Category Archives: News

InfraRed Capital Partners completes purchase of renewables assets from Shell

InfraRed Capital Partners
19 March 2024 Investments

InfraRed Capital Partners (“InfraRed”) is pleased to announce that it has completed the acquisition of a portfolio of two operating, utility-scale renewable energy assets in the US from Shell Windenergy Inc. (“Shell”) and Savion Equity LLC (“Savion”), subsidiaries of Shell plc. This investment, which was undertaken on behalf of an InfraRed managed fund and co-investment vehicle, is a reflection of the attractiveness of the North American energy transition.

The portfolio includes a 60% stake in Brazos, a 182 MW onshore wind farm in Texas, as well as a 50% stake in Madison Fields, a 180 MW solar farm in Ohio. Shell will continue to own the remaining 40% stake of Brazos wind and Savion will continue to own a 50% stake in Madison Fields solar.

Shell will remain the asset and energy manager of Brazos and Madison Fields, and both projects will receive Inflation Reduction Act (“IRA”) tax credits.

Jack Paris, CEO, InfraRed, said:

“These assets benefit from contracted revenues with strong counterparties for attractive term-lengths and opportunities for yield enhancements through the Production Tax Credits under the IRA. They complement our North American energy transition portfolio of investments and also provide direct access to this growing market for some of our co-investors.

“This acquisition is both highly attractive as an investment and to further develop our strategic relationship with Shell, as we explore more opportunities within the region.”

ENDS

About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure asset manager, with more than 160+ professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$14bn of equity capital[1] for investors around the globe, in listed and private funds across both core and value-add strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating[2] for its infrastructure business for eight consecutive assessments, having secured a 5-star rating for the 2023 period. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

[1] $14bn equity under management (USD) – Uses 5-year average FX as at 30th September 2023 of GBP/USD of 1.2944; EUR/USD 1.1291. EUM is USD 13.597m

[2] Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at https://www.unpri.org/about-the-pri

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TA Announces Completion of Tender Offer for Payroll Inc.

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TA associates

BOSTON, HONG KONG AND TOKYO – March 19, 2024 – TA Associates (“TA” or the “Firm”), a leading global private equity firm, through its fund entity K.K. TA Associates Japan 1, today announced the successful completion of its tender offer (the “Offer”) to acquire all outstanding ordinary shares and stock acquisition rights of Payroll Inc. (“Payroll”), a leading mission-critical, tech-enabled payroll services provider for large enterprises in Japan. The Offer was completed as part of a Management Buyout (“MBO”) for Payroll’s shares in partnership with Tetsuya Yuasa, Payroll’s founder and current CEO.

The Offer, which commenced on January 25, 2024, for JPY1,380 in cash per share and JPY 87,000 in cash per stock acquisition right, completed as scheduled on March 11, 2024. At the time of completion of the tender offer period, approximately 87.87% of Payroll’s shares have been tendered on a fully diluted basis (together with the non-tendered shares and stock acquisition rights, the voting rights of which are agreed to be exercised in concert with TA under the non-tender agreements, 97.17% in total). All of such shares have been accepted for payment in accordance with the terms of the Offer, and TA expects to promptly pay for such shares.

As part of the delisting process from the Tokyo Stock Exchange, TA will over the coming months acquire the remaining shares from minority shareholders through a series of procedures and share purchases. Upon completion of the transaction, which is expected in Q3 2024, Payroll will become a privately held company, with Mr. Yuasa continuing to serve as CEO and joint shareholder with TA.

“Payroll has established itself as a leading technology-first player in the payroll services industry, demonstrating a strong commitment to innovation and an understanding of customer requirements in Japan,” said Edward F. Sippel, Head of Asia Pacific & Managing Director at TA. “With an attractive service proposition and strong market tailwinds for payroll outsourced services in Japan, we believe Payroll is well-positioned to expand its product portfolio and market presence across Japan. We are excited about the completion of this transaction and honored to partner with Tetsuya Yuasa and Payroll’s management team on the next chapter of the Company’s growth journey.”

The payroll services and solutions market in Japan has seen strong growth in recent years as companies increasingly utilize outsourcing capabilities to address staff shortages, streamline the complex payroll process and allow for companies to focus on their core business. Taking Payroll private will enable the Company to further strengthen its product suite and service offering, and allow for the pursuit and execution of strategic opportunities in the market.

“TA shares our vision for growth, and the Firm’s experience and resources make it a strong partner to accelerate our strategic execution,” said Tetsuya Yuasa. “It’s an exciting time to be part of Payroll, with new opportunities on the horizon for employees and customers alike, and we welcome TA for the next stage of Payroll’s business development.”

“We have been deeply impressed by Tetsuya Yuasa’s vision and strategy for Payroll, which has built the Company into a category leader in the payroll services segment in Japan with best-in-class customer retention,” said Taisuke Asada, Senior Vice President at TA. “We believe TA’s resources and experience scaling growth companies will further accelerate Payroll’s growth, both organically and through M&A, cementing its leading market position in payroll services.”

The transaction is subject to customary closing conditions.

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries—technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

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Verdane backs Nordic software leader Ingrid

Verdane Capital

  • Over 85% of shoppers churn after a poor delivery experience 
  • Ingrid creates delivery experiences that fit people’s lives. With over 130 million orders processed, Ingrid’s AI and tech-driven platform is trusted by more than 250 retailers  
  • Ingrid continues expanding and has signed major brands and retailers such as Paul Smith, ME+EM, Sneakersnstuff, Estrid and Farmasiet in the last year 
  • Verdane’s investment will enable the company to continue its international expansion across the Nordic markets, the UK and the Netherlands to become Europe’s leading delivery experience platform 

Verdane, the European specialist growth investor, has announced that it has invested in Ingrid, the Sweden-headquartered leading delivery experience platform. The oversubscribed €21 million transaction was led by Verdane with participation from Schibsted Ventures. 

Ingrid’s delivery experience platform connects retailers, carriers and consumers to create a better shopping experience. Ingrid optimises e-commerce delivery experiences for more than 250 global online retailers, processing over 40 million orders per year across over 180 countries and is building an increasingly international client lineup, with key recent customer wins including Paul Smith, ME+EM, Sneakersnstuff, Estrid and Farmasiet. 

As retail has shifted online, it has created pain points for everyone involved including consumers, retailers and carriers. Delivery has proven to be one of the most impactful, and costly, stages of e-commerce purchases: over 85% of shoppers churn after a poor delivery experience (Ipsos study, 20221); and 53% of shipping costs come from last-mile delivery (EMarketer, 20232). Delivery is not just last-mile; the delivery experience spans the entire e-commerce customer journey. Ingrid’s solutions cover the end-to-end experience from online checkout to order tracking and returns, along with related operations, including transport administration and store-based fulfilment.  

With Ingrid, retailers can manage the delivery experience in a multi-dimensional environment including product-specific requirements, multi-channel and/or multi-market, and A/B test to optimise the consumer experience. Consumers receive personalised delivery options that fit their lives thanks to smart logic relying on AI that analyses location, timing, sustainability and more. This has proven to lead to higher on-site conversion rate, lower shipping costs and an increase in shipping revenue for merchants. Ingrid customers have achieved over 15% increases in conversion, 10% net delivery cost savings and 82% increases in shipping revenue. 

 

Ingrid’s management team has partnered with Verdane to continue the company’s growth through international expansion and product development. Ingrid has also recently expanded its product portfolio through the acquisition of returns platform Turnr, announced in November 2023. 

Björn Beckman, Principal at Verdane, said: “At Verdane, we are excited to strengthen our partnership with Ingrid – a company we deem to have category leader potential in the European Delivery Experience Software market. With its leading technology and innovative product suite covering the entire e-commerce consumer journey, Ingrid is well-placed to significantly improve the online shopping experience for merchants, carriers and consumers alike. As the preferred partner to growing tech-enabled businesses across Europe and with its extensive experience backing software businesses, Verdane is perfectly positioned to support Ingrid as it continues to grow its platform and scale its operations across Europe. We look forward to closely collaborating with Piotr Zaleski and his team on this journey.” 

Piotr Zaleski, CEO and co-founder of Ingrid, said: “Everyone who has ever shopped online has had a bad delivery experience. Ingrid is here to change that. We’re entering a delivery-first era where delivery is no longer an afterthought. Product and price have traditionally been the two key decision drivers for consumers, but delivery is just as integral now. Retailers who don’t adapt to this reality will lose customers to competitors who provide personalised delivery via a wide network of well-known global players and hyper-local carriers. That’s where Ingrid comes in. We are positioned to drive fundamental change in the industry, helping mid-market and enterprise retailers create a delivery experience that drives purchases, customer loyalty and satisfaction.” 

 

About Ingrid

The leading Delivery Experience Platform Ingrid was founded in 2015 with a mission to create deliveries that fit people’s lives. Ingrid connects retailers, carriers, and consumers to help e-commerce businesses drive sustainable growth and give shoppers the power to personalize delivery and returns. The result is a better overall customer experience and greater efficiency for both the retailer and the delivery carrier. From product discovery to potential return, Ingrid’s product portfolio covers the full customer journey. With over 100 employees, Ingrid has offices in Sweden, Poland and the UK. Ingrid has processed more than 130M orders on its platform. Over 250 retailers use the service, including Paul Smith, ME+EM, GANT, Nudie Jeans, Samsoe Samsoe, NA-KD, and more. 

About Verdane

Verdane is a specialist growth investment firm that partners with tech-enabled and sustainable European businesses. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy inside two core growth themes; digitalisation and decarbonisation.   

Verdane funds hold over €6.9 billion in total commitments and have made over 400 investments in fast-growing businesses since 2003. Verdane’s team of over 140 investment professionals and operating experts, based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe.  

Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.  

Verdane is partly owned by the Verdane Foundation, which is focused on focused on two areas: climate change and more equitable and inclusive local communities. 

Further information: www.verdane.com    
Follow Verdane on LinkedIn 

Press contacts

Verdane Press Office
press@verdane.com
+44 7462 607105

Contact us!

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Clearlake Capital Group and Insight Partners complete acquisition of Alteryx

Clearlake

Acquisition will accelerate Alteryx’s innovation in AI and cloud analytics

 

IRVINE, Calif., Mar. 19, 2024 – Clearlake Capital Group, L.P. (“Clearlake”) and Insight Partners L.P. (“Insight”) today announced that their affiliated funds have completed the acquisition of Alteryx, Inc., a leader in artificial intelligence (AI) for enterprise analytics. The transaction was previously announced on December 18, 2023 and approved by Alteryx stockholders on March 13, 2024.

 

“We believe the Alteryx AI and cloud analytics platform provides powerful and differentiated solutions that enable customers to gain critical insights from data driven workflows, ultimately leading to meaningful productivity and efficiency gains for these organizations,” said Behdad Eghbali, Co-Founder and Managing Partner of Clearlake and Prashant Mehrotra, Partner and Managing Director at Clearlake. “In partnership with Insight, we are excited to collaborate with the company’s talented employee base and believe that through Clearlake’s O.P.S.® framework and sector expertise, Alteryx will have the resources to accelerate its product innovation and continue to provide valuable solutions to customers.”

 

“Insight has had a front-row seat to Alteryx’s evolution, and we are thrilled to partner with the company as it continues to lead across AI and analytics markets,” said Deven Parekh and Ryan Hinkle, each a Managing Director at Insight Partners. “With a strong and loyal customer base and an exceptionally talented team, we are confident in Alteryx’s ability to excel in this fast-evolving market landscape to reach its full potential.”

 

As a result of the completion of the transaction, Alteryx stockholders will receive $48.25 in cash for each share of Alteryx Class A or Class B common stock that they own. Alteryx is now a privately held company and its common stock has ceased trading on the New York Stock Exchange.

 

Advisors

Qatalyst Partners LP served as exclusive financial advisor, and Wilson Sonsini Goodrich & Rosati, Professional Corporation and Fenwick & West LLP served as legal advisors to Alteryx.

Houlihan Lokey, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC served as financial advisors to Clearlake and Insight.

Sidley Austin LLP served as legal advisor to Clearlake.

Willkie Farr & Gallagher LLP served as legal advisor to Insight.

ABOUT ALTERYX

Alteryx powers actionable insights with the AI Platform for Enterprise Analytics. With Alteryx, organizations can drive smarter, faster decisions with a secure platform deployable in on-prem, hybrid, and cloud environments. More than 8,000 customers globally rely on Alteryx to automate analytics to improve revenue performance, manage costs, and mitigate risks across their organizations.

 

Alteryx is a registered trademark of Alteryx, Inc. All other product and brand names may be trademarks or registered trademarks of their respective owners.

 

ABOUT CLEARLAKE

Founded in 2006, Clearlake is an investment firm operating integrated businesses across private equity, credit, and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials, and consumer. Clearlake currently has over $75 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, Dublin, Ireland, and Singapore.

 

ABOUT INSIGHT PARTNERS

Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2023, the firm has over $80 billion in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.

 

Media Contacts

 

ALTERYX

Emily Valla

Alteryx, Inc.

pr@alteryx.com

CLEARLAKE

Jennifer Hurson

Lambert

jhurson@lambert.com

INSIGHT

Insight Partners Public Relations

insightpr@insightpartners.com

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CapMan Nordic Property Income Fund (non-UCITS) sells residential property in Copenhagen

Capman

CapMan Real Estate press release
19.3.2024 at 09:00 AM EET

CapMan Nordic Property Income Fund (non-UCITS) sells residential property in Copenhagen

CapMan Nordic Property Income Fund (“CMNPI”) (non-UCITS) sells Søllerødgade 15-19, a well-located modern residential property in Copenhagen.

The property, originally built in 2017, is located in a sought-after part of the Nørrebro area close to central Copenhagen. The fund acquired the property in 2020 and has now decided to exit the property to Danish real estate investor SF FORE.

“Søllerødgade 15-19 is a quality property in a fantastic location in Nørrebro. However, this type of low-yielding core residential property is not fully aligned with the long-term strategy of our Nordic Property Income Fund (CMNPI). Therefore, we decided to test the interest in the market, and are now pleased to exit the asset to SF FORE. Going forward, CMNPI plans to make new investments in stable income generating properties which demonstrate liquidity across cycles and allows for active development of the portfolio. Greater Copenhagen remains our key area for future investments in Denmark,” shares Hasse Wulff, Investment Director at CapMan Real Estate.

“The Søllerødgade exit allowed us to take benefit from the stabilising investment market and the continuously high demand for high quality residential properties. Actualising our returns here while exceeding the funds targets, allows us to continue with our stock picking approach and look for new higher yielding investments,” shares Oskari Isolauri, Junior Fund Director of CMNPI.

The property has received a DGNB-in-Use Gold certification during CapMan Real Estate’s ownership period.

CapMan Nordic Property Income Fund (“CMNPI”) is a non-UCITS active open-ended fund that distributes a minimum of 75% of its annual realised profit to its unit holders. The fund has an established sustainability strategy and it received four stars in its 2023 GRESB* assessment. The fund focuses on stable income generating properties such as light industrial and warehouse properties, modern offices, selected retail assets and niche properties in the living sector in most liquid Nordic cities with solid long-term growth fundamentals. The fund accepts new subscriptions on a quarterly basis and targets 7% annual net return.**

The real estate assets managed by CapMan Real Estate currently amount to approximately EUR 4.2 billion. The real estate investment team employs around 80 real estate investment professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.

* GRESB assesses and compares the ESG performance of real assets globally and has become the go-to benchmark for asset managers and investors when it comes to ESG performance of different funds and companies. GRESB ratings range from one to five stars.

** Past performance is no guarantee for future returns.

For further information, please contact:

Hasse Wulff, Investment Director, CapMan Real Estate, +45 4013 0433

Oskari Isolauri, Junior Fund Director of CMNPI, +358 50 569 1276

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.  

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Endless completes sale of Educational resources supplier Findel to leader in European B2B ecommerce Manutan

Endless

Endless has successfully exited its investment in educational resources supplier Findel to Paris-headquartered leader in European B2B ecommerce Manutan.

Endless originally acquired Findel in April 2021 from Studio Retail Group plc. Findel is now widely recognised as a market leader within UK educational resources supplies.

Headquartered in Hyde, Greater Manchester, Findel also has a distribution centre and offices in Nottingham and employs around 300 people. Today, the company’s brands and websites offer more than 32,000 products to educators and parents based in the UK and overseas with the business exporting to 130 countries.

Commenting on the sale, Findel chief executive, Chris Mahady, said: “It’s been a remarkable three years with the Endless team, where we have transformed the business from an unloved and non-core division of a plc to the digital leader in our sector with ESG at the heart of our operations and culture.

“We’ve invested in our family of brands, giving them each a distinct identity that matches their customers wants and needs. We’ve invested in our operations and systems to ensure we can, and are, giving our customers the best experience we can with most orders delivered within 24 hours.

“Endless also encouraged us to be brave with our ESG commitments and we completed a refinancing with a Sustainability Linked Loan. This has impactful ESG-related covenants and we made further public commitments by joining the Science Based Targets Initiative.

“As a business, we had always done a lot in the communities in which we operate and we then launched the Findel Foundation as the umbrella for all of our charitable and social work supporting children and education.

“It was as a result of this sustainable, in every sense, business transformation that we were then able to attract a fantastic business like Manutan to become our new long-term owner.”

Manutan, which has a specialism in educational supplies, employs 2,200 people and operates 28 subsidiaries across 17 European countries, including the UK. The business offers in excess of 800,000 products to its customers and has a turnover of €946m. The company’s mission is ‘enterprising for a better world.’

Endless investment partner, Andy Ross, added: “It has been an absolute pleasure working closely with Chris and the entire team at Findel. Working with a team who cares so passionately about what they do and, importantly, how they do it, was a real privilege. Our role in this partnership was to provide guidance and support to the management team to help them unlock the huge latent potential in the business.

“At Endless, we are only ever a temporary custodian of a business, but I’m incredibly proud of what our teams have achieved over the last three years and look forward to see what they can do as part of the Manutan Group in the future.”

Owner and chairman of Manutan Group, Xavier Guichard, said: “Following on from our strong growth in recent years, we’re delighted to be acquiring Findel, whose culture, focus on people, performance and shared values, is totally aligned with our own principles.

“We also share the same business model, which combines the strengths of digital technology (our e-commerce solutions) with a strong focus on sustainability, providing service excellence to customers and suppliers.”

The investment in Findel was managed by Andy Ross and David Isaacs from Endless. Endless was advised on the sale by Rob Burden and his team at Clearwater (corporate finance) and Debbie Jackson and her team at Walker Morris (legal). Due diligence support was provided by CIL (commercial), KPMG (financial and tax), Anthesis (ESG) and Intechnica (digital). All values relating to the acquisition are undisclosed.

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PeakAvenue strengthens its position as industry leader through the acquisition of Isograph

Main Capital Partners
PeakAvenue, a portfolio company of Main Capital Partners since 2022, announced the acquisition of UK-based Isograph, a leading provider of Safety Engineering software.
Home / Knowledge / Press release / PeakAvenue strengthens its position as industry leader through the acquisition of Isograph

Through the combination, PeakAvenue significantly strengthens its international presence and gains a stronger foothold in the UK and strategic industries, fortifying its position as leader in Engineering & Quality Management Software.

Established in 1986, Isograph’s comprehensive product suite comprises a broad range of reliability, availability, maintainability and safety (RAMS) solutions, being the go-to-vendor for Fault Tree software for blue chip clients around the world. The company has offices near Manchester (Warrington), UK and Salt Lake City, Utah. Isograph initially provided consultancy and software development services in safety and reliability fields. Over time, the company began development and support of ‘off-the-shelf’ reliability products. Isograph’s software is used by over 1,900 clients with a strong footprint in the UK, USA, Germany, and Australia. Customers are from various engineering verticals such as Aerospace, Semi-Conductors, Energy, Defense, Automotive, Transportation, Medical, and Telecommunications, amongst others.

Strong market-fit
With its RAMS software, Isograph is a logical expansion of PeakAvenue’s platform, which strengthens the software suite by covering a white spot in PeakAvenue’s portfolio by adding Fault Tree Analysis and Functional Safety functionalities. This will enable significant cross-sell opportunities to, amongst others, Isograph’s blue chip customer base in the UK and USA. PeakAvenue, on the other side, will support Isograph in expanding its footprint in Continental Europe and integrate Isograph’s software into the PeakAvenue Cloud Platform. The combination leverages Isograph’s proficiency in functional safety and security analysis and adds another component to PeakAvenue’s goal to offer an unbeatable, highly integrated and web-based software suite along the entire “Digital Thread” – from idea to product over the entire product lifecycle. Both companies cater to similar clients.

Richard Pullen, CTO and Co-Founder of Isograph, comments: “We are excited to join forces with PeakAvenue and contribute our extensive experience in Functional Safety and Security analysis. Together, we aim to create unparalleled solutions that meet the evolving needs of our clients and accelerate the web-development of our software.”

Stephen Flanagan, CEO and Co-Founder of Isograph, comments: “We are very pleased to be joining the PeakAvenue group. Our software products are complementary to each other, and that combination will provide a powerful set of solutions for quality, system safety, reliability and asset performance practitioners.”

As industries witness a surge in the importance of functional safety and security analysis, especially in highly regulated sectors like aerospace and MedTech, Isograph’s expertise becomes instrumental. The increasing connectivity across industries propels the demand for robust systems engineering, safeguarding products and systems from external threats and malfunctions. The combined group employs an exceptional team of around 155 employees dedicated to supporting the ongoing development and support of the world’s leading quality and safety software products.

Ulrich Mangold, CEO of PeakAvenue, adds: “We are happy to welcome Isograph as our new member in the PeakAvenue team. The market is – driven by disruptive technologies in many verticals – urging for strong Functional Safety solutions. Our customers will be strongly benefiting from this combined software solution covering the entire quality centric digital thread.”

Dorian Berndt, Investment Director at Main Capital Partners, concludes: “Main is proud to support the continued growth and strategic expansion of PeakAvenue. The acquisition of Isograph marks another milestone for PeakAvenue in its quest to becoming the leading software provider in the field of engineering and quality.”

The acquisition of Isograph marks another milestone for PeakAvenue in its quest to becoming the leading software provider in the field of engineering and quality.”

– Dorian Berndt, Investment Director at Main Capital Partners

About

Isograph

Isograph, founded in 1986, is a leading provider in the Functional Safety & Security sector. The company, headquartered near Manchester (Warrington), UK, and with a presence in Salt Lake City, Utah, has evolved into a dynamic force in safety and reliability fields. Initially specializing in consultancy and software development, Isograph has expanded its offerings to include a diverse range of ‘off the shelf’ reliability products. Isograph’s software solutions are utilized by over 1,900 companies spanning 12,000 sites in 75 countries. Catering to various engineering verticals such as Aerospace, Automotive, Transportation, Nuclear, Chemical, Educational, Oil & Gas, Manufacturing, Medical, Defense, Telecommunications, and Electronics, Isograph’s integrated reliability and safety software encompasses Prediction, FaultTree, Reliability Block Diagram Analysis, FMECA, Event Tree Analysis, Weibull Analysis, Markov Analysis, Safety Assessment, and more.

PeakAvenue

PeakAvenue is a dynamic and innovative international software solutions company for engineering and quality management. It was founded in 2022 through the merger of two well-known German companies PLATO GmbH and iqs Software GmbH. PeakAvenue offers a comprehensive suite of high-quality tools and services, tailored to meet diverse industry needs, fostering continuous improvement and excellence in the global market. Thanks to the many years of experience of the founding companies, PeakAvenue focuses on providing state-of-the-art software solutions for product lifecycle management, risk analysis, and requirements engineering, empowering businesses to enhance product development efficiency and compliance. In addition, PeakAvenue is a leading provider of quality management software (Computer Aided Quality, CAQ), helping organizations streamline their quality control processes, achieve regulatory compliance, and elevate overall product quality. PeakAvenue stands for trend-setting solutions that guide engineers, manufacturers, and suppliers along the Digital Thread.

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Francisco Partners to Acquire Jama Software For $1.2B

Franciso Partners

Investment builds on an organic tripling of recurring revenue in 5 years to further extend the company’s leadership position in intelligent engineering management

PORTLAND, Ore. and LONDON, March 18, 2024 /PRNewswire/ — Jama Software®, an industry leading requirements management and traceability solution provider, announced today that Francisco Partners has entered into a definitive agreement to acquire the Company from shareholders including Insight Partners and Madrona Ventures for $1.2 billion. Marc Osofsky, Jama Software CEO, will personally reinvest and continue to lead the company.

“We are thrilled to work with Francisco Partners and leverage their expertise as we further accelerate our rapid expansion across enterprises, industries and continents”, said Marc Osofsky, CEO, Jama Software. “We thank Insight Partners, who have been tremendous supporters of Jama Software’s growth over the past six years.”

“The engineering management market is in the early stages of a fundamental transformation which Jama Software is at the forefront of. We are ecstatic to be partnering with Marc and his team in continuing to execute on their industry-leading vision and strategy”, said Petri Oksanen and Mario Razzini, Partners at Francisco Partners.

Jama Software has rapidly become a market leader in Requirements Management & Traceability and leads the market in customer satisfaction ratings, NPS scores, SaaS scale, security and SOC2 compliance, usability, performance, breadth and depth of integrations, measured process improvement, benchmarking, NLP and more. Jama Software helps companies intelligently improve their development process to reduce defects, delays, cost overruns and recalls.

“We’re delighted to have collaborated closely with Marc and the Jama Software team as they’ve navigated significant growth and emerged as a market leader,” said Richard Wells, Managing Director at Insight Partners. “As Jama Software embarks on their exciting new chapter of expansion and innovation, this acquisition by Francisco Partners reflects Jama Software’s success and the Company’s ability to consistently deliver exceptional value to customers worldwide.”

The investment by Francisco Partners is subject to customary closing conditions.

Evercore acted as the exclusive financial advisor to Jama Software and Insight Partners and Willkie Farr & Gallagher LLP acted as legal advisor. J.P. Morgan Securities LLC acted as financial advisor to Francisco Partners and Paul Hastings LLP acted as legal advisor.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch nearly 25 years ago, Francisco Partners has invested in more than 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About Insight Partners

Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.

About Jama Software

Jama Software® is focused on maximizing innovation success in multidisciplinary engineering organizations. Numerous firsts for humanity in fields such as fuel cells, electrification, space, software-defined vehicles, surgical robotics, and more all rely on Jama Connect® requirements management software to minimize the risk of defects, rework, cost overruns, and recalls. Using Jama Connect, engineering organizations can now intelligently manage the development process by leveraging Live Traceability™ across best-of-breed tools to measurably improve outcomes. Our rapidly growing customer base spans the automotive, medical device, life sciences, semiconductor, aerospace & defense, industrial manufacturing, consumer electronics, financial services, and insurance industries.

For more information about Jama Connect services, please visit https://www.jamasoftware.com/

Media Contact

Karrie Sundbom

Senior Director, Corporate Marketing, Jama Software

marketing@jamasoftware.com

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Oakley Capital invests in Horizons Optical

Oakley Capital, the leading pan-European, mid-market private equity investor, is pleased to announce that Oakley Capital Origin Fund I is investing in Horizons Optical, a provider of medical software used to make premium spectacle lenses.

Origin is acquiring a majority stake in the business alongside CEO Santiago Soler, who will retain a significant share in the business and will continue to lead Horizons. As part of the agreement, Oakley is acquiring the shares in Horizons owned by Sherpa Capital, a leading private equity firm in Iberia.

Founded in Barcelona in 2017, Horizons’ proprietary and patented software is used by independent laboratories around the world to manufacture bespoke, ‘progressive’ lenses that can correct a range of eye conditions including short, mid and far sightedness as well as astigmatism, all in one lens. Lenses manufactured using Horizons’ patented technology are positioned in the highest value-added segments of the optical industry, standing out for their distinctive qualities and outstanding optical performance. 10 million lenses were produced with Horizons’ technology in 2023.

Horizon Optical

Horizons also provides equipment for opticians with the capability to scan consumers’ faces and measure relevant facial parameters for the manufacturing of lenses and frames.

Horizons has a strong, historical track record generating double-digit revenue growth. The fast-growing business is internationally diversified with Europe and the US each accounting for approximately a third of revenues, followed by APAC and South America.

Horizons operates in a lens market with strong, long-term growth prospects, underpinned by a growing ageing population and the increased incidence of vision conditions caused by excessive screen time on mobile phones and desktop computers. At the same time, Horizons is growing the market by developing tools to help opticians sell to more customers, including its recently-launched Mimesys virtual reality headset which enables optometrists to accurately measure customers’ eyes in order to produce bespoke lenses.

 

Oakley’s Investment

Oakley’s investment in Horizons reflects its strategy of partnering with founder-led, entrepreneurial businesses to help them innovate and accelerate growth.  Oakley will leverage its strong track record of building market leaders to help Horizon accelerate its international growth plans, taking market share as a high-quality, innovative solution for lens manufacturers and opticians looking to offer bespoke eyecare solutions for consumers, while also leveraging its strong market reputation for exceptional customer service. Oakley will also support investment into R&D and Sales & Marketing to ensure Horizons continues to win as an innovator and disruptor in its core markets.

News

Oakley Capital invests in Spanish transport and logistics software business Alerce30.10.23

This will be Oakley’s sixth deal in Spain, following vLex, Seedtag, Alerce, Grupo Primavera (now part of Cegid), idealista, and several education assets, reinforcing its commitment to Iberia as a key investment destination. It will also be Origin I’s 9th investment after which the Fund will be c.75% invested.

Quote Peter Dubens

Horizons Optical has all the hallmarks of a typical Oakley deal: a disruptive market leader, with strong software IP and led by an exceptional management team. We look forward to working with Santiago to help the business realise its full potential, taking advantage of strong market growth drivers as well as leveraging our expertise helping to scale software businesses including Grupo Primavera in Iberia.

Peter Dubens

Founder and Managing Partner — Oakley Capital

Quote Santiago Soler

Our focus on quality, innovation and exceptional customer care have driven Horizons’ strong performance to date. Oakley clearly shares our values and so we are delighted to be partnering with the firm as we embark on the next stage of our expansion. We have travelled this path of growth alongside a strong partner in Sherpa Capital, to whom we are grateful not only for their investment in Horizons and belief in our potential but also for providing the company with a spirit of continuous improvement and excellence. We see enormous potential to further grow our international business, benefitting from Oakley’s expertise to expand our service offering and drive professional improvements across our business.

Santiago Soler

CEO — Horizons Optical

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KeyCorp and Blackstone Credit & Insurance Announce Forward Flow Origination Partnership

Blackstone

Partnership demonstrates commitment to providing relationship clients with capital and investing in high-return businesses

CLEVELAND, OH – Today, KeyCorp (NYSE: KEY, “Key”) announced a forward flow origination partnership with Blackstone Credit & Insurance (“Blackstone”) focused on Key’s Specialty Finance Lending (SFL) group. SFL is a leading asset-based lender serving clients nationally across middle market, growth capital, transportation, equipment, and other verticals. In connection with the partnership, Blackstone and Key closed a transaction on a seed portfolio of middle market fund finance facilities. Key will continue to originate, hold, and provide asset management services for new commitments across all sectors.

Randy Paine, Head of Key’s Institutional Bank said, “SFL is a highly successful business that has been organically built over the past 15 years to serve a dynamic and fast-growing client base with increasing financing needs. The partnership with Blackstone, a long-trusted participant in this sector, will accelerate the growth of the business and be mutually beneficial to all stakeholders, especially our clients.”

“Key’s SFL group is a strong franchise with deep relationships with originators,” said Rob Horn, Global Head of Infrastructure and Asset Based Credit at Blackstone. “We are pleased to have closed this initial transaction and look forward to growing the relationship with SFL.”

Advisors
Morgan Stanley & Co. LLC and KeyBanc Capital Markets served as advisors to KeyBank.

About KeyCorp
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $188 billion at December 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com. KeyBank is Member FDIC.

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 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.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “goal,” “objective,” “plan,” “expect,” “anticipate,” “intend,” “project,” “believe,” “estimate” and other words of similar meaning. Forward-looking statements represent management’s current expectations and forecasts regarding future events. If underlying assumptions prove to be inaccurate or unknown risks or uncertainties arise, actual results could vary materially from these projections or expectations. Factors that could cause Key’s actual results to differ from those described in the forward-looking statements can be found in KeyCorp’s Form 10-K for the year ended December 31, 2023, as well as in KeyCorp’s subsequent SEC filings, all of which have been filed with the Securities and Exchange Commission and are available on Key’s website (www.key.com/ir) and on the Securities and Exchange Commission’s website (www.sec.gov). Forward looking statements speak only as of the date they are made and Key does not undertake any obligation to update the forward-looking statements to reflect new information or future events.

Contact
Elana Ferrari for KeyCorp
(412) 222-1476
elana_ferrari@keybank.com

Mariel Seidman-Gati for Blackstone
(646) 482-3712
mariel.seidmangati@blackstone.com

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