Tag Archives: Information technology

KKR to Acquire Therapy Brands

KKR

April 7, 2021

BIRMINGHAM, Ala. and NEW YORK, April 7, 2021 /PRNewswire/ — KKR, a leading global investment firm, announced today that it has agreed to acquire a majority interest in Therapy Brands (the “Company”), a leading practice management and electronic health record (EHR) software platform for mental, behavioral, substance use recovery, applied behavior analysis (ABA) and physical rehabilitation healthcare providers, from its existing shareholders – investment funds affiliated with Lightyear Capital LLC, Oak HC/FT and Greater Sum Ventures. Existing investor PSG will participate in the transaction alongside KKR and continue to be a minority shareholder in Therapy Brands. Financial details of the transaction were not disclosed.

Founded in 2013, Therapy Brands provides end-to-end, purpose-built software solutions to streamline the full clinical, administrative and reimbursement workflows of healthcare professionals in multiple end markets. Its HIPAA-compliant solution suite supports the daily operations of more than 28,000 practices across the U.S., ranging from individual providers to national multi-location practice groups.

“Provider and patient friendly technology-enabled solutions are more important than ever as the demand for mental and behavioral health services continues to rapidly increase,” said Kimberly O’Loughlin, CEO of Therapy Brands. “We are excited to welcome KKR as our new investor, which brings a deep understanding of the healthcare sector and extensive experience in scaling technology-enabled platforms. This support will help us accelerate our mission of making it easier for providers to navigate an increasingly complex administrative landscape so they can spend more time and focus on delivering improved outcomes for their clients.”

Therapy Brands’ technology platforms address the underserved practice management needs of mental and behavioral healthcare professionals, including psychologists, psychiatrists, counselors, social workers, ABA clinicians, addiction specialists and physical, speech and occupational therapists. Across its portfolio of leading brands – including TheraNest, ShareNote, CodeMetro, AccuPoint,DataFinch, TenEleven, Procentive, Fusion Web Clinic, and A2C – Therapy Brands offers comprehensive and customized practice management and EHR services along with integrated capabilities for telehealth, data collection and interoperability, revenue cycle management, e-prescribing and payments. Therapy Brands’ technologies are purpose-built, focused squarely on improving the patient experience and decreasing the administrative burden for practitioners so they can spend more time focused on the health and well-being of their clients and businesses.

“We are delighted to be backing Therapy Brands at a time when there is increasing recognition and social awareness about the importance of mental health,” said Max Lin, a KKR Partner who co-leads the health care industry team for KKR’s Americas Private Equity business. “Therapy Brands has developed an impressive portfolio of best-in-class software tools and mission-critical solutions to help mental health providers modernize their practices.  We look forward to working with the team in accelerating the growth of the platform and finding additional ways of delivering enhanced value to its clinicians.”

“We formed the Therapy Brands platform to bring comprehensive technology solutions to this important end market within our healthcare system,” said Marco Ferrari, a Managing Director at PSG. “We have been thrilled with our partnership with the Therapy Brands team and look forward to continuing this journey alongside KKR.”

KKR is making its investment in Therapy Brands primarily from its Americas XII Fund. The investment adds to KKR’s experience of investing in leading behavioral healthcare businesses, including Blue Sprig Pediatrics and BrightSpring Health Services, and in high-growth healthcare-related technology companies such as WebMD (Internet Brands) and Clarify Health. KKR has also established a strong track record of supporting leading vertical market software companies including Autodata, Epicor Software Corporation, Ipreo, Mitchell, MYOB and OptimalPlus.

Mark F. Vassallo, Managing Partner of Lightyear, stated, “The investment in Therapy Brands reflects Lightyear’s ongoing thematic focus on the intersection of tech-enabled financial services and healthcare. Under our ownership, Therapy Brands has more than tripled in size through a combination of strong organic growth and nine strategic acquisitions. It has been a pleasure working with Kimberly and the Therapy Brands team, and we wish them continued success.”

William Blair and TripleTree are acting as financial advisors and Davis Polk & Wardwell LLP as legal advisor to Therapy Brands. Kirkland & Ellis LLP is serving as legal advisor to KKR.

About Therapy Brands
At a time when the topics of digital connectivity and access to care are at the forefront of the cultural conversation in the U.S., Therapy Brands is equipping practitioners with effective solutions to address the growing needs of mental and behavioral health, substance use recovery, applied behavior analysis and rehabilitation populations. Through purpose-built, fully integrated practice management and EHR solutions provided by Therapy Brands, healthcare providers can improve patient quality of care and support better health outcomes for those they serve. Therapy Brands is headquartered in Birmingham, AL. For more information, please visit us at www.therapybrands.com

About KKR
KKR is a leading global investment firm that offers alternative asset management and 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 The 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 and on Twitter @KKR_Co.

PSG
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 65 companies and facilitated over 275 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.

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

For Therapy Brands:
Shannon Vann
Mediainquiries@therapybrands.com

For PSG:
Cameron Nugent
cameron.nugent@psgequity.com

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Paysafe Completes Business Combination with Foley Trasimene Acquisition Corp. II

CVC Capital Partners

Transaction and move to capital markets expected to accelerate growth, enhance margins, and continue to build upon Paysafe’s M&A strategy

Paysafe Group Holdings Limited, a leading specialized payments platform, and Foley Trasimene Acquisition Corp. II (NYSE: BFT), (BFT WS) (“Foley Trasimene”), a special purpose acquisition company, today announced that they have completed their previously announced merger. The merger was approved at a special meeting of stockholders of Foley Trasimene on March 25, 2021, and closed today, March 30, 2021.  The combined company now operates as Paysafe Limited (“Paysafe”) and Paysafe’s common shares and warrants will begin trading on the New York Stock Exchange (NYSE) under the ticker symbols “PSFE” and “PSFE.WS” respectively, starting tomorrow, March 31, 2021.

Paysafe is a leading specialized payments platform, with a two-sided consumer and merchant network, whose core purpose is to enable businesses and consumers around the world to connect and transact seamlessly through payment processing; digital wallets including the Skrill and Neteller brands; and online cash solutions including paysafecard and Paysafecash. William P. Foley, II, Founder and Chairman of Foley Trasimene will serve as Chairman of Paysafe’s newly formed Board of Directors. Paysafe’s management team headed up by Philip McHugh, CEO, will continue to lead the combined company. ¹

William P. Foley, II, Founder and Chairman of Foley Trasimene and Chairman of Paysafe, stated, “We are thrilled to complete this business combination with Paysafe and I am personally excited to continue to work with Philip, Blackstone, CVC and the entire board as we continue to execute against our plan for accelerated and profitable growth. Paysafe has the right assets, team and strategy in place to capitalize on a tremendous opportunity for long-term value creation in the payments industry, especially in iGaming which is really beginning to open up across the United States.”

Philip McHugh, CEO of Paysafe, stated, “The closing of this transaction and our listing on the New York Stock Exchange is a huge milestone for Paysafe and getting to this point today is testament to the hard work and dedication of our team around the world.  I would also like to thank Bill and the Foley Trasimene team for their backing and belief in our opportunity, and of course Blackstone and CVC for their continued investment and support.  We’re excited to be embarking on the next stage of our growth journey as a public company.”

Eli Nagler, a Senior Managing Director at Blackstone, said: “Today is a significant milestone for Paysafe and a testament to the excellent work of their world-class management team over several years. We believe Paysafe has a long runway for further growth and look forward to remaining part of the team and seeing their continued success as a public company.”

Peter Rutland, a Managing Partner at CVC, said, “We are delighted for Paysafe as they begin their next chapter as a public company. By combining Paysafe’s leading solutions in high-growth, specialized markets with Paysafe’s seasoned management team, now supplemented with Bill Foley’s track record of enhancing organic and inorganic growth, this company is incredibly well-positioned to continue a strong growth trajectory and create value for shareholders and all other stakeholders.”

Advisors

Credit Suisse acted as lead financial advisor and capital markets advisor to Paysafe. Morgan Stanley also acted as financial advisor to Paysafe. BofA Securities, J.P. Morgan Securities LLC, Barclays, Wolfe Capital Markets and Advisory, BMO Capital Markets and Evercore also acted as capital markets advisors. Simpson Thacher & Bartlett LLP acted as legal counsel to Paysafe. Proton Partners acted as strategic advisor to Paysafe.

RBC Capital Markets LLC., BofA Securities and J.P. Morgan acted as financial advisors to Foley Trasimene.  Weil, Gotshal & Manges LLP acted as legal counsel to Foley Trasimene.

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Cerba HealthCare to welcome EQT Private Equity as new shareholder

eqt

Cerba HealthCare, leading player in medical diagnosis, together with Partners Group, and the Public Sector Pension Investment Board (“PSP Investments”) have entered into exclusive discussions with EQT Private Equity to enable the Company to pursue its long-term innovation services strategy and enhance services for patients and the medical community.

Cerba Healthcare, headquartered in France and firmly established in Europe and Africa through its historical routine and specialty biology expertise, also operates globally through its clinical trials business unit for the validation of new compounds and vaccines. It stands as a unique group in the diagnosis market, covering the needs for diagnostic tools and expertise for patients, physicians, hospitals and the pharmaceutical industry.

With this new partnership, Cerba HealthCare reinforces its capital structure with its existing shareholders -more than 400 long-time biologists and managers- and its long-term partner, PSP Investments, to sustain the Group’s development strategy and current transformation.

Catherine Courboillet, CEO, Cerba HealthCare, states, “Over the past four years, Partners Group has shown a comprehensive understanding of our market and unwavering support in sustaining Cerba HealthCare’s growth strategy. In order to continue to fulfill the Group’s long-term development, we are excited to welcome a partner that shares the same vision and values, as well as a strong understanding of the importance of cutting-edge, personalized services. It is critical to keep on investing heavily in innovation, IT security and talents in order to drive further and faster our on-going transformation towards better healthcare services for patients. With EQT, we have chosen an experienced partner that will strengthen our European positioning while helping us expand into new markets.”

Nicolas Brugère, Partner, Investment Advisor at EQT Partners and Head of EQT France, comments, “EQT has followed Cerba HealthCare for a long time and we are deeply impressed with the company’s unique platform for medical diagnoses and superior scientific expertise. Cerba HealthCare is a purpose-driven company with a culture that is well-aligned with EQT’s values and we are happy to partner with its management team and with PSP Investments. EQT Private Equity is committed to invest in and future-proof Cerba HealthCare for the long-run to best serve patients and healthcare professionals.”

Kim Nguyen, Partner, Private Equity Services, Partners Group, adds, “Cerba HealthCare operates in an important sector and we are proud to have successfully contributed to the sustainable growth strategy of the Company over the last four years. In line with Partners Group’s focus on positive stakeholder impact and entrepreneurial governance, Cerba HealthCare has not wavered in its commitment to responding to the COVID-19 crisis. During our holding period, the Company has transformed into a market leader, penetrating new international markets, including in Africa and Italy, further consolidating its expertise in clinical trials and securing leadership in the veterinary biology sector. We are convinced Cerba HealthCare is poised for lasting success and that, after our strong and collaborative partnership, it is the right time and opportunity for all stakeholders that the Company move into its next phase of growth.”

Simon Marc, Senior Managing Director and Global Head of Private Equity, PSP Investments, said, “Since our initial partnership with Cerba HealthCare in 2017, the company has gone from strength to strength, and we are excited to continue supporting Catherine and her talented management team as long term-partners. We look forward to welcoming EQT who has been one of PSP Investments core partners for many years, and who brings tremendous expertise in European healthcare. Together, we will provide the long-term strategic capital to support Cerba HealthCare in achieving its full potential through its next phase of development as a European leader in medical diagnostics.”

Following the completion of the deal, which is subject to administrative notifications and regulatory approvals, EQT Private Equity and PSP Investments will work with Cerba HealthCare’s management team, led by CEO Catherine Courboillet, to support the numerous growth opportunities of the business. These include the continuation of the Company’s highly successful M&A strategy on a global scale, as well as the acceleration of organic growth and development in other segments.

With this transaction, EQT IX is expected to be 40-45 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

Contact for EQT
French media inquiries: Brunswick Paris, +33 679 99 27 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 84 billion in raised capital and over EUR 52 billion in assets under management across 17 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About Cerba HealthCare
Cerba HealthCare, a leading player in medical diagnosis, aims to support the evolution of health systems towards more prevention. It draws on more than 50 years of expertise in clinical pathology to better assess the risk of diseases development, detect and diagnose diseases earlier, and optimize the effectiveness of personalized medicine.

Every day, on 5 continents, the Group’s 8 500 employees sustain the transformation of medicine, driven by one deep conviction: to advance diagnosis is to advance health.

Cerba HealthCare, enlightening health.

About PSP Investments
PSP Investments is one of Canada’s largest pension investment managers with approximately $169.8 billion of net assets as of March 31, 2020. It manages a diversified global portfolio of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montreal and offices in New York, London and Hong Kong.

For more information, visit investpsp.com or follow PSP Investments on Twitter and LinkedIn.

About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 145 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 109 billion in assets under management as of 31 December 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).

For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.

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General Atlantic Leads $145 Million Financing Round in Staffbase

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Partnership to help accelerate Staffbase’s global growth and further strengthen its leading position in digital solutions for internal communications
• Digital employee communications are becoming a key factor in business success, particularly in the wake of the COVID-19 pandemic
• Existing investors Insight Partners and e.ventures will also contribute to this financing round

March 29, 2021

Staffbase, a leading provider of digital solutions for internal communications, and General Atlantic, a global growth equity firm, today announced a strategic partnership. General Atlantic is leading a $145 million (€122 million) financing round in the Chemnitz, Germany-based start-up to help the company grow internationally and strengthen its global leadership in the employee engagement space. Existing investors Insight Partners and e.ventures will also contribute to this round of financing, KIZOO and Capnamic Ventures remain invested. As part of the partnership, Achim Berg, Operating Partner at General Atlantic and President of Bitkom, Germany’s digital association, will join the advisory board of Staffbase.

Established in Chemnitz in 2014, Staffbase has become a high-growth, multi-award-winning provider of an internal communications suite, including an employee app, an internal email newsletter tool, and a state-of-the-art intranet platform – all of which are designed to enhance employee communications. Its products are used by over eight million people across more than 1,000 organizations. Staffbase’s customers include global enterprises and organizations such as Adidas, Audi, BHP, Deutsche Post DHL, Groupon, Hitachi, Ikea, Johns Hopkins University, McKesson, Paulaner, Suncor, Viessmann, and Volvo, among others.

The Staffbase platform enables companies to communicate quickly and effectively with all of their employees – whether through corporate-branded communications, the publication of news items in a fast and reliable manner, or effectively measuring communications activities. The company’s solutions allow for more effective onboarding and enhanced employee engagement, and help employees identify more closely with their employers. The COVID-19 pandemic and proliferation of hybrid working environments have underscored the importance of targeted and agile internal communications, with senior management at major companies increasingly viewing internal communications as an essential strategic tool for connecting with employees and guiding them through this period of digital transformation.

Dr. Martin Böhringer, Co-Founder and CEO of Staffbase, said, “Our vision is to unite all of a company’s employees through strong internal communications and a shared mission. To bring this about, we provide managers and communications specialists at enterprise companies with the leading digital platform for successful employee communications – a platform that we are expanding very rapidly. The partnership with General Atlantic will further help us achieve this and accelerate our growth, especially in North America. The strong local team and the expertise it provides are decisive for us.”

Dr. Christian Figge, Managing Director at General Atlantic, continued, “Staffbase is a global pioneer and has developed software that specifically addresses the employee experience, supporting enterprises in transforming internal communications and engagement. We have been following this exciting company for quite some time and are looking forward to partnering with Martin and the Staffbase team to build on the business’ position as a global market leader. Staffbase is a prime example of the quality of entrepreneurship and range of innovative companies with global ambitions emerging out of Germany.”

Staffbase has a global workforce of 450 employees throughout 11 locations, including its headquarters in Chemnitz and offices in London, New York, Vancouver, Amsterdam, and Berlin. In early March, the company merged with Bananatag, Canada’s leading provider of internal communications solutions. The combined company is one of the world’s largest and fastest-growing providers of cutting-edge internal communications software. As a result of the merger, the Staffbase suite with an employee app and intranet was expanded to include a native solution for email communications and closer integration with collaboration tools like Slack and Microsoft 365, including Microsoft Teams and SharePoint.

About Staffbase

Staffbase is one of the fastest growing, most experienced internal communications platform providers for enterprise companies. The mobile compatibility of the company’s platform allows employers to securely reach their employees everywhere with reduced complexity — whether in the office, at home, on the factory floor, or on the road. Staffbase solutions give employees greater access to the corporate information that’s relevant to them and tools for the modern digital workplace, including existing intranets. With headquarters in Chemnitz, Germany, and offices in Amsterdam, Cologne, Dresden, Berlin, London, Munich, and New York City, Staffbase provides branded solutions for more than 1,000 leading companies worldwide who are transforming their employee experience including Adidas, Audi, Vestas, Spark Power, Paulaner, UC Health and US LBM. Please visit staffbase.com  for more information.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Leigh Nofi
Staffbase 516-446-2446 leigh@staffbase.com

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Questel acquires IP services leader Morningside

ik-investment-partners

Questel, one of the world’s largest end-to-end intellectual property solutions providers, has acquired Morningside, a leading IP and language services company.

Founded in 2000 and headquartered in New York, Morningside specializes in patent translation and foreign filing solutions as well as legal, life sciences, and corporate compliance language services. With a global presence of 250 employees, Morningside leverages its industry-leading IP Platform to help clients seamlessly reach new markets while doing more with their budget. Morningside has over 4,000 clients in 55 countries including many Global 500 companies, law firms, and regulatory bodies.

The acquisition is part of Questel’s strategy to act as a one-stop-shop for all of its clients’ IP needs. Since Morningside is one of the largest patent translation companies in the world, the acquisition consolidates Questel’s position as a leading IP translation provider. Morningside also has a major global law firm presence which will allow Questel to significantly expand and diversify its customer base.

“Morningside is an excellent fit for Questel both culturally and strategically,” said Charles Besson, Questel’s CEO. “Translation plays a critical role in providing end-to-end integrated IP solutions to our clients.”

“We are excited to become part of the Questel family,” said Tom Klein, Co-CEO of Morningside. “Our clients will benefit from the additional services, expertise and technology that Questel brings to the table.”

“The synergies here are clear,” added Co-CEO Roland Lessard. “Morningside is one of the largest patent translation providers globally and Questel is the #1 patent filer in the world. Clients of both companies will gain from this acquisition.”

During the past years, through targeted acquisitions, Questel has built the most balanced portfolio of software and tech-enabled services of the IP industry.

About Questel

Questel’s mission is to facilitate the development of innovation in an efficient, secure, and sustainable way. Questel is a true end-to-end intellectual property solutions provider to more than 20,000 clients and one million users across 30 countries. We offer a comprehensive software suite for searching, analyzing, and managing inventions and IP assets. Questel also provides services throughout the IP lifecycle, including prior art searches, patent drafting, international filing, translation, and renewals. These solutions, when combined with our IP cost management platform, deliver clients an average savings of 30-60% across the entire prosecution budget. www.questel.com

About Morningside

Morningside equips the world’s leading organizations with a full suite of end-to-end intellectual property and language solutions. With over 4,000 clients in 55 countries, Morningside is globally recognized for its subject matter expertise and technology innovation in regulated markets such as IP, legal services, life sciences, and corporate compliance. Our IP management solutions and translation services ensure your ideas seamlessly reach new markets and audiences while allowing you to do more with your budget. Global 500 companies, international law firms, and regulatory bodies all rely on Morningside as a trusted partner to make intelligent choices for their most valuable assets. www.morningtrans.com

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Longship acquires Westcon Power & Automation

Longship Fund II (“Longship”) has as of March 20th, 2021 agreed to acquire 100% of the shares in Westcon Power & Automation AS (“WPA”) from Westcon Group AS (“Westcon”).

WPA is a leading system provider of hybrid- and fully electric propulsion systems and automation solutions to the maritime industry. The company is a forerunner in development of propulsion systems with hydrogen as main energy carrier and will in 2021 deliver the hydrogen-electric propulsion system to MF Hydra, the world’s first hydrogen powered car ferry. WPA reported a pro forma revenue of NOK 480 million with NOK 60 million in EBITDA in 2020. The company employs a total of 145 employees, and is headquartered at Karmøy, Norway.

“WPA has established itself as a leading provider of green propulsion systems through deliveries of more than 30 installations since 2016. Longship is impressed by the company’s competence and approach to drive maritime decarbonization, and we are looking forward to supporting WPA in the growth journey ahead”, says Hans Tindlund, lead partner for Longship’s investment in WPA.

“Throughout the transaction process we have thoroughly gotten to know Longship and their model for active ownership, and we are excited to embark on the next chapter of WPA together with them. We envision to establish WPA as a global provider of hybrid and electric power and automation solutions, and to continue delivering high quality products paving the way for a more sustainable maritime industry”, says Gunvald Mortvedt, Chief Executive Officer of Westcon Power & Automation AS.

“WPA has grown rapidly over the past years and is well positioned to take on further growth in a global market. We are proud of the role Westcon Group has played in the WPA success story. We are equally happy to have agreed with Longship, which is a well-suited owner to take WPA into the next chapter of the growth journey”, says Rune Lande, chairman of Westcon Group.

Longship is a transformational growth investor, developing successful lower mid-market companies into mature growth businesses with institutional and strategic value. We aim to create a scalable platform for sustainable growth and profitability in our portfolio companies and support them on their accelerated growth journey.

Management and employees will become owners in Westcon Power & Automation AS, as part of a broad Management Investment Program.

Longship was advised by Boston Consulting Group, Wiersholm, and EY. Westcon Group was advised by Sparebank1 SR-Bank Markets, Selmer, and Deloitte.

For more information, please contact:

Hans Tindlund, Partner, Longship AS
+47 92 66 99 66
hans.tindlund@longship.no

Gunvald Mortvedt, CEO, Weston Power & Automation AS
+47 982 12 457
gunvald.mortvedt@westcon.no

Rune Lande, Chairman of the Board, Westcon Group AS
+47 901 25 698
lande@eikesdal.com

About Longship:

Longship is a Norwegian private equity investor established in 2015 by an experienced team of investment professionals. Longship invests in companies with significant growth potential in the Norwegian lower mid-market, and are applying a transformational growth approach, organically and through M&A. The investment team currently consists of eleven professionals, making it the leading player in the Norwegian lower mid-market. Longship closed its second fund in November 2020 with commitments of NOK 1.7 billion.

About Westcon Power & Automation:

Westcon Power & Automation (“WPA”) is a leading provider of hybrid- and fully electric propulsion systems and automation solutions to the maritime industry. The company offers complete electrical and automation systems for newbuilds and re-builds, as well as a wide range of products and services to the maritime, offshore, and onshore based industry. The comprehensive portfolio of products ranges from complete power and automation systems to stand-alone products and concepts for machine safety, maintenance, and energy efficiency improvements. The company is a forerunner in development of propulsion systems with hydrogen as main energy carrier with its own development and test facilities at Karmøy, Norway. WPA was founded in Norway in 1988 as a continuation of ABB Marine, and was later acquired by Westcon Group.

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Bridgepoint sells Calypso

San Francisco, CA – March 22, 2021 – Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sectors, today announced that it has reached an agreement to acquire Calypso Technology, Inc. (“Calypso”) from international private equity group Bridgepoint and global growth investor Summit Partners. The deal, which is subject to customary regulatory approvals, is expected to close in the second quarter of 2021. Financial terms of the transaction were not disclosed.

Founded in 1997 and headquartered in San Francisco with offices around the world, Calypso is a cloud-enabled provider of cross-asset, front-to-back solutions for financial markets with over 35,000 users in 60+ countries. Its award-winning software improves reliability, adaptability, and scalability across several verticals, including capital markets, investment management, central banking, clearing, and treasury.

“We are thrilled to begin the next chapter of our story alongside Thoma Bravo and are grateful to Bridgepoint and Summit Partners for their support and partnership. Our acquisition by Thoma Bravo is further validation of the unique value Calypso creates for its customers, employees and investors and a direct reflection of the hard work, collaboration and strong results the team has achieved,” said Didier Bouillard, Chief Executive Officer of Calypso. “Thoma Bravo has a proven track-record of supporting its portfolio companies by investing in growth initiatives and strategic acquisitions designed to drive long-term value and we are excited to continue delivering innovative solutions to the financial markets while accelerating our growth.”

“For more than a decade, we have admired Calypso’s position as a leader in the global capital markets software space with a highly differentiated and modern, integrated front-to-back technology platform across a wide range of asset classes,” said Holden Spaht, a Managing Partner at Thoma Bravo. “Calypso’s technology allows its world-class customer base to navigate the highly complex and regulated capital markets with greater transparency and lower costs. We look forward to partnering with Didier and his team to continue building on their great momentum supported by increased investment and innovation and an intense focus on customer success.”

Brian Jaffee, a Principal at Thoma Bravo, added, “We are thrilled to partner with such a high-quality franchise and management team to help drive continued growth both organically and through M&A. Calypso’s financial services end market is massive and it is well positioned to capitalize on the strong trend of technology outsourcing to best-in-class platform vendors, particularly as the move to the cloud accelerates. We look forward to supporting the company in this next chapter of exciting growth.”

“We are proud to have partnered with Calypso and its management team to achieve the significant transformation of the business which led to this exceptional result. Alongside a range of operational initiatives, the transition of the business to a cloud model combined with best-in-class client service was undoubtedly key in accelerating growth. With this transformation now complete and having demonstrated very robust growth throughout the COVID pandemic, the business is well placed for the next stage of its evolution under new ownership,” said David Nicault, Partner and Global Head of Digital, Technology & Media at Bridgepoint.

“As the regulatory and competitive environment grows more complex, we have seen financial institutions shift their capital markets technology spend from legacy, internally developed platforms to modern, cloud-based software solutions,” said Scott Collins, Managing Director at Summit Partners. “Calypso has supported financial institutions across developing and emerging markets on their modernization journeys. We are grateful for the partnership of the Calypso and Bridgepoint teams, and we look forward to following the company’s continued impact in the financial services sector.”

Kirkland & Ellis, LLP is serving as legal counsel to Thoma Bravo. Evercore and Jefferies are serving as financial advisors and Latham & Watkins is serving as legal counsel to Calypso, Bridgepoint and Summit Partners.

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ironSource announces combination with Thoma Bravo Advantage to create publicly-traded business platform for the app economy

CVC Capital Partners
  • ironSource, a leading business platform that enables mobile content creators to prosper within the app economy, will combine with Thoma Bravo Advantage at an implied pro forma equity value of approximately $11.1 billion
  • ironSource recorded 2020 revenue and adjusted EBITDA of $332 million and $104 million, respectively, growing revenue at 83% year over year. With ironSource’s core addressable market projected to grow to as much as $41 billion by 2025, the combination with Thoma Bravo Advantage creates a public company positioned for significant long-term growth and value creation
  • Transaction is expected to provide up to $2.3 billion in cash proceeds (a portion of which will be used for purchases from ironSource equity holders), including an oversubscribed PIPE of $1.3 billion and $1 billion of cash held in the trust account of Thoma Bravo Advantage, assuming no redemptions by public shareholders
  • After giving effect to the transaction (and assuming no redemptions by public shareholders), the company is expected to have approximately $740 million of unrestricted cash
  • An affiliate of Thoma Bravo, L.P. has committed $300 million to the PIPE; Orlando Bravo will join ironSource’s Board of Directors at transaction closing
  • Top-tier investors anchoring the PIPE include funds and accounts managed by Tiger Global Management, LLC, Counterpoint Global (Morgan Stanley), Nuveen, LLC, Hedosophia, Wellington Management, The Baupost Group, and certain funds managed by Fidelity Investments Canada ULC

ironSource, a leading business platform for the app economy, has entered into a definitive agreement to merge with Thoma Bravo Advantage (NYSE: TBA) (“TBA”), a publicly-traded special purpose acquisition company, to bring to the public markets a highly-profitable and scalable business that provides a comprehensive business platform for app developers. The transaction values ironSource at a pro forma equity value of $11.1 billion, and is supported by a $1.3 billion oversubscribed Class A ordinary share PIPE led by an affiliate of Thoma Bravo, L.P. (“Thoma Bravo”), as well as investments from Tiger Global Management, LLC, Counterpoint Global (Morgan Stanley), Nuveen, LLC, Hedosophia, Wellington Management, The Baupost Group, and certain funds managed by Fidelity Investments Canada ULC and other institutional investors. Upon closing of the transaction, the combined company will operate under the ironSource name.

ironSource provides the most comprehensive business platform for the app economy. The platform is designed to enable any app or game developer to turn their app into a scalable, successful business by helping them to monetize and analyze their app and grow and engage their users through multiple channels, including unique on-device distribution through partnerships with leading telecom operators and OEMs such as Orange and Samsung. In 2020, ironSource grew revenue 83% year-over-year to $332 million, with 94% from 291 customers with more than $100,000 of annual revenue, a dollar-based net expansion rate of 149%, and adjusted EBITDA margins of 31%. The company serves over 2.3 billion monthly active users across its global customer base.

As a public company, ironSource is expected to benefit from the financial and operational support of Thoma Bravo – one of the most experienced and successful software investors in the world. With a track record of over 300 software investments, Thoma Bravo can provide ironSource with unparalleled industry expertise and a global network.

“Joining forces with Thoma Bravo Advantage to bring ironSource to the public markets presents an opportunity to partner with the world’s leading software investor to achieve the next level of growth,” said Tomer Bar Zeev, CEO and co-founder of ironSource. “Despite our previous progress pursuing a traditional IPO, when we met with Thoma Bravo Advantage we found an alignment of vision and shared conviction about the long-term growth we can drive at ironSource that made them the perfect partner as we take this next step in growing our company, and the market as a whole.”

“As one of the fastest-growing and most innovative platforms for building and scaling businesses in the app economy, ironSource is well-positioned for continued success as a public company,” said Orlando Bravo, Chairman of the Board of Directors of Thoma Bravo Advantage, as well as a founder and managing partner of Thoma Bravo. “With a full suite of solutions across the app growth life cycle – and a unique combination of scale, business growth, and profitability – we expect ironSource to further its market leadership position as a public company. We look forward to partnering closely with Tomer and the talented ironSource team in this exciting next chapter for the company.”

“ironSource is a one-of-a-kind software company that combines an innovative, high-growth franchise with a deeply experienced management team that has a track record of success in a rapidly expanding market,” said Robert (Tre) Sayle, CEO of Thoma Bravo Advantage, as well as a partner at Thoma Bravo. “We are thrilled to be partnering with ironSource as it enters the public markets and to be able to provide Thoma Bravo’s deep software expertise and financial support to the company as it continues its growth journey.”

Company Overview

The app economy is one of the fastest-growing markets today, with millions of apps available to billions of users who spend 83% of their time on mobile devices inside apps. Within the app economy, games are the leading category of apps, accounting for the majority of apps in the Apple App Store in 2020 according to Statista, and ironSource has established a strong leadership position within this category, focusing its product development and innovation on building core infrastructure serving mobile game developers.

ironSource powers the business growth of 87% of the top 100 games, and has been ranked multiple times as one of the top 3 platforms for driving both quality and scaled user growth by leading industry indexes. In addition, 14 of the 19 games published through the ironSource platform were ranked in the top 10 most downloaded games on either the Apple App Store or Google Play Store over the course of 2020, and one of them – Join Clash – was the most downloaded game in the world in February 2021.

“Our solutions cover the entire game growth cycle, from growing your user base, to generating revenue to reinvest in growth, and then analyzing and optimizing the entire cycle to drive profitability,” said Omer Kaplan, CRO and co-founder of ironSource. “Using our platform, game developers are able to unlock a flywheel of continuous growth, and since our business model is aligned with our customer’s success, as they grow, we do too. While this cycle is most often leveraged by mobile games, it’s easily transferable to apps outside of gaming, and today 16% of our customers with more than $100,000 of annual revenue are already from industries beyond games.”

The ironSource platform is made up of two solution suites, ironSource Sonic (“Sonic”) and ironSource Aura (“Aura”). The Sonic solution suite supports developers as they launch, monetize, and scale their apps and games. The Aura solution suite allows telecom operators to enrich the device experience by creating new engagement touchpoints that deliver relevant content for their users across the entire lifecycle of the device. This creates a unique on-device distribution channel for developers to promote their apps as an integral part of the device experience.

“The Aura solution suite represents a unique value-add for developers, allowing them to get their apps discovered on millions of devices worldwide,” said Arnon Harish, President and co-founder of ironSource. “Equally important, however, is our ability to help telecom operators with digital transformation, enabling them to engage their users throughout the lifecycle of the device. By leveraging ironSource’s core capabilities around content monetization and user engagement, we were able to quickly build and deploy a solution suite for telecom operators that allows them to more fully participate in the app economy.”

The combination of these two solution suites serves to differentiate the ironSource platform, making it the most comprehensive app business platform in the market and underpinning its market leadership. That market leadership makes ironSource the de facto choice for customers looking to grow their app, and the breadth of its solutions means developers of all sizes and at all stages of growth have a way to leverage the platform. Once a developer starts working with ironSource, they typically expand their use to multiple solutions within the platform, driving a high dollar-based net expansion rate and gross customer retention rate.

“This is a very proud moment for us at Viola and for me personally. A company where we were the first investors thrives and goes public as one of the largest public tech companies in Israeli history,” said Shlomo Dovrat, co-founder of Viola Ventures and board member at ironSource. “We look forward to continuing to work with the amazing founding team of ironSource on their incredible journey.”

“We invested in ironSource in 2019 because we saw a unique opportunity to partner with a founder-led company that not only operated in an exciting market, but had already achieved impressive, profitable growth and industry leadership,” said Daniel Pindur, Partner at CVC Capital Partners. “It’s been amazing to be part of ironSource’s journey so far, and incredibly rewarding to see the company enter its next chapter of growth,” added Sebastian Kuenne, Managing Director and Head of CVC Growth Partners in Europe.

Transaction Overview

Thoma Bravo Advantage has agreed to combine with ironSource based on a $11.1 billion pro forma equity valuation and the transaction is supported by a $1.3 billion oversubscribed Class A ordinary share PIPE led by a $300 million investment by an affiliate of Thoma Bravo, as well as investments from Tiger Global Management, LLC, Counterpoint Global (Morgan Stanley), Nuveen, LLC, Hedosophia, Wellington Management, The Baupost Group, and certain funds managed by Fidelity Investments Canada ULC and other institutional investors.

The transaction, which has been unanimously approved by the Boards of Directors of ironSource and Thoma Bravo Advantage, is expected to close in the second quarter of 2021, subject to customary closing conditions, including approval by Thoma Bravo Advantage’s shareholders.

Shares issued to the sponsor of Thoma Bravo Advantage will be subject to a 12-month lock-up with limited releases based on the trading price of the shares following the 150th day after the closing of the transaction; nearly all of ironSource’s shareholders will be subject to a 6-month lock-up after the closing of the transaction, subject to the same early release applicable to Thoma Bravo Advantage.

Following the closing of the transaction, ironSource will have a dual class equity structure whereby current shareholders of ironSource will own Class B ordinary shares with five votes per share and holders of Class A ordinary shares, including Thoma Bravo Advantage’s shareholders, will have one vote per share.

After giving effect to the transaction and assuming no redemptions by the Thoma Bravo Advantage shareholders, the company is expected to have approximately $740 million of unrestricted cash.

Total consideration to ironSource shareholders will be $10 billion, which is expected to be comprised of $1.5 billion in cash consideration and a majority of the shares of the combined company.

Upon completion of the transaction, the combined company will retain the ironSource Ltd. name.

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Triton acquires ACRE

Triton

London (United Kingdom) / Dallas (United States), March 11th 2021. Funds advised by Triton (“Triton”) acquired ACRE, a leading end-to-end security solutions provider based in Dallas/USA and Dublin/Ireland. Triton will invest alongside the current management team of ACRE. ACRE’s previous majority investor, LLR Partners, who has partnered with the company since 2013, will exit the business.  The financial terms of the transaction were not disclosed.

ACRE is a global leader in the delivery of security systems for access control and intrusion detection as well as innovative video solutions with a communication networking and intelligent appliance portfolio. The software and solutions provided by ACRE’s family of companies (Vanderbilt, Open Options, RS2 Technologies, ComNet and Razberi) help secure the highest valued assets of large and small customers operating in the private and public sectors. Triton will bring industry expertise and additional capital to support ACRE’s continued innovation and proven buy & build strategy.

Peder Prahl, Director of the General Partner for the Triton funds, said: “We look forward to actively supporting the management and employees of ACRE as a stable owner by investing in the growth and development of the company. Our industry expertise and international network will further strengthen ACRE’s position as a leading global provider of intelligent electronic security solutions.”

Joseph Grillo, ACRE’s CEO, stated:  “As we reach our next stage of growth and strive to hit new milestones, we are pleased to welcome Triton as the partner to help us expand our presence and capabilities organically and via new acquisitions. This partnership will allow us to continue to invest in innovation and bring our market-leading solutions to customers.”

“ACRE operates in the structurally growing, fragmented and resilient electronic security market, with an attractive product portfolio and strong market position in the geographies it operates in. We look forward to partnering with Joe and the team as ACRE embarks on the next phase of its journey” adds Sachin Jivanji, Investment Advisory Professional and advisor to the Triton Funds.

About ACRE

ACRE is a global leader in the delivery of integrated technologies and services. Since its formation in 2012, ACRE has played an instrumental role in the development and implementation of security technology initiatives on a global scale.  Its’ Vanderbilt, RS2, Open Options, ComNet, and Razberi brands deliver advanced solutions to thousands of customers around the world. Today, ACRE employs approximately 325 employees in more than 25 countries.

For more information, visit www.acre-co.com.

About Triton

Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses with a strong European heritage.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.

The 47 companies currently in Triton’s portfolio have combined sales of around €18,4 billion and around 101,400 employees.

For further information: www.triton-partners.com

Press Contacts

Triton
Marcus Brans
Phone: +49 69 921 02204
ACRE
Kim M Loy
Phone: +1 559 321 1824

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Charlesbank Capital Partners Makes a Strategic Investment in Ivanti to Partner with Clearlake Capital and TA Associates to Accelerate Growth

TA associates

With Backing from Leading Investors Clearlake, Charlesbank and TA, Ivanti Poised to Continue Leadership in IT Automation and Further Accelerate M&A Strategy

SALT LAKE CITY, UT and BOSTON, MA – Ivanti, Inc. (“Ivanti”), the automation platform that makes every IT connection smarter and more secure across devices, infrastructure and people, today announced that Charlesbank Capital Partners, LLC (“Charlesbank”) has signed a definitive agreement to make a strategic investment in the company. Charlesbank, a leading private investment firm managing more than $8 billion of capital, will join existing investors Clearlake Capital Group, L.P. (“Clearlake”) and TA Associates (“TA”) as an institutional shareholder in Ivanti. Terms of the transaction were not disclosed.

Ivanti provides solutions that automate IT and security operations, enabling customers to discover, manage, secure and service their IT infrastructure from cloud environments to edge devices. Ivanti’s software is utilized by over 40,000 customers across various industries and five continents, and its solutions allow administrators to discover IT assets on-premises, in the cloud and at the edge; improve IT service delivery; and reduce risk with insights and automation.

In the past six months, Ivanti completed two transformative acquisitions of MobileIron and Pulse Secure, strengthening its Unified Endpoint Management (UEM) and Zero Trust Security solutions, and announced the planned acquisition of Cherwell Software, enhancing its IT Service Management (ITSM) and workflow automation offerings. The recent strategic acquisitions meaningfully increased Ivanti’s scale and addressable market while strengthening its product portfolio. The additional capital from Charlesbank will enable Ivanti to extend its market-leading position further through product innovation and acquisitions. Ivanti will continue to be led by CEO and Chairman Jim Schaper and the current management team.

“Through our partnership with Clearlake and TA, Ivanti has significantly scaled the business, accelerated revenue growth and strengthened relationships with an expanding customer base,” said Mr. Schaper. “We are excited to welcome Charlesbank, an organization that shares both our values and our commitment to serving our customers and helping them solve their business challenges, as we continue innovating and delivering world-class solutions to enable the everywhere workplace. The unique combination of Clearlake, TA and now Charlesbank provides Ivanti with the expertise and capital to accelerate organic growth complemented with continued strategic acquisitions.”

“Ivanti is extraordinarily well-positioned to provide solutions that enable organizations to collaborate and innovate freely,” said Hiren Mankodi and Ryan Carroll, Managing Directors at Charlesbank. “We were attracted to the company’s leadership track record, vision and growth, as well as the value that has been created through recent acquisitions and strategic operational initiatives. We look forward to partnering with Clearlake, TA and the talented management team at Ivanti on the next chapter for this exciting company.”

Behdad Eghbali, Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake, commented, “Since our initial investment, Ivanti has significantly scaled its revenue, expanded its breadth of solutions and strengthened its position in attractive and rapidly growing markets. With the implementation of our O.P.S.® approach, Ivanti has accelerated its revenue growth through both organic and inorganic initiatives. Charlesbank joining our partnership with TA further supports our original investment thesis and sponsorship of the management team’s best-in-class playbook.”

“Since partnering with Ivanti in October 2020 alongside Clearlake, the company has rapidly executed on its growth plan, announcing three strategic acquisitions, successfully driving numerous organic initiatives and more than doubling the business,” said Harry Taylor and Hythem El-Nazer, Managing Directors of TA. “We believe there remains significant opportunity to drive additional innovation and growth given the increasing complexity of IT environments. We are delighted to welcome Charlesbank as a new investment partner and look forward to continuing to support Ivanti in its next phase of growth.”

Charlesbank, Clearlake and TA will have equal representation on the Ivanti Board of Directors. UBS Investment Bank and Citigroup acted as financial advisors for Ivanti. Citigroup and UBS Investment Bank also acted as capital markets advisors for Ivanti. Sidley Austin LLP provided legal counsel for Ivanti, with Ropes and Gray LLP representing Charlesbank. The transaction is expected to close in the second quarter of 2021, pending customary regulatory approvals and closing conditions.

About Ivanti
The Ivanti automation platform makes every IT connection smarter and more secure across devices, infrastructure and people. From PCs and mobile devices to virtual desktop infrastructure and the data center, Ivanti discovers, manages, secures and services IT assets from cloud to edge in the everywhere enterprise — while delivering personalized employee experiences. In the everywhere enterprise, corporate data flows freely across devices and servers, empowering workers to be productive wherever and however they work. Ivanti is headquartered in Salt Lake City, Utah and has offices all over the world. For more information, visit www.ivanti.com and follow @GoIvanti.

About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm managing more than $8 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, and also engages in opportunistic credit and technology investments. The firm seeks to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.

About Clearlake
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has approximately $30 billion of assets under management and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.

About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

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