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Blackstone Announces Agreement to Acquire Enverus

NEW YORK, NY, AUGUST 6, 2025—Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone (“Blackstone”) have entered into a definitive agreement to acquire Enverus, a premier data analytics energy intelligence platform, from Hellman & Friedman and Genstar Capital.

Enverus was founded in 1999 and is a comprehensive data analytics platform empowering its customers’ capital allocation and asset optimization decisions across the entire energy ecosystem. Today, it is the largest and fastest-growing SaaS company and analytics provider dedicated to the energy market. It enables its 8,000 customers across 50 countries with real-time access to analytics, insights, and benchmark data from generative AI and partnerships with more than 95 percent of U.S. energy producers and 40,000 suppliers.

“This is more than a transaction – it’s a launchpad,” said Manuj Nikhanj, CEO of Enverus. “Blackstone shares our conviction that the future of energy will be defined by AI, real-time intelligence, and bold execution. Their global reach and deep expertise across energy, infrastructure, and data-rich industries will accelerate our momentum – helping us scale faster, build smarter, and deliver transformational outcomes for our customers. It is thanks to a strong partnership with H&F that Enverus is the company we are today. I am incredibly proud of what our team has built – especially our breakthrough work in power markets – and more excited than ever for what comes next.”

Eli Nagler and Bilal Khan, Senior Managing Directors at Blackstone, said: “As the leading energy-dedicated SaaS platform, Enverus’ advanced analytics and technology solutions are critical for its customers as they navigate unprecedented AI-driven electricity demand growth and the broader energy transition. We believe Blackstone’s energy market expertise and network can further enhance the company’s growth trajectory, and look forward to partnering with Manuj and the Enverus team.”

“After four years of tremendous partnership, Enverus stands as the clear SaaS, data, and analytics leader empowering the energy market,” said Ben Farkas, Partner at Hellman & Friedman. “We set out with a mission to build on the company’s core strengths, accelerate innovation, and expand its reach across the energy value chain. Today they are pioneering GenAI-powered solutions, scaling into new markets, and enabling smarter and more efficient decisions for customers worldwide. The company’s growth and culture of innovation have set a new standard for the industry. It’s been a privilege to partner with Manuj Nikhanj, Jeff Hughes, and the full Enverus team. We are confident Enverus is exceptionally well-positioned to shape the future of global energy.”

“Supporting Enverus through this exciting period of innovation and growth has been a great journey,” said Eli Weiss, Managing Partner of Genstar Capital. “We’re proud of the team’s achievements and are confident they are well positioned for continued success.”

Enverus represents the latest in a number of recent transactions Blackstone has announced behind its high-conviction investment themes in electricity demand growth and the ongoing energy transition, such as TXNM Energy, Potomac Energy Center, Sediver, Westwood Professional Services, Trystar, and others. Blackstone’s core private equity strategy, Blackstone Energy Transition Partners, and Blackstone’s private equity strategy for individual investors are each expected to invest in Enverus as part of this transaction.

Terms of the transaction were not disclosed. The transaction is expected to close by the end of the year, subject to customary conditions. Citi and Morgan Stanley & Co. LLC acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Enverus and Hellman & Friedman. RBC Capital Markets served as financial advisor and Simpson Thacher & Bartlett LLP served as legal advisor to Blackstone.

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Enverus

Enverus is the energy industry’s most trusted source for decision intelligence. With petabytes of proprietary data, deep domain expertise, and AI-native technology, Enverus empowers customers to invest smarter, operate more efficiently, and scale faster — across upstream, midstream, minerals, power, and renewables — all while navigating the most complex energy market in history. Learn more at www.enverus.com.

About Hellman & Friedman

Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation, and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors, including technology, financial services, healthcare, consumer services & retail, and information, content & business services. Since its founding in 1984, H&F has invested in over 100 companies and has over $115 billion in assets under management as of December 31, 2024. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 35 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 $50 billion of assets under management and targets investments focused on targeted segments of the financial services, software, healthcare, and industrials industries.

Media Contacts

Blackstone
Matt Anderson
Matthew.Anderson@Blackstone.com
(518) 248-7310

Jennifer Heath
Jennifer.Heath@Blackstone.com
(347) 603-9256

Enverus
Jon Haubert
Jon.Haubert@enverus.com
(303) 396-5996

Hellman & Friedman
Dan Abernethy
Dan.Abernethy@fgsglobal.com
(646) 238-3902

Genstar Capital
FGS Global
GenstarCapital@fgsglobal.com

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GeoWealth Secures $38 Million in Series C Funding Led by Apollo

Apollo logo

 

GeoWealth and Apollo form strategic partnership to transform how private market funds are integrated into model portfolios for the RIA community

CHICAGO–(BUSINESS WIRE)–GeoWealth, a proprietary technology and turnkey asset management platform (TAMP), today announced that it has raised a $38 million Series C funding round led by Apollo (NYSE: APO). In tandem, GeoWealth and Apollo have formed a strategic partnership to expand access to customizable public-private model portfolios for registered investment advisors (RIAs).

The previously announced investment from BlackRock, J.P. Morgan Asset Management and Kayne Anderson Capital Advisors (sub-advised by Composition Capital) is included in the Series C funding total. The strategic partnership between GeoWealth and Apollo will combine GeoWealth’s unified managed account (UMA) technology, powered by its proprietary portfolio management software, with Apollo’s private markets building blocks to help clients construct more efficient and robust multi-asset portfolios.

“With Apollo joining as a strategic investor and partner, we’re accelerating our commitment to building unified public-private model portfolios and supporting advisors with the flexible technology, investment choice and resources they need to deliver customized solutions,” said Colin Falls, Chief Executive Officer of GeoWealth. “Advisors are seeking turnkey access to private markets, and our tech-enabled implementation platform will allow them to run a models-based practice with the flexibility and breadth to meet complex client needs.”

“Investors are increasingly looking beyond public markets for greater diversification and differentiated returns. To meet this demand, Apollo is deeply committed to expanding access to institutional-quality private markets solutions and backing leading technologies reducing friction from the process,” said Stephanie Drescher, Partner and Chief Client and Product Development Officer at Apollo. “Together with GeoWealth, we are working towards empowering RIAs to build modern portfolios that integrate public and private strategies for their clients.”

With this capital infusion, GeoWealth plans to expand its public-private model capabilities, investing in product development and human capital to help advisors meet growing client demand for a broader range of asset types in a UMA. The funding will primarily accelerate innovation in GeoWealth’s UMA capabilities, while also strengthening the core technology foundation for its next phase of growth. As part of the use of proceeds in this round, GeoWealth has also completed the acquisition of the TAMP assets from Freedom Advisors.

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Apollo. Baker & McKenzie LLP and Depew Gillen Rathbun & McInteer, LC served as legal counsel to GeoWealth.

For more information about GeoWealth’s customizable, tech-forward solutions designed to serve RIAs of all sizes, please visit geowealth.com.

About GeoWealth

GeoWealth is a turnkey asset management platform (TAMP) and financial technology solution built specifically for the needs of modern RIAs. GeoWealth’s user-friendly, cost-efficient, integrated technology enables advisors to access a diversified lineup of model portfolios and offload mid-and back-office responsibilities, including performance reporting, billing, portfolio accounting and more. Via its customizable open-architecture platform, GeoWealth enables advisors and firms to grow faster and serve clients more efficiently. Founded in 2010, GeoWealth is headquartered in Chicago, IL. Visit us at geowealth.com and follow us on LinkedIn.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

GeoWealth
StreetCred PR
GeoWealth@streetcredpr.com

Lexie Brazil
lexie@streetcredpr.com
214-773-7114

Jimmy Moock
jimmy@streetcredpr.com
610-304-4570

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

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

 

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Accel-KKR to Sell Majority Interest in Smart Communications to Cinven

AKKR Logo

Menlo Park, CA and London, August 1, 2025 – Accel-KKR, a global software and technology-focused private equity firm, today announced that it has signed a definitive agreement to sell a majority equity interest in Smart Communications (“Smart”), the leading provider for cloud-based enterprise customer communications, to Cinven. Accel-KKR will retain a minority equity ownership position in Smart going forward. Other terms of the transaction were not disclosed.

Smart Communications’ Conversation Cloud™ platform is purpose-built for regulated enterprises – empowering them to deliver personalized, compliant conversations across every channel. More than 650 leading organizations worldwide, including Zurich Insurance, Priority Health, The Pacific Financial Group, and The Bancorp, rely on Smart Communications to simplify and automate complex processes, reduce risk, improve operational efficiency, and drive secure, frictionless digital-first experiences.

Accel-KKR first backed Smart Communications in 2016, following its spinoff from Thunderhead and launch as an independent company. Over the course of its nine-year partnership with Accel-KKR, Smart built a strong, seasoned leadership team and achieved more than 5x revenue growth, firmly establishing itself as a leader in the cloud CCM (Customer Communications Management) and IXM (Interaction Experience Management) markets. Over the period, Smart cemented its leadership position in North America and completed three acquisitions that expanded its business into new geographies, including Australia, DACH and the Nordics.

Tom Barnds, Co-Managing Partner at Accel-KKR, said, “We have been delighted to work with the outstanding Smart Communications management team as they established it as an independent company and brought innovation to the global CCM and IXM markets through accelerated investment in R&D, the launch of new products, and by entering into new geographic markets. While we will sell a majority interest in Smart to Cinven, we look forward to continuing to participate in the company’s growth through an ongoing minority equity ownership position.”

For Accel-KKR, the sale of its majority interest in Smart represents the firm’s fourth $1 billion-plus realization in Europe, building upon its successful exits from Kerridge Commercial Systems, JAGGAER, and Episerver.

“We strongly believe Cinven will be a great partner for the Smart Communications management team going forward given their track records with previous Accel-KKR investments JAGGAER and One.com,” said Maurice Hernandez, Managing Director at Accel-KKR who heads the firm’s London office.

Accel-KKR has completed nearly 90 investments and acquisitions of software companies in Europe since its inception, making the firm one of the most active private equity software investors in Europe. Other leading Accel-KKR software companies in Europe include NAVTOR, Reapit, Basware, Kantata and Symfonia.

“From day one, Accel-KKR has been an exceptional partner – supportive, strategic, and deeply invested in our success. Together we’ve built an industry-defining platform, enduring relationships with customers and partners, and an extraordinarily talented team of employees. With these achievements as our foundation, I’m thrilled that Accel-KKR will continue to be a part of our next chapter with Cinven,” said Leigh Segall, CEO of Smart Communications.

The transaction is subject to customary regulatory approvals and closing conditions.

About Smart Communications

Smart Communications is the trusted choice for regulated enterprises looking to modernize complex processes and connect with customers in the moments that matter most. Its Conversation Cloud™ platform powers frictionless, compliant, digital-first experiences through omnichannel communications, intelligent data capture, and secure digital archival. More than 650 enterprises worldwide – including Zurich Insurance, Priority Health, The Pacific Financial Group, and The Bancorp – rely on Smart Communications to reduce compliance risk, boost operational efficiency, lower costs, and fast-track digital transformation that fuels business growth and elevates the customer experience. With more than 30 pre-built connectors, Smart Communications’ cloud-native platform integrates effortlessly with the world’s most trusted enterprise systems including Salesforce, Guidewire, DuckCreek, OneSpan, and Pega, enabling more than 60 billion mission-critical customer conversations globally, and driving faster time to value.

About Accel-KKR

Accel-KKR is a technology-focused investment firm with $23 billion in cumulative capital commitments.  The firm focuses on software and tech-enabled businesses, well-positioned for top-line and bottom-line growth.  At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its partner companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network.  Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, secondaries, and credit alternatives.  Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs and going-private transactions.  Accel-KKR’s headquarters is in Menlo Park, with offices in Atlanta, Chicago, London, and Mexico City.  For more, visit accel-kkr.com.

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Televic Healthcare Solutions nv joins Dutch leading MSP Esprit ICT

GIMV

Esprit ICT Group, a Dutch leading provider of integrated digital workplace solutions and the market leader in the Netherlands for critical alarm solutions in the care and cure market, today announced  the acquisition of Televic Healthcare Solutions NV, a leading ICT integrator in the Belgian healthcare sector. The acquisition is effective immediately.

This strategic move strengthens Esprit ICT’s ambition to expand its market leading position in critical alarm systems from the Netherlands to the Benelux, and beyond, by combining expertise, resources, and innovation, both organizations aim to deliver even greater value to healthcare providers across Belgium and the Netherlands. The acquisition aligns seamlessly with Esprit ICT’s growth strategy, which focuses on broadening expertise, increasing scale, and further integrating specialist IT services. The acquisition marks the first expansion outside of the Netherlands.

Although Televic Healthcare Solutions NV will now be a part of Esprit ICT, the Business Unit that develops and manufactures innovative Nurse Call Communication systems (Televic Healthcare Products) will remain part of the Televic Group and will further focus on international growth through a resellers network. Esprit ICT and Televic Healthcare Products will continue to work in close partnership to drive further innovation for their customers.

“This acquisition represents a strategically valuable addition to our organization. The cultural alignment between both parties provides a solid foundation for collaboration and by combining our complementary expertise, we jointly strengthen Esprit ICT’s healthcare portfolio and increase our added value for clients and partners in the healthcare sector.” states Martijn Boshuis, MD of Esprit Healthcare.

“We believe that the integrator part of our business (Televic Healthcare Solutions) will thrive with Esprit ICT, who has a laser-sharp focus on ICT integration. This way, our Business Unit “Televic Healthcare products” can focus on what Televic does best: creating innovative products and systems that drive international, sustainable and profitable growth”, said Thomas Verstraeten, CEO of Televic Group

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AARO Joins Forces with Aico & Mercur to Form Unified and Complete Financial Corporate Performance SaaS Platform; Michael Teixeira Named Group CEO

AKKR Logo

Accel-KKR, a global technology-focused investment firm, today announced the successful closing of AARO, a leading provider of Corporate Performance Management (CPM) solutions, and bringing together AARO with financial software providers, Aico and Mercur. This marks a significant milestone in the formation of a unified company focused on delivering the most comprehensive, unified SaaS platform for finance and performance management in EMEA for the Office of the CFO.

To lead this newly formed group, Accel-KKR has appointed Michael Teixeira as Group Chief Executive Officer. Michael brings extensive leadership experience in scaling high-growth technology companies and will guide the strategic vision and growth of the combined entity.

A Transformative Merger for Financial Leadership

The combined entity of AARO together with Aico and Mercur cements its category leadership in EMEA, bringing together deep expertise across the financial close, planning and reporting spectrum:

  • Aico: Automates and streamlines financial close processes.
  • Mercur: Powers xP&A, budgeting, forecasting, business intelligence and financial analytics.
  • AARO: Provides enterprise-grade consolidation and group reporting solutions.

Together, they create a powerful unified SaaS platform for finance and performance management that empowers finance and executive leaders with automation, compliance and actionable insights, supporting faster decision-making, enhanced governance and enterprise-wide visibility.

“This is more than a corporate merger; it’s a strategic unification. By bringing together AARO, Aico and Mercur, we’re creating a unified, integrated cloud solution that supports CFOs across the entire value chain; from Record to Report through Consolidation and Reporting to XP&A, Budgeting, Forecasting and Analysis and from local transaction-close to consolidated group-level reporting”, said Michael Teixeira, Group CEO​.

Market Reach and Customer Impact

Operating across the Nordics, UK, Ireland, BENELUX, DACH and Middle East & Africa, the combined company now powers finance operations for thousands of mid-market and enterprise customers with deep regional support and expertise.

Key benefits to customers will include:

  • A unified SaaS platform for the office of the CFO: A seamless cloud platform that supports the entire finance function across Record to Report which includes Consolidation and Reporting to XP&A, Budgeting, Forecasting and Reporting, from local transaction-close to consolidated group-level reporting.
  • Increased accuracy and efficiency: AI-powered automation reduces manual effort, minimises risk and improves data integrity across financial close, consolidation and reporting.
  • Unified user experience: An integrated platform that reduces system complexity and improves ease of use for finance teams.
  • Ongoing innovation: Enhanced capabilities driven by the combined expertise of global product and engineering teams focused on solving challenges for the Office of the CFO.
  • Future-ready scalability: A robust, modular solution that grows with the organisation’s needs, whether expanding across entities, geographies or compliance regimes.
  • Configurability: SaaS software that is highly adaptable to enterprise clients’ complex environments, thereby removing the barrier to integrate with core systems, improving efficiency and reducing data silos.

Strategic Backing and Regional Scale

The merger follows Accel-KKR’s investment in Aico and Mercur, and now the acquisition of AARO, reinforcing the firm’s long-term commitment to building a category-leading financial cloud software suite.

“This is more than a corporate merger; it’s a strategic unification. By bringing together AARO, Aico and Mercur, we’re creating a unified, integrated cloud solution that supports CFOs across the entire value chain; from Record to Report through Consolidation and Reporting to XP&A, Budgeting, Forecasting and Analysis and from local transaction-close to consolidated group-level reporting”, said Maurice Hernandez, Group CEO​.

About AARO

AARO provides Corporate Performance Management (CPM) software for group accounting, consolidation and financial reporting. Used by multinational companies, it supports IFRS and local GAAP standards. Finance teams rely on AARO to streamline complex reporting processes with precision and efficiency. The company was founded in 1989 and has employees in Sweden, Latvia, Kenya, the United Arab Emirates, UK, and Finland. Learn more at www.aaro.com

About Aico Group

Aico is a financial close automation platform for mid-sized and enterprise companies. It enables faster, more accurate month-end reporting while ensuring compliance. Founded in 2019 in Finland, Aico serves leading European companies from offices in Finland, Germany, the UK and Latvia. Learn more at www.aico.ai

About Mercur Solutions

Mercur Solutions provides Corporate Performance Management (CPM) software for budgeting, planning, forecasting and reporting. Its cloud-based platform, Mercur Business Control, empowers organisations with automation and insights. Headquartered in Sweden with a UK office, Mercur has supported financial leaders for 50 years. Learn more at www.mercur.com

About Accel-KKR

Accel-KKR is a technology-focused investment firm with $23 billion in capital commitments. It partners with software and tech-enabled businesses to drive growth and value. Based in Menlo Park, with global offices, Accel-KKR invests across buyouts, minority stakes, carve-outs, and credit. Learn more at www.accel-kkr.com

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Forecast announces acquisition by Accelo

Balderton

Accelo, a leading platform for professional services automation (PSA), announced today its acquisition of Forecast, a global provider of AI-powered project and resource management software. Balderton first invested in Forecast’s Series A in 2021.

We want to share our congratulations to Dennis and the Forecast team on joining Accelo. Dennis was early to recognise the potential of AI when applied to tasks like project management, and we look forward to the product going from strength to strength with this new capital and platform behind them.

James WisePartner, Balderton

By combining Accelo’s comprehensive quote-to-cash project management solutions with Forecast’s AI-driven capacity planning capabilities, customers will gain smarter workflow automation, advanced resource planning and actionable profitability insights.

The Forecast team will join Accelo to accelerate innovation across both platforms, with a shared vision to eliminate operational blind spots and empower teams to do their best work. Customers of both platforms can expect continued support and improvements, with future product enhancements driven by collaborative innovation and customer feedback.

Joining forces with Accelo unlocks a huge opportunity to accelerate our shared mission—streamlining complex workflows, reducing operational friction, and helping teams deliver profitable project outcomes.

Dennis KayserCEO, Forecast

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Knowtion Health Completes Acquisition of Switch RCM, Strengthens Executive Team and Innovation Capabilities

Arsenal Capital Partners

Boca Raton, FL – Knowtion Health (“Knowtion”), a leading healthcare revenue cycle company, today announced it has completed the acquisition of Switch RCM (“Switch”), a data- and technology-first company that uncovers and resolves overlooked reimbursement entitlements through intelligent automation and data-driven innovation.

“This acquisition brings four new service solutions, powerful technology, and exceptional leadership that will significantly strengthen our ability to serve clients and deliver greater impact,” said Jayson Yardley, Chief Executive Officer of Knowtion. “Importantly, Switch shares our unwavering commitment to helping healthcare providers recover more earned revenue from insurance payers, especially when it comes to the most complex and challenging reimbursement opportunities.”

To support its continued growth and strategic direction, Knowtion also announced key executive leadership appointments.

  • Erica Tingley has been named President, reporting to CEO Jayson Yardley. This role is in addition to her current role as Chief Financial Officer, as she will take responsibility for delivery of the company’s solutions.
  • Jon Scala, former Chief Executive Officer of Switch, joins Knowtion as Chief Strategy Officer. Jon will focus on acquisition growth, hiring strategic new talent, and expanding client relationships. He brings extensive experience in identifying market opportunities and driving operational excellence across the revenue cycle.
  • Ryan Feldt, former President and Chief Operating Officer of Switch, transitions to Chief Customer Officer of Knowtion, bringing a client-first mindset to strengthen partnerships and elevate experience.
  • Adam Cartabiano, former Commercial Advisor to Switch, joins Knowtion as Chief Growth Officer, responsible for accelerating market expansion, driving customer acquisition, and scaling the goto-market strategy.
  • Switch co-founders Nate Pluke and Melissa Pluke will partner with Ryan Clark to launch our new innovation laboratory, where they will drive expansion of innovation, data analytics, and AI and machine learning capabilities. The innovation lab will harness the power of our data, talent, and expertise to uncover emerging trends, accelerate solution development, and deliver greater impact to providers.

“These leadership additions underscore our commitment to innovation, growth, and delivering unmatched value to our clients,” said Yardley. “Each leader brings exceptional experience in businesstransformation, and we’re excited for what’s ahead.”

“This is more than an acquisition—it’s an acceleration,” Yardley continued. Together, and with the launch of our innovation lab, we are fast-tracking the development of smarter solutions that improve financial performance for healthcare organizations.”

About Knowtion Health:

Knowtion Health is a leading provider of technology-enabled revenue cycle management services serving more than 550 hospitals nationwide and managing over $4.5 billion annually in outstanding balance accounts for clients. Recognized as an Inc. 5000 fastest-growing company, Knowtion Health is a multi-year recipient of the Black Book award, which honors top partners as ranked by healthcare providers. Knowtion Health is a portfolio company of Arsenal Capital Partners, a leading private equity firm specializing in building technology-rich, market-leading healthcare and industrial growth companies, and Sunstone Partners, a premier private equity firm focused on accelerating growth in technologyenabled services and software companies. For more information, visit KnowtionHealth.com

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Blackstone Makes a Significant Growth Investment into NetBrain to Rapidly Expand Network Automation and AI Solutions to Global Enterprises at a $750M Valuation

Blackstone

Investment Seeks to Accelerate Adoption of AI in the $30 Billion Networking Operations (NetOps) Solutions Market

New York, NY – July 22, 2025 – Blackstone (NYSE: BX) announced today that Blackstone Growth (BXG) and affiliated funds (collectively “Blackstone”) have entered into a definitive agreement to make a majority growth investment in NetBrain Technologies, a market-leading Network Automation and AI platform. The investment, which values NetBrain at $750 million, is intended to enable the company to accelerate innovation, expand its global footprint, and scale its AI-powered platform to meet the rising demand for intelligent network automation solutions.

NetBrain is the market leader in network automation and AI, powering some of the world’s largest and most complex networks – including those of more than one-third of the Fortune 500. The company pioneered intent-based network automation technology, which creates a digital-twin of the network and enables AI to orchestrate and automate many of the manual tasks in network operations.

As enterprise networks rapidly evolve in size and complexity – particularly with the adoption of cloud and SDN architectures – traditional automation and observability tools are struggling to deliver timely value and measurable ROI. NetBrain’s next-generation automation platform, the result of years of R&D often in close collaboration with the world’s most demanding network operators, eliminates manual dependencies in critical network operations and security workflows. By consistently shifting operational workloads to automation and AI, NetBrain is redefining how hybrid networks are managed. With its industry-leading intent discovery engine, NetBrain transforms network management from a device-centric to an intent-centric model – allowing networks to be governed by self-assessable intents. This advancement enables faster outage resolution, safer change execution, and stronger security – often without human intervention.

“While NetBrain is already the market leader in network automation and AI and continues to grow rapidly, I’m thrilled to partner with Blackstone Growth to accelerate our next phase of expansion,” said Lingping Gao, Founder and CEO of NetBrain Technologies. “Blackstone’s global reach, operational expertise, and deep commitment to innovation will be instrumental in helping us seize this once-in-a-lifetime opportunity to lead the AI transformation of network operations.”

“AI has the power to transform how enterprises manage network operations and security,” said Vishal Amin, Senior Managing Director at Blackstone Growth. “NetBrain is at a pivotal inflection point, with increasing demand for automation across IT, networking, and security teams. Blackstone is excited to help NetBrain expand its global reach while continuing to invest in innovation for customers. Together, we seek to drive the future intersection of network operations (NetOps), security operations (SecOps) and AI, empowering enterprises to achieve total observability and operational excellence.”

Blackstone’s investment in NetBrain reflects its commitment to supporting market-leading and category-defining technology companies that address enterprise challenges. The firm believes NetBrain’s solutions address a critical need in the $30 billion NetOps market, where enterprises face increasing pressure to optimize IT operations, ensure reliability, and mitigate security risks. With no debt, significant cash reserves, ongoing profitability, and a growing global footprint, NetBrain is poised to accelerate its mission of transforming network automation and empowering organizations to thrive in an increasingly interconnected and AI-driven world.

McDermott Will & Emery served as legal counsel to NetBrain. Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our nearly $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About NetBrain Technologies
NetBrain, since 2004, has pioneered network automation, empowering IT teams with no-code and AI. Its Next-Gen platform shifts from reactive visibility to proactive observability. Automating troubleshooting and change management, it boosts efficiency, reduces errors, and provides insights. Powered by a Digital Twin and intent-based automation, NetBrain scales automation and simplifies adoption. NetBrain is in use by more than one-third of the Fortune 500. For more information, please visit www.netbrain.com.

Media Contacts

Blackstone
Jennifer Heath
(347) 603-9256
Jennifer.Heath@Blackstone.com

NetBrain Technologies
Ryan Couch
979-220-4586
Ryan.Couch@netbrain.com

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CVC welcomes strategic minority partnership investment from KKR into Etraveli Group

KKR

Stockholm, Sweden, 21 July, 2025 

CVC Capital Partners (“CVC”) today announced that KKR has agreed to acquire a significant minority stake in global travel technology company Etraveli Group. The strategic partnership between CVC and KKR positions Etraveli Group for an exciting next chapter of growth and reinforces its position as the world’s largest flight intermediary and fulfilment company outside of China. Financial details of the transaction have not been disclosed.

Headquartered in Stockholm, Sweden, Etraveli Group operates a sophisticated Flight Tech Platform that delivers airline tickets to nearly 50 million travellers annually across 75 markets. With a mission to offer the broadest range of high-quality air content – easy to book and competitively priced – the company leverages AI-driven technology, deep industry expertise and strong strategic partnerships. Its services are delivered through its own consumer-facing brands such as Gotogate, Mytrip and Flightnetwork, as well as through its booking and fulfilment solutions for global partners like Booking.com, Radisson Hotel Group and TUI.

“We are excited to welcome KKR as a new investment partner, given their strong track record in the global travel and technology markets,” said Mathias Hedlund, Etraveli Group’s Chief Executive Officer. “This is another landmark moment for Etraveli Group that strengthens our global position and marks the next chapter in our effort to bring innovation and expertise to facilitate flight purchases for customers around the world. Together with CVC and KKR, we look forward to accelerating the expansion of our global B2B Flight Tech Platform and continuing to deliver smart, seamless travel solutions together with our partners.”

CVC’s Technology and Nordic teams led the acquisition of Etraveli Group from media company ProSiebenSat.1 in 2017, partnering with management to accelerate the company’s transformation into the global market leader. Today, Etraveli Group facilitates over €15 billion of flight sales annually, having consistently delivered strong double-digit growth, with earnings today approximately 4x higher than at the time of the CVC fund’s original investment. Etraveli Group is well-positioned for sustained growth, underpinned by its strategic partnership with Booking.com, a robust pipeline of B2B opportunities and a promising fintech offering.

“Mathias and his team have built a world-leading e-commerce platform for flights and it has been an absolute pleasure to have supported them over the past eight years, delivering significant growth for Etraveli Group. We look forward to continuing our involvement with the business as a joint shareholder with our new partners at KKR and we’re excited to embark on the next phase of the journey with the company,” said Lorne Somerville, Chairman of Etraveli Group and a Managing Partner of CVC, and Gustaf Martin-Löf, Partner of CVC.

Blaine MacDougald, Partner and Co-Head of the Strategic Investments Group at KKR, said: “Etraveli Group has established itself as a clear global leader in flight technology with a unique platform, deep industry integration and a strong track record. We are pleased to partner with the Etraveli Group’s leadership team and CVC to deliver a tailored capital solution that will help support Etraveli Group’s continued expansion and innovation. This investment builds on KKR’s commitment to backing European champions and contributing to the growth of high-quality, tech-enabled businesses.”

KKR is investing in Etraveli Group primarily through funds and accounts managed by its Strategic Investments Group, which provides structured partnership capital solutions, alongside the full breadth of KKR’s value-added resources to market leading businesses.

J.P. Morgan Securities Plc acted as Exclusive Financial Adviser to CVC, in connection with KKR’s minority partnership investment into Etraveli Group.

 

– Ends –

About Etraveli Group

Etraveli Group (ETG) is a global technology company headquartered in Sweden. The company specialises in delivering high-quality flight content through flexible technology solutions – empowering both consumers and the companies that serve them. Etraveli Group’s services span the full flight journey – from search to booking to fulfilment – offered via leading consumer brands such as Gotogate, Mytrip and Flightnetwork, as well as through global partnerships with Google Flights, Skyscanner, KAYAK, Booking.com and others. ETG also operates TripStack, an airline integration platform, and Flightmate (Flygresor.se), a leading flight metasearch engine. The Group encompasses a team of over 3,100 professionals, working across offices and tech hubs in Sweden, Greece, Poland, the UK, Canada, India and Uruguay. For more information, visit: www.etraveligroup.com

About CVC

CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €202 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of over €260 billion from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 140 companies worldwide, which have combined annual sales of over €168 billion and employ over 600,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.

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.

 

Media Contacts

For Etraveli Group
Kristoffer Rengfors
press@etraveligroup.com

For CVC
Carsten Huwendiek
+44 207 420 4200
chuwendiek@cvc.com

For KKR
Miles Radcliffe-Trenner
media@kkr.com

 

 

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Novacap Reinvests in NDT Global as Part of Strategic Separation from Previan

Novacap

Novacap, a leading North American private equity firm, completed its reinvestment in NDT Global, a division of Previan, a Novacap portfolio company, who provides advanced in-line inspection, integrity management and robotics solutions. This transaction supports the formal separation of NDT Global into an independent company, backed by Novacap in partnership with La Caisse (formerly CDPQ) and management, and marks a significant milestone in its evolution.

NDT Global operates worldwide, delivering industry-leading inspection technologies and actionable data insights that help operators in the energy sector ensure the safety, reliability, and longevity of critical infrastructure assets.

The transaction results from Previan’s strategic realignment, which transitions its two core business units—Eddyfi Technologies and NDT Global—into standalone entities, enabling each to pursue tailored growth strategies and innovation roadmaps. Novacap will maintain its existing investment and ownership in Eddyfi Technologies, along with La Caisse and management. “This is a clear and strategic step that enables NDT Global to focus on its long-term objectives,” said David Lewin, Lead Senior Partner at Novacap. “As an independent organization, NDT Global is better positioned to pursue its operational priorities and create lasting value.”

“We are pleased to support NDT Global as it enters this new phase,” said Samuel Nasso, Partner at Novacap. “With a strong foundation and a highly experienced team, the company is well positioned to grow and contribute to the ongoing evolution of the integrity management sector.”

Martin Thériault, CEO and Chairman, and Paul Cooper, President of NDT Global, both add that “this transaction marks a natural evolution in our journey. Following this strategic realignment, we are confident that NDT Global is ideally positioned to thrive as an independent company. With Novacap and La Caisse’s continued support, and a leadership team deeply committed to innovation and client success, NDT Global is well positioned to accelerate its impact across the integrity management sector.”

Building on favorable industry trends—including aging infrastructure, stricter safety regulations, and growing environmental responsibility—Novacap, will work closely with NDT Global’s leadership to accelerate strategic investments in technological innovation, automation and artificial intelligence, all aimed at delivering greater value through enhanced data analysis.

About NDT Global
NDT Global is the leading provider of in-line diagnostic solutions, integrity management and subsea robotics solutions, offering advanced data insights and services that ensure the safety and longevity of energy-sector infrastructure assets. Recognized as the forerunner in ultrasonic inspection innovations—including Pulse Echo, Pitch-and-Catch, Phased Array, and Acoustic Resonance (ART Scan) technologies — the company continues to push technological advancement and the introduction of revolutionary new inspection technologies, including for gas pipelines, to ensure the safety of its customers’ critical assets. NDT Global employs approximately 880 people. Learn more at www.ndt-global.com.

About Novacap
Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market companies in four core sectors: Technologies, Industries, Financial Services, and Digital Infrastructure. Novacap combines deep sector-specific expertise with strategic and operational excellence to support entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over C$11 billion in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap continues to drive innovation and growth. For more information, please visit: https://novacapcorp.com.

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