Tag Archives: Information technology

SmartBear Announces Investment from Vista Equity Partners

Franciso Partners

Press Release – October 21 2020

Vista to partner with SmartBear and existing investor Francisco Partners to accelerate product development and growth

Somerville — SmartBear, a leading provider of software development and quality tools, announced today that it has secured a significant investment from Vista Equity Partners (“Vista”), a leading global investment firm focused on enterprise software, data and technology-enabled businesses. Francisco Partners, a leading global technology-focused investment firm, will continue as an investor with Vista and Francisco Partners as equal owners of the company.

SmartBear, which was acquired by Francisco Partners in 2017, is based in the greater Boston area and provides software development solutions used by more than 15 million developers, testers and operations engineers at over 24,000 organizations. SmartBear solutions support the rapidly growing DevOps market and include innovative technologies around API lifecycle management, test automation, test management, performance optimization and collaboration. These solutions are used by leading organizations to accelerate the design, development and release of higher-quality software at scale.

“Speaking on behalf of everyone at SmartBear, I am thrilled to welcome Vista as investors,” said Frank Roe, CEO of SmartBear. “Having the significant backing of two leading PE firms demonstrates the tremendous track record our products and employees have delivered so far, as well as the growth and demand in our markets. As every company is rapidly transforming to digital-first, we’re seeing a dramatically increasing demand for SmartBear solutions from developers, testers and entire organizations focused on consistently delivering high-quality software at the speed that business demands.”

SmartBear solutions span the entire software delivery lifecycle and enable organizations to reduce costs and accelerate time to market. Vista’s capital investment in SmartBear, along with the firm’s deep experience partnering with world-class enterprise software companies and their leadership teams, will enable SmartBear to broaden and strengthen its solutions as well as identify opportunities for continued organic and inorganic growth.

“The SmartBear suite of best-in-class DevOps solutions and its commitment to open source communities is a validation of the strength of its products and positions the company for continued growth in this rapidly accelerating market,” said Michael Fosnaugh, Co-Head of Vista Flagship Fund and Senior Managing Director of Vista. “We look forward to partnering with Frank and the SmartBear team along with Francisco Partners to continue providing innovative and valuable solutions to software teams around the world.”

Brian Decker, Partner, and Evan Daar, Principal at Francisco Partners, remarked, “Since our investment in SmartBear, the company has built an impressive track record as a market-leading platform in the large and growing DevOps market.”

“Frank and the SmartBear team have shown a tremendous ability to accelerate organic and inorganic growth over the last few years and we are excited to continue the journey with the company alongside Vista,” added David Golob, Chief Investment Officer at Francisco Partners.

Evercore acted as lead financial advisor to Francisco Partners and SmartBear on the transaction with Shea & Company also advising. Paul Hastings LLP served as legal advisor to SmartBear, and Kirkland & Ellis LLP served as legal advisor for Vista.

About Vista Equity Partners

Vista is a leading global investment firm with more than $58 billion in cumulative capital commitments. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, credit, public equity and permanent capital strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn @Vista Equity Partners.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised over $24 billion in committed capital and invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

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Vector Capital Completes Acquisition of MarkLogic

Vector Capital

SAN FRANCISCO–(BUSINESS WIRE)–Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, today announced the successful completion of its acquisition of MarkLogic Corporation, a leading provider of enterprise data integration and data management solutions.

Completing a leadership transition that started several months ago, Adrian Carr, Chief Operating Officer of MarkLogic, has been named Chief Executive Officer, replacing Gary Bloom. After eight years at MarkLogic, Gary is stepping aside from the CEO role and will continue to support MarkLogic in a consulting capacity. Mr. Carr joined MarkLogic in 2012 as the vice president of EMEA, and most recently served as COO where he led global Sales, Professional Services, Marketing, and Alliances.

“We are pleased to complete the acquisition of MarkLogic, a pioneer in the data integration market that is poised for growth,” said Andy Fishman, a Managing Director at Vector Capital. “We also welcome Adrian as the company’s next CEO and are excited to partner with him as he continues to accelerate the growth of MarkLogic’s automated cloud service offering, Data Hub Service. We thank Gary for his leadership of MarkLogic and see tremendous value in the business that he helped build.”

“I am thrilled to be leading MarkLogic at this important time in its evolution,” said Mr. Carr. “I am eager to work with MarkLogic’s talented team and leverage Vector’s significant resources and industry expertise as we continue to solve complex data management challenges for our customers. It has been an honor to have worked with Gary for the past eight years, and I look forward to building on the strong foundation he established.”

Prior to joining MarkLogic, Mr. Carr worked at Juniper Networks in Europe providing high-performance cybersecurity solutions to public sector organizations and banks. He earned a bachelor’s degree in Computing and Economics from Manchester Metropolitan University.

About MarkLogic
Data integration is one of the most complex IT challenges, and our mission is to simplify it. MarkLogic Data Hub Service is a highly differentiated data platform that eliminates friction at every step of the data integration process, enabling organizations to achieve a 360° view faster than ever. By simplifying data integration, MarkLogic helps organizations gain agility, lower IT costs, and safely share their data.

About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With more than $3 billion of capital under management, Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of businesses and enhance value for employees, customers, and all stakeholders. For more information, visit http://www.vectorcapital.com.

Contacts

For Vector Capital:
Nathaniel Garnick / Grace Cartwright
Gasthalter & Co.
(212) 257-4170

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Accenture Completes Acquisition of B2B Sales Firm N3

Redbird capital

N3 combines specialized sales talent with AI-powered insights to deepen B2B sales interactions

ATLANTA; Oct. 21, 2020 – Accenture (NYSE: ACN) has completed its acquisition of N3, an Atlanta-based business-to-business (B2B) sales firm that combines specialized talent with artificial intelligence (AI) and machine learning (ML) capabilities to enable smarter, more efficient sales interactions.

Now part of Accenture Operations, N3’s approximately 2,200 employees have specialized skills across complex areas like cloud, platforms and 5G networks. The combination of N3’s cloud-based AI/ML technology with Accenture’s SynOps platform will give Accenture the ability to aggregate millions of interaction points into actionable insights to help clients drive sales growth.

“Bringing N3 into the Accenture family will better enable us to help companies influence purchasing decisions at critical stages,” said Manish Sharma, group chief executive of Accenture Operations. “Together, our real-time insights will augment decision-making, deepen sales interactions and help our clients achieve sustainable growth. We are excited about the potential of what Accenture and N3 can achieve together.”

Founded in 2004, N3 serves many of the world’s leading brands, including Cisco, Microsoft and SAP. The company has locations across five continents, including in Brazil, Costa Rica, India, Ireland, Germany, Japan, Singapore, Spain, the U.K. and the U.S.

Terms of the transaction, which Accenture announced on Sept. 22, were not disclosed.

About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 506,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.

Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. For a discussion of risks and actions taken in response to the coronavirus (COVID-19) pandemic, see “Our results of operations have been significantly adversely affected and could in the future be materially adversely impacted by the COVID-19 pandemic” under Item 1A, “Risk Factors” in Accenture plc’s Quarterly Report on Form 10-Q for the quarterly period ended May 31, 2020. Many of the following risks, uncertainties and other factors identified below are, and will be, amplified by the COVID-19 pandemic. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations have been significantly adversely affected and could in the future be materially adversely impacted by the COVID-19 pandemic; Accenture’s results of operations could be adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture could face legal, reputational and financial risks if the company fails to protect client and/or company data from security breaches or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; many of Accenture’s contracts include fees subject to the attainment of targets or specific service levels, which could increase the variability of the company’s revenues and impact its margins; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

# # #

Contact:

Jenn Francis
Accenture
+1 312 693 4411
jennifer.francis@accenture.com

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Clearview Re“Capitol”izes Capitol Imaging

Clearview

Stamford, CT, October 21, 2020 — Clearview Capital Fund IV, L.P. and its affiliates (“Fund IV”) announced today the recapitalization, in
partnership with management, of Capitol Imaging Services, LLC (“Capitol Imaging” or the “Company”). The transaction closed on October 1,
2020.

Headquartered in Metairie, LA, Capitol Imaging is a leading provider of outpatient diagnostic
imaging services in Louisiana and Alabama. Through its 20-freestanding facilities, the Company
offers multi-modality capabilities including MRI, CT, and mammography, among others. The
Company was founded by Dr. John Hamide who began acquiring diagnostic imaging centers in
2013. He and the management team have since completed 18 acquisitions, building one of the
largest outpatient imaging platforms in the Gulf South region today.
Through its market leading position, the Company stands to benefit from favorable industry
dynamics expected to drive increases to outpatient imaging volumes as a result of its comparatively
low cost relative to hospital-based alternatives. Additionally, management’s proven acquisition
track record paired with an actionable add-on pipeline present a unique consolidation opportunity
for the Company.

Fund IV partnered with the Company’s founder, Dr. John Hamide, as well as management, to recapitalize
the business and provide additional capital to support the Company’s organic and acquisition
growth initiatives. Dr. Hamide will remain on the Company’s board of directors while retaining a
meaningful equity stake, and the Company’s CEO, John Stagg, will continue to manage the
day-to-day operations of the business.
“We are excited to be working with Dr. Hamide, John Stagg and the entire Capitol Imaging team,”
commented Geoff Faux, Principal of Clearview Capital. “We believe the Company has a tremendous
opportunity to strengthen its density within its existing footprint and expand into new markets
in the Gulf South region.”

“Our team is thrilled to partner with Clearview Capital to accelerate our growth trajectory,”
remarked John Stagg, CEO. “We are excited to have a strong and experienced partner who is as
committed to our success as we are and will help us further build our infrastructure and geographic reach.”
“The partnership with Clearview is a fantastic opportunity to augment the Company’s acquisition strategy,” added Dr. John Hamide. “Clearview
brings the relevant experience in healthcare services, as well as experience executing buy-and-build growth strategies, to allow us to acquire on
a larger scale than ever before.”

Capitol Imaging is the third platform investment in Fund IV, a $550 million committed fund raised in 2018.

Holdings in funds managed by Clearview Capital include Higdon Outdoors, LLC, a designer and supplier of premium-branded hunting and pet
accessories; Workforce Solutions, a provider of management consulting services focused on organizational improvement, leadership development, communications and advocacy for a broad array of clients; Apothecare Pharmacy, LLC, an institutional pharmacy targeting the behavioral health sector; Community Medical Services Holdings, LLC, a provider of medication-assisted treatment programs for patients suffering from substance use disorders; UpSwell, LLC f.k.a Mudlick Mail, LLC, a data-driven direct mail and related marketing solutions provider;
Nielsen-Kellerman Co., a designer and manufacturer of premium environmental and athletic performance measurement instruments; Orchard &
Vineyard Supply f.k.a. Wilson Orchard & Vineyard Supply, a provider of orchard and vineyard supplies and solutions, and outsourced vineyard
management services; Controlled Products, LLC, a manufacturer and distributor of premium quality synthetic turf; Elevation Labs f.k.a. Northwest
Cosmetic Labs, a formulator and manufacturer of cosmetic and skin care products for prestige brands; Derby Building Products, Inc. f.k.a.
Novik, Inc., an innovator, manufacturer and distributor of polymer building products; Child Health Holdings, Inc. d.b.a. Pediatric Health Choice,
the country’s largest operator of prescribed pediatric extended care (“PPEC”) centers for medically complex children; and Pyramid Healthcare,
Inc., a provider of substance use disorder and mental health treatment programs for adults and adolescents.

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Cloudbakers Goes Big on Google Cloud with a Growth Capital Investment from Sunstone Partners

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SunStone Partners

Investment to Fuel Accelerated Growth in Cloud Adoption, Infrastructure, Data Analytics & Managed Services

CHICAGO, IL, (October 20, 2020) – Cloudbakers, a Google Cloud Premier Partner and Zoho Premium Partner, announced the completion of a significant growth capital investment from Sunstone Partners, a growth-oriented private equity firm specializing in technology-enabled cloud services. This capital will allow Cloudbakers to accelerate their growth in cloud-native services with a strong focus on growing their Google Cloud Platform technical consulting and managed services business.

Mitch Greenwald, CEO and Founder of Cloudbakers, said: “I couldn’t be more pumped up to welcome the Sunstone team to the Cloudbakers family. Their expertise, approach, and track record is amazingly complimentary to Cloudbakers’ business model, core values, and culture. This investment will drive exponential growth in our capabilities to the benefit of our clients, our partners, and our team.”

Cloudbakers was founded in Chicago, IL in 2010 and has experienced strong organic growth over the past decade while transforming hundreds of organizations with cloud-based data, application, and infrastructure modernization offerings. Cloudbakers’ blend of technical skills and people skills helps clients adapt to the ever changing digital landscape, modernize their applications, and do so in a practical, cost effective manner. Cloudbakers “brings the cloud down to earth” for their clients.

“Demand for cloud technology and expertise is growing, and Cloudbakers continues to delight customers with their focus on customer satisfaction, team values and strong technical expertise. Last year, Cloudbakers won our Google Cloud Expansion Partner of the Year Award for North America and we’re excited to accelerate our partnership to help customers digitally transform their businesses with Google Cloud.” -Eric Rosenkranz, North America Region Partnerships Leader at Google Cloud.

Sunstone’s Co-Founder and Managing Director, Mike Biggee, along with Operating Partner Jeff Rich, will join a new board of directors at Cloudbakers as part of the investment. Sunstone’s strategic and operational guidance were key to the recent growth and eventual sale of cloud-native consulting and managed services firm, Onica, to Rackspace in November of 2019.

“We are still in the early innings of a massive shift from legacy IT to public cloud infrastructure in organizations today, and we are extremely excited to partner with Cloudbakers to help guide customers through this change” said Mike Biggee from Sunstone Partners. “Cloudbakers is a great company with innovative processes, premier cloud-native talent, and deep intellectual property that add immediate and lasting value to clients in their cloud journeys.”

About Cloudbakers
Cloudbakers is a Google Cloud & Zoho Premier Partner that has been helping organizations successfully migrate to cloud technologies for nearly a decade. Being one of only a few Google Cloud Premier Partners, their mix of 50% tech skills and 50% people skills means they bring together custom solutions and side-by-side support. Adopting and adapting to changing technology is a difference maker for any business– that’s what Cloudbakers is here to help with. They bring the cloud down to earth. http://www.cloudbakers.com

About Sunstone Partners
Sunstone Partners is a growth-oriented equity firm that makes majority and minority investments in technology-enabled services and software businesses. The firm seeks to partner with exceptional management teams, often as their first institutional capital partner, to help accelerate organic growth and fund acquisitions. Founded in 2015, the firm has $800 million of committed capital to its first two funds. For more information, visit http://www.sunstonepartners.com

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The Access Group reports 47% revenue growth, 48% EBITDA growth and secures substantial investment for future expansion

HG Capital

  • FY20 pro forma revenues of £315 million, up 47%, or £101 million growth on FY19
  • FY20 pro forma adjusted EBITDA of £109 million, up 48%, or £35 million growth on FY19
  • Secures continued backing from its largest shareholders Hg and TA Associates

The Access Group, a leading provider of business management software to mid-market organisations, has announced significant year-on-year pro forma revenue growth of 47%, leading to pro forma revenues of £315 million and pro forma adjusted EBITDA of £109 million for its fiscal year ended June 30, 2020 (“FY20”). These results continue 15 straight years of uninterrupted profitable growth for the company. During FY20, The Access Group added 15,000 new customers, bringing total customers to more than 35,000 across the company.

The Access Group also announced today that it has secured further investment from its two largest shareholders: Hg, a leading European investor in software and tech-enabled services businesses; and TA Associates, a leading global growth private equity firm. Together, the investors will make a substantial strategic investment in the company and will both retain joint control of The Access Group, alongside the management team. Financial terms of the transaction, which is subject to customary regulatory approvals and is expected to close in the first calendar quarter of 2021, were not disclosed.

Commenting on today’s announcements, Chris Bayne, CEO of The Access Group, said: “I’m extremely proud of this year’s outstanding financial results and pleased that our leading investors continue to support us as the company continues to grow and evolve.

”We have made enormous leaps forward in our growth strategy since Hg and TA came on board in recent years, and we’re very proud of the considerable growth that we’ve achieved together to-date. Hg and TA’s further investment in The Access Group is a sign of our business and team’s strength. We look forward to continuing our relationship with our partners as we embark on further organic and acquisitive growth projects, as well as geographic expansion.

”My management team and I are deeply committed to The Access Group, and, over the course of the next five years, we’ll continue to invest in our products and solutions to enable new and existing clients to change how they engage with their software, transforming their productivity and giving them the freedom to do more.”

Jonathan Boyes, Partner at Hg, said: “We recognised the quality of The Access Group many years before we invested and, since then, we’ve seen the business show not only resilience, but also huge progress and growth even during this incredibly volatile year. We’re very happy to increase our investment in The Access Group and further accelerate the company’s business strategy together with our partners.”

J. Morgan Seigler, Managing Director at TA Associates, said: “We first invested in The Access Group five years ago because of the company’s potential for growth, strong customer base and deeply committed management team. With its significant growth over the past few years and its plans for the future, we believe that The Access Group offers an even more compelling investment opportunity today, and we look forward to continuing our partnership.”

During FY20, The Access Group completed nine acquisitions, which have contributed to the company’s accelerated growth. Following the acquisitions of Core HR, PeopleHR, Safety Media, The Payroll Service Company, Microlearn and eLFY, The Access Group announced on 29 September 2020 the launch of Access People, a new division bringing together all of its human resources, payroll, learning & development and compliance solutions. Together, these solutions contributed pro forma revenues of £112 million in FY20.

Also during FY20, The Access Group acquired Attaché, an Australian-based Financial Management and Payroll software supplier with more than 30 years of experience providing software to Australasian mid-market businesses. This transaction marked the first wholly overseas software business acquired by The Access Group, and it established the company’s intent to take its Access Workspace solutions beyond its home market in the UK and onto the global stage.

The Access Group has seen a strong start to its fiscal year ending June 30, 2021 with the acquisition of Eclipse, a market leading provider of Case and Practice Management systems; and DPS Software, a UK provider of SaaS-based Practice Management software for legal practices and in-house legal departments. These two acquisitions resulted in the creation of the company’s Access Legal Division, which continues The Access Group’s strong heritage in serving legal firms with core back office systems.

Read more about Access

About TA Associates

TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA 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 $2 billion per year. The firm’s more than 90 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong.

About Hg

Hg is a leading European investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $30 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 30 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 30 software and technology businesses, comprising over 30,000 employees across the UK, US and Europe. For further details, please visit the Hg website.

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ClassWallet to Distribute ‘Strong Families, Strong Students Initiative’ Funds in Idaho to Low-Income Families for Remote Learning Expenses During COVID-19

Brentwood

ClassWallet has been awarded a contract from the State of Idaho and the Idaho State Board of Education to help distribute close to $50 million in funds for its ‘Strong Families, Strong Students Initiative’ to families for their remote learning needs during the COVID-19 pandemic.

Funds for the initiative come from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed by Congress and signed into law by President Trump.

ClassWallet will work with Idaho’s Office of the State Board of Education to administer the distribution of funds, safely and securely, from its advanced fintech platform to roughly 30,000 eligible families. Students are eligible for grants of $1,500 each, with a maximum of $3,500 per family. Families will be provided with digital wallets to cover online learning expenses including, but not limited to, technology (computers, software and other devices), internet connectivity, instructional materials, fees for courses, tutoring services and educational services and therapies.

“We created the Strong Families, Strong Students Initiative to provide economic support to Idaho’s low-income families for their children’s educational needs during this difficult time,” said Governor Little in his press conference announcing the initiative. “It is important that we do all that we can to keep parents from having to leave the work force to ensure their children receive a quality educational experience.”

“The ClassWallet platform will enable Idaho to work quickly and nimbly to distribute funds to those families most in need for specific online learning assistance,” said Jamie Rosenberg, ClassWallet co-founder and CEO. “At the same time, we put checks and balances in place to ensure accountability and transparency, while reducing staff time, paperwork and administrative headaches.”

The company manages similar grant programs in Arizona, North Carolina and Oklahoma and is under consideration in several other states. In addition, ClassWallet’s spending management program for teachers is currently in use in more than 135,000 classrooms spread across 3,200 schools in a total of 20 states.

“ClassWallet’s financial technology platform is helping state governments and school districts of all sizes to safely and securely distribute funds for a wide variety of educational purposes,” said Eric Reiter, partner, Brentwood Associates and a director in ClassWallet. “In many ways, the company is acting like a ‘market maker’ in that it solves complex funding distribution challenges up front which allows new programs to be developed.”

Read the full announcement:

ClassWallet to Distribute ‘Strong Families, Strong Students Initiative’ Funds in Idaho to Low-Income Families for Remote Learning Expenses During COVID-19

News / ClassWallet to Distribute ‘Strong Families, Strong Students Initiative’ Funds in Idaho to Low-Income Families for Remote Learning Expenses During COVID-19

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Koyeb raised €1.4M first round to support your serverless journey

Isai

Original blog post

Koyeb simplifies serverless application deployment and data-processing with a unified experience for containers, functions, and ready-to-use integrations. Koyeb is designed for the cloud-native world with native continuous deployment and GitHub integration, all combined with the ability to use the Cloud and API providers of your choice.

We’ve seen massive interest in the Koyeb technology from engineers and companies wanting to spend less time operating complex infrastructures and streamline the development of new features.

At a time where data is everywhere, Koyeb provides strong primitives for data-processing and realtime event-driven processing capabilities to build reactive, data-driven, applications.

We’re happy to provide 1000 hours of compute, 1TB of storage, and 5TB of bandwidth per month for free until the end of the year! Get your account now!

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The Future of Repetitive, Physically Demanding and Dangerous Work: DCVC Co-leads Investment in Agility Robotics

Data Collective

By Kelly Chen and Matt Ocko 10.15.20

It’s difficult to imagine a time when humans labored over what is now done by washing machines, looms, tractors, and excavators. These tedious and physically demanding activities were the early low hanging fruit of automation that allowed society to scale, creating, not destroying jobs in the last 140 years, and vastly improving quality of life.

We’re now at another transformative moment as we see the side effects of an accelerating population shift; our able-bodied working age group is massively shrinking as a percentage of the population. Yet, even as this demographic shrinks, in many critical industries like e-commerce or logistics, hard manual labor is still critical and in growing demand.

This work is repetitive, physically demanding or even dangerous, and the part of the population carrying its burden is rapidly disappearing (see below). Nearly every week, we see news reports scattered with references to accident and injury rates in warehousing facilities that should have us alarmed about the nature of this work.

Additionally, due to the physically-intensive nature of these roles, it’s incredibly difficult to keep humans engaged in them long term. Logistics executives have long cited high labor turnover and cyclical temporary worker needs as their biggest pain points. Agility Robotics is tackling this “last mile” of difficult automation problems, focusing on repetitive, physically demanding, and dangerous work.

Source: https://www.economist.com/news/2014/11/13/the-world-reshaped

Agility Robotics combines two decades of research and development with one of the most impressive robotics teams globally. The team has built a programmable, bipedal, humanoid robot (read: robot with two arms and legs) that can unload, inspect, carry, and deliver items across a variety of uncontrolled indoor and outdoor terrains – things that come easily to humans but not to date for robots.

Existing robotic solutions in the $1.6T logistics industry tend to be narrowly focused, expensive, and often cannot navigate human terrain. Agility’s robots come in a “drop in” configuration for existing facilities and as an easily scalable solution. Importantly, in working closely with partners and experts on the frontlines of today’s logistics sector, the team has already demonstrated that it can technologically solve many of the logistics market’s largest problems – and pragmatically and economically.

At DCVC, we don’t back seemingly impressive ‘science projects’ that lack robust, real world applications. Instead, we focus on companies that channel their ingenuity, creativity and effort into solving urgent problems impacting both huge industries and our society at large.

When we met founders Damion and Jonathan, we immediately recognized that Agility’s robot was purpose-built for actual – not theoretical – industry. The team has spent years working with and understanding the needs of Agility’s partners and customers, and have built up industry expertise we think is second to none. This practical diligence is already paying dividends, with Agility having struck up a partnership with Ford to develop a last-mile logistics solution that combines Ford’s autonomous vehicle technology and Agility’s bipedal robot Digit.

Since we’ve gotten to know the Agility team, it’s clear they have put an incredible amount of thought into creating a solution which can eliminate the burden on human workers while providing real-world reliability, safety and cost-effectiveness. DCVC is thrilled to join the weighty mission at Agility, co-leading a $20m round alongside previous investor Playground Global.

To view the robot in action, visit Agility Robotics’ YouTube channel.

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21 Concordia exits Apaczka

21 Concordia has signed an agreement to sell its stake in Apaczka, the #1 e-commerce logistics and shipping platform operator, to Abris Capital Partners, a leading independent private equity fund manager.

Headquartered in Warsaw, Apaczka has been active for over 10 years in the logistics sector, enjoying a leadership position in Poland at the same level of large international shipping groups. Apaczka operates as a technology platform and an integrator, offering comprehensive shipment services for e-commerce stores, SMEs and SOHO (small office / home office) clients.

Acquired by 21 Concordia in 2017, throughout the holding period Apaczka enjoyed strong growth in direct sales and in the volume of parcels sent thanks to several strategic actions carried out. Apaczka completed 6 strategic acquisitions, including the second largest logistics player in Poland and five add-ons aimed at accelerating digital development. Moreover, Apaczka strengthened the managerial structure in the areas of finance, product, marketing and customer service and diversified its supplier base thanks to new agreements reached with international couriers such as GLS.

Apaczka also developed a new international parcel service from Poland to Germany and created a new platform dedicated to private individuals, while investing in online marketing to improve brand positioning.

On the back of these targeted actions, Apaczka today has over 40,000 clients compared to 16,000 at entry and has increased the volume of parcels sent to 8 million compared to 2.4 million in 2016, continuing to record a positive growth trend also during the covid-19 emergency.

Apaczka has a strong growth in sales in the last three years (2017-2020(B)), achieving a CAGR of over 15% and with over 35 million in sales expected in 2020. Apaczka has also doubled its workforce and opened a new branch.

21 Concordia has identified Abris Capital Partner as the ideal partner to continue the dynamic growth path launched in Apaczka.

Marek Modecki, Managing Partner at 21 Concordia, commented: “We are pleased to have actively participated in the growth of Apaczka. Working closely with the management team has allowed a rapid development of the company in one of the most appealing sectors of the moment. We are pleased that the management of Apaczka will be able to continue on this path and tackle new markets alongside a partner like Abris”

Grzegorz Iwaniuk, Co-founder and President of Apaczka, commented: “In addition to pursuing the current strategy of increasing our market share and asserting our leadership position, we plan to accelerate the growth of the business. Indeed, with the support of Abris we will notably develop and implement new solutions for entities operating in the e-commerce industry. Our goal is also to address new market segments with the apaczka.pl online platform.”

Edgar Koleśnik, Partner at Abris Capital Partners, commented: “Apaczka falls perfectly in line with the increasing demand for delivery e-services, allowing to foresee greats prospects for the company’s development. We are convinced that, with the experienced management team in place, we will be able to implement our ambitious plans both in terms of organic growth and acquisitions.”

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