deliver on its vision to build the CRM that powers the next generation of go-to-market — one that understands every customer, adapts to any team, and gives them the power to shape it to their business.

On the engineering side, Attio will invest heavily in R&D to ship product faster than ever before, with a focus on advanced agent collaboration, granular permissions, and predictive intelligence.

On the go-to-market front, the company will double down on reaching the new generation of GTM builders — giving them the freedom to build and deploy the exact tools they need, without waiting for vendor roadmaps or long implementation cycles.

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TPG to Acquire Irth Solutions from Blackstone

Blackstone

Investment to Accelerate Irth’s Growth and Customer Value
 
San Francisco, California & Columbus, Ohio – August 26, 2025 – Irth Solutions (“Irth”), a leading provider of enterprise software for critical energy and infrastructure companies, today announced that it has entered into a definitive agreement to be acquired by TPG, a leading global alternative asset management firm. TPG will acquire Irth through TPG Growth, the firm’s middle market and growth equity platform, from Blackstone Energy Transition Partners (“Blackstone”).

Founded in 1985, Irth provides cloud-based software solutions that integrate geospatial data with business intelligence and AI to offer 360-degree situational awareness for infrastructure operators, enabling proactive risk identification, mitigation, and management. Irth’s mission-critical solutions protect the assets of some of the nation’s largest energy, utility, and telecommunications providers, ensuring the safe and reliable delivery of essential services. Its platform serves more than 20,000 daily users, processing more than 130 million work orders and 500 million AI insights annually to detect emerging weaknesses and enable prompt resolutions and proactive interventions that keep critical network infrastructure operational.

“With TPG’s support and extensive software, AI, and infrastructure expertise, we are confident they are the right partner to support our next chapter,” said Brad Gammons, CEO of Irth. “This partnership strengthens our ability to deliver even greater value to the energy, utility, and telecommunications providers we serve. We look forward to building on the success we achieved with Blackstone and working with TPG to accelerate innovation to help our customers strengthen resilience, improve reliability, and navigate the rapidly evolving risks they face each day.”

“Energy and utilities companies face constant pressure to deliver services safely, sustainably, and without interruption for millions each day,” said Aaron Matto, Business Unit Partner at TPG. “Irth’s cloud-based, AI-enabled solutions have proved essential to energy and utility providers in navigating mounting risks by offering data and actionable insights to spot and resolve weaknesses before they escalate and to prevent damages before they occur. TPG has invested behind mission-critical, purpose-built software businesses for decades, and we are excited to partner with Brad and the team to support the continued growth of a company that keeps our infrastructure secure and the world connected.”

“We have been proud to partner with Brad and the entire Irth team since 2021, supporting its continued growth as it serves the ever increasing need for investment, resiliency, and digitalization of critical energy and infrastructure assets,” said Bilal Khan, a Senior Managing Director, and Alex Lue, a Managing Director, at Blackstone. “We look forward to Irth’s continued success with TPG under Brad’s leadership moving forward.
The transaction is subject to customary closing conditions and is expected to close in late 2025.”

Terms of the transaction were not disclosed.

Advisors
Evercore is serving as lead sellside advisor to Blackstone and Irth Solutions, and Lazard is serving as co-advisor. Kirkland & Ellis is serving as legal advisor to Blackstone and Irth Solutions. Cantor Fitzgerald and Lincoln International are serving as financial advisors to TPG, and Weil, Gotshal & Manges LLP is serving as legal counsel.
 
About Irth
Irth, headquartered in Columbus, Ohio, provides enterprise software solutions for critical network infrastructure. It blends geospatial data with business intelligence and AI to offer 360-degree situational awareness. For over 30 years, Irth has served critical infrastructure operators, helping them manage damages, mitigate risk, manage compliance, and optimize asset performance through data-driven insights.

About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.
 
About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

Contacts
 
Irth
Joshua Fuller
jfuller@irthsolutions.com

TPG
Julia Sottosanti
media@tpg.com

Blackstone
Jennifer Heath
jennifer.heath@blackstone.com

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Stonepeak Acquires Logistics Portfolio in Fort Worth, Texas

Stonepeak

NEW YORK, NY – August 26, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of two logistics assets totaling 748 thousand square feet in Fort Worth, Texas.

The assets are strategically located in the Alliance submarket of Dallas-Fort Worth (“DFW”), which is anchored by two Class I rail lines, the BNSF Alliance intermodal terminal, and the Fort Worth Alliance cargo airport, all of which have direct access to the I-35 “NAFTA highway” linking Mexico to Canada. The Alliance submarket’s transport infrastructure is supported by DFW’s population of over 8 million residents, which is expected to grow by 3x the national average through 2030.

“We are excited to add these assets to our growing portfolio and to expand our footprint in DFW,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains.”

Since April 2024, Stonepeak has acquired 7.7 million square feet of logistics assets anchored by transport infrastructure in key submarkets of Dallas-Fort Worth, Houston, Jacksonville, and Chicago.

Stonepeak’s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.

Simpson Thacher & Bartlett LLP served as legal counsel and Eastdil Secured served as financial advisor to Stonepeak.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $76.3 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include transport and logistics, digital infrastructure, energy and energy transition, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (212) 907-5100

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Espiria launches a new fund: Veteran manager brings a fresh take on Swedish Small Cap equities

East Capital

Espiria launches a new fund: Veteran manager brings a fresh take on Swedish Small Cap equities

Espiria, a part of East Capital Group, announces the launch of Espiria Sweden Small Cap – an actively managed equity strategy that brings a distinctive approach to investing in Swedish small-cap companies. Designed to break away from the crowd, the fund focuses on identifying structural change, market mispricing and untapped potential – rather than clustering around the usual suspects.

In contrast to many small cap fund peers that gradually drift toward larger, more liquid holdings, Espiria Sweden Small Cap is different by design. The fund will be a dynamic, stock-picking-driven strategy focused on less crowded names – companies that are often overlooked but rich in potential. It will be actively managed with a concentrated and agile approach, typically holding 30–45 companies, each selected for its ability to contribute to long-term returns in a fast-changing environment.

“The small-cap space in Sweden is full of opportunity, but it’s become too crowded around the same names,” said Staffan Östlin, Lead Portfolio Manager. “With this fund, we aim to go where others aren’t looking – to uncover companies undergoing transformation, restructuring or early-stage value creation. That’s where real long-term alpha is generated.”

With over 30 years of experience in Swedish equities, Staffan Östlin brings deep market insight and a disciplined, high-conviction mindset to the fund. He is part of Espiria’s seasoned investment team, led by Peter van Berlekom, Chief Investment Officer and one of the Nordic region’s most respected portfolio managers. Together with the wider Espiria team, they combine decades of experience, cross-sector expertise and Espiria’s global investment framework to create a strategy that is agile, focused and research-driven.

The launch of Espiria Sweden Small Cap comes at a time of strong and accelerating momentum for Espiria. This spring the firm’s Nordic Corporate Bond fund surpassed SEK 5 billion in AUM, driven by both performance and significant client inflows. Building on this success, the new small cap strategy is a natural next step in expanding Espiria’s actively managed offering.

“We’ve seen strong client interest ahead of this launch – especially from investors who want true small cap exposure without compromise,” said Nikodemus Dahlgren, Head of Sales at East Capital Group. “The success of our credit strategies has clearly demonstrated the demand for active, conviction-based investing. With Sweden Small Cap, we’re bringing that same philosophy to Swedish equities.”

Espiria Sweden Small Cap is now available for investment.

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Contact information
Jessica Scott, Chief Marketing and Communications Officer, East Capital Group
mediaenquiries@eastcapital.com

About Espiria and East Capital Group
Espiria is a part of East Capital Group, a global asset manager based in Sweden since 1997. We offer a range of investment solutions within equities, fixed income securities, real estate, and alternatives. The essence of our business is not only to find attractive investment opportunities, but also to actively work to drive change, influencing industries around the world to become more sustainable.

Within East Capital Group you will find East Capital – specialising in emerging and frontier market strategies, East Capital Real Estate – managing commercial real estate investments in Central and Eastern Europe, Espiria – offering bespoke global and Nordic equities and fixed income strategies, and Adrigo – a Nordic long/short fund strategy targeting absolute returns. East Capital Group owns 49% of Cicero Fonder and 49% of Hjerta AB, it also has a significant holding in the listed company Eastnine (OM:EAST), which owns, develops and manages modern and sustainable office and logistics premises in prime locations in the Baltics and Poland.

For further information please visit our website: www.eastcapital.group

Risk information
Past performance is no guarantee for future performance. Fund units may go up or down in value and may be affected by changes in exchange rates. Investors may not get back the amount invested.

This is marketing communication. This publication is not directed at you if we are prohibited by any law in any jurisdiction from making this information available to you and is not intended for any use that would be contrary to local laws or regulations. Every effort has been made to ensure the accuracy of the information in this document, but it may be based on unaudited or unverified figures or sources. The information in this document should not be considered investment advice and should not be used as the sole basis for an investment decision. Please read the Prospectus and the KID, which are available on the fund page at www.espiria.se

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Categories: News

Clearlake Completes Acquisition of Dun & Bradstreet

Clearlake

Clearlake Completes Acquisition of Dun & Bradstreet

Santa Monica, CA and Jacksonville, FL – August 26, 2025

Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”) announced today that it has completed its acquisition of Dun & Bradstreet Holdings, Inc. (“Dun & Bradstreet”), a global leader in business decisioning data and analytics. The transaction was previously announced on March 24, 2025, and approved by Dun & Bradstreet stockholders on June 12, 2025.

As a result of the completion of the transaction, Dun & Bradstreet stockholders will receive $9.15 in cash for each share of Dun & Bradstreet common stock that they own. Dun & Bradstreet is now a privately held company, and its stock has ceased trading and will be delisted from the New York Stock Exchange.

Advisors
Financial advisors to Clearlake included Morgan Stanley, Goldman Sachs, JP Morgan, Rothschild & Co., Barclays, Citi, Deutsche Bank, Santander, and Wells Fargo. Ares Capital Management, Morgan Stanley, Golub Capital, Blue Owl Credit, and Clearlake served as Joint Lead Arrangers on the financing for the transaction. Sidley Austin LLP served as legal counsel to Clearlake. Bank of America Securities served as financial advisor and Weil, Gotshal & Manges LLP served as legal counsel to Dun & Bradstreet.

About Dun & Bradstreet
Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For more information on Dun & Bradstreet, please visit www.dnb.com.

About Clearlake
Clearlake Capital Group is a global investment firm managing integrated platforms spanning private equity, liquid and private credit, and other related strategies. Founded in 2006, the firm has more than $90 billion of assets under management and has led or co-led over 400 investments globally. With deep knowledge and operational expertise across the technology, industrials, and consumer sectors, Clearlake seeks to partner with experienced management teams, providing patient, long-term capital and aiming to drive value through its active hands-on operating approach, O.P.S.® (Operations, People, Strategy). Headquartered in Santa Monica, Clearlake maintains a global footprint with offices in Dallas, London, Dublin, Luxembourg, Abu Dhabi, and Singapore. More information, please visit clearlake.com or follow us on LinkedIn.

For Dun & Bradstreet:

Media Contact:
Michele Caselnova
PR@dnb.com
904-648-6130

For Clearlake:

Media Contact:
Jennifer Hurson
jhurson@lambert.com
845-507-0571

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