Asolvi boosts commitment to DACH market with TIVAPP acquisition

Viking venture

Picture: Pål Rødseth, CEO Asolvi

Asolvi, a Viking Venture portfolio company and Europe’s leading provider of field service and contract management software, today announced that it has agreed to acquire TIVAPP. The company is the leading German field service solution for the fire protection and security sector.

TIVAPP is a specialist service, inventory, test documentation and billing software solution, developed by fire prevention professionals. Founded in Germany, the company has over 20 years of experience in the sector. During that time, TIVAPP has built up a market-leading customer base and established itself as the region’s premier provider of complete solutions for fire protection specialists.

The deal will see the TIVAPP team of Fire and Security experts joining Asolvi. This team, in combination with TIVAPP’s market-leading software, will strengthen Asolvi’s position across the DACH market and enhance its native-language customer support. It will also expand existing sales functions across the region, positioning Asolvi for further sustainable growth.

The acquisition demonstrates the strategic importance of the DACH region to Asolvi, as well as the strong growth potential Asolvi sees for the German Fire and Security sector. This is the sixth acquisition since 2016 and forms part of Asolvi’s broader strategy to expand organically, and where appropriate, through acquisitions across Benelux, DACH, the Nordics and the UK.

– We are thrilled to welcome TIVAPP into the Asolvi family. We are already the leading provider of Alarm, Fire and Security service management solutions in the UK and Sweden, TIVAPP fits perfectly into our core strategy of expanding our German and Central European offering. TIVAPP’s native-language expertise and experience will be of central importance as we aggressively pursue opportunities across the region, which will consequently allow Asolvi to add size to developments and meet even further demands of customers in the very near future. TIVAPP’s acquisition represents a superb opportunity for the company’s existing management and to our staff, and we look forward to working closely alongside them as we pursue our common aims and objectives and advance into the future, says Pål M. Rødseth, CEO of Asolvi.

– Joining Asolvi makes huge sense for us. Combining our expertise will allow us to build market share and add resources at a much faster pace. It’s with great excitement that we enter this new phase, joining one of Europe’s leading field service management software companies. I am thrilled to be continuing TIVAPP’s journey under the Asolvi umbrella and seeing the benefits this will bring to our organisation and our employees, adds Harry Liedtke, CEO of TIVAPP.

– Another great acquisition by Asolvi for further expansion in Europe. We welcome the TIVAPP team and are excited to see Asolvi’s fire and secrity offering strenghtens. This puts Asolvi as one of the leading provider within this vertical, continues Jostein Vik, Viking Venture.

Financial terms of the deal were not disclosed, Mayer Brown and Deloitte acted as advisors to Asolvi.

About Asolvi
With decades of combined experience developing solutions for a variety of field service sectors, Asolvi’s products support thousands of engineers, millions of contracts, and tens of millions of service tasks. Its mission is to continue creating, deploying and refining new functionality and solutions for the largely under-served SME market, through close customer relations and strategic partnerships.

Asolvi is a leading provider of service management software for small and medium-sized enterprises (SMEs) in the field service industry in Europe, employing more than 100 staff in ten offices across the continent. The company was founded in 1991 in Trondheim, Norway, and has grown organically and through recent acquisitions to reach 1,600+ customers in 35+ countries. It is headquartered in Trondheim, Norway, and is a private company owned by Volpi Capital, Viking Venture and the Management. More information about Asolvi’s services can be found at: https://asolvi.com.

About TIVAPP
TIVAPP is specifically designed for service providers in the field of fire protection and security technology. The solution enables users to digitally map and manage all their key processes, ranging from complete inventory management to fire safety inspections and training. In addition, TIVAPP provides extensive manufacturer product data, approvals information and links to accounting systems.

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Searchlight Capital Partners Closes Third Fund at $3.4 Billion

Searchlight Capital

Searchlight Capital Partners Closes Third Fund at $3.4 Billion

 

18th November, 2020: Searchlight Capital Partners, L.P. (“Searchlight” or “the Firm”), a leading global private investment firm, today announced the final close of Searchlight Capital III, L.P. (“the Fund”), with total committed capital of $3.4bn. This is the third private equity fund the firm has raised since it was founded in 2010.

“We are truly grateful for the support of our investors,” the Founding Partners of Searchlight said. “The Firm’s capital structure flexibility, industry expertise, and geographic reach position us very well to invest in this unprecedented environment. The Fund is already 30% committed to investments in partnership with leading management teams and entrepreneurs.”

Like its predecessors, Searchlight’s latest Fund will target investments in North America and Europe, leveraging the Firm’s teams in both geographies to pursue opportunities in a range of sectors including communications, media and financial and business services, amongst others.

Latham & Watkins LLP served as legal counsel to the Fund.

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ControlUp announces $27M Funding, Led by JVP and K1, After a Breakthrough 2020

K1

User experience optimization platform has grown more than 3x in the last two years

SAN JOSE, Calif.Nov. 18, 2020 /PRNewswire/ — ControlUp, the industry-leading self-healing End-User Computing (EUC) solution enabling customers to monitor, troubleshoot, and remediate their EUC environments, today announced it has completed a $27 million Series C round of financing led by JVP and K1 Investment Management (“K1”), bringing total funding to $40 million. Since launching in 2014, ControlUp has supported business continuity for thousands of enterprises. The latest investment will enable the company to expand its platform and market presence to monitor and dynamically optimize user experience for the enormous growth in Work-From-Home deployments.

“As we look across the business sector over the last year, it is clear that every industry has been impacted. From healthcare and finance, to education and government, every industry has one clear goal: to identify and activate an agile workflow for their employees,” said Asaf Ganot, founder and CEO of ControlUp. “At ControlUp, we work to ensure that our 1,200+ worldwide enterprise customers have the resources and expertise needed to address IT management challenges, while simultaneously planning for the future. We are committed to providing the best solutions on the market to ensure companies are able to create sound workflows and achieve their overarching business goals, across an evolving array of work environments.”

The Series C financing follows major company milestones:

  • Expanding the company’s client roster to B2C and B2B brands comprising more than 50 of the Fortune 100, including T-Mobile/Sprint, plus a host of others;
  • Expanding the industry-leading platform to enhance its abilities as the most complete and unique platform for enterprise management of digital user experience;
  • Growing the company employee base by more than 50% in 2020, employing 180 employees globally.

“ControlUp leads the next generation of performance automation of information systems, distributed among offices and endpoints, in any organization, anytime, anywhere, in a virtual or physical environment. It gives the organization a complete picture of its network performance,” says Erel Margalit, founder and chairman of JVP. “Through Artificial Intelligence the company enables learning of best practices in parallel networks and performance improvement in real time. We are proud of our partnership with Asaf Ganot and Yoni Avital, entrepreneurs who have built a significant company and are bringing Israeli excellence to the forefront of the world stage. They are on their way to building a leading global company.”

ControlUp’s AIOps platform gives organizations an end-to-end view of their end-user computing environments. With the lion’s share of the global workforce currently working outside the office, the intelligence provided by ControlUp is vital to providing an optimal user experience and ensuring productive work environments. At the heart of ControlUp’s solution is its proprietary machine learning-based Real-Time Engine, which connects to a multitude of data sources using flexible and expandable data collectors that cover a wide array of architectures and technologies. It uses a high-performance, in-memory database in order to digest, associate and correlate hundreds of thousands of records in a single node.

“K1 is excited to partner with JVP and the ControlUp team as they continue their impressive expansion in the end-user computing space,” said Hasan Askari, managing partner at K1. “ControlUp has a unique solution for managing technology environments for businesses that seek to improve the user and employee experience. Their approach is simple and accessible and solves the real-world problems that businesses need to succeed.”

About ControlUp
ControlUp enables ITOps teams to monitor, analyze and directly remediate problems in their on-premise, hybrid cloud and cloud infrastructure in real-time using a powerful yet easy-to-use ITOps analytics and management platform. ControlUp remediation also allows ITOps to proactively automate fixes for a rapidly-growing set of use cases. ControlUp analytics utilizes anonymous operational metadata from thousands of organizations to help ITOps calculate best-practice baselines to set accurate expectations and goals and set budgets appropriate for the implementation. ControlUp is headquartered in Silicon Valley with R&D in Israel and is backed by Jerusalem Venture Partners and K1 Investment Management. For more information, visit us at www.controlup.com.

About JVP
Jerusalem Venture Partners (JVP), founded and led by Dr. Erel Margalit, is an internationally renowned venture capital fund. JVP has to date raised $1.4 billion across 9 funds, and has been listed numerous times by Preqin, and other rankings, as one of the top-ten consistently performing VC firms worldwide. JVP has built over 140 companies, leveraging a broad network of partners and market expertise to help companies become global market leaders. JVP has been chosen by NYCEDC to lead the International Cyber Center in New York City. Among the pioneering firms of the Israeli venture capital industry, JVP has been instrumental in building some of the largest companies out of Israel, facilitating 12 Initial Public Offerings on NASDAQ including CyberArk Software ($4.7 billion mkt. cap.), QLIK Technologies (then $4 billion mkt. cap.) and Cogent Communications ($3 billion mkt. cap.).

About K1 Investment Management
K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 100 professionals, K1 changes industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 130 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, ChiroTouch, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, Graduway, IronScales,  Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.

More Resources
ControlUp Raises Series B
ControlUp Announcements ControlUp Console for VMware Cloud on AWS

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Cambridge-based agritech startup KisanHub raises €1.2 million to streamline food supply chains

IQ Capital

Cambridge-based agritech company KisanHub has raised around €1.2 million for its ‘seed to sale’ connectivity platform that is accelerating the pace of digital transformation of the agri-food industry. KisanHub’s supply chain management platform makes use of big data and machine learning in order to help growers, field staff, procurement managers and management teams make informed decisions.

The round was led by Low Carbon Innovation Fund 2 (LCIF2) with backing from the UK’s Future Fund, and was supported by the existing investors, including IQ Capital, Notion Capital, and Sistema_VC. The funds will be used to help the company accelerate its business in the UK and Europe, and further promote the values of sustainability in food supply chains with the support from government investors.

Founded in 2013, KisanHub’s technology helps to address key logistical bottlenecks. So, how does it work exactly? KisanHub’s cloud-based enterprise platform focuses on crop intelligence, supply chain intelligence, integrating data from crops, stores, load dispatches, satellites and field sensors in order to help businesses meet contractual obligations on quality and quantity of the produce. It translates raw and complex food supply chain data sets into actionable transparent insights, and overall improves the flow of information within the supply chain.

According to Gartner, the top ten strategic technology trends for 2020 include hyper automation, transparency and traceability, among others. KisanHub is adopting these for the future of the supply chain.

“KisanHub technology digitises the agricultural supply chain, improving the transparency and efficiency of the procurement process. The pandemic has only increased the demand for such solutions, as food supply security became more important than ever. Many risks, including seasonal and climatic ones, can be averted through the use of sensors and machine learning, and this is what KisanHub does”, said Dmitry Filatov, Managing Partner at Sistema_VC said.

KisanHub’s target customers are agricultural enterprises supplying retailers and processors that work with a network of contract farmers and/or own their own farmland. The company is able to integrate enterprises’ existing software or Excel systems in order to provide an end to end supply chain management solution. The global beverage giant, ABInBev, has implemented the platform in order to connect with the growers and achieve its 2025 sustainability goals. In addition, major British suppliers like Spearhead, Burgess Farm Produce, Manor Fresh, Jupiter Group, have partnered with KisanHub to get full visibility of the quality and quantity of the produce in their supply chain.

LCIF2 is funded by the European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority. The fund is managed by Turquoise, the London-based merchant bank that specialises in energy, environment and efficiency.

Axel de Mégille, director at Turquoise (managing LCIF2), commented: “KisanHub helps keep everyone in the supply chain aware of the state of each batch of produce they are growing, aggregating or retailing, so that they can plan better and reduce waste. This investment fits well into LCIF2’s strategy of investing into technologies that help to reduce greenhouse gases (GHGs)”.

Sachin Shende, co-founder and CEO of KisanHub, added: “We are delighted to welcome LCIF2 as an investor in KisanHub. This investment will enable us to grow the business in the UK and Europe and strengthen our links with local and national governments”.

Originally published here.

Vivet Therapeutics and Pfizer Inc. Announce FDA Authorization to Proceed with GATEWAY, the Phase 1/2 Study for VTX-801, Vivet’s Investigational Gene Therapy for Wilson Disease

Healthcap

PARIS, France and NEW YORK, N.Y.—November 18, 2020— Vivet Therapeutics (“Vivet”), a privately held gene therapy biotech company dedicated to developing treatments for inherited liver disorders with high unmet medical need, and Pfizer Inc. (NYSE: PFE) announced today that the U.S. Food and Drug Administration (FDA) has cleared Vivet’s Investigational New Drug (IND) application for the GATEWAY study, a Phase 1/2 clinical trial evaluating Vivet’s proprietary, investigational gene therapy vector, VTX-801, for the potential treatment of Wilson disease (WD), a rare and potentially life-threatening liver disorder. The trial is expected to commence in early 2021.

“We are pleased to announce Vivet’s first IND clearance by the FDA, which is for our GATEWAY Phase 1/2 study for VTX-801,” said Jean-Philippe Combal, CEO and Co-Founder of Vivet. “This is a very important milestone for the Wilson disease community for whom VTX-801 could bring significant potential therapeutic benefit. VTX-801 aims to restore copper homeostasis and the GATEWAY trial will measure relevant biomarkers to evaluate physiological restoration of copper elimination and transport in patients. We look forward to advancing VTX-801 into the clinic in early 2021.”

VTX-801 is a novel, investigational rAAV-based gene therapy vector designed to deliver a miniaturized ATP7B transgene encoding, a functional protein that has been shown to restore copper homeostasis, reverse liver pathology and reduce copper accumulation in the brain of a mouse model of Wilson disease. VTX-801’s rAAV serotype was selected based on its demonstrated tropism for transducing human liver cells.

In March 2019, the companies announced that Pfizer had acquired a minority equity interest in Vivet and secured an exclusive option to acquire all outstanding shares. In September 2020, Vivet and Pfizer announced the signing of an agreement for the manufacture by Pfizer of the VTX-801 vector for the GATEWAY study.

“The FDA clearance of Vivet’s IND marks an important milestone for the VTX-801 program, which we believe has the potential to become a transformational therapy for people with Wilson disease,” said Seng Cheng, Chief Scientific Officer, Rare Disease Research Unit, Pfizer. “Pfizer has begun manufacturing clinical material for the GATEWAY study and look forward to the study’s commencement.”

“This IND is a recognition of the expertise of Vivet’s research team led by our CSO and Co-Founder, Dr. Gloria González-Aseguinolaza, research collaborations, notably with la Fundación para la Investigación Médica Aplicada (FIMA), and experienced development team. We believe that our global development expertise, together with our collaboration with Pfizer, places us in a strong position to rapidly execute and bring this potentially transformational therapy to patients with high unmet medical needs,” added Jean-Philippe Combal.

About GATEWAY – Phase 1/2 Clinical Trial of VTX-801 in Wilson disease

The GATEWAY trial is a multi-center, non-randomized, open-label, Phase 1/2 clinical trial designed to assess the safety, tolerability and pharmacological activity of a single intravenous infusion of VTX-801 in adult patients with Wilson disease, prior to and following background WD therapy withdrawal.

Six leading centers in the United States and Europe are expected to participate in the GATEWAY Phase 1/2 trial. The trial is expected to enroll up to sixteen adult patients with Wilson disease and will evaluate up to three doses of VTX-801. Patients will participate in a pre-dosing observational period and will be administered a prophylactic steroid regimen.

The primary endpoint of the GATEWAY trial is to assess the safety and tolerability of VTX-801 at 52 weeks after a single infusion. Additional endpoints include changes in disease-related biomarkers, including free serum copper and serum ceruloplasmin activity, as well as radiocopper-related parameters and VTX-801 responder status to allow standard-of-care withdrawal.

Vivet Therapeutics expects to enroll the first patient in early 2021.

More details on:

https://clinicaltrials.gov/ct2/show/NCT04537377?term=VIVET&draw=2&rank=1

About Vivet Therapeutics

Vivet Therapeutics is an emerging biotechnology company developing novel gene therapy treatments for rare, inherited metabolic diseases.

Vivet is building a diversified gene therapy pipeline based on novel recombinant adeno-associated virus (rAAV) technologies developed through its partnerships with, and exclusive licenses from, the Fundación para la Investigación Médica Aplicada (FIMA), a not-for-profit foundation at the Centro de Investigación Medica Aplicada (CIMA), University of Navarra based in Pamplona, Spain.

Vivet’s lead program, VTX-801, is a novel investigational gene therapy for Wilson disease which has been granted Orphan Drug Designation (ODD) by the Food and Drug Administration (FDA) and the European Commission (EC). This rare genetic disorder is caused by mutations in the gene encoding the ATP7B protein, which reduces the ability of the liver and other tissues to regulate copper levels causing severe hepatic damages, neurologic symptoms and potentially death.

Vivet’s second gene therapy product, VTX-803 for PFIC3, received US and European Orphan Drug Designation in May 2020.

Vivet is supported by international life science investors including Novartis Venture Fund, Roche Venture Fund, HealthCap, Pfizer Inc., Columbus Venture Partners, Ysios Capital, Kurma Partners and Idinvest Partners.

Please visit us on www.vivet-therapeutics.com and follow us on Twitter at @Vivet_tx and LinkedIn.

About Pfizer: Breakthroughs That Change Patients’ Lives

At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world’s premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 170 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on Twitter at @Pfizer and @Pfizer NewsLinkedInYouTube and like us on Facebook at Facebook.com/Pfizer.

Pfizer Disclosure Notice

The information contained in this release is as of November 18, 2020. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

This release contains forward-looking information about Vivet Therapeutics’ (Vivet) investigational gene therapy, VTX-801, and Pfizer’s collaboration with Vivet on the development of VTX-801, including their potential benefits, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, risks related to the ability to realize the anticipated benefits of the collaboration, including the possibility that the expected benefits from the collaboration will not be realized or will not be realized in the expected time; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities;

whether regulatory authorities will be satisfied with the design of and results from the clinical studies; whether and when any applications may be filed in any jurisdiction for VTX-801; whether and when any such applications may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether VTX-801 will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of VTX-801; uncertainties regarding the impact of COVID-19 on Pfizer’s business, operations and financial results; and competitive developments.

A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.


Source: Vivet Therapeutics

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Intact to acquire RSA’s Canada, UK and international operations with CDPQ’s support

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Intact Financial Corporation will invest $1.5 billion in technology in Quebec over five years

Intact Financial Corporation (TSX: IFC) today announced that, together with Tryg A/S (Tryg), it has reached an agreement for the acquisition of RSA Insurance Group plc (RSA). Pursuant to the transaction, IFC will, with the support of Caisse de dépôt et placement du Québec (CDPQ), acquire RSA Group’s Canada, UK and International operations and co-own RSA Group’s Danish business with Tryg. To support its customer driven digital strategy and the growth resulting from the acquisition and integration of these operations, IFC will invest $1.5 billion in technology in Quebec over the next five years. This acquisition will also significantly increase the role and influence of several strategic teams based in Quebec, consolidate IFC’s significant economic impact in the province, and increase that impact through these additional investments.

“Intact Financial Corporation has its roots in Quebec,” said Charles Brindamour, CEO of Intact Financial Corporation. “While our success now extends well beyond Quebec’s borders, we still run a significant portion of our North American operations there. With the support of CDPQ, our acquisition of RSA will create additional demands and opportunities for the teams supporting our global operations; coupled with our future tech investments, this will provide a significant and lasting boost to the expansion of our strategic teams based in Quebec.”

“We’ve been partners with Intact Financial Corporation for over 10 years,” said Charles Emond, President and CEO, CDPQ. “Our investment has yielded positive returns for our depositors, thanks to the company’s strong track record of successfully integrating the companies they have acquired. We’re delighted to support this new acquisition, which will provide new growth opportunities for IFC, strengthen its leading position in Canada, and have a significant impact in Quebec’s financial and technology sectors.”

Additional investments in cutting-edge tech sectors

IFC’s growth is based on a long tradition of innovation and investments in technology that will accelerate with the acquisition of RSA. IFC will invest $1.5 billion over the next five years to support and grow the work of its digital, tech and AI development labs and software engineering teams. These Quebec-based teams will expand their scope and responsibilities as a result of the company’s growth and international operations, and to do this they will be hiring new talent. Over the next five years, more than 1,500 Quebec experts in user experience, design, mobile and software engineering, cybermetrics, machine learning and AI will work on developing and improving the digital customer experience, in addition to using technology to improve the efficiency of the company’s global operations.

Quebec talent driving growth for Intact and the Quebec economy

A number of IFC’s core operations are based in and directed from Quebec. The company has major teams that not only serve Quebecers, but also the rest of Canada and divisions across North America. Most of these teams will see their operations expand as the company’s international growth creates additional demands.

This includes the Intact Investment Management team, which will lead the company’s global investment operations and see its assets under management grow from $20 billion to $40 billion.

These expanded responsibilities for the Quebec-based teams will also enable IFC to act as a talent accelerator by providing even more high-calibre job opportunities for the next generation of Quebec university graduates, particularly in the actuarial, finance, technology and AI sectors.

IFC: A major employer rooted in the local economy

Since its beginnings in Quebec in 1907 (for the legacy company of Intact Insurance) and 1955 (for belairdirect), IFC has continued to grow steadily across the province in terms of its number of employees, investment, market share and community engagement.

IFC in Quebec today:

  • Over 5,000 employees in its Montreal, Anjou, Québec and Saint-Hyacinthe offices
  • Nearly one in three Quebecers and nearly one in four companies are insured through our Intact Insurance and belairdirect banners
  • More than 530 property and casualty insurance broker partners of all sizes located across Quebec
  • $1.6 billion in claim payments to Quebec customers, contributing to the province’s economic vitality by mobilizing the home restoration and renovation and automotive repair industries
  • Collaboration with several major Quebec universities, including Université Laval, Polytechnique, Université de Sherbrooke, ETS and and the Institut de valorisation des données (IVADO), a collaboration between HEC Montréal, Polytechnique Montréal and Université de Montréal.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over CAD$11 billion in total annual premiums. The Company has approximately 16,000 employees who serve more than five million personal, business and public sector clients through offices in Canada and the U.S.

In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Frank Cowan Company, a leading MGA, distributes public entity insurance programs including risk and claims management services in Canada.

In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies. Products are underwritten by the insurance company subsidiaries of Intact Insurance Group USA, LLC.

About CDPQ

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and para-public pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit www.cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

Cautionary note about forward-looking statements

Certain of the statements included in this press release constitute forward-looking statements. They include statements relating to, among other things, IFC’s offer to acquire RSA, its integration and growth plans, and its investment and hiring intentions in Quebec and in the digital, technology, AI development and software engineering sectors over the next five years. Forward looking statements often use words such as “believe”, “expect”, “estimate”, “intend”, “anticipate” and words of a similar meaning. Although the forward-looking statements are based upon what management believes to be reasonable assumptions, IFC cannot assure investors that actual results will be consistent with these forward-looking statements. Investors should not rely on forward-looking statements to make decisions, as they are subject to risks and uncertainties about IFC and are dependent on many factors, some of which are outside of IFC’s control. Investors should ensure the preceding information is carefully considered when reviewing forward-looking statements contained herein. The Company and management have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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KKR Invests in Argenta to Accelerate Future Growth

KKR

November 18, 2020

LONDON & NEW ZEALAND–(BUSINESS WIRE)– KKR, a leading global investment firm, announced today that it has agreed to acquire Argenta, a leading animal health-focused pharma services platform, from the Tomlinson Group, who will continue to retain a significant ownership stake in the company. Financial details of the transaction, which is subject to customary regulatory approvals, were not disclosed.

Founded in 2006, Argenta is the leading, fully integrated contract research organization (CRO) and contract manufacturing organization (CMO) specialized in animal health. Argenta’s global team of industry-leading scientists, veterinarians, and experts are solely focused on serving and partnering with the world’s top animal health companies.

Argenta has grown significantly with the support of the Tomlinson Group who first invested in the company in 2011. Starting as a single New Zealand based manufacturing business, Argenta has today developed into a globally significant CRO and CMO with a footprint covering New Zealand, the U.S. and the U.K., serving the top 4, and 8 of the top 10, animal health companies. With the support of KKR, Argenta plans to continue the rapid development of the business, building global leadership positions within chosen markets, with a particular focus on growth in the U.S and Europe.

“I am very pleased to welcome KKR as a valued partner to the Argenta team and to our strategy of bringing innovative animal health products to market on a global scale. Our fast-moving customers have high expectations and KKR’s investment will propel Argenta forward so we can continue to meet these expectations by bringing new capabilities and growth opportunities. At the core of Argenta is collaboration: among our team, with our customers and now with KKR. Together, we will continue to deliver the best animal health technologies and services possible,” said Ben Russell, CEO of Argenta.

“KKR will enable Argenta to continue its growth strategy, accelerate some of the many options available to deepen its already strong relationships with animal health customers and build on the vision for Argenta as a global animal health service company established by its Founder, Doug Cleverly, in 2006. The Tomlinson Group remains a committed shareholder and is looking forward to working with KKR to accelerate Argenta’s Molecule to Market strategy and continue widening the breadth of services for our customers,” said Greg Tomlinson at the Tomlinson Group.

“We are excited to be working with Greg, Ben and Argenta’s impressive management team. We believe there is a significant opportunity ahead to build Argenta into the leading global end-to-end pharma services platform dedicated to animal health. We look forward to leveraging KKR’s global network and experience across pharma services and animal health to support Argenta’s plans for future growth,” said Kugan Sathiyanandarajah, Director at KKR and Head of Europe for KKR’s Health Care Strategic Growth investing efforts, and Johnny Kim, Principal at KKR.

For KKR, the investment is being funded through the firm’s Health Care Strategic Growth Fund, which is focused on investing in high-growth health care companies for which KKR can be a unique partner in helping reach scale. KKR has established a strong track record of supporting health care companies, having invested approximately $14 billion across the sector since 2004.

Argenta was advised on the transaction by Stonehaven Consulting AG, a global consulting firm focused on animal health.

About Argenta

Founded in 2006 in New Zealand, Argenta’s talented, diverse and committed employees work on a daily basis to deliver excellence in animal health to customers around the world. With research and GMP manufacturing operations in New Zealand, the United States and the United Kingdom, Argenta holds a unique position as the only combined global contract research organization (CRO) and contract manufacturing organization (CMO) dedicated to animal health. Argenta operates from “Molecule to Market” in partnership with customers of all sizes from all corners of the world, supporting their Research & Development, clinical research, regulatory, scale up and manufacturing needs along their veterinary product development journey. For more information about Argenta, please visit www.argentaglobal.com

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media Contacts:
For KKR Americas:
Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

For KKR International:
Alastair Elwen or Alice Neave
Finsbury
+44 (0)20 7251 3801
kkr@finsbury.com

For Argenta
Annemieke de Keijzer
+1 732-439-3446
globalcommunications@argentaglobal.com

Source: KKR

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Deutsche Börse acquires leading governance, ESG data and analytics provider ISS

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  • Deutsche Börse to acquire majority stake in Institutional Shareholder Services (ISS) in partnership with current management and Genstar Capital, based on an ISS valuation of USD 2,275 million (EUR 1,925 million) for 100%
  • Move positions Deutsche Börse as a leading global provider of ESG data and analytics
  • High complementarity of ISS’ data and research businesses with Deutsche Börse Group’s businesses along the entire value chain, creates additional growth opportunities on both sides
  • ISS remains autonomous within the Group to ensure independence of its data and research
  • Current CEO Gary Retelny continues to lead ISS

FRANKFURT, Germany, NEW YORK and SAN FRANCISCONov. 17, 2020—Deutsche Börse AG, Institutional Shareholder Services Inc. (ISS) and Genstar Capital LLC announced today that Deutsche Börse will acquire a majority share of approximately 80% in ISS, valuing ISS at USD 2,275 million (EUR 1,925 million) for 100% of the business (cash and debt free). Genstar Capital and current management will continue to hold a stake of approximately 20%. The transaction is expected to close in the first half of 2021 subject to customary closing conditions and regulatory approvals.

This partnership of a global market infrastructure provider with a leading corporate governance, ESG, data and analytics provider forms an excellent foundation to fully realise opportunities for future growth in ESG-based investing globally. With this transaction, Deutsche Börse strongly commits to one of the key megatrends in the industry that will fundamentally change the investment space over the coming years. ISS’ unique ESG and data expertise will allow Deutsche Börse to emerge as a leading global ESG data player.

ISS’ more than 4,000 clients include many of the world’s leading institutional investors who rely on ISS’ objective and impartial governance and ESG data and research, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. This transaction will bring a strengthened capital structure to ISS and the ability to further accelerate organic and inorganic growth initiatives for the benefit of ISS’ clients while leveraging the infrastructure of Deutsche Börse and, in particular, its global index franchise. After the closing, ISS will continue to operate with the same editorial independence in its data and research organisation that is in place today. The current executive leadership team with CEO Gary Retelny will co-invest in the transaction and will also lead the business of ISS after the closing.

The businesses of ISS and Deutsche Börse are highly complementary and offer the potential for revenue synergies along the Group’s entire value chain: the partnership of ISS with the leading index and analytics capabilities of Qontigo, which is also part of the Group, will open opportunities for ESG growth on both sides. Further linkages along the value chain include ISS’ data distribution, which will benefit from the leading position of the Group’s post-trading services provider Clearstream in the investment funds space. In total, revenue synergies are expected to result in EUR 15 million additional EBITDA by 2023. ISS brings unique access to the buyside with more than 2,000 asset managers, including the global top 10. Moreover, ISS’ strong footprint in the US complements well with Deutsche Börse’s leading position in Europe.

This transaction is the logical next step in Deutsche Börse’s pre-trade growth strategy. It complements last year’s creation of Qontigo, formed from the combination of the analytics capabilities of Axioma with Deutsche Börse’s existing STOXX and DAX index businesses. As a leading ESG-focused provider of high-quality data, analytics and insight, ISS has attractive growth rates. In 2020, ISS is expected to generate net revenue of more than USD 280 million (pro-forma IFRS) and an adjusted EBITDA margin of approximately 35% pre-transaction effects, which has further operating leverage potential. Net revenue of ISS is expected to grow organically at a rate of more than 5% on average per annum until 2023. Deutsche Börse will report ISS’ financial performance as a separate pre-trading segment within the Group.

Theodor Weimer, CEO of Deutsche Börse AG, commented on the acquisition of ISS: “ISS is a very successful company with a high reputation worldwide as a global market leader in providing data, analytics and insights to investors and companies as well as governance services. It is one of the leading ESG providers. Its ESG expertise and data capabilities perfectly link to Deutsche Börse’s business model along our entire value chain. Together, ISS and Deutsche Börse have complementary ingredients to become one of the globally leading ESG players of the future. We have been deeply impressed by the culture and the leadership team of ISS. We look forward to partnering with ISS and working together to support the company’s continued business growth and jointly drive forward Deutsche Börse’s strategy.”

Stephan Leithner, Member of the Executive Board of Deutsche Börse AG, responsible for the Pre- and Post-Trading businesses, added: “ISS combines an emphasis on global corporate governance with an increasing focus on a broader definition of ESG standards, where Europe currently plays a trendsetter role. In this sense, we see our future partnership as a perfect combination to drive innovation and deliver the best expertise for ISS’ traditional investor clients and Deutsche Börse’s financial intermediary clients. As a neutral market infrastructure provider, Deutsche Börse is a natural candidate to provide these kinds of services.”

Gary Retelny, ISS President and CEO, said: “Deutsche Börse’s market-leading brands and solutions align very well with ISS’ offerings within our governance, ESG, index and market intelligence businesses. We believe that the potential combination of ISS’ ESG data and STOXX’ indices will offer clients new, powerful and innovative solutions with unique data sets that meet their evolving investment needs. We at ISS look forward to partnering with Deutsche Börse, along with Genstar Capital, as we continue to build upon the success of our diversified businesses around the world. As we have for more than 35 years, we remain committed to ensuring the provision of the highest quality research, data, analytics, and insight to our clients globally.”

Genstar Capital Managing Director, Tony Salewski, said: “Gary and the ISS management team have built a market-leading data and governance platform through innovative product development and impactful acquisitions, and we appreciate the partnership we have had with them over the past three years. As we continue as investors in ISS, we are excited by the value that Deutsche Börse will bring and our shared commitment to further accelerate ISS’ growth.”

About Deutsche Börse

As an international exchange organisation and innovative market infrastructure provider, Deutsche Börse Group ensures markets characterised by integrity, transparency and stability. With its wide range of products, services and technologies, the Group organises safe and efficient markets for sustainable economies.

Its business areas extend along the entire value chain in exchange trading, including the admission, trading and clearing, and custody of securities and other financial instruments, the dissemination of market data, as well as the management of collateral and liquidity. As a technology company, the Group develops state-of-the-art IT solutions and offers IT systems all over the world.

With more than 6,500 employees, the Group has its headquarters in the financial centre of Frankfurt/Rhine-Main, as well as a strong global presence in 38 locations such as Luxembourg, Prague, London, New York, Chicago, Hong Kong, Singapore, Beijing, Tokyo and Sydney.

For more information, please visit www.deutsche-boerse.com.

Media Contacts:
Ingrid Haas, Head of Group Communications & Marketing
+49 69 211-1 32 17
ingrid.haas@deutsche-boerse.com

Christina Vogt, Head of Pre- and Post-Trading Communications
+49 69-2 11-1 78 54
christina.vogt@deutsche-boerse.com

Patrick Kalbhenn, Group Spokesperson
+49 69-2 11-1 47 30
patrick.kalbhenn@deutsche-boerse.com

About ISS

Founded in 1985, Institutional Shareholder Services group of companies (ISS), empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS is today a global leading provider of corporate governance and responsible investment solutions, market intelligence and fund services and events and editorial content for institutional investors and corporations globally. Clients rely on ISS’ expertise to help them make informed investment decisions.

ISS currently has more than 2,000 employees worldwide across more than 30 global offices in 15 countries. Its more than 4,000 clients include many of the world’s leading institutional investors who rely on ISS’ objective and impartial ESG and governance research, market intelligence and fund services and data and analytics as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure.

For more information, please visit www.issgovernance.com.

Media Contact:
Subodh Mishra, Managing Director
+1 301-556-0500
subodh.mishra@issgovernance.com

About Genstar Capital

Genstar Capital is a leading private equity firm that has been actively investing in high quality companies for over 30 years.  Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry- leading businesses.  Genstar currently has approximately $19 billion assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial and software industries.

Media Contact:
Chris Tofalli, Chris Tofalli Public Relations
+1 914-834-4334
chris@tofallipr.com

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Construction material startup Betolar raised €2M

Voima Ventures

Next generation construction material startup Betolar paves the carbon neutral way for the cement and concrete industries. Betolar is a material technology company specialised in geopolymer-based, low carbon construction materials for the construction industry. The company closed a €2M funding round led by Voima Ventures, and joined by Taaleri Investments Ltd and Valve Ventures.

Kannonkoski, Finland. Increasing CO2 levels are affecting nature, lives and economies with growing urgency. One of the biggest single contributors to these numbers is the use of cement as a construction material. In fact, cement produces more CO2 emission than the aviation industry (1,2). For decades the construction industry has not been able to answer the urgent need to decrease the CO2 emissions. Now, Betolar is changing that.

Betolar is transforming the construction industry by aiming to eliminate cement with their geopolymer technology while turning industrial side streams into value. They are offering a scalable AI empowered alternative construction material production with up to 80% less carbon emissions compared to using traditional cement. Betolar can also reduce the need for virgin raw materials by replacing aggregates with industrial side streams.

Betolar has developed new types of different binders, where by-products from the metal, mining and energy industries can be used. The company is selling solutions in three key application areas: concrete products, ready-mixed concrete, and soil stabilization. These solutions consist of the company’s license-based recipe and material technology and additives needed in the production. The company has extensive knowledge in material physics and advanced analytics knowhow which brings the team strong competitive advantage in the construction industry.

Betolar has developed and piloted its solutions with various industrial partners in Finland, Sweden and Estonia, with the longer-term aim to expand into Asia, where consumption and construction is considerably higher. For example in India alone cement consumption is s two times that of Europe’s (3).

“There has been a strong pull for low carbon construction materials in Asia and we are currently preparing our entry to multiple markets.”, says the CEO of Betolar, Matti Löppönen.

Betolar raised a €2M funding round from deep tech fund Voima Ventures as the lead investor, joined by Taaleri and Valve Ventures. With the new funding, Betolar is looking to  start the commercialization of the product to global markets.

Betolar’s technology is truly challenging the carbon footprint and quality expectations we have for the construction industry and in particular the cement or concrete being used today. Climate change is a pressing matter, and together with Betolar’s industrial partners we are looking forward to being part of making the carbon friendly and new circular economy based construction industry a reality. The global potential is huge, not only for Betolar but for the whole industry and circular ecosystem.”, says Inka Mero, Managing Partner of Voima Ventures.

When Betolar succeeds they will achieve both excellent financial profit and significant environmental improvements through decreased CO2 emissions and raw material use. Thus, it excellently meets Taaleri Impact’s investment criteria. We are happy to be involved in this round.”, says Pekka Samuelsson, Investment Director of Taaleri Impact Investments.

About Betolar

Betolar is a construction material startup turning various industrial side streams into environmentally friendly and low carbon construction materials. These materials have a carbon footprint that is up to 80 per cent smaller than conventional cement-based concrete. At the same time, Betolar enables industrial waste stream producers a way to turn their waste into value and thus accelerate the transition towards sustainable construction and a circular economy.
www.betolar.com

About Voima Ventures

Voima Ventures is a €40M deep tech fund that invests purely in startups with deep tech and scientific backgrounds. Voima Ventures’ mission is to solve major global problems by combining science, entrepreneurship, and capital. Industry domains include bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software & ICT and AI. In addition, Voima Ventures is managing a portfolio of VTT Ventures with 20 prominent deep tech companies including Solar Foods, Paptic, and Dispelix. Cornerstone investors are VTT Technical Research Centre of Finland and European Investment Fund (EIF), backed by Finnish private and institutional investors.

References

1. Huang, Lizhen, et al. “Carbon emission of global construction sector.” Renewable and Sustainable Energy Reviews 81 (2018): 1906-1916. Available from: <URL:https://www.sciencedirect.com/science/article/abs/pii/S1364032117309413>

2. Air Transport Action Group (2020). Key Facts & Figures. Available from: <URL:https://www.atag.org/facts-figures.html>

3. The European Cement Association (2020). Key Facts & Figures. Available from: <URL:https://cembureau.eu/about-our-industry/key-facts-figures/>

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Clearlake Capital Acquires Insurance Software Leader Zywave And Announces Strategic Acquisition Of Advisen

Aurora Capital

SANTA MONICA, Calif. and MILWAUKEE, Nov. 17, 2020 /PRNewswire/ — Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced that it has completed its acquisition of Zywave, Inc. (“Zywave”) and has also acquired Advisen Ltd. (“Advisen”), further establishing the new platform as the leading software-as-a-service (SaaS) provider of front office insurance solutions. Aurora Capital Partners (“Aurora”), previously the majority owner of Zywave, is investing alongside Clearlake in the transaction. The combined company will be led by Jason Liu, Chief Executive Officer (CEO) at Zywave. Financial terms were not disclosed.

Zywave (PRNewsfoto/Clearlake Capital Group)
Zywave is a market-leading provider of cloud-based insurance distribution software, offering expansive digital solutions to strengthen and grow insurance businesses. Zywave’s mission critical software solutions help insurance brokerages manage customer relationships by streamlining sales and renewal processes, quote delivery, content generation, and data tracking and analytics.

Advisen is a leading provider of software and data solutions to the commercial property and casualty insurance market. Advisen’s proprietary data sets and applications focus on large, specialty risks offering information, analytics, ACORD messaging gateway, news, research, and events, connecting commercial brokers, insurance carriers and insurance organizations worldwide.

“Clearlake and Aurora’s investment positions Zywave to accelerate organic growth while increasing the pace of our inorganic activity, evidenced by the acquisition of Advisen,” said Mr. Liu of Zywave. “With Clearlake and Aurora’s operational support and financial backing, including implementing Clearlake’s O.P.S.® playbooks, we are in a great position to extend our leadership in delivering end-to-end solutions to insurance professionals globally.”

“The combination of Zywave and Advisen creates a unique software platform for the broader insurance market as stakeholders look to digitize mission critical workflows within their day-to-day operations,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake. “Zywave has created a differentiated SaaS product platform that will be strengthened by Advisen’s loss and policy data to enable smarter business decisions for insurance customers.”

“We are excited to support Zywave alongside Clearlake in the company’s next chapter of growth,” said Josh Klinefelter, Partner, and Rob Fraser, Partner, of Aurora. “Zywave is well positioned to continue building on its strong leadership position in front office software solutions, both organically and through accelerated add-on acquisition activity.”

William Blair & Company served as financial advisor to Zywave and Aurora. Houlihan Lokey served as financial advisor to Advisen.

About Zywave

Zywave leads the insurance tech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Offering a technology platform embedded with robust data and the most comprehensive content portfolio available, we empower smarter business decisions throughout the entire customer lifecycle. More than 6,000 brokerages worldwide—including all of the top 100 U.S. insurance firms—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness and safety. Additional information can be found at www.zywave.com.

About Advisen

Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen’s proprietary data sets and applications focus on large, specialty risks. Through Web Connectivity Ltd., Advisen provides messaging services, business consulting, and technical solutions to streamline and automate insurance transactions. Advisen connects a community of more than 200,000 professionals through daily newsletters, conferences, and webinars. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK. Visit www.advisenltd.com to learn more.

About Clearlake

Clearlake Capital Group, L.P. is a leading investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with world-class 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 industrials, technology and consumer. Clearlake currently has approximately $25 billion of assets under management and its senior investment principals have led or co-led over 200 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.

About Aurora

Aurora Capital Partners is a leading private equity firm focused principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Partners, visit www.auroracap.com.

Clearlake Media Contact:
Lambert & Co.
Jennifer Hurson
845-507-0571
jhurson@lambert.com

Zywave Media Contact:
April Larsen
414-918-0547
april.larsen@zywave.com

Aurora Media Contact:
ASC Advisors
Steve Bruce
203-992-1230
sbsruce@ascadvisors.com

Taylor Ingraham
203-992-1230
tingraham@ascadvisors.com

SOURCE Clearlake Capital Group