Category Archives: News

Suvoda and Greenphire to Merge Creating a Technology Platform Optimizing Clinical Trial Processes and Streamlining the Patient Journey

BainCapital

CONSHOHOCKEN, PA and KING OF PRUSSIA, PA – January 13, 2025 – Suvoda, a global clinical trial technology company specializing in randomization and trial supply management, consent, and patient outcomes data collection solutions for complex, life-sustaining studies, and Greenphire, a leader in clinical trial payments, financial management and patient support tools, have agreed to merge. The merger will unite two complementary clinical trial technology leaders with a shared passion and proven history of creating a more seamless clinical trial experience for patients, sites, and sponsors.

Bringing together Suvoda’s and Greenphire’s trusted, market-leading offerings will create a powerful end-to-end platform to support the patient journey in clinical trials and help bring medicines to those who need them most. Further, the comprehensive product portfolio will deliver patient-centric solutions, including randomization and trial supply management, eConsent, eCOA, patient and grant payments, study budgeting, and travel and logistics all within a unified digital experience. The merger will enhance patient access and engagement in clinical trials, simplify site access to essential technologies, and position pharma and contract research organization (CRO) partners to more easily achieve their clinical trial objectives.

Jagath Wanninayake, Suvoda’s founder and CEO, will serve as Chief Executive Officer for the combined company following closing which is expected in Q2 2025 following the receipt of required regulatory approvals. Greenphire CEO Jim Murphy will continue to lead Greenphire through closing and will serve as an advisor to the company throughout 2025 ensuring a smooth transition. The leadership team will consist of individuals from both companies. Thoma Bravo, a leading software investment firm, will be the lead strategic investor in the combined company, and Bain Capital Tech Opportunities will make a significant minority investment into the combined company upon the closing of the transaction.

William Blair LLC is serving as financial advisor and Morgan Lewis is serving as legal advisor for Suvoda. J.P. Morgan Securities LLC is serving as financial advisor and Goodwin Procter is serving as legal advisor to Greenphire.

Supporting Quotes:
“Suvoda and Greenphire are both mission-driven businesses, focused on easing sponsor, site, and patient burden in clinical trials. Combined, we’ll continue to deliver with the same excellence and service our customers expect, while accelerating the pace of product innovation in the most urgent moments of the most urgent trials. I am excited for Suvoda and Greenphire to join forces – we each serve a great portion of the patient journey and have a shared mission to transform patients’ and sites’ experiences within clinical trials. Now, we’ll do it together.” – Jagath Wanninayake, Chief Executive Officer, Suvoda

“The transaction marks the beginning of an incredible new journey for Greenphire, our customers, partners and employees. The merger will enable us to even better serve all clinical trial stakeholders as we work with our new colleagues to redefine the site and patient experience.  By putting these two industry leaders together, our organization will be able to offer you the unprecedented ability to partner with one singular solution provider – from eConsent, randomization, and eCOA to budgets, payments, travel, and mobile access.” – Jim Murphy, CEO, Greenphire

“The combination of Suvoda and Greenphire, two leaders in clinical trial technology, will create a new company with significant scale, a unique set of complementary product offerings, and a highly skilled management team with an impressive track record of success and history of high growth. We look forward to supporting the go-forward company’s next phase of growth.” – Hudson Smith, Partner, Thoma Bravo

“Clinical trials are increasingly complex and pharmaceutical companies are turning to trusted technology partners like Suvoda and Greenphire to serve mission-critical roles throughout the trial. We are thrilled that these two complementary industry leaders are coming together to simplify the clinical trial workflow and provide a more seamless user experience for patients, sites, and sponsors.” – Peter Hernandez, Senior Vice President, Thoma Bravo

“We are excited to back the combination of Suvoda and Greenphire. Both businesses stand out in terms of best-in-class customer feedback, which stems from their modern, easy to use products and relentless focus on customer and patient outcomes. Together, the combined business will be able to invest in the most innovative platform for clinical trial operations, resulting in continued success for all participants in the clinical trial ecosystem.” – Michael Grandfield, Managing Director, Bain Capital Tech Opportunities.

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About Suvoda
Suvoda is a global clinical trial technology company specializing in complex, life-sustaining studies in therapeutic areas like oncology, central nervous system (CNS), and rare diseases. Founded in 2013 by experts in eClinical technologies, Suvoda empowers clinical trial professionals to manage the most urgent moments in the most urgent trials through advanced software solutions delivered on a single platform. Headquartered outside Philadelphia, Suvoda also maintains offices in Portland, OR, Barcelona, Spain, Bucharest and Iasi, Romania, and Tokyo, Japan. The company’s Net Promoter Score (NPS) consistently exceeds the technology industry average, contributing to the company being selected by trial sponsors and CROs to support more than 1,500 trials across 85 countries. To learn more, visit suvoda.com. Follow Suvoda on LinkedIn.

About Greenphire 
Greenphire is the pioneer in financial management and patient support for global clinical trials. From participant reimbursements, travel, and engagement to study budgeting and data, site payments, and more, the company connects the dots across disparate processes and stakeholders to get studies done faster. Founded in 2008 and guided by a dedication to site and participant experience, Greenphire’s best in class solutions accommodate regional workflow preferences, navigate challenging regulatory demands, and address the unique needs of every patient. Greenphire currently supports more than one million active trial participants and more than 25,000 investigative research teams at sites in 80 countries worldwide.  Greenphire Means GO. To learn more, we invite you to visit greenphire.com and follow us on LinkedIn.

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Apollo to Acquire Argo Infrastructure Partners

Apollo logo

Acquisition of Complementary Mid-Market Infrastructure Manager Deepens Origination and Asset Management Capabilities in Fast-Growing Sectors Strategically Aligned with Apollo’s Long-Term Growth Objectives

NEW YORK, Jan. 13, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that it has entered into an agreement to acquire Argo Infrastructure Partners (“Argo”), a leading mid-market asset manager targeting essential infrastructure assets in North America, in a stock and cash transaction. At closing, Argo will add approximately $6 billion of high-quality assets to the Apollo infrastructure platform, as well as an experienced team of more than 20 professionals focused on core and core plus infrastructure equity opportunities.

Established in 2013, Argo has a successful track record of long-term value creation in digital infrastructure, renewable energy, transportation, utilities and other industries. Argo’s focus on core and core plus infrastructure assets will broaden Apollo’s Sustainability & Infrastructure strategies and deepens Apollo’s existing origination capabilities within key sectors that Apollo believes will continue to benefit from robust investment, including digital infrastructure and the energy transition.

“We are excited to announce this agreement with Argo which will add capabilities that are highly complementary to our existing value-add investment strategy. The Argo team has curated a high-quality portfolio, managing assets on behalf of a top-tier group of institutional investors,” said Harry Seekings and Olivia Wassenaar, Partners and Co-Heads of Infrastructure at Apollo. “Argo has an experienced team with deep origination and asset management expertise, and we look forward to integrating this successful strategy into our franchise, continuing the team’s strong track record of providing investors with thoughtful, differentiated access to mid-market core and core plus infrastructure.”

“Since its founding in 2013, Argo has had a mission to focus relentlessly on delivering on our innovative investment strategy, bringing creativity to a mature, but vital, sector. With this mindset, Argo has built a leading infrastructure platform, managing 18 portfolio companies across the U.S. and Canada. Apollo’s global reach, extensive resources and shared commitment to long-term value creation make them the ideal partner to carry forward Argo’s mission,” said Jason Zibarras, Founding Partner of Argo.

Upon closing, Argo will join Apollo’s Sustainability & Infrastructure group, which includes strategies across the risk-return spectrum from private credit and value add infrastructure equity to infrastructure private equity.

Apollo expects the transaction will be modestly accretive to fee-related earnings in 2026. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be completed in the second quarter of 2025.

Advisors
Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to Apollo. Fenchurch Advisory Partners is acting as exclusive financial advisor and Latham & Watkins is serving as legal counsel to Argo.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

About Argo Infrastructure Partners
Argo Infrastructure Partners LP, founded by Jason Zibarras, is an independent fund manager with a long-term approach to infrastructure investing. Argo invests in high-quality infrastructure businesses and assets that provide essential services to their communities over their long operational lives, including investments in utilities, renewable energy, digital infrastructure, and other long duration infrastructure assets. Argo’s investment philosophy couples sound investment return with responsible and sustainable investing. As of January 2025, Argo manages over $6 billion in assets on behalf of its investor partners. For more information, visit www.argoip.com.

Apollo Forward-Looking Statements
This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business and other non-historical statements. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions. Apollo believes these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2024, and the quarterly report on Form 10-Q filed with the SEC on November 6, 2024, as such factors may be updated from time to time in Apollo’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in Apollo’s other filings with the SEC. Apollo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Contacts

For Apollo:

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

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

For Argo:

Argo Infrastructure Partners
info@ArgoIP.com

Media Contact
Ira Gorsky
ArgoInfrastructurePartners@edelmansmithfield.com

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CVC Credit supports Cinven in its acquisition of a majority stake in idealista

CVC Capital Partners

CVC Credit, the global credit management business of CVC, recently provided debt facilities to fund the acquisition of a majority stake in idealista, the leading online real estate classifieds platform in southern Europe, by Cinven.

Founded in 2000 and headquartered in Madrid, idealista provides online real estate classifieds portals for real estate agents and private individuals across southern Europe where they can advertise their property portfolio for sale and for rent. idealista’s online platform also offers a range of additional digital services including mortgage brokerage, CRM software, rental and agency services, and insurance brokerage to assist and facilitate real estate transactions.

Quotes

idealista will now look to accelerate the digitalisation of the consumer journey and real estate agent workflows.

Moris NachmiasManaging Director at CVC Credit

Moris Nachmias, Managing Director at CVC Credit, commented: “idealista is the leading online real estate classifieds platform in southern Europe, which  comprises both large addressable and growing markets. Under Cinven’s stewardship, idealista will now look to accelerate the digitalisation of the consumer journey and real estate agent workflows. CVC Credit is pleased to be supporting this journey over the coming years.”

Miguel Toney, Partner at CVC Credit, said: “The depth of CVC Credit’s platform means that we already had experience of investing in idealista’s markets, in both our Private Credit and Performing Credit businesses. This knowledge, coupled with the ability to access the expertise of CVC’s local teams was crucial in accessing this opportunity.”

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KKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies

KKR

Investment to support modernization of infrastructure and increased reliability

Strategic partnership comes as need for reliable power soars in the U.S.

NEW YORK–(BUSINESS WIRE)– Today, investment funds managed by KKR, a leading global investment firm, and the Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investors, announced an agreement to acquire a 19.9% interest in American Electric Power’s (“AEP”) Ohio and Indiana & Michigan transmission companies for $2.82 billion. Founded in 1906 and one of the largest electric utilities in the U.S., AEP has pioneered the country’s energy system through the delivery of safe, reliable and affordable energy for millions of homes. The investment will support AEP’s ability to meet increasing customer demand and enhance grid reliability. KKR and PSP Investments have formed a 50/50 strategic partnership to pursue the acquisition.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250109303908/en/

AEP is a fully regulated electric utility that serves 5.6 million retail and wholesale customers across 11 states. Ohio, Indiana and Michigan are among AEP’s fastest-growing service territories driven primarily by the strong American manufacturing industry and newer sources of load growth. The investment by KKR and PSP Investments in these two transmission companies will support AEP’s previously announced five-year capital plan to benefit customers.

“We are thrilled to strategically partner with the best-in-class leader in transmission in the U.S., and are impressed with AEP’s deep operational capabilities, highly experienced leadership team, and its history of innovation,” said Kathleen Lawler, Managing Director, KKR. “KKR’s infrastructure business has a long track record of investing behind the energy transition and electrification opportunities, and this investment in AEP sits squarely at the intersection of these two trends. The simplicity and stability of the assets, coupled with the robust demand for electricity, make AEP’s transmission assets an ideal investment for KKR.”

“We are delighted to form this partnership with AEP to support its ambitious growth plan to build much needed transmission infrastructure in a region that is undergoing significant tailwinds from digitalization and reshoring of critical manufacturing,” said Michael Rosenfeld, Managing Director, Infrastructure Investments, PSP Investments. “This investment marks an important milestone in PSP Infrastructure’s roll out of its High Inflation Correlated Infrastructure (“HICI”) strategy, which is predicated on investing in North American core infrastructure assets that exhibit a defensive and predictable inflation-linked cashflow profile.”

“We are pleased to launch this strategic partnership with two of the world’s premier global infrastructure investors. KKR and PSP are experienced investors in the utilities and energy space with a proven track record of successful infrastructure investments,” said Bill Fehrman, AEP president and chief executive officer. “This transaction allows AEP to efficiently finance a growing segment of our business and enhances our ability to serve growing customer demand and provide reliable service to our customers.”

Upon the closing of the transaction, AEP will remain the majority owner and operator of the transmission assets. KKR is funding this investment from its core infrastructure strategy.

Moelis and Morgan Stanley served as financial advisors and Simpson Thacher served as legal advisor to KKR and PSP Investments.

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 PSP Investments

The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

Media:

KKR
Liidia Liuksila or Emily Cummings
(212) 750-8300
media@kkr.com

PSP Investments
Charles Bonhomme
+1 438 465-1260
media@investpsp.ca

Source: KKR

 

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EQT to acquire distributed energy company Scale Microgrids

eqt

Transaction marks the EQT Transition Infrastructure strategy’s second highly thematic investment over the past month, to be acquired with capital from EQT’s balance sheet

Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America, with a vision to power the world with distributed energy

EQT will support Scale Microgrids along its existing growth journey through significant investments in its commercial processes, tech platform and project execution capabilities, enabling the Company to own and operate billions of dollars in distributed generation assets

EQT is pleased to announce that EQT Transition Infrastructure (“EQT”) has agreed to acquire Scale Microgrids (“Scale” or the “Company”), a leading vertically integrated developer, acquirer, owner, and operator of microgrids and distributed energy resources for commercial & industrial, EV fleet, data center, municipal, university, hospital, and agricultural customers, developers and communities, from Warburg Pincus and other existing shareholders.

Headquartered in Ridgewood New Jersey, Scale’s portfolio consists of roughly 250 MWs of operating and in-construction assets, with another 2.5 GWs of near-term pipeline. Scale deploys a variety of technologies including solar, battery storage, natural gas generators, fuel cell and combined heat and power, and its portfolio represents one of the largest pure-play microgrid portfolios in the United States.

The transaction marks EQT’s first North American investment out of its recently launched Transition Infrastructure strategy, which is aimed at scaling businesses that enable the transition to clean energy and a more resource-efficient, circular economy. In December 2024, EQT announced the launch of the strategy and its inaugural investment in ju:niz Energy, a battery energy storage system developer and operator.

Jan Vesely, Partner and Head of EQT Transition Infrastructure, said: “We are thrilled that Scale Microgrids will become EQT Transition Infrastructure’s first investment in North America, underscoring our commitment to driving the energy transition globally and supporting a decarbonized and climate-resilient future while addressing the accelerated electricity demand in North America. We see enormous potential to accelerate Scale’s growth and establish it as one of the market’s leading vertically integrated energy companies.”

Ryan Goodman, CEO of Scale Microgrids, said: “Today marks the start of an exciting new chapter for our company. EQT brings a depth of experience, resources, and capital that will enable us to continue pursuing our vision to power the world with distributed energy. I’m incredibly proud of what our team has built, and believe this transaction will enable us to unlock even greater opportunities for the customers, employees, and communities we serve. We’re appreciative of our past shareholders, led by Warburg Pincus, for their support in helping us get to where we are today.”

Scale addresses several of today’s most pressing grid challenges, including rapid load growth from data centers and fleet electrification, power generation capacity constraints, and increased frequency of grid outages. Scale’s assets add resiliency to power systems, enable faster access to power relative to extended interconnection wait times, and provide cost savings and predictable power compared to the grid while advancing customers’ decarbonization and sustainability objectives.

Ryan Dalton, Managing Director at Warburg Pincus, said: “Scale has achieved incredible growth over the past five years, establishing a strong reputation as one of the leading providers of next generation power infrastructure. The Company has successfully grown to nearly 3 GW of operating, in-construction and near-term pipeline assets, closed multiple financings to fund future project development and maintains a strong customer base. We look forward to watching the Company’s next phase of growth with EQT, and continuing their mission to provide cleaner, cheaper and more reliable power.”

EQT brings a long-term strategic focus, deep experience in investing across the renewables infrastructure sector, and significant resources, and will focus on making strategic investments, including incremental capital, in Scale’s commercial processes, software systems, and project execution capabilities to continue to develop the business into a best-in-class, multi-technology energy services leader focused on the highest growth market segments, enabling Scale to own and operate billions of dollars in distributed generation assets.

The transaction is subject to customary conditions and approvals.

EQT was advised by Weil, Gotshal & Manges (legal) and Guggenheim Securities (financial). Scale Microgrids was advised by Latham & Watkins (legal), Nomura Greentech (financial), and Truist Securities (financial).

Contact

EQT Press Office, press@eqtpartners.com

Warburg Pincus Press Office, Sarah Bloom, Sarah.bloom@warburgpincus.com

Scale Microgrids Press Office, Nicole Green, ngreen@scalemicrogrids.com

About

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

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

About Scale Microgrids

Scale is a vertically-integrated energy company that designs, builds, finances, owns, and operates distributed energy assets that deliver cheaper, cleaner, and more resilient power. Their team accelerates growth in distributed energy by providing financing to project developers, while also directly helping large energy-consuming customers take charge of their energy supply with microgrids that integrate solar, batteries, and other on-site energy assets. Learn more at www.scalemicrogrids.com.

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Blackstone Invests $300 Million at a $5 billion Valuation in DDN, AI and Data Intelligence Solutions Leader, to Fuel Further Rapid Growth

Blackstone

Chatsworth, CA & New York, NY – January 9, 2025 – DDN, a global leader in AI and data intelligence solutions, today announced it has received a $300 million investment from funds managed by Blackstone Tactical Opportunities (“Blackstone”) at a $5 billion valuation. The investment will be used to help fund DDN’s continued rapid growth as it serves its customers’ fast-expanding AI and high-performance computing (HPC) software and infrastructure needs.

Founded in 1998, DDN has thousands of customers and supports over 500,000 NVIDIA GPUs for organizations ranging from top financial services, life sciences, and public sector clients to AI hyperscalers and cloud providers such as xAI and Lambda. DDN high-performance data intelligence platform is used to power NVIDIA clusters. DDN’s solutions help make data rapidly accessible for analysis and processing at high throughput and low latency – which are critical to helping power highly data-intensive AI and HPC workloads and ensuring maximum GPU utilization for the best performance and return on investment possible. Building on its two-decade heritage as a leader in high-performance storage, the company is a partner of choice for leading organizations seeking to implement scalable, reliable, and secure AI applications that deliver tangible business outcomes. DDN’s platform enables rapid data ingestion, real-time processing, and significantly faster insight generation—accelerating enterprise deployments of LLMs, Gen AI, and RAG for customer-facing applications, predictive analytics, and operational improvements.

“Blackstone’s support accelerates our mission to redefine the enterprise AI infrastructure category and scale at an even faster rate,” said Alex Bouzari, CEO and Co-Founder of DDN. “By fueling our mission to push the boundaries of data intelligence, we believe we can empower organizations worldwide with next-level AI solutions that drive groundbreaking innovation and deliver significant returns on their investments.”

“This investment enables us to execute our strategy to bring enterprise-grade AI solutions to companies of all sizes, transforming industries and delivering measurable outcomes,” said Paul Bloch, President and Co-Founder of DDN. “DDN is laser-focused on solving real AI business challenges, from accelerating LLM deployments to enhancing inferencing, so our customers can unlock their data’s potential and achieve tangible ROI faster than ever.”

Jas Khaira, Head of Blackstone Tactical Opportunities, Americas, said: “The digital infrastructure powering the AI revolution continues to be among our highest conviction investment themes at Blackstone. DDN’s solutions are trusted by many of the most important AI companies in the world and are critical to the next phase of development for transformative AI deployments. We are thrilled to be the first institutional investor in DDN and help further strengthen its market leadership for high-intensity AI workloads.”

John Watson, Managing Director at Blackstone, said: “Alex and Paul have built a highly innovative business that is poised to help further propel the exponential growth in artificial intelligence. We’re excited to partner with them and their team to further expand DDN’s reach and solutions in the years to come for the benefit of their customers.”

Blackstone is a leader in investing in the digital infrastructure driving AI innovation. Blackstone is the largest data center provider in the world with holdings across the U.S., Europe, India, and Japan. The company also recently made major investments in CoreWeave, a specialized provider of critical cloud infrastructure pioneering the AI revolution.

BofA Securities acted as the exclusive financial advisor to DDN in connection with the transaction.

For more information about DDN’s mission to transform data intelligence and redefine enterprise AI, visit www.ddn.com, DDN blog, and register for “Beyond Artificial”.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About DDN
DDN is the world’s leading AI and data intelligence company, empowering organizations to maximize the value of their data with end-to-end HPC and AI-focused solutions. Its customers range from the largest global enterprises and AI hyperscalers to cutting-edge research centers, all leveraging DDN’s proven data intelligence platform for scalable, secure, and high-performance AI deployments that drive 10x returns. Follow DDN: LinkedIn, X, and YouTube.

Media Contacts

Outcast for DDN
Brian Cronkhite: bcronkhite@thisisoutcast.com

Matt Anderson for Blackstone
Matthew.Anderson@blackstone.com

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Quorum Cyber Continues Expansion in North America with Kivu Consulting Acquisition

Charlesbank

Quorum Cyber expands its Incident Response capabilities by adding digital forensics, business restoration, and ransom negotiations to its service catalogue with the acquisition of the U.S. based company.

Edinburgh, UK and Berkeley, California, U.S. – January 9, 2025 – Quorum Cyber – headquartered in the U.K., with offices across North America and UAE – today announced the acquisition of Kivu Consulting Inc, a leading global cybersecurity firm specializing in Incident Response.

The strategic move bolsters Quorum Cyber’s rapid global expansion, as it comes just months after it acquired Difenda, a North American company that specializes in Microsoft Security Managed Services.

Founded in 2009, Kivu Consulting Inc, or ‘Kivu’, is a trusted partner in the global insurance, legal, and government sectors. The company is a leader in digital forensics, cyber incident response, business restoration, and ransom negotiations. Since its inception, Kivu has helped define the market for response, managed, and advisory services to protect organizations against compromised data, theft of trade secrets, and unauthorized access to data.

Kivu holds established relationships in over 40 Insurance and Legal panels across the U.S. and the U.K. This transformative acquisition not only rapidly expands Quorum Cyber’s presence within these industries, but also provides a robust foundation to strengthen its alliances and cement its status as a premier global threat management firm, renowned for its exceptional incident response capabilities.

In addition, the acquisition of Kivu enables Quorum Cyber to deliver its market-leading threat management services from three operations centers in the U.S., the U.K., and Canada to its customers worldwide.

Federico Charosky, CEO and Founder of Quorum Cyber, stated, “We are incredibly excited to welcome Kivu to Quorum Cyber. Kivu’s reputation for excellence and its strong history in incident response perfectly complement Quorum Cyber’s capabilities.”

Charosky continued, “The integration of Kivu’s stellar incident response teams and U.S.-based SOC, together with Quorum Cyber’s existing U.K., U.S. and Canadian operations, enables us to provide unparalleled 24/7 security coverage. This transaction highlights our rapid growth among incident response and threat management providers globally, reinforcing our commitment to delivering exceptional cybersecurity solutions, throughout North America, the U.K., and beyond.”

Shane Sims, Chief Executive Officer at Kivu, commented, “For the past 15 years, Kivu has leveraged its talent and forensic labs in the U.S. and U.K. to deliver threat intelligence-driven cybersecurity outcomes across every continent, serving organizations in all industries. Our success has been built on trusted partnerships with leaders in insurance, legal, technology, and government – all sharing the same goal of fighting cybercrime. Our acquisition by Quorum Cyber represents a strategic alignment with an organization and team that share our mission, vision, and core values, while immediately scaling our team, capabilities, and services in a big way. This is a natural next step for Kivu, and I am excited about what it means for our employees, clients, and trusted partners.”

Quorum Cyber’s back-to-back acquisitions of Kivu Consulting and Difenda underscore its aggressive growth strategy across North American and U.K. markets. Bolstered by ongoing support from its investors, Charlesbank Capital Partners and Livingbridge, the two acquisitions equip Quorum Cyber with the resources to strategically expand its service offerings and customer reach. The integration of Kivu’s incident response expertise and connections, coupled with Difenda’s managed services capabilities, marks a significant step in Quorum Cyber’s mission of asserting its market presence globally.

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Arcline Investment Management to Acquire Rotating Machinery Services, Inc.

Arcline

Bethlehem, Pennsylvania, January 9, 2025 – Arcline Investment Management (“Arcline”), a growth-oriented private equity firm, today announced the acquisition of Rotating Machinery Services, Inc. (“RMS” or the “Company”), an Original Equipment Manufacturer (“OEM”) and leading third-party provider of parts and services to a long-lived installed base of critical turbomachinery infrastructure globally.

Founded in 1998, RMS has reinvented the concept of an aftermarket turbomachinery business. The Company is equipped to provide a full suite of services including parts manufacturing, component repair, engineering, metrology, and service for both OEM and non-OEM equipment.

 

Arcline commented, “RMS demonstrates key traits we look for in our portfolio companies as a provider of mission critical, highly engineered, non-discretionary aftermarket parts and services to a massive installed base of critical infrastructure. The Company has an excellent reputation among customers and employees and is led by an experienced and deeply knowledgeable management team. We are confident the growth-oriented culture at RMS will fit well within the Arcline portfolio, and we are excited to partner with the management team for the Company’s next chapter of growth.”

John Bartos, CEO of RMS, added, “Arcline’s deep industry and business model experience and focus on growth is a perfect match with our management team, employees, and customers. Our success has been made possible by the hard work and dedication of the entire team at RMS, and we look forward to working with Arcline to continue executing on our vision to redefine the aftermarket turbomachinery business through superior parts offering, service, expertise, and customer focus.”

BMO served as financial advisor to Arcline in connection with the transaction.

 

About Arcline Investment Management

Arcline Investment Management is a growth-oriented private equity firm with $9.1 billion in cumulative capital commitments. Arcline seeks to invest in technology-driven, meaningful to the world industrial businesses that enable a better future. For more information visit www.arcline.com.

About Rotating Machinery Services, Inc.

Rotating Machinery Services, Inc. is headquartered in Bethlehem, Pennsylvania, and is a leading provider of specialty aftermarket repair, maintenance, and overhaul services for large, highly engineered turbomachinery. The Company operates out of nine facilities and serves a diverse, global customer base across a wide range of end markets.

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1211 Avenue of the Americas

Cdpq

RXR Acquires 49% Stake in 1211 Avenue of the Americas from Ivanhoé Cambridge

Real EstateNew York (U.S.) and Montreal (Canada), 

RXR, a fully integrated real estate company and one of the largest owners of commercial and residential properties in the New York region, announced today the closing of the acquisition of a 49% interest in 1211 Avenue of the Americas, one of the most recognizable and distinguished office buildings in New York City. The stake was acquired from Ivanhoé Cambridge, the global real estate group of CDPQ.

RXR and Ivanhoé Cambridge will continue the program to reposition the asset by investing over $300 million into the two million-square-foot property, launching a building modernization program designed to meet the demands of today’s leading global companies. The transformation will feature a reimagined multi-tenant lobby and a revitalized plaza. Improvements will also include a new amenity center, conference rooms, a wellness center, and other enhancements.

With this transaction, RXR and Ivanhoé Cambridge are creating a new partnership where both companies will work on the repositioning of this iconic office property. As the new operator of the building, RXR will also elevate the tenant experience through its signature RXO program, bringing a dedicated hospitality team to curate a dynamic programming calendar, including lobby activations, educational workshops, and wellness initiatives.

The lease extension by FOX and News Corp signed in 2023 secures approximately 55% of the building’s occupancy through 2042. However, the upcoming departure of a law firm in 2028 creates a rare opportunity in one of the most sought-after neighborhoods in New York City: over 600,000 square feet of contiguous premium space.

The availability of this space represents a unique ‘building within a building’ offering in the coveted Rockefeller Center/Midtown submarket, where space is increasingly scarce as availability rates remain well below the average of Midtown Manhattan. The property’s prominent location on Sixth Avenue, combined with its exceptional connectivity, positions it perfectly for companies seeking premium space.

“This transaction underscores our strong conviction in New York City’s office market and its unparalleled resiliency. While some had written off New York City and declared the office era over, we never wavered in our belief in our hometown,” said Scott Rechler, Chairman and CEO of RXR. “By partnering with Ivanhoé Cambridge to transform this iconic tower into a workplace that meets the demands of today’s global companies, we’re demonstrating that well-located, high-quality office buildings can thrive in a post-pandemic world. We’re not just investing in a building – we’re investing in the next chapter of New York City’s growth and recovery,” said Rechler.

“We are thrilled to welcome RXR as our partner and operator at 1211 Avenue of the Americas, a landmark property Ivanhoé Cambridge has owned for over a decade,” said Rana Ghorayeb, Executive Vice-President and Head of Real Estate CDPQ/Ivanhoé Cambridge. “Through this partnership, we intend to leverage RXR’s expertise in New York’s real estate market and invest in transforming one of the city’s most iconic buildings. This initiative aligns with our strategy to redefine workplace offerings that cater to the evolving needs of top-tier tenants in the country’s most sought-after markets,” said Ghorayeb.

Strategic Capital Alliance and Newmark advised RXR on the transaction.

ABOUT RXR

Headquartered in New York, RXR is a fully integrated real estate company and one of the largest owners of commercial and residential properties in the New York region. RXR owns and manages over 30.5 million SF of commercial properties and over 9,800 multi-family units.  RXR specializes in public-private partnerships and master developments, including the $4 billion development of Terminal 6 at JFK International Airport and a 1,100-acre, $3 billion mixed-use development in Raleigh, North Carolina.  Additionally, RXR has a multi-billion credit platform that leverages its real estate expertise to originate and acquire commercial real estate loans. RXR’s geographical footprint includes the New York metropolitan region and many of the nation’s fastest-growing markets, including Phoenix, Denver, Dallas, Raleigh, and Tampa.

ABOUT IVANHOÉ CAMBRIDGE

Ivanhoé Cambridge, the real estate portfolio of CDPQ, a global investment group with C$ 452 billion in assets, is built worldwide through strategic partnerships and market leading real estate funds. Ivanhoé Cambridge holds interests in more than 1,500 buildings, primarily in the logistics, residential, office and retail sectors. As of December 31, 2023, it held C$ 77 billion in gross real estate assets.

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies globally. It does so responsibly and is committed to creating living spaces that foster the well-being of people and communities, while reducing their environmental footprint.

For more information: cdpq.com / ivanhoecambridge.com

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Novo Holdings co-leads €32 million Series A for Coave Therapeutics to advance pipeline of next-generation genetic medicines

Novo Holdings

Coave Therapeutics (‘Coave’), a biotechnology company focused on developing genetic medicines, today announced its €32 million ($33 million) Series A financing. The financing was co-led by Novo Holdings A/S and Bpifrance, with participation from Invus and UI Investissement, alongside existing investors Seroba Life Sciences, Fund+, Kurma Partners, Omnes Capital and Turenne Capital.

The financing will enable Coave to advance its proprietary ALIGATER™ (Advanced Vectors-Ligand Conjugates) platform, a breakthrough technology addressing key limitations in the delivery of genetic payloads to extra-hepatic tissues, including limited tissue specificity, delivery efficiency and safety.

ALIGATER™ enables conjugation of targeting ligands, such as small molecules, peptides, or antibody fragments, on AAV or non-viral vectors, offering superior delivery efficiency, tissue specificity and safety profile for a broad range of diseases.

The platform streamlines the manufacturing process by avoiding prior AAV capsid modifications. These capabilities could enable Coave to develop best-in-class genetic medicines designed for specific indications.

Further, the funding enables Coave to advance its lead pre-clinical assets towards clinical development, with a primary focus on the central nervous system (CNS), neuromuscular and eye diseases. Coave plans to advance two development candidates to CTA/IND-enabling studies in 2026.

“We are delighted to welcome this group of top-tier investors who share our vision for the ALIGATER™ platform. This funding is a critical milestone for Coave as we work to develop a new generation of targeted, safer, and more efficacious genetic medicines,” said Rodolphe Clerval, CEO of Coave. “It also reinforces our ability to expand collaborations with pharma and biotech partners, driving innovation in the field of genetic medicines for a broad range of diseases.”

Emmanuelle Coutanceau, Partner at Seed Investments, Novo Holdings, commented: “Coave’s unique technology platform, strong proof-of-concept data, and experienced team, position it at the forefront in the development of new generations of genetic medicines. Further, we are pleased to see Coave leveraging the strength of the Novo Holdings life science network by acquiring one of our early-stage companies operating in stealth mode. We are excited to announce this significant step in expanding Coave’s global footprint, with Denmark serving as a stepping stone in its international growth.”

“Coave, with its ALIGATER™ platform for creating a new class of targeted genetic medicines, has the potential to deliver groundbreaking new treatments to patients in need,” said Jean-François Morin, Investment Director at Bpifrance – InnoBio Funds. “With this Series A financing and a top-tier team, Coave will be able to progress its pipeline of internal programs.”

In connection to the financing, Emmanuelle Coutanceau and Jean Francois Morin will join Coave’s Board of Directors.

About Coave Therapeutics
Coave Therapeutics is a genetic medicine company pioneering the development of innovative solutions to enhance the precision, safety, efficacy and manufacturability of genetic medicines. With its proprietary ALIGATER™ platform, Coave is at the forefront of addressing challenges in gene therapy delivery to extra-hepatic tissues, creating a robust pipeline targeting CNS, neuromuscular and eye diseases.

Headquartered in Paris, France, Coave Therapeutics is backed by leading international life sciences investors. For more information about the science, pipeline, and people, please visit coavetx.com and follow us on LinkedIn.

About Bpifrance and InnoBio funds
Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurance. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export). InnoBio funds are investment funds dedicated to the life sciences, managed by Bpifrance, which is also one of the LPs alongside pharmaceutical companies and institutional investors. These funds aim to invest in companies developing innovative products, close to or in early clinical development, with the objective of bringing them to clinical proof of concept. InnoBio funds take minority equity stake in companies and can lead or co-lead the investment rounds. For more information, please visit: www.bpifrance.com

Further information

Novo Holdings
Marie-Louise Jersin, Senior Lead, Public Relations
maj@novo.dk

 

Coave Therapeutics 
Rodolphe Clerval, CEO
contact@coavetx.com

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