Category Archives: News

Teamfront Strengthens its Commitment to Field Services Software Founders with the Acquisition of Xcelerate Restoration Job Management Software

Mainsail partners

Strategic acquisition reinforces Teamfront’s role as a strategic partner for field services software founders seeking support for continued growth

Austin, TX – September 30, 2024 – Teamfront, a trusted strategic partner for founder-owned field services software companies, today announced the acquisition of Xcelerate, a provider of job management software for the restoration industry. The acquisition underscores Teamfront’s mission to empower founders with the innovative tools, resources, and strategic support needed to help scale their businesses and achieve success.

Developed by former restoration contractors, Xcelerate offers a comprehensive platform to streamline operations—from estimating and scheduling to invoicing and reporting—and enable increased productivity, better customer satisfaction, and sustainable growth for thousands of users in the restoration industry.

“We are thrilled to welcome Xcelerate into the Teamfront family,” said Cameron Darby, CEO of Teamfront. “Xcelerate’s deep understanding of the restoration industry and its innovative approach to job management align perfectly with our vision to deliver exceptional software solutions to field service business owners. Together, we will equip restoration companies with the tools they need to drive their businesses forward.”

Backed by Mainsail Partners, a growth equity firm that has invested in field services software platforms such as FieldRoutes, Aspire, and JobNimbus, Teamfront is strategically expanding its portfolio to better serve founders in diverse markets. With Xcelerate joining its ranks, Teamfront now supports a range of field services verticals, including restoration, lawn care, pest control, arbor care, carpet cleaning, and window and pressure washing.

For founders in the field services industry, partnering with Teamfront offers access to a robust network of support and industry expertise while their customers benefit from Teamfront’s powerful tools like integrated payment processing, reputation management systems, and website and marketing services—all designed to help grow and elevate their businesses.

Rachel Stewart, founder of Xcelerate, shares similar sentiments regarding the benefits of partnering with Teamfront, stating, “This partnership will provide Xcelerate with the resources and support needed to continue our mission of revolutionizing job management in the restoration industry.”

About Teamfront:

Founded in 2023 and headquartered in Austin, TX, Teamfront is a strategic partner to founder-owned software companies that strive to become market leaders in the field services industry. Our team, comprised of seasoned executives in vertical SaaS, provides holistic operational support, playbooks, and best practices that enable our Team Cos to achieve their visions. Our commitment is to empower software companies to thrive and succeed in their unique domains. Together, we aim to thrive on this journey of growth. Learn more at www.teamfront.com.

About Xcelerate:

Xcelerate, founded in 2017, is a leading provider of cloud-based job management solutions tailored to the unique needs of the restoration industry. Our innovative platform streamlines operations, enhances efficiency, and empowers restoration companies to deliver strong service to their customers. With a deep understanding of industry-specific challenges, Xcelerate offers a comprehensive suite of features designed to optimize restorer’s job management process. Learn more at www.xlrestorationsoftware.com.

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Be levels welcomes Axon Partners Group as shareholder following €6M investment

Axon

Be levels, a leading company in the health sector specializing in nutritional and sports supplements based on natural active ingredients, has announced that Axon Partners Group has acquired a minority stake valued at €6M.

Founded in Madrid in 2020 during the pandemic by serial entrepreneur Javier Echanove, Dr. Antonio Hernández (founder and medical director of the Keval clinic), and Jon Prada (former Google executive who joined the founding team in the early stages), Be levels currently employs 15 people. With the motto “A life worth living,” Be levels was created to enhance the lives of those who prioritize their health through nutrition, rest, and exercise. Since its inception, the company has experienced strong triple-digit growth and currently boasts an annual turnover exceeding €7M. Notably, the company has remained profitable since the end of its second year and has reached its current status with minimal external funding.

Be levels offers a comprehensive range of proprietary formulas designed to achieve various wellness goals, from improving sleep, stress management, and cognitive focus to addressing more specific needs like enhancing female fertility and hormonal regulation through natural dietary supplements. The sports line of Be levels caters to individuals seeking to achieve their best version, offering supplements that provide energy and promote better recovery. The company also provides free professional advisory services to support individuals on their journey toward holistic health. As a result, Be levels enjoys an average customer rating of 9.2/10, with more than 1,000 health professionals actively recommending their products.

Be levels’ supplements target a potential market of €2Bn in Spain. The growing interest in health care and the pursuit of non-pharmacological alternatives to address health conditions, a trend accelerated by the pandemic, is a major driver of the sector. Furthermore, the company is deeply committed to education, offering free courses and webinars for professionals and consumers alike on its website.

This investment marks Axon’s third deal this year under its Growth Equity strategy, aligning with its investment thesis of backing innovative companies with exceptional founders, high growth, and efficient use of capital. The investment comes from the Axon Innovation Growth Fund, a vehicle focused on European scale-up companies, which has also invested in firms such as Metricool, Embention, and Dogfy Diet.

Javier and Jon, founders of Be levels, stated, `Since founding Be levels, we have tripled our business year after year, achieving this growth while remaining profitable. Through this partnership with Axon Partners Group, we aim to continue building a brand that leads our category. It is truly exciting to work every day to improve people’s lives, and we feel that what we have achieved so far is just the beginning. The initial decision to innovate and create unique products alongside Dr. Hernández’s team was crucial, allowing us to see how thousands of people have found a great ally in Be levels for their daily lives.´

César Gimeno, Senior Manager at Axon, commented, `We are thrilled with the opportunity presented by Javier, Jon, and Antonio to be part of Be levels’ inspiring journey. The natural dietary supplements sector is experiencing strong growth, and Be Levels is ideally positioned to become a prominent leader. We look forward to leveraging our experience in high-growth companies to help Be Levels achieve this objective.

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DKV Mobility continues its long-term growth strategy under family ownership and ends successful partnership with CVC

CVC Capital Partners
  • DKV Mobility, provider of international mobility services and for decades one of the leading companies in the mobility industry, now fully family-owned again
  • After a five-year partnership, the Fischer family repurchases the 20 percent minority stake from CVC
  • CVC, one of the world’s largest private equity firms with expertise in international investments and capital markets, acquired the shares in the fast-growing company in 2019 and, in line with the Fischer family, has since supported the management in further accelerating the growth trajectory
  • During this time the company has significantly increased its product and service offering and strengthened the positive development of business performance
  • DKV Mobility, which now has more than 2,500 employees, will continue to pursue its long-term growth strategy and, with the Fischer family as sole shareholder, implement new ideas and impetus for greater efficiency and sustainability for its customers

The Fischer family, who has been shareholder of the company since 1959, has reached an agreement with CVC to repurchase the 20 percent stake from funds under the management of CVC. CVC funds acquired this stake in the middle of 2019 and since then has worked closely with the Fischer family and the company’s management to further grow the company.

Jan Fischer, Majority Shareholder and Chairman of the Administrative Board of DKV Mobility, says: “We have built on the great potential DKV Mobility always had as a leading European mobility platform and made our company even more dynamic and competitive in recent years. I would like to thank our partner CVC, with whom we have further professionalized and internationalized the company together with the management. We are now looking forward to continuing the successful growth course in family ownership with investments and new ideas.”

DKV Mobility is a leading B2B platform for on-the-road payments and solutions, serving over 374,000 truck and fleet customers in more than 50 countries. Over the past few years, DKV Mobility broadened its product and service offerings and enhanced customer focus and satisfaction. In 2023, the company generated a transaction volume of €17 billion and revenue of €714 million. This was achieved by focusing not only on core business growth but also by exploring new business areas with targeted innovations and digital solutions. This included further international expansion through strategic acquisitions.

Quotes

The DKV Mobility investment is a showcase of how private equity, even from a minority position, can serve as a change agent while preserving the values and unique culture of a family-owned business.

Stefan MoosmannSenior Managing Director at CVC

Stefan Moosmann, Senior Managing Director at CVC, comments: “Since our entry in 2019, we have worked closely with the management and the Fischer family to transform DKV Mobility into an even stronger business and strengthen its market leading position. Today, DKV Mobility is a fast growing, scaled and digitally sophisticated organisation. The DKV Mobility investment is a showcase of how private equity, even from a minority position, can serve as a change agent while preserving the values and unique culture of a family-owned business.”

Both partners have agreed to maintain confidentiality regarding the details of the transaction. UniCredit supported the Fischer family as sole underwriter of the acquisition financing and as M&A adviser.

For three generations, the Fischer family has stood for the long-term success and special social responsibility of the company for its employees and customers. “Our purpose remains unchanged: To drive the transition towards an efficient and sustainable future of mobility,” said Jan Fischer, Chairman of the Administrative Board.

With the departure of CVC, its representatives are leaving the Administrative Board of DKV Mobility. Jan Fischer, Chairman of the Administrative Board: “I thank Mr. Dr. Alexander Dibelius, Mr. Dr. Daniel Pindur, and Mr. Stefan Moosmann for the successful collaboration over the past years.” New to the Administrative Board as independent members with immediate effect are Petra Ehmann and Frauke Heistermann. Petra Ehmann is an internationally experienced expert in innovation and technology. Among other roles, she is Group Chief Innovation and AI Officer at Ringier and a member of the Board of Directors at Bossard. Frauke Heistermann has many years of experience as an entrepreneur, Supervisory Board member and investor in the fields of IT, digitalisation and corporate management. She is currently Managing Partner of AXIT.capital GmbH and a member of the Supervisory/Advisory Boards of, amongst others, MDAX company BEFESA and Vahle.

For more information, visit: www.dkv-mobility.com.

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Whatfix Raises $125 Million Series E to Accelerate Expansion & Innovation of Digital Adoption Market

Warburg Pincus logo

Funding round led by Warburg Pincus with participation from SoftBank Vision Fund 2

SAN JOSE, Calif., September 25th, 2024 – Whatfix, a global leader among digital adoption platforms (DAPs), today announced it has secured $125 Million in a Series E funding round, led by Warburg Pincus with participation from existing investor SoftBank Vision Fund 2. The company is raising the new round at a significant premium, reinforcing its dominance as the leader in Digital Adoption Platforms (DAPs) and expanding into DAP adjacent offerings.

The investment will enable Whatfix to expand its category leadership and enhance its integrated product suite through organic growth and strategic acquisitions. The company also aims to expand its market presence in the US, EMEA, and APAC regions to strengthen its footprint in the global public sector.

Since its funding round in 2021, Whatfix has achieved remarkable growth, solidifying its position as a leader in the newly established DAP category. The company serves a marquee global clientele, including Arrow Electronics, Schneider Electric, and Avnet, along with partners like Microsoft, Salesforce, Infosys, and Accenture, who trust Whatfix to accelerate ROI on their technology investments. Supporting 80+ Fortune 500 companies, Whatfix registered top-decile performance with a 4.5X increase in annual recurring revenue (ARR) since its 2021 round, with new products contributing 15% of revenue.

Pioneering the concept of “Userization,” Whatfix shifts responsibility to technology, ensuring it adapts to users, not the other way around. By integrating GenAI throughout its product suite, offering digital adoption, product analytics, and application simulation, Whatfix accelerates this user-first approach, building an experience layer across the enterprise software stack. This empowers enterprises to maximize technology ROI while allowing employees to build greater efficiency.

“Enterprises are grappling with the complexities of digital transformation and the ever-increasing pressure to deliver exceptional user experiences,” said Khadim Batti, CEO and co-founder of Whatfix. “Whatfix’s innovation is evident through the launch of four new products since 2021, securing five US patents with 18 more in the pipeline. This investment will add more fuel to the tank, accelerating a new era of innovation for our industry, bolstering the unparalleled value we bring to our customers, and reshaping the future of software adoption.”

As per Gartner’s 2023 Market Guide, 70% of organizations are projected to use DAPs by 2025, highlighting the critical role digital adoption platforms play in driving enterprise success. Leading this transformation, Whatfix has been the top DAP on Deloitte Tech Fast 500™ for three consecutive years and is the only DAP vendor to receive Customer’s Choice in the Gartner Peer Insights 2024 Voice of Customers for DAP report. Additionally, Whatfix is consistently recognized as a market leader in DAP reports from Gartner, Forrester, IDC, and the Everest Group.

“As organizations rapidly adopt an evolving array of AI-enabled technologies, Digital Adoption Platforms (DAPs) have become essential for successfully navigating digital transformation,” said Amy Loomis, Research Vice President, Future of Work at IDC. “DAPs provide valuable insights, empower users to be more agile, and drive significant business outcomes by accelerating application adoption and optimizing workflows. DAPs will evolve to address a broader range of enterprise needs, including AI-specific challenges, solidifying their role as a preferred approach to maximizing software ROI. By 2027, IDC predicts that 80% of G1000 organizations will rely on DAPs to mitigate technical skills shortages.”

Narendra Ostawal, Managing Director, Head of India Private Equity, Warburg Pincus, said, “Whatfix’s unique digital adoption platform is revolutionizing how organizations implement digital transformation programs, create outstanding user experiences, and empower users to fully leverage software functionalities and enhance productivity. As a partner of choice for top global enterprises across industries, we believe Whatfix has immense potential to capitalize on the tailwinds and solidify its position in the high-growth DAP market. We are delighted to partner with the Whatfix team led by Khadim and Vara, as they steer the company towards its vision and goal.”

Narendra Rathi, Investment Director, from SoftBank Investment Advisers, added, “Since our initial investment in 2021, we are pleased to see Whatfix’s strong growth and sustained innovation. Their role in the digital transformation journeys of Fortune 500 companies is a testament to their customer focus. We are excited to continue backing Khadim and Vara as they enter their next phase of growth.”

“From day one, Whatfix has truly put us, the customer, first,” said, Jochen Heidner, Project Manager of Purchasing Systems at Mercedes-Benz and Whatfix customer for the CERTUS CC project. “Their digital adoption platform (DAP) has been instrumental in the CERTUS digital transformation journey, simplifying complex processes and empowering our teams to achieve more. What’s truly remarkable is their exceptional customer support—they’ve been helpful, and genuinely nice and supportive every step of the way.”

Adam P. Burden, Global Innovation Lead from Accenture LLP, said, “Software is more user-centric than ever, and Whatfix is at the forefront of this innovation in user enablement. With Whatfix, you can tailor applications to each user’s workflow, optimize efficiency and create great outcomes. By using Whatfix’s AI-powered product suite—including application simulation, analytics, and digital adoption—our clients can better leverage both their existing and new technology investments. With the capabilities of Whatfix, we’re able to build products where the software serves the user, not the other way around. We look forward to our continued success together.”

Whatfix has been contributing to the industry by developing over 4,100 DAP experts since 2021 and remains committed to cultivating more in the years to come.

About Whatfix:

Whatfix is advancing the “userization” of application technology, by empowering companies to maximize the ROI of digital investments across the application lifecycle. Powered by GenAI, Whatfix’s product suite includes a digital adoption platform, simulated application environments for hands-on training, and no-code application analytics. Whatfix enables organizations to drive user productivity, ensure process compliance, and improve user experience of internal and customer-facing applications. With seven offices across the US, India, UK, Germany, Singapore, and Australia, Whatfix supports 700+ enterprises, including 80+ Fortune 500s like Shell, Microsoft, Schneider Electric, UPS Supply Chain Solutions, and Genuine Parts Company.

Backed by investors such as Warburg Pincus, Softbank Vision Fund 2, Dragoneer, Peak XV Partners, Eight Roads, and Cisco Investments, software clicks with Whatfix. For more information, visit the Whatfix website.

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.

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Tikehau Capital finalises the acquisition of commercial real estate assets from Groupe Casino for over €200 million

Tikehau

Tikehau Capital, the global alternative asset management group, announces the completion of its acquisition of 26 commercial real estate assets from Groupe Casino for over €200 million. This follows the agreement signed in June 2024 for the purchase of a portfolio consisting of 30 assets. This acquisition is a key step in Tikehau Capital’s value-add real estate investment strategy, which focuses on three core pillars: climate action, biodiversity and inclusive neighborhoods. Through adaptive building use, the portfolio will contribute to the reduction of CO2 emissions and energy consumption while supporting local communities by revitalising commercial spaces with the new tenants.

The transaction highlights Tikehau Capital’s ability to source off-market opportunities and aligns with the restructuring of the debt of IGC, Groupe Casino’s property subsidiary that owns the assets. The agreements also include provisions for the sale of the remaining assets in the coming weeks, subject to customary conditions precedent. The portfolio consists of hypermarkets and supermarkets leased to leading retailers such as Intermarché, Carrefour and Auchan. Additionally, several properties offer real estate development potential, further enhancing the investment’s value proposition.

Tikehau Capital has entrusted Groupe Casino with the management of these assets for the next five years, to seek continuity and ongoing smooth operations.

Frédéric Jariel, Co-Head of Real Assets at Tikehau Capital and Sebastien Cossu, Co-Head of Real Estate Acquisitions at Tikehau Capital, commented: “We are delighted to have successfully closed this landmark private transaction in the retail real estate market, particularly given the current market volatility. This transaction reinforces our investment thesis for a valueadd Article 9 fund, which is focused on environmental transition strategies and the creation of long-term real estate value.”

PRESS RELEASE  PARIS, 27 SEPTEMBER 2024 PRESS CONTACTS: Tikehau Capital: Valérie Sueur – +33 1 53 59 03 64 UK – Prosek Partners: Philip Walters – +44 (0) 7773 331 589 USA – Prosek Partners: Trevor Gibbons – +1 646 818 9238 press@tikehaucapital.com

SHAREHOLDER AND INVESTOR CONTACTS:

Louis Igonet – +33 1 40 06 11 11 Théodora Xu – +33 1 40 06 18 56 shareholders@tikehaucapital.com

ABOUT TIKEHAU CAPITAL:

Tikehau Capital is a global alternative asset management Group with €46.1 billion of assets under management (at 30 June 2024). Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.1 billion of shareholders’ equity at 30 June 2024), the Group invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 763 employees (at 30 June 2024) across its 17 offices in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP).

For more information, please visit: www.tikehaucapital.com.

DISCLAIMER:

The strategy mentioned in this press release is reserved for professional investors and is managed by Tikehau Investment Management SAS, a portfolio management company approved by the AMF since 19/01/ 2007 under the number GP-07000006. Non-contractual document intended exclusively for journalists and media professionals. The information is provided for the sole purpose of enabling them to have an overview of the transactions, whatever the use they make of it, which is exclusively a matter of their editorial independence, for which Tikehau Capital declines all responsibility. This document does not constitute an offer to sell securities or investment advisory services. This document contains only general information and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current forecasts, prevailing market and economic conditions, estimates, projections and opinions of Tikehau Capital and/or its affiliates. Owing to various risks and uncertainties actual results may differ materially from those reflected or expected in such forward-looking statements or in any of the case studies or forecasts. Tikehau Capital accepts no liability, direct or indirect, arising from the information contained in this document. Tikehau Capital shall not be liable for any decision taken on the basis of any information contained in this document. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relate to Tikehau Capital North America.

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BBVA forms a Strategic Partnership with KKR, investing $200 million in its Global Climate Strategy

KKR

NEW YORK – September,  27th, 2024 – BBVA and leading global investment firm KKR have formed a new strategic partnership to support the decarbonization of the real economy. As part of the strategic partnership, BBVA has committed $200M (€187 million [1]) to KKR’s Global Climate strategy, which invests in solutions at scale to support the transition to a low-carbon economy. Both companies made the announcement during Climate Week, which is being held in New York this week.

The strategic partnership will also seek to uncover new climate infrastructure-related investments, including opportunities that support the energy transition and electrification. Further, the strategic partnership will support respective firm’s complementary strengths, knowledge sharing and shared goals of advancing and accelerating the energy transition.

“We are confident that the second part of this decade will see strong growth of new low carbon infrastructures. It is an immense opportunity. Our goal is to become a leader in deploying advisory and financing to support our clients in US and Europe sectors like Energy, Construction, Mobility and others in building the infrastructures of the future. This ambitious strategic partnership with KKR will be a key piece of our sustainability strategy. Teams from both groups will work together to take advantage of this opportunity of growth for our businesses,” said the Global Head of Sustainability and CIB at BBVA, Javier Rodríguez Soler.

“To address the major decarbonization projects that the world needs, leading global investors and financial institutions must play a key role. Large asset managers and international banks are necessary to finance this transition and support all sectors on their respective decarbonization paths in an orderly manner. With KKR’s proven experience in this area, we will share knowledge across our teams, capabilities and efforts in this strategic alliance in order to multiply investments in infrastructure and climate projects,” said Javier Rodríguez Soler.

“We are still in the early innings of what will be a multi-decade transition to net zero, which is one of the biggest investment opportunities of our time and requires participation from across the financial sector. We are delighted to collaborate with BBVA given their industry-leading presence within the renewables sector and their deep commitment to mitigating the impacts of climate change,” said Emmanuel Lagarrigue and Charlie Gailliot, Co-Heads of KKR’s Global Climate Strategy.

BBVA aims to support and help its customers move toward a more sustainable world. To this end, it has made sustainability one of its six strategic priorities, placing it at the core of its business.

The bank has identified decarbonization and clean technologies as key investment areas. Consequently, it established a global financing unit specializing in cleantech innovation. This team, based in New York, London, Madrid, and Houston, provides financing and advisory services.

BBVA invests in several of the most cutting-edge and innovative climate action funds, aiming to achieve financial returns, and participate in disruptive projects. The bank also seeks to develop expertise in these new technologies in order to better advise companies that are impacted by them, and eventually support them with their financing needs.

On September 12th, as part of its aim to lead the financing of the energy transition in the United States, BBVA announced the creation of a sustainability hub in Houston.

With over 15 years of experience in infrastructure investing, KKR has deep expertise in renewable energy and climate-related investments and has invested more than $21 billion in this sector from its infrastructure platform alone. To date, KKR has made three investments from its climate strategy. In September 2023, KKR invested in Zenobē, a UK-based market leader in transport electrification and battery storage solutions, and in March 2024, KKR invested in Avantus, a premier US developer of large utility-scale solar and solar-plus-storage projects. Most recently, KKR invested in Ignis, a leading integrated global renewable group based in Spain, to develop primarily green hydrogen and ammonia projects for industrial applications in hard-to-abate sectors.

 

About BBVA

BBVA is a global financial services group with a customer-centric vision, which currently has more than 71 million active clients and more than 121,000 employees.

The bank is present in more than 25 countries, has a strong leadership position in the Spanish market, it is the largest financial institution in Mexico and it has leading franchises in South America and Turkey. In addition, it has an important investment, transactional and capital markets banking business in the USA.

About KKR

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

 

Contacts

 

BBVA Corporate Communications

Jesús de las Heras

+34 617 308 782

jesus.delasheras@bbva.com

For more BBVA news visit: https://www.bbva.com

 

KKR

Liidia Liuksila or Annabel Arthur

(212) 750-8300
media@kkr.com

 [1]  At the Q2’24 closing exchange rate of the bank’s fixing: 1,0705 EUR/USD

 

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Ardian signs an agreement with Graco Inc. for the sale of Corob, global leader in high-tech dispensing and mixing solutions for paints and coatings

Ardian

Ardian, a world-leading private investment house, announces that it has signed an agreement to sell Corob, a leader in providing automated solutions for dosing and dispensing in the paint, coatings and ink industries, to Graco Inc., an US industrial company specialized in the development and production of fluid management systems and products.  Corob is based in San Felice sul Panaro (MO) and was founded in 1984, introducing the first automatic color dosing system to the market.

Since Ardian’s investment in 2018, the Corob Group has grown by offering innovative and technologically advanced solutions, leveraging on a strong post-sales support service. The Group, with approximately 600 employees worldwide, headquarters in Italy and additional manufacturing operations in India and Canada, recorded a turnover of over 110 million euros in 2023.

This acquisition represents a strategic move for Graco Inc. in its Contractor segment and supports its goal of expansion into new complementary markets.

“With Ardian’s support, Corob has reinforced its position, specially by launching innovative products and focusing on high growth geographies. We wish to thank the management team led by Erik Bothorel for the work done together during our partnership.” François Jerphagnon, Member of the Executive Committee, Managing Director of Ardian France & Head of Expansion

“In an industry driven by automation, Corob has established itself as a leader thanks to its ability to anticipate market needs and provide efficient and sustainable solutions. We believe that Corob will continue its growth trajectory and we are confident that Graco’s acquisition represents an important step to grow the company presence in strategic markets.” Marco Molteni, Managing Director, Ardian

“We are extremely proud of the growth path that Corob has undertaken, thanks to the continuous innovation and the commitment of our team. I would like to thank Ardian for the valuable support provided during these incredible years, which has allowed us to achieve significant milestones. We look forward with great enthusiasm to the future alongside Graco.” Erik Bothorel, CEO, Corob

Closing is expected in the fourth quarter of 2024.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT COROB

Based in San Felice sul Panaro (MO), Corob S.p.A. has been a world leader for over 40 years in providing high-tech solutions for automated dosing and dispensing systems. The Group offers applications in the paint and coatings industry, inks, and the chemical industry, in addition to providing related global after-sales services supported by a widespread organization dedicated to management and maintenance.
Founded in 1984, Corob now employs around 600 people, with 3 production sites and 12 branches dedicated to marketing and after-sales services worldwide. In 2023, the company recorded a turnover of over 110 million Euros, of which over 90% was generated outside Italy.

corob.com

Media contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Gladly secures $40M in funding led by AVP

AXA

Gladly secures $40M in funding led by AXA Venture Partners (AVP) and launches AI-powered unified customer service platform, transforming support into a revenue driver

Press release, San Francisco, September, 2024

Gladly, a leader in customer service innovation, has announced its groundbreaking unified Customer Service Platform, powered by advanced AI. The platform is set to disrupt the industry by replacing outdated ticket-based systems, enabling retailers and direct-to-consumer brands to offer seamless, personalized support that resolves support issues and drives customer loyalty and revenue. Recognizing the transformative potential of Gladly’s approach to customer service, venture capital firm AVP led a $40M funding round to fuel the company’s growth. AVP, known for backing high-growth, technology-driven companies, sees Gladly as a catalyst for change in the customer service industry. With this investment, Gladly is poised to help direct-to-consumer brands deliver exceptional, cost-effective customer experiences and redefine customer service as a strategic, revenue-generating asset.

The platform launch comes at a pivotal moment, as customer experience becomes a crucial differentiator for brands, and generative AI gains widespread adoption. While AI has recently been heralded as a solution for improving customer service efficiency, it has struggled to address two fundamental issues. First, legacy ticket-based systems leave agents without the comprehensive context needed to deliver personalized support, resulting in fragmented experiences and unresolved issues. Second, AI solutions bolted onto these outdated platforms may answer more queries but still lack complete customer history, leading to ineffective interactions and increased frustration when transitioning to human agents. Furthermore, add-on AI solutions can pose risks to brand integrity and operational safety.

Gladly’s AI-Powered Customer Service Platform addresses these challenges head-on. By centering every interaction around the customer rather than tickets, Gladly enables AI to provide more accurate, human-like responses, while equipping agents with the context they need to be more effective. This seamless integration of Gladly’s Gen AI capabilities with its core platform not only mitigates the risks associated with AI implementations but also guarantees a consistently high-quality customer experience, whether driven by AI or human agents.

“In today’s challenging retail environment, where customer loyalty is hard-won and easily lost, our AI-powered, unified Customer Service Platform is a game-changer. It not only enhances customer experience but turns support into a strategic asset that drives growth and loyalty,” said Joseph Ansanelli, CEO of Gladly.

Gladly’s Customer Service Platform aggregates all customer interactions, regardless of channel, into a single lifelong customer record that powers both AI and agent-led support, leading to more personalized and efficient service. Gladly accelerates agent efficiency by automating routine inquiries, allowing agents to focus on high-value customer interactions such as cross-selling and upselling opportunities. Gladly also employs rigorous quality control of its AI offering, with features such as the ability to configure AI behavior to specific tone and guidelines, and advanced hallucination detection technology that ensures all AI-generated content remains factual and relevant. Gladly’s customers achieve faster resolutions, reduced agent handle times, and realize higher CSAT scores.

“Gladly is solving critical challenges in how customer service is delivered,” said Alex Scherbakovsky, General Partner at AVP. “With its people-centered product philosophy, nextgen AI offerings, and experienced go-to-market leadership, Gladly is poised to transform the multi-billion dollar customer service market.”

With this new unified platform, Gladly is inviting retailers and direct-to-consumer brands to redefine what’s possible in customer service. By transforming support teams into growth drivers, Gladly is setting a new standard for the industry. To learn more about how Gladly can help your business turn customer service into a competitive advantage, visit gladly.com.

About Gladly

Gladly is the AI-powered, people-centered Customer Service Platform built to navigate the rapidly evolving consumer landscape. Its unique approach focuses on customers and not tickets, ensuring faster resolutions and more meaningful connections that boost customer loyalty and lifetime value.

Hundreds of iconic brands, including Nordstrom and Warby Parker, trust Gladly, achieving consistently high customer satisfaction scores, with some reporting up to 470% yearly ROI and a 45% reduction in handle times. With Gladly, businesses can deliver the radically personal service their customers deserve, while maximizing operational efficiency— transforming customer service into a powerful engine for growth, loyalty, and competitive advantage.

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Growth, Late Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Growth stages in the US and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. For more information about AVP, please visit www.axavp.com.

Contact: Sébastien Loubry, Partner Business development (sebastien@axavp.com)

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Nvidia-backed robotic manufacturing startup taps new CEO with an eye to AI

Eclipse

The Scoop

Bright Machines, a robotic manufacturing startup with backing from Nvidia, Microsoft and venture firms like Eclipse and Lux Capital, has named a new CEO as the company expands into the rapidly growing AI market, the company told Semafor.

Former Cisco executive and McKinsey veteran Chris Stori will take over the reins from co-founder and interim CEO Lior Susan.

“Stori’s extensive experience propelling companies like Meraki from millions to billions of dollars in revenue is a testament to his ability to lead and scale a complex organization,” Susan said in a statement to Semafor.

Bright Machines was founded in 2018 by a group of executives from AutoCAD maker Autodesk and Flex, a contract manufacturing giant. The aim was to use the combination of AI and robotics to create a multi-purpose, automated manufacturing system that it dubbed “micro-factories.”

They wanted to make robots easier to reprogram and more flexible compared to traditional robots used in manufacturing, which are expensive and time-consuming to set up and then can only be used for one purpose.

The company was originally set up to assemble and inspect electronic devices. But its robots have been successful making data center equipment used in the rapidly expanding AI market, the company said. “The expertise of the staff across multiple domains puts Bright Machines at the forefront of the AI and manufacturing space,” Stori said in a statement.

In June, it announced a $126 million series C investment round that included Nvidia and Microsoft. The fundraise “highlights the intense pressure that large cloud compute providers are facing to scale AI infrastructure,” the company said at the time.

In Stori, the company says it’s bringing on a CEO that has experience in enterprise networking and manufacturing.

Stori was general manager for Cisco’s Enterprise Networking, Meraki, and IoT division. At McKinsey, he advised US manufacturing and industrial companies on expanding into international markets, according to Bright Machines.

Bright Machines’ micro factories look like a string of futuristic phone booths. Inside, robotic arms, cameras and other instruments and tools work together to assemble server boards and other electronics.

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The IMV Technologies Group acquires UD Vet B.V

Montagu

IMV Technologies has announced the acquisition of UD-Vet B.V. UD-Vet are a leading provider of Veterinary practice equipment and other veterinary imaging modalities, based in Utrecht, Netherlands and Brussels, Belgium with a reach throughout the Benelux region. Under the leadership of Remon van Rijn, the business has developed into the leading veterinary supply and imaging business in the Benelux region. Remon comments that “we are very excited to be joining the IMV Technologies group to help us grow our business and provide an enhanced offering of products and services to our loyal clients throughout the region, IMV Technologies provides us with a clear vision towards a successful future”.

IMV Technologies provides us with a clear vision towards a successful future.

Remon van Rijn, Director, UD-Vet B.V

Alain de Lambilly; CEO of IMV Technologies, adds “UD-Vet is an exciting business and we warmly welcome Remon and his team to IMV Technologies. We have been very impressed by the depth and breadth of the product and service offering and the dedication of the UD-Vet team to provide outstanding solutions for their clients across Benelux. At IMV one of our core values is Innovation and we see an amazing commitment at UD-Vet to ensuring their clients have the tools and knowledge to provide advanced animal care. UD-Vet will join our growing and successful Companion Animal business, consolidating our position in the Benelux region. They will bring additional experience and products and enable us to provide our existing clients a wider product offering”.

They will bring additional experience and products and enable us to provide our existing clients a wider product offering.

Alain de Lambilly, CEO, IMV Technologies

About IMV Technologies: IMV Technologies is the world leader in animal assisted reproduction biotechnologies. Founded in 1963, IMV Technologies, a French company, has subsidiaries and/or manufacturing facilities in Brazil, China, France, India, the Netherlands, Scotland, Spain, Belgium, Sweden and the United States. IMV Technologies operates leading brands in the areas of semen analysis, assisted reproduction, artificial insemination, and veterinary imaging. IMV Technologies’ Life Sciences Business unit, CryoBio System, manufactures and distributes equipment and supplies for human assisted reproduction and biobanking. For more information: www.imv-technologies.com

About UD-Vet: UD-Vet is the market leader in the provision of companion animal imaging equipment throughout the Benelux offering a broad portfolio of products and services to serve their clients. UD-Vet’s integral approach builds true partnerships with their clients, understanding the very specific needs of veterinary surgeons across the Netherlands and Belgium and providing them with the highest levels of service and support through a dedicated team of over twenty people. UD Vet was founded 10 years ago by Remon van Rijn who will remain focused on the growth of the business including the development of a services portfolio. For more information: https://www.ud-vet.nl/fr/ud-vet/

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