Tag Archives: Information technology

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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CD&R Completes Acquisition of Epicor, Leading Software Provider to Industrial Sectors

Clayton Dubilier Rice

Eppicor logo

Wednesday, October 14, 2020
New York, NY

Clayton, Dubilier & Rice today announced the closing of CD&R funds’ acquisition of Epicor, a global provider of industry-specific enterprise software to industrial sectors. The transaction is valued at $4.7 billion.

Epicor is a leading enterprise software vendor delivering cloud-enabled services to more than 20,000 customers globally. Epicor’s flagship products are curated to support complex, vertical-specific workflows and provide mission-critical support to customers seeking to drive growth and profitability in their own businesses. Epicor is an acknowledged leader in the industrial end markets it serves, including manufacturing, distribution, retail, and services categories.

Upon the close, CD&R Partner Jeff Hawn assumed the role of Chairman of the Epicor Board. Mr. Hawn has more than 20 years’ experience across a range of senior executive roles in software and technology-related businesses, including serving as Chairman and Chief Executive Officer of Quest Software, Vertafore, and The Attachmate Group.

“We believe Epicor is positioned to accelerate growth in the coming years based on the company’s reputation for quality and reliability and impressive portfolio of next-generation cloud products,” said Mr. Hawn. “We are focused on applying CD&R’s experience—both in software and industrial end markets—to support the talented Epicor management team and its growth plans, including the pursuit of strategic acquisitions.”

About Epicor Software Corporation
For almost 50 years, Epicor Software Corporation has specialized in helping its customers grow their businesses, expand their capabilities, increase their productivity, and improve efficiencies. A leader in Enterprise Resource Planning for medium-sized businesses, Epicor serves as a trusted partner for thousands of companies worldwide across key industries, such as manufacturing, distribution, and retail. Through its innovative services and unparalleled vertical knowledge, Epicor is creating a world of better business for its customers, building in its unique business processes and operational requirements into every one of its solutions―in the cloud or on premises. For more information, connect with Epicor or visit www.epicor.com.

About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on enhancing the value of the businesses it acquires by supporting long-term growth, productivity, capital efficiency, and related strategic measures. Since inception, CD&R has managed the investment of more than $30 billion in 94 companies with an aggregate transaction value of approximately $150 billion. The Firm has offices in New York and London. For more information, visit www.cdr-inc.com.

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Lingit acquires LexAble to support international growth

Verdane Capital

TRONDHEIM, Norway — Lingit, a Verdane-owned software company offering multilingual literacy support for dyslexics and others with reading and writing difficulties, continues its international expansion with the acquisition of LexAble, a British technology company providing automatic and immediate text correction.

Many people have difficulties acquiring basic writing and/or reading skills, often due to dyslexia. Lingit develops language technology which makes reading and writing easier. The software supports users with spelling, word choice and reading on computers and tablets. It allows users to “read with their ears”, making it less likely for spelling mistakes to occur. This enables users to read more and produce better texts.

In 2018, Norway-based Lingit made its first foray into international markets through the acquisition of Claro Software, a British peer that offers similar solutions as Lingit. Claro Software has a strong foothold in the UK and sales in several European countries including France, the Netherlands, Italy, Spain and Sweden.

Lingit now continues its international expansion through the acquisition of LexAble. Founded in 2007 by Neil Cottrell, who has dyslexia, the company was born out of a wish to create a solution to the personal challenges he was facing when reading and writing. Through establishing LexAble, he was also able to help others in the same situation.

“LexAble has developed an exciting software for automatic text correction as you write. The software has high professional and technological credibility in the market. The technology is developed so that all corrections by the software are aggregated from users in a central database, currently consisting of more than 1.5 million validated autocorrections. This way, the underlying language resources are continuously improved as the software corrects text,” says Frode M. Thulien, CEO of Lingit.

 

As with Lingit and Claro Software’s solutions, LexAble’s software also works on PC, Mac and several other platforms.

“We aim to further improve our software by including LexAble’s technology in the Lingit family. It will allow us to strengthen our offering towards English language education in Norway and for Claro Software’s users, and is also an important step in further international expansion to English speaking markets.”, says Thulien.

“Norway is at the forefront in recognising reading and writing difficulties, and in understanding which approach gives the best results. We are also ahead of the curve with regards to use of digital tools in education. These represent important drivers for the adaptation of reading and writing aids, also internationally. Our experience from our home market, combined with our unique technology and methodology, gives us a clear advantage when entering new markets,” Thulien continues.

Lingit’s revenues amounted to NOK 34 million in 2017, when the Northern European specialist growth investor Verdane became majority shareholder and Lingit’s international growth strategy was implemented. The goal is to reach more than NOK 130 million in revenues in 2020, including completed acquisitions.

“We have set a new standard for reading and writing support software. Our employees are passionate about language and learning, and are privileged to see the impact our software can have on those in need of such support. Our tools provide help to both children and adults in managing and compensating for their difficulties, so that they can have the same education, work and career opportunities as everyone else. We know our technology can help millions of dyslexics across the world and the acquisition of LexAble will allow us to help even more people,” says Thulien.

The parties have agreed not to disclose the terms of the deal.

About Lingit AS

The language technology company Lingit AS is Northern Europe’s leading provider of software for reading and writing support. Founded in Trondheim, Norway, in 2001, the company has since helped tens of thousands of children, students and adults to manage and compensate for their reading and writing difficulties. Lingit aims to contribute to increased inclusion and equal opportunities in work and education through its unique technology and method. With a solid position in the Norwegian market, the company is now expanding internationally, aiming to help more people. Lingit acquired British Claro Software in 2018, a company with a strong foothold in the UK and sales to several European countries. In 2020, the British text correction company LexAble joined the Lingit family. Lingit is headquartered in Trondheim, with offices in Bergen, Cardiff and Manchester and a development department in Ukraine. www.lingit.no

About Verdane

Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €2bn in total commitments and have made over 120 thematic investments in digital consumer, energy & resource efficiency and software businesses. Category leaders backed by Verdane include Brightpearl, Freespee, HIVE Streaming, Hornetsecurity, Inriver, Lingit and Talentech. Verdane’s team of 61, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the best growth partner in Northern Europe. www.verdane.com

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Sovereign backed car park management solutions business Premier Park makes third acquisition

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Sovereign Capital Partners, the UK private equity Buy & Build specialist, is pleased to announce that portfolio company Premier Park, a leading provider of car park management solutions, has acquired Park Watch.

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This is the third acquisition Premier Park has made since Sovereign backed the business in May 2019 to meet the increasing demand for its services through organic growth and strategic acquisitions.

Established in 2012, Park Watch provides car park management solutions to private car parks in the UK. Based in Cheshire, the business manages sites for a range of enterprise, property management agent and SME clients and strengthens Premier’s North West presence. In 2019 Premier Park acquired UK Car Park Management (UKCPM), one of the UK’s largest providers of car park management solutions and Automatic Number Plate Recognition (ANPR) services to enterprise and SME customers. Like Premier, UKCPM installs and manages ANPR cameras and provides patrol services to monitor usage, prevent abuse and ensure legitimate users have parking access. This was followed by the acquisition of Stafford-based iView, a proprietary software business which provides ANPR processing capability to the wider parking sector.

The acquisitions have built the Group to become an integrated and scaled car park management business delivering an end-to-end service with market leading proprietary technology and internal processing capabilities. This latest acquisition takes the total number of sites under management across the UK to over 7,000 and brings the number of staff to c.160.

At the time of Sovereign’s investment in Premier Park Paul Dawson, Group CEO, joined the business. Paul had spent c.18 years working at Capita plc and held various senior management roles including CEO of ParkingEye and divisional MD of Capita Parking Services. Andy Parker, the highly experienced former Group CEO of Capita plc joined the business as non-executive Chairman.

Jonathan Thorne, Director, Sovereign Capital Partners commented:

“Premier Park is a high-quality business led by an exceptional management team. Park Watch, like Premier Park, is operating at activity levels close to pre-lockdown and the Group is performing well. We look forward to continuing to partner the team as Premier Park seeks new opportunities to grow in what is a fragmented and growth market.”

Paul Dawson, Group CEO, Premier Park said:

“This is a really exciting time and I am pleased to welcome Park Watch to the Group. Our business has grown rapidly over the last year and we have fantastic capability which we will continue to develop whilst remaining fully focused on the quality of service we deliver to our clients.”

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