Tag Archives: Information technology

Providence Strategic Growth Invests in ThreatConnect

Providence

ThreatConnect Receives Investment from Providence Strategic Growth

New Funding Aimed at Accelerating ThreatConnect’s Go-to-Market Strategy and Product Development

ARLINGTON, Va.–June 3, 2019–ThreatConnect, Inc.®, provider of the industry’s only intelligence-driven security operations platform announced a new strategic growth investment led by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners. This growth investment is intended to help continue the ThreatConnect Platform’s path of innovation and further the company’s continued leadership in its market.

ThreatConnect originally launched its Platform in 2014, gained market leadership in the threat intelligence platform market, and has since grown to serve more than 1,600 organizations worldwide. In 2017 the company added advanced orchestration and automation capabilities to the Platform, expanding its value to a broader security operations market. In just the last year, the usage of these advanced orchestration and automation “Playbooks” in the Platform has increased more than 40%, now executing more than 23,000 Playbooks per month per customer on average.

In 2018, ThreatConnect was selected by Inc5000 as one of the fastest growing companies in the US, and by Washington Business Journal as one of the DC area’s 75 Fastest Growing Companies. The company’s growth, along with its value proposition to change how businesses manage their security, drove PSG’s interest in investing in the company.

ThreatConnect CEO Adam Vincent said, “PSG’s deep experience investing in technology companies that are reshaping the way business is done make them an ideal partner for ThreatConnect. PSG portfolio companies are helping other businesses run smarter, cheaper, and faster. And, since ThreatConnect is helping companies with smarter, faster decision making in security, this seemed like a very natural fit.”

The new funding is aimed at accelerating ThreatConnect’s go-to-market strategy, supporting further development of the Platform, and expanding its ability to build a successful community of customers and partners. The company plans to increase its staff by more than 50% over the next 12 months both domestically and abroad, which is expected to further accelerate product and revenue growth in the coming years.

PSG Managing Director Gopi Vaddi said, “Our vision for digital transformation of businesses through software aligns well with ThreatConnect’s vision for intelligence-driven security. Security software is one of the priority sectors for PSG, and we are excited to have found a high quality organization in ThreatConnect led by Adam Vincent and his team – a relationship we cultivated for several years. We look forward to working with Adam and the rest of the ThreatConnect leadership team to accelerate what is already a successful and fast growing organization.”

PSG is ThreatConnect’s sole institutional investor.

About ThreatConnect
ThreatConnect, Inc. provides a proactive and efficient approach to security by enabling enhanced detection, shortened response, and reduced risk. Designed by analysts but built for the entire team (security operations, threat intelligence, incident response and security leadership), ThreatConnect’s intelligence-driven security operations platform is the only solution available today with intelligence, automation, analytics, and workflows in a single platform. To learn more about our threat intelligence platform (TIP) or security orchestration, automation, and response (SOAR) solutions, visit www.ThreatConnect.com.

About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit https://www.provequity.com.

Contacts

ThreatConnect
US
Hayley Kropog
Hayley.Kropog@teamlewis.com

UK
Claire Sach
claire.sach@teamlewis.com

Providence Strategic Growth
Kelsey Markovich / Hayley Cook
Prov-SVC@sardverb.com
212-687-8080

Categories: News

Tags:

WorkSpan to Accelerate Joint Customers’ Revenue with Microsoft Dynamics 365 and Ecosystem Cloud

Mayfield

WorkSpan Raises $27 Million in Series B Round Funding

News provided by

WorkSpan

Jun 03, 2019, 11:07 ET

FOSTER CITY, Calif., June 3, 2019 /PRNewswire/ — WorkSpan, the first ever Ecosystem Cloud platform, today announced a collaboration with Microsoft enabling Microsoft Dynamics 365 customers to take advantage of the growing ecosystem of partners engaged in build-with, market-with, and sell-with motions to accelerate innovation and bring more valuable joint solutions to their customers through these go-to-market partnerships.

WorkSpan has completely reimagined how companies go to market together. For the first time, with the WorkSpan Ecosystem Cloud, alliance and ecosystem leaders are finally able to build-with, market-with & sell-with their ecosystem partners in a single, secure, cloud-based network to grow business & abundance together.

WorkSpan was named a Cool Vendor in Gartner’s May 2019 Cool Vendors in Channel and Sales Enablement report, which states: “New indirect sales platforms enable technology and service providers (TSPs) to more effectively manage a more complex and distributed channel ecosystem, providing smoother coordination, fluid communication and timely sales intelligence.” Gartner also includes WorkSpan as a Representative Vendor in the May 2019 Market Guide for Partner Relationship Management Applications report saying: “Partner ecosystem platforms are networks for organizations and their sales partners that support today’s needs for multi-partner business processes to drive revenue across all stakeholders. Gartner anticipates that disrupting the current business models through building sales partner ecosystems will be a game changer.”

In addition to longtime customers like SAP, SUSE, and Lenovo, in the last year, WorkSpan has added a number of industry leaders and ecosystem hubs including Microsoft, Google, Accenture, VMware, Red Hat, Nutanix, and others. Forward-looking enterprises organize their modern partner programs around ecosystems to facilitate the dynamic and ever-evolving customer needs.

“WorkSpan has been excited to embark on this integration with Microsoft Dynamics 365,” said Mayank Bawa, CEO and Co-Founder, WorkSpan, “Companies recognize that their ecosystems need to be actively managed for growth. Now, we look forward to bringing ecosystem management inside Microsoft Dynamics 365, enabling customers to manage and grow with their ecosystem partners in their respective markets.”

“Ecosystem Cloud is an emerging capability that helps partners work together across company boundaries to drive greater revenue in true partner-to-partner motions,” said Gavriella Schuster, Corporate Vice President & One Commercial Partner Channel Chief. “WorkSpan has built an Ecosystem Cloud where now Dynamics 365 for Sales customers can leverage this capability to work collaboratively with their partners in bringing new solutions to market for their joint customers.”

The integration between WorkSpan and Dynamics 365 enables an unprecedented level of collaboration and closer alignment of sales motions between Dynamics 365 customers’ internal sales teams and partner teams.  Sales teams have greater trust in their partner teams which leads to better sales velocity and increased revenues from partnerships.  Only with WorkSpan Ecosystem Cloud, can enterprises orchestrate multi-partner and partner-to-partner sales motions, and deliver end-to-end offerings to enable the best customer experiences. This new integration gives Dynamics 365 customers:

  • Opportunities in Dynamics 365 that are seamlessly synced to WorkSpan.  New partner opportunities (and opportunity products) and updates to these joint opportunities in Dynamics 365 are automatically synced to WorkSpan. In WorkSpan, enterprises can securely share critical opportunity data with partners and ensure that the right partner activities are triggered by sales stage.
  • Real-time view of the partner engagement and contribution, from within Dynamics 365.  Sales teams in Dynamics 365 will be able to see a view of the progress of the joint opportunity in WorkSpan. They can also see the partner activities and contribution on the deal, for instance – customer meetings, development of collateral and PoC, and engage directly with the partner teams to accelerate the deal.

WorkSpan also announces the company has raised $27 Million in a Series B funding.  This funding round was led by Redline Capital in London with participation by Mayfield, who led the Series A round as well as new investor M12 Ventures (previously known as Microsoft Ventures).

“WorkSpan has created a solution that is category-defining in an industry that has been ripe for disruption,” said Nicolas Giuli, Partner at Redline Capital, “The WorkSpan Ecosystem Cloud platform has been attracting major brands in the high tech space to grow their ecosystem participation on the WorkSpan network.”

“We are thrilled to expand on our original investment in WorkSpan,” said Navin Chaddha, Managing Director, Mayfield Fund, “It’s been exciting to see WorkSpan transforming the industry, growing from our days as an early investor.  We have complete confidence in the team WorkSpan has assembled to continue to deliver on these major opportunities in the market.”

“WorkSpan makes it easier to build, market and sell together, changing the dynamic in building active and engaged ecosystems of partners,” said Leo de Luna, Managing Director at M12. “With this investment, M12 is excited to continue the company’s ongoing commitment to help the hundreds of thousands of partners in the Microsoft partner ecosystem grow business.”

Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About WorkSpan
WorkSpan has completely reimagined how companies go to market together. For the first time, with the WorkSpan Ecosystem Cloud, alliance and ecosystem leaders are finally able to build-with, market-with & sell-with their ecosystem partners in a single, secure, cloud-based network to grow business & abundance together.  WorkSpan makes it easy to work across partner types and partner tiers to grow ecosystem value by driving joint revenue, entering new markets, accelerating time-to-market, innovating on new solutions to meet shared customer needs and developing trust across company boundaries. WorkSpan is a privately held company backed by Mayfield and is growing its network of global enterprise customers including SAP, Cisco, Microsoft, Accenture, VMware, NetApp, Nutanix, NTT Data, Lenovo, and others.

SOURCE WorkSpan

Related Links

https://www.workspan.com/

Categories: News

Tags:

Francisco Partners completes acquisition of EG

Franciso Partners

Francisco Partners is acquiring one of Scandinavia’s leading suppliers of industry-specific software to the private and public sectors with more than 9,500 customers for DKK 3.7 billion. The transaction was definitively approved by the competition authorities on 23 May 2019.

EG’s management is looking forward to continuing its growth in cooperation with Francisco Partners, a leading global investment firm focused on technology and software companies. “The new owners give us the inspiration and capital necessary to accelerate our development. We have built a leading software company from the successful execution of our strategy and the impressive efforts of our employees and will continue on this path under our new ownership,” says EG’s CEO Mikkel Bardram. Petri Oksanen, Partner at Francisco Partners, said: “Our ambition is to help EG achieve operational excellence and solidify its position as one of the leading software companies in the Nordics. Francisco Partners will contribute our experience and resources to help EG grow through both organic opportunities and acquisitions within vertical software markets.” “EG has already established a strong foundation and footprint in a number of verticals in the Nordics” added Quentin Lathuille, Vice President at Francisco Partners. “We look forward to working with the EG team to build on their past accomplishments and take the company to the next level in its development.”

About EG A/S EG is a Scandinavian software company with more than 1,000 employees working from 15 skill centres in Scandinavia and Poland. We develop, deliver and service our own software for more than 9,500 private and public clients. Find out more at https://eg.dk/.

About Francisco Partners Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch over 19 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 200 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.

Categories: News

Tags:

Providence Strategic Growth Invests in Validity

Providence

Validity Receives Strategic Investment from Providence Strategic Growth and Silversmith Capital Partners, Completes Acquisition of Return Path

New infusion of capital to fund continued acquisitions, new product innovation and go-to-market capactiy

BOSTON, May 31, 2019 (GLOBE NEWSWIRE) — Validity, the most trusted name in customer data quality, today announced a new investment led by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners. Silversmith Capital Partners, founding investor in Validity, also participated in the investment. Financial terms of the transaction were not disclosed. The new funding will accelerate Validity’s go-to-market expansion, support the development of new solutions, and fuel both organic and inorganic growth.

The company also announced the completion of its acquisition of Return Path, the global leader in email deliverability. The combination of Return Path and Validity provides organizations with the most comprehensive technology solutions to target, contact, engage, and retain customers effectively.

“We’re pleased to welcome Providence as a new investment partner to Validity. This deal is a key milestone for Validity and a clear validation of our strategy and business model,” said Mark Briggs, CEO of Validity. “Since we started Validity a little over a year ago, we’ve charted an ambitious course to bring together leading companies that have solved some of the most complex challenges around customer data. Providence’s investment and deep commitment to our mission will help us drive more innovation, expand our commercial footprint, and welcome even more innovative companies into the Validity family.”

Since Validity was formed in early 2018, the company has made three significant acquisitions:

— CRMfusion, the leading application for enterprise CRM data quality
— BriteVerify, the most trusted platform for email verification, and
— Return Path, the global leader in email deliverability and optimization

Validity has also made significant investments in the in-house development of new products to drive growth and enter new markets. In the fourth quarter of 2018, the company released DemandTools for Microsoft Dynamics 365 and recently launched an all-new Trust Assessments platform that demonstrates how businesses can quantify the state of Salesforce data quality on the business functions that drive growth.

“We are thrilled to welcome Validity to the Providence portfolio,” said Tom Reardon, Managing Director, Providence Strategic Growth. “Customer data is the lifeblood of any business, and Validity’s unique approach of aggressively pulling together the leading solutions in the market was something we simply had to be part of. We look forward to partnering with Mark and the leadership team to accelerate the company’s vision and growth.”

“This announcement is just the latest milestone for Validity, capped by growth in sales and profit, the successful integration of CRMfusion and BriteVerify, and now the closing of the acquisition of Return Path,” said Jim Quagliaroli, Managing Partner of Silversmith Capital Partners. “We’re excited to increase our existing investment and help drive the next phase of Validity’s growth.”

Tom Reardon and Mark Hastings, Chief Executive Officer of PSG, will join the Validity Board of Directors, which includes Mark Briggs from Validity, Jim Quagliaroli and Sri Rao from Silversmith Capital Partners, and Mike Volpe, CEO of Lola.com and former Chief Marketing Officer of HubSpot.

About Validity
Businesses run better and grow faster with trustworthy data. Tens of thousands of organizations rely on Validity solutions – including DemandTools, BriteVerify, Trust Assessments, and Return Path – to target, contact, engage, and retain customers effectively. Marketing, sales, and customer success teams worldwide trust Validity solutions to help them create smarter campaigns, generate leads, drive response, and increase revenue. For more information visit, validity.com and connect with us on LinkedIn and Twitter.

About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit https://www.provequity.com.

About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $1.1 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing profitable technology and healthcare companies. The firm seeks to invest $15 million to $75 million per company. Representative investments include ActiveCampaign, Centauri Health Solutions, Digital Map Products, Impact, LifeStance Health, MediQuant, Nordic Consulting Partners, and Validity. The partners have over six decades of collective investing experience and have served on the boards of numerous successful growth companies including Ability Network, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Net Health, Passport Health, SurveyMonkey, and Yapstone. For more information, visit https://www.silversmithcapital.com.

Media Contacts

For Validity:
Validity Media Relations
pr@validity.com

For PSG:
Kelsey Markovich / Kate Gorgi
Sard Verbinnen & Co
212-687-8080
Prov-SVC@sardverb.com

For Silversmith Capital Partners:
Susan Sugg-Nuccio
River Communications
914-686-5521
ssugg-nuccio@riverinc.com

Categories: News

Tags:

Indeed acquires staffing app Syft

Profounders

Job site Indeed has agreed to acquire hospitality recruitment platform Syft.

The staffing platform was founded in 2015 by Jack Beaman and Novo Abakare, who had raised funding from investors including Creandum, PROfounders Capital, and David Haye. Both will continue with the business.

Syft provides a recruitment solution and shift management tool for part-time and flexible work, connecting vetted jobseekers with shifts through its app.

Indeed chief executive Chris Hyams said: “At Indeed our mission is to help people get jobs. Syft’s simple and transparent approach to shift-work hiring is an innovative solution to the growing demand for part-time and flexible work. We look forward to supporting the Syft team as they continue to improve the hiring experience.”

Beaman added: “Syft’s vision to build the future of work aligns with Indeed’s core mission. At Syft, we set out to create a win-win platform to better serve jobseekers and employers, underpinned by values of fairness and transparency. Demand for flexible work continues to surge as both jobseekers and employers look for greater control and choice. We are excited to grow with Indeed.”

Categories: News

Tags:

Thoma Bravo completes acquisition of Autodata Solutions

Thomas Bravo

SAN FRANCISCO, May 30, 2019 /PRNewswire/ — Thoma Bravo, LLC, a leading private equity investment firm, today announced that it has completed the acquisition of Autodata Solutions Group, a provider of data and software solutions that power the automotive ecosystem. Financial details were not disclosed.

Autodata Solutions provides SaaS and software solutions that range from back-end automation systems that enable dealer-to-original equipment manufacturer (OEM) vehicle ordering to data-driven consumer-focused interactive marketing initiatives. Its solutions increase the effectiveness of the automotive sales chain.

“We are excited to be partnering with Thoma Bravo to accelerate product innovation on behalf of our prestigious OEM, dealer and dealer service provider customers,” said Craig Jennings, President of Autodata Solutions. “We are aligned in our commitment to bring high-quality data and software solutions to an industry undergoing significant technological adoption, with an increasing focus on leveraging digital channels.”

“Autodata Solutions’ steady growth and delivery of valued solutions over the last three decades has positioned it as a leader in the automotive data and software ecosystem,” said Scott Crabill, a Managing Partner at Thoma Bravo. “We look forward to leveraging Thoma Bravo’s expertise investing in leading software and technology companies to help drive the company’s next phase of growth.”

Kirkland & Ellis served as the legal advisor to Thoma Bravo. Financing for the transaction was provided by RBC Capital Markets and KKR Capital Markets LLC.

About Autodata Solutions

The Autodata Solutions Group serves the global automotive industry with versatile data, technology and marketing solutions. Founded in 1990, the company is headquartered in London, Ontario, Canada and has offices in Troy Michigan, Portland, Oregon and Minneapolis, Minnesota. Autodata Solutions, along with its Chrome Data and UnityWorks brands, serves the automotive industry with software and SaaS solutions that increase the effectiveness of the automotive sales chain. For more information, visit www.autodata.net.

About Thoma Bravo, LLC

Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $30 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as ABC Financial, Blue Coat Systems, Deltek, Digital Insight, Frontline Education, Global Healthcare Exchange, Hyland Software, Imprivata, iPipeline, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems, TravelClick and Veracode. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.

Media Contact:

Matthew Gorton, Hiltzik Strategies
212-776-1161
mgorton@hstrategies.com

Read the official press release here.

Categories: News

Tags:

Travelport Worldwide Limited announces completion of acquisition by affiliates of Siris Capital Group, LLC and Evergreen Coast Capital Corp.

Siris

Langley, U.K., May 30, 2019: Travelport Worldwide Limited (“Travelport” or the “Company”), a leading travel technology company, announced today the completion of its acquisition by affiliates of Siris Capital Group, LLC (“Siris”) and Evergreen Coast Capital Corp. (“Evergreen”) in an all-cash transaction valued at approximately $4.4 billion.

The transaction, which was originally announced on December 10, 2018, was approved by Travelport’s shareholders on March 15, 2019. In connection with the closing of the transaction, the Company, which will continue to operate as Travelport Worldwide Limited, will be wholly owned by affiliates of Siris and Evergreen, and Travelport’s common shares will be delisted from the New York Stock Exchange.

The Board of Directors of the new Travelport operating company will be led by Executive Chairman John Swainson, a Siris executive partner and a former executive at IBM Corporation, CA, Inc. (formerly Computer Associates) and the Dell Software group.

Commenting on the transaction closing, John Swainson said: “Through its best-in-class distribution capabilities, technology services, innovative payment solutions, and other value-additive digital tools for the global travel industry, Travelport is well positioned to deploy its global scale and local expertise to deliver key solutions for travel suppliers and agencies. With the combined support of Siris and Evergreen, I look forward to partnering with management to drive new opportunities for innovation and growth.”

Gordon Wilson, President and CEO of Travelport, commented: “We have commenced building a great relationship with the Siris and Evergreen teams. We now look forward to working closely alongside them as we continue to develop and invest in our platform to serve the evolving needs of our customers. We are confident that Siris’ and Evergreen’s support will enable Travelport to execute on its strategy in an exciting new phase of innovation and industry leadership.”

About Travelport (www.travelport.com)

Travelport is the technology company which makes the experience of buying and managing travel continually better. It operates a travel commerce platform providing distribution, technology, payment and other solutions for the global travel and tourism industry. The company facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel platform.

Travelport has a leading position in airline merchandising, hotel content and distribution, car rental, mobile commerce and B2B payment solutions. The company also provides IT services to airlines, such as shopping, ticketing, departure control and other solutions. With net revenue of over $2.5 billion in 2018, Travelport is headquartered in Langley, U.K., has over 3,700 employees and is represented in approximately 180 countries and territories.

About Siris

Siris is a leading private equity firm that invests primarily in mature technology and telecommunications companies with mission-critical products and services, facing industry changes or other significant transitions.  Siris’ development of proprietary research to identify opportunities and its extensive collaboration with its executive partners are integral to its approach.  Siris’ executive partners are experienced senior operating executives that actively participate in key aspects of the transaction lifecycle to help identify opportunities and drive strategic and operational value.  Siris is based in New York and Silicon Valley and has raised nearly $6 billion in cumulative capital commitments. www.siris.com

About Elliott and Evergreen

Elliott Management Corporation manages two multi-strategy investment funds which combined have more than $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. This investment has been led by Evergreen Coast Capital, Elliott’s Menlo Park affiliate, which focuses on technology investing.

Travelport Media Contact:

Julian Eccles
VP PR and Communications
Tel: +44 (0)7720 409374
julian.eccles@travelport.com

Travelport Investor Relations contact:

Peter Russell
Head of Treasury and Investor Relations
Tel: +44 (0)1753 288 248
peter.russell@travelport.com

Siris:

Dana Gorman
Managing Director, Abernathy MacGregor
Tel: +1 212 371 5999
dtg@abmac.com

Blair Hennessy
Senior Vice President, Abernathy MacGregor
Tel: +1 212 371 5999
bth@abmac.com

Elliott/Evergreen:

Stephen Spruiell
Tel: +1 212 478 2017
sspruiell@elliottmgmt.com

Categories: News

Tags:

Genstar Capital Acquires Prometheus Group for Over $1 Billion

Franciso Partners

Partnership with Management to Continue Strong Growth Trajectory

SAN FRANCISCO — Genstar Capital, a leading private equity firm focused on investments in targeted segments of the software, industrial technology, healthcare, and financial services industries, announced today the acquisition of Prometheus Group from Francisco Partners for over $1 billion. Eric Huang, Chief Executive Officer and founder of Prometheus, will remain a significant shareholder in the company, and Francisco Partners will retain a minority investment.

Prometheus is an industry leading provider of comprehensive and intuitive plant maintenance operations and optimization software. Its solutions utilize data analytics to deliver a uniform experience across the platform and are trusted by the largest asset-intensive companies in the world operating in the oil & gas, chemical, pulp & paper, mining & metals, and utilities industries. Founded in 1998 and based in Raleigh, NC, the company has a global operating footprint and customer base and has over 300 employees.

Eli Weiss, Managing Director of Genstar, said, “We have invested extensively in software solutions providers similar to Prometheus, and their reputation as a leader in the plant maintenance technology sector is well deserved. Eric and his team have built an integrated easy-to-use platform, and their solutions help transform plant maintenance operations. Prometheus aligns well with our previous investments, and we are excited to work with Eric and his team to help further expand the solutions portfolio and target acquisitions that will broaden the company’s suite of services.”

“We have an unwavering focus on integrating all aspects of plant maintenance and operations and delivering hard dollar ROI for our customers,” remarked Eric Huang, founder and CEO of Prometheus Group. “With Francisco Partners’ support and shared vision, we scaled the business significantly and expanded our platform to solve an even broader set of our customers’ critical pain points. We are very excited to continue that journey with Genstar leveraging their industrial technology expertise.”

“We are proud to have partnered with the Prometheus team in building out a unified platform for operational excellence through both organic growth and M&A,” said Petri Oksanen, Partner at Francisco Partners. “We look forward to continuing the relationship and seeing Prometheus further build on its heritage of innovation.”

Lazard served as financial advisor to Prometheus Group. Genstar Capital was advised by Irell & Manella LLP, Francisco Partners was advised by Paul Hastings, and Eric Huang was advised by Holland & Knight.

About Prometheus Group

Prometheus Group is a leading global provider of comprehensive and intuitive plant maintenance operations and optimization software, with a broad platform of solutions addressing the unique idiosyncrasies and requirements of heavy asset operators. Prometheus’ interconnected platform allows changes to be communicated in real-time across an organization, improving manpower efficiency and driving production uptime. For more information on Prometheus Group, please visit: www.prometheusgroup.com.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch over 19 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 200 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.

About Genstar Capital

Genstar Capital is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the software, industrial technology, healthcare, and financial services industries. For more information on Genstar, please visit: www.gencap.com.

Categories: News

Tags:

Black Mountain Systems Announces Acquisition by Vista Equity Partners

Vista Equity

SAN DIEGO–(BUSINESS WIRE)–Black Mountain Systems, LLC (“Black Mountain”), the leading provider of innovative workflow software solutions to credit investors and alternative asset managers, announced today that it is being acquired by Vista Equity Partners (“Vista”), a leading investment firm focused on enterprise software, data and technology-enabled businesses.

“Black Mountain has long been the standard-bearer for process management and portfolio monitoring solutions in its field”

Tweet this

Vista’s investment in Black Mountain will help drive the software company’s continued growth domestically and internationally, while also providing new capital to invest in the development of Black Mountain’s state of the art platform and tailored solutions for data aggregation, process management, and business reporting.

“We’re thrilled to become a part of the Vista family and look forward to the myriad of ways that their investment will help us grow our company, better serve our customers, and expand our team,” said Black Mountain founder and co-CEO Kevin MacDonald. “We look forward to working with them as we enter this next chapter.”

“This investment is a significant milestone for our company, our employees, and our customers,” said Black Mountain co-CEO Andy Horwitz. “We’ve already established ourselves as the market leader in workflow software for credit, structured credit, and alternative asset managers and now we have a partner in Vista who will help us leverage and build upon that leadership position with financial and intellectual capital to accelerate our growth.”

Black Mountain’s software and data aggregation capabilities provide mission critical solutions and valuable insights to a customer base that includes 50 of the top 100 Collateralized Loan Obligation managers, leading private debt funds, commercial banks and alternative asset managers, representing more than two trillion dollars in total assets under management.

“Black Mountain has long been the standard-bearer for process management and portfolio monitoring solutions in its field,” said Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners. “We’re looking forward to working with this talented and innovative company to push it even further ahead of the competition, unlocking new value for both customers and stakeholders.”

Black Mountain’s current investor, Stone Point Capital LLC (“Stone Point”), acquired the software company in 2015. Stone Point will exit its partnership with Black Mountain upon its sale to Vista, which is subject to customary closing conditions and regulatory approvals.

“We thank Andy Horwitz, Kevin MacDonald and the Black Mountain team for an outstanding partnership,” said Chuck Davis, CEO of Stone Point. “Black Mountain has achieved significant growth in revenue and profitability since our investment in 2015, and we wish the company much continued success under Vista’s ownership.”

Jefferies LLC served as the exclusive financial advisor to Black Mountain, and Kramer Levin Naftalis & Frankel LLP was the company’s legal advisor. SunTrust Robinson Humphrey acted as financial advisor to Vista, and Kirkland & Ellis served as Vista’s legal advisor.

About Black Mountain Systems

Black Mountain is a software company that offers highly configurable solutions including portfolio management, trade order management, compliance, research management, investment accounting, performance attribution, customer relationship management, investor reporting, enterprise data management and data warehousing. Clients consist of many of the world’s leading investment managers, credit funds, hedge funds, private equity, direct lenders and banks who use the company’s platform to manage all varieties of loans, fixed income, alternatives, derivatives, equities, and FX. Black Mountain’s software can be configured to model any business process, store any data, integrate with any system, and provide transparency for all of the above in any format. For more information about Black Mountain visit: www.blackmountainsystems.com

About Vista Equity Partners

Vista Equity Partners is a U.S.-based investment firm with offices in Austin, Chicago, New York City, Oakland, and San Francisco and more than $46 billion in cumulative capital commitments. Vista exclusively invests in enterprise software, data, and technology-enabled organizations led by world-class management teams. As a value-added investor with a long-term perspective, Vista contributes professional expertise and multi-level support towards companies to realize their full experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity. For more information, please visit www.vistaequitypartners.com.

About Stone Point Capital

Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Stone Point targets investments in companies in the global financial services industry, including asset and wealth management; advisory, broker-dealers and merchant trading; banking institutions; HR benefits and employer services; insurance underwriting; insurance distribution and services; managed care and healthcare services; outsourcing and technology; real estate finance and services; and specialty finance and non-bank lending. For more information, please visit www.stonepoint.com.

Contacts

For Black Mountain Systems:
Liz Speier
lspeier@blkmtn.com

For Vista Equity Partners:
Alan Fleischmann
vista@laurelstrategies.com
202-776-7776

Categories: News

Tags:

CipherHealth Names New CPO & COO as Company Accelerates Growth

JMI Equity

NEW YORK, May 29, 2019 /PRNewswire/ — As part of its expansion and strategic growth initiative, CipherHealth, the leading patient engagement software company, has announced the new roles of Chief People Officer (CPO) and Chief Operating Officer (COO).

Jennifer Compagni has joined CipherHealth as Chief People Officer and Jake Pyles, the current Chief Financial Officer at the company, is expanding his role to include Chief Operating Officer.

Both will help further CipherHealth’s mission of empowering healthcare providers across the care continuum with integrated patient engagement solutions that improve patient communication and care coordination.

Compagni has an extensive background in corporate business, research, government and educational institutions as an HR executive. She has led HR teams and projects at Warner-Lambert Company, (Pfizer, Adams USA), Antenna Software, Revlon, Alpharma Inc. and The National Research Council of the National Academies. Prior to CipherHealth, Compagni also led the HR organization at SmartLinx Solutions, a growing SaaS company in the workforce management space.

As CPO at CipherHealth, Jennifer Compagni ensures a fluid human resource strategy that supports the overall business plan and strategic direction at the company to attract and retain great talent and make sure employees have an amazing career experience. She also provides strategic leadership by articulating HR needs and plans to the executive management team, shareholders and the board of directors.

“The award winning patient engagement product suite and mission-driven culture attracted me to CipherHealth. The team is an amazing, smart, cohesive group of people working together to enable patients to heal and thrive,” said Compagni.

Jake Pyles, who became CipherHealth’s CFO in August 2018, will now also lead the company’s operations function. With more than twenty-five years of financial and operations experience at various software companies, Pyles has a significant amount of experience with managing high-growth technology companies. Prior to CipherHealth, Pyles spent four years as CFO at Paradigm Geophysical, leading the company to its eventual sale to Emerson Electric.

“We are thrilled with the addition of Jennifer and Jake’s expanded role to help us continue delivering solutions that ensure patients get the best care possible,” said CipherHealth CEO and Co-Founder Randy Cheung.

ABOUT CIPHERHEALTH
Ranked as the top-performing vendor for patient outreach and digital rounding by KLAS in 2019, CipherHealth is a proven healthcare technology partner committed to enhancing communication and care team coordination throughout the patient journey. CipherHealth’s suite of integrated patient engagement solutions empowers healthcare organizations across the continuum to achieve the Quadruple Aim.

Categories: People

Tags: