Ultimate Software Stockholders to Receive $331.50 Per Share in Cash; Ultimate to Continue Driving HCM Innovations Under Private Ownership

Public Company Information:
NASDAQ: ULTI
US90385D1072

Ultimate Software (Nasdaq: ULTI), a leading global provider of human capital management (HCM) solutions in the cloud, today announced that it has entered into a definitive merger agreement to be acquired by an investor group led by Hellman & Friedman (“H&F”), a leading private equity investment firm, in an all-cash transaction for $331.50 per share in cash—representing an aggregate value of approximately $11 billion—after which Ultimate Software (“Ultimate”) will operate as a privately held company.

Under the terms of the agreement, all Ultimate stockholders of record will receive $331.50 in cash for each share of Ultimate’s common stock held upon the closing of the transaction. This price represents a premium of approximately 32% over Ultimate’s volume-weighted average price during the 30 trading days ending February 1, 2019, and a premium to Ultimate’s all-time high closing share price. Ultimate’s Board of Directors has unanimously approved this transaction and recommended that stockholders vote in favor of the transaction.

Upon completion of the transaction, Ultimate will continue to operate under the leadership of CEO Scott Scherr and the existing senior management team. The privately held company will be owned by an investor group led by Hellman & Friedman in partnership with significant investors Blackstone, GIC, and Canada Pension Plan Investment Board (CPPIB), and other investors including JMI Equity.

“The transaction provides our stockholders with a substantial premium. Our decision was also made with the best interests of our 5,144 employees and our more than 5,600 customers at heart. This change will bring meaningful benefits to our employees and customers—both in the long and short terms. Since all of our employees are given equity in Ultimate when they join us, as stockholders, this transaction will result in immediate financial upside for them. Today’s announcement will also allow us to make additional, prudent investments in our products and services to better serve our customers,” said Scott Scherr, CEO, president, and founder of Ultimate.

“Our customers will benefit from our ability to bring new features and services to market more quickly, while still enjoying the same high level of service they have with Ultimate today, or better, with new innovations to our offerings. Hellman & Friedman is in full alignment with our vision to serve the global HR market, while preserving our unique company culture and mission,” said Scherr.

For almost 29 years, Ultimate has focused exclusively on helping businesses improve the experience of their employees through leading HR and payroll solutions, and in recent years, through a comprehensive human capital management suite. At the end of 2018, Ultimate’s total revenues exceeded $1.1 billion and the company currently serves more than 5,600 companies worldwide, with more than 48 million people records in the cloud. After the transaction is complete, Ultimate will continue to develop, market, deliver, and service its suite of human capital management and employee experience solutions globally—including HR, payroll, benefits management, talent acquisition, talent management, workforce management, employee sentiment analysis, and HR service delivery—with no changes to the markets Ultimate serves and no changes to its mission: put “People First.”

“Ultimate’s market leadership in the human capital management segment, and the company’s impressive track record of growth, are built on the outstanding quality of its software and its dynamic and motivated employees. The company deeply understands the essence of human capital management, having itself been recognized with numerous best workplace awards from leading publications for its exceptional mission-driven culture,” said David Tunnell, partner at Hellman & Friedman. “We look forward to building on Ultimate’s successes, working along with our investment partners: Blackstone, GIC, CPPIB, and JMI Equity.”

Martin Brand, senior managing director at Blackstone, added, “We are excited to partner with Ultimate and this investor group to support the strong growth and culture of this exceptional company.”

The transaction is expected to close in mid-2019, subject to stockholder approval and other customary closing conditions including regulatory approvals.

The definitive agreement for the transaction includes a 50-day “go-shop” period which permits Ultimate’s Board of Directors and financial advisor to actively initiate, solicit, and encourage alternative acquisition proposals, and potentially enter negotiations with other parties that make alternative acquisition proposals. Ultimate will have the right to terminate the merger agreement to accept a superior proposal subject to the terms and conditions of the merger agreement. There can be no assurance that this 50-day “go-shop” will result in a superior proposal, and Ultimate does not intend to disclose developments with respect to the solicitation process unless and until the Board of Directors makes a determination requiring further disclosure.

Goldman Sachs & Co. LLC acted as exclusive financial advisor to Ultimate Software, and Stroock & Stroock & Lavan LLP provided legal counsel. Qatalyst Partners acted as financial advisor to the investor group and Simpson Thacher & Bartlett served as legal counsel to Hellman & Friedman.

Media Contacts

Ultimate Software
Mitchell K. Dauerman
mitch_dauerman@ultimatesoftware.com
954-331-7069

Hellman & Friedman
James Bourne
Abernathy MacGregor
jab@abmac.com
213-630-6550

William Braun
Abernathy MacGregor
whb@abmac.com
212-371-5999

Blackstone
Matt Anderson
Matthew.Anderson@blackstone.com
212-390-2472

GIC
Ms. Mah Lay Choon
Senior Vice President
Tel: (+65) 6889 6841
Email: mahlaychoon@gic.com.sg

Ms. Wendy Wong
Senior Vice President
Tel: (+65) 6889 6928
Email: wendywong@gic.com.sg

Canada Pension Plan Investment Board (CPPIB)
Darryl Konynenbelt
Director, Global Media Relations
dkonynenbelt@cppib.com
+1-416-972-8389

JMI Equity
Chuck Dohrenwend
Abernathy MacGregor
cod@abmac.com
212-371-5999

About Ultimate Software
Ultimate Software is a leading global provider of cloud-based human capital management and employee experience solutions, with more than 48 million people records in the cloud. Our award-winning UltiPro delivers HR, payroll, talent, and time and labor management as well as HR service delivery solutions. Founded in 1990, Ultimate is headquartered in Weston, Florida, and employs more than 5,100 professionals. In 2019, Fortune magazine and Great Place to Work ranked Ultimate #1 on their Best Workplaces in Technology list, in the “Large Companies” category, Ultimate’s fourth consecutive year to top the list. In 2018, Fortune ranked Ultimate #3 on its prestigious 100 Best Companies to Work For list, our seventh consecutive year in the top 25; #1 on its 100 Best Workplaces for Women list; and #1 on its Best Workplaces for Millennials list, our second year at the top. Customer Sales and Service World Awards recognized Ultimate’s Services team as the #1 Customer Service Department of the Year in 2018 for companies with 2,500 employees or larger across diverse industries. Ultimate has more than 5,600 customers worldwide including Bloomin’ Brands, Culligan International, Feeding America, Red Roof Inn, SUBWAY, Texas Roadhouse, and Yamaha Corporation of America. More information on Ultimate’s products and services can be found at www.ultimatesoftware.com.

About Hellman & Friedman
Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, Hellman & Friedman has raised over $50 billion of committed capital. The firm focuses on investing in outstanding business franchises and serving as a value-added partner to management in select industries including software, financial services, business & information services, healthcare, internet & media, retail & consumer, and industrials & energy. For more information, please visit www.hf.com.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $472 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on twitter @Blackstone.

About GIC
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. GIC has investments in over 40 countries. Headquartered in Singapore, GIC employs over 1,500 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit www.gic.com.sg.

About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits in the best interests of 20 million contributors and beneficiaries. In order to build a diversified portfolio, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2018, the CPP Fund totalled C$368.3 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn, Facebook or Twitter.

About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 140 businesses in its target markets, successfully completed over 90 exits and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information visit www.jmi.com.

Additional Information and Where to Find It
This communication relates to the proposed merger involving The Ultimate Software Group, Inc. (“Ultimate” or the “Company”). In connection with the proposed merger, Ultimate Software will file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including the Company’s proxy statement on Schedule 14A (the “Proxy Statement”). This communication is not a substitute for the Proxy Statement or any other document that Ultimate Software may file with the SEC or send to its stockholders in connection with the proposed merger. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF ULTIMATE SOFTWARE ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders will be able to obtain the documents (when available) free of charge at the SEC’s website, www.sec.gov, and the Company’s website, https://www.ultimatesoftware.com. In addition, the documents (when available) may be obtained free of charge by directing a request to Mitch Dauerman by email at mitch_dauerman@ultimatesoftware.com or by calling 954-331-7069.

Participants in the Solicitation
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Ultimate Software common stock in respect of the proposed merger. Information about the directors and executive officers of Ultimate Software is set forth in the proxy statement for the Company’s 2018 annual meeting of stockholders, which was filed with the SEC on April 2, 2018, and in other documents filed by Ultimate Software with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in respect of the proposed merger when they become available.

Cautionary Statements Regarding Forward-Looking Information
Certain statements contained in this communication may constitute “forward-looking statements.” These forward-looking statements may be identified by terms such as “plan to,” “designed to,” “allow,” “will,” “can,” “expect,” “estimates,” “believes,” “intends,” “may,” “continues,” “to be” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements, and reported results should not be considered as an indication of future performance. These risks, uncertainties and other factors include, but are not limited to, risks related to the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the failure to obtain Ultimate Software stockholder approval of the merger or the failure to satisfy any of the other conditions to the completion of the merger; the effect of the announcement of the merger on the ability of Ultimate Software to retain and hire key personnel and maintain relationships with its clients, providers, partners and others with whom it does business, or on its operating results and businesses generally; risks associated with the disruption of management’s attention from ongoing business operations due to the merger; the ability to meet expectations regarding the timing and completion of the merger; and other factors described in the Company’s Form 10-K for the year ended December 31, 2017, as filed with the SEC, and in other reports filed by the Company with the SEC from time to time. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this communication. Unless required by law, Ultimate Software undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to report the occurrence of unanticipated events.

UltiPro is a registered trademark of The Ultimate Software Group, Inc. All other trademarks referenced are the property of their respective owners.

Follow Ultimate Software
LinkedIn: https://ulti.pro/LinkedIn
Twitter: www.twitter.com/UltimateHCM
Facebook: http://www.facebook.com/UltimateSoftware

Combination creates unrivaled B2B intelligence for sales, marketing, and recruiting professionals

Vancouver, WA – DiscoverOrg announced today that it has acquired Zoom Information, Inc (ZoomInfo). The two companies are coming together to provide sales, marketing, and recruiting professionals access to the most trusted and comprehensive B2B data available in the market.

“High-quality data is the fundamental go-to-market requirement for growth,” says DiscoverOrg co-founder and CEO Henry Schuck. “In the near future, CRM and marketing automation systems will be defined not by their empty-box capabilities but by the data that is housed inside them.”

He added: “To effectively capitalize on growth opportunities, companies of all sizes need accurate firmographic, technographic, contact, and intent data. Combined, DiscoverOrg and ZoomInfo deliver the trifecta: B2B data of the highest quality, quantity, and depth.”

DiscoverOrg’s research-verified accuracy and deep buying insights complement ZoomInfo’s comprehensive coverage of 100 million business professionals worldwide. Both organizations use highly advanced proprietary technologies and tools to gather, cleanse, and maintain company and contact data.

Within the next month, mutual customers will have a light integration that allows them to easily access both data platforms. Over the next year, DiscoverOrg will bring together the databases onto a single B2B intelligence platform, while accelerating the launch of new features, integrations, and advanced analytics.

By bringing together their complementary strengths and increasing investment in innovation, DiscoverOrg and ZoomInfo will help companies achieve what used to seem impossible: sales and marketing teams will have a go-to-market operating system that identifies the target accounts that should be engaged every day, week and month based on fit, engagement, and intent data collected in a multitude of ways. They will also have a 360-degree view of the buyers who are making the purchase decisions with accurate contact details, organizational charts, and buying profile insights.

“The combination of DiscoverOrg and ZoomInfo creates the only solution in the market that fully delivers data of the highest quality and quantity to drive sales and marketing efforts,” says ZoomInfo CEO Derek Schoettle. “I’m thrilled that our customers will benefit from the best B2B intelligence platforms coming together.”

“Today, effective sales and marketing relies on data that combines deep insightful context with high-quality broad coverage.  Being able to access that kind of data in a single place is something that every team is looking for,” notes John Donlon, Sr. Research Director at SiriusDecisions, a leading research and advisory firm.

Schoettle will serve in an advisory capacity during the transition, and Schuck will lead the combined organization, which now has almost 15,000 customers and 120,000 active users across the globe.

Both DiscoverOrg and ZoomInfo were recognized by G2Crowd as 2019 Top 100 Software Products and Top 10 Best Products for Sales.  They have also secured multiple consecutive honors on the Inc. 5000 list of the world’s fastest growing private companies.

DiscoverOrg’s investors include TA Associates, The Carlyle Group, and 22C Capital.

 * * * * *

About DiscoverOrg

Whatever your next stage of growth, DiscoverOrg will get you there faster. Growthbound organizations depend on DiscoverOrg’s deep B2B intelligence to drive their sales, marketing and recruiting activities. Our award-winning solutions provide a stream of accurate and actionable company and contact insights that can be used to find, connect with and sell to target buyers and hires more effectively – all integrated into the leading CRM, Sales Engagement and Marketing Automation Tools on the market. DiscoverOrg’s biggest differentiator is the combination of proprietary technology, tools and integrations with a layer of human-verification that allows us to deliver the highest guaranteed accuracy of any B2B provider in the market. Visit www.discoverorg.com

About ZoomInfo

Zoom Information Inc.(ZoomInfo) brings together data and technology to drive the revenue engine. Backed by the most comprehensive business database in the market, ZoomInfo combines user behaviors, business data, and artificial intelligence to streamline the sales workflow and deliver revenue results. For more information, visit www.zoominfo.com, demo our data dashboard, or call 866-904-9666.

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Delft, The Netherlands, January 24, 2019 — GeoPhy, an AI-powered real estate valuation platform has raised USD $33 million from investors to boost its global expansion. Index Ventures, the London and San Francisco-based venture capital firm, led the Series B round. They were joined by existing investors Inkef Capital and Hearst Ventures.

Co-founded by two former architects, Teun van den Dries (CEO) and Sander Mulders (CTO), GeoPhy aims to bring greater transparency and accuracy to the global property market. In the wake of the 2007 financial crisis — triggered, in part, by a poor understanding of securities pegged to real estate — financial institutions of all stripes are striving to get a clearer picture of the present and future value of property portfolios.

“We aim to understand the value of every building in the world,” van den Dries says. “We’re trying to shift the whole paradigm of property valuation.”

Currently focused on commercial real estate (CRE), GeoPhy’s technology captures thousands of data-points from public and private sources, including satellite images and sales data. It scours a growing database of 150 million property records for relationships between asset values and features such as location characteristics, demographics, and economic data like interest rates and stock indices. It also considers innovative ‘hyperlocal’ factors such as transport links, green spaces, density of independent coffee shops, crime rates, and even the tone of reviews for local businesses.

The standard approach to CRE asset valuation relies on a combination of intuition and limited, anecdotal data. The process can take between 30 to 45 days and cost between USD $4,000 – $6,000. The method is necessarily retrospective, and predictions about future income streams are proprietary and difficult to obtain.

By contrast, GeoPhy’s use of supervised machine learning, sifts through the breadth of traditional and unconventional data available today to provide detailed, bias-free insight about the current value and potential appreciation of CRE assets at scale for a fraction of the time and cost. Currently, the average gap between a standard CRE appraisal and the actual sales price is between 5-6% in the US and UK. GeoPhy’s technology brings that error down to near 0%, and reduces the median absolute percentage error in the US/UK from 15% to 5%.

GeoPhy has garnered interest from a wide spectrum of clients including major rating agencies, banks, pension funds, investors, national regulators and large government-backed enterprises in the US and Europe. Customers include Fannie Mae, the US mortgage provider, FTSE Russell, the British corporation that sells stock market data services, and Walker & Dunlop, the US-based CRE finance and lending group.

Van den Dries, GeoPhy’s CEO, commented: “Real estate is foundational to all areas of economic activity — to everyday life, in fact — but much of it is based on inaccurate or biased data. Furthermore, there’s an information asymmetry that distorts the market and leads to volatility. By providing a quicker, more reliable and intelligent service, GeoPhy helps its customers make better decisions, and promotes a better functioning market.”

Jan Hammer, Index Ventures partner who joins the board, added: “GeoPhy is bringing much-needed innovation to the antiquated property sector. Much of the world’s wealth is in real estate, yet we understand very little about how to accurately value it, or about the forces that have an impact on it. This is a critical issue for everyone from portfolio managers to central bankers, and we believe GeoPhy’s technology has the potential to improve how the market operates.”

Real estate is the world’s largest asset class, with global investment in CRE reaching an estimated USD $730 billion in 2018. Due to rising wealth in the global economy, real estate continues to be a preferred source of investment for wealth storage, capital appreciation, and income return.

Find out more here.

About GeoPhy
Founded in 2014, GeoPhy aims to transform antiquated commercial real estate (CRE) processes with data-driven valuations and analytics powered by machine learning. Its AI-powered valuations uncover value drivers that help steer acquisition due diligence, portfolio monitoring, and site selection for institutional lenders and investors in the real estate and financial sectors. Headquartered in Delft, the Netherlands, GeoPhy also has offices in New York, London and Kaunas (Lithuania).

About Index Ventures
Index is a London and San Francisco-based international venture capital firm that helps the most ambitious entrepreneurs turn bold ideas into global businesses. Index-backed companies that are reshaping the world around us include Adyen, Deliveroo, Dropbox, Elastic, Funding Circle and Slack. To learn more, visit www.indexventures.com.

About Inkef Capital
Inkef Capital is an Amsterdam-based venture capital firm that focuses on long-term collaboration and active support of innovative technology and healthcare companies. Inkef Capital was founded in 2010 by Dutch pension fund ABP and with €500 million under management it is one of the largest venture capital funds in the Netherlands. Inkef focuses on investment opportunities in Healthcare, Technology, IT/New Media & FinTech.

About Hearst Ventures
Hearst Ventures is a global investment group that makes strategic investments in fast-growing companies in the media and technology sectors. Since its initial investment in Netscape in 1995, the group has grown to become one of the most active and successful corporate venture funds, with more than $1 billion in strategic investments in companies including BuzzFeed, E Ink, Hootsuite, Pandora, Roku, Via and XM Satellite Radio.

TORONTO, ONTARIO; Jan. 23, 2019 – Zafin, a global leader in customer centric financial services software relied upon by many of the world’s largest financial institutions, has completed a private growth financing that strengthens its balance sheet and will fuel growth and innovation for the company.

“This round of funding will allow Zafin to fully execute on our business plans and strategy,” said Al Karim Somji, Zafin Founder and Group CEO. “We highly value our long-term partners at Vistara Capital and Beedie Capital and are excited to be working with Accenture as we jointly deliver value to our clients in the fields of open banking, core transformation, AI and machine learning.”

Positioning Zafin to achieve its strategic objectives, the funding will help the company execute on its plan for years to come, while expanding its global market share. Zafin has enjoyed strong relationships with Vistara Capital Partners, Beedie Capital and Accenture, and the firms continue to affirm their support for the organization through this financing round. Vistara Capital Partners will further their partnership with Zafin through Randy Garg, Managing Partner at Vistara Capital Partners, holding a seat on Zafin’s Board of Directors.

Alan McIntyre, a senior managing director and head of Accenture’s global banking practice said: “Technology continues to drive changes in consumer behavior and how they prefer to receive products and services from financial institutions. We are pleased to extend our relationship with Zafin and invest in its software solution, which can help enable financial institutions to improve pricing, personalization and product make-up without having to replace their legacy systems – an essential component for many of those not among the top ten players in the market.”

Zafin’s market-leading software and services help power pricing, product and customer strategies for many of the world’s largest financial institutions, providing essential new capabilities along their digital transformation and modernization journeys. The company’s technology platform is designed to modernize and augment legacy IT infrastructures that underpin the financial services industry. Its solutions enable banks to increase revenue generation, drive customer transparency and aid in regulatory compliance, ultimately enhancing their agility and their ability to improve the customer experience and build more personalized and profitable relationships.

“Zafin’s innovative solutions have become increasingly known amongst global banks as the sector continues to go through its technologically driven evolution. Over the past several years of our involvement, it has been very satisfying to see the levels of adoption taking place with many of the world’s most discerning bank customers” said Randy Garg, Founder and Managing Partner of Vistara Capital Partners. “We are delighted to further expand our long-term partnership with Zafin through this latest growth financing round.  With capital and partnerships in place, Zafin is ideally positioned to now accelerate its growth trajectory and become the latest technology success story coming out of Canada.”

“We are excited to continue to expand our partnership with Zafin and look forward to supporting the team through its next phase of growth as a market leader in digital banking solutions,” said David Bell, Director at Beedie Capital.

This funding announcement comes as a follow up to a partial acquisition and strategic alliance between Zafin and Accenture in December 2018.  Further terms of the round were not disclosed.

About Zafin

Established in 2002, Zafin (@Zafin) is a worldwide leader in financial services software that drives relationship pricing, bundling and rates management strategies for global financial institutions. Built from the ground up for financial services, its platform empowers financial institutions to increase revenue and efficiency by modernizing legacy infrastructure and enables financial institutions to build more personalized and profitable client relationships. Headquartered in Toronto with offices around the globe, Zafin is trusted by some of the world’s largest retail and corporate banks to provide more compelling products and experiences to their clients. For more information about Zafin, visit zafin.com.

About Vistara Capital Partners

Headquartered in Vancouver BC, Vistara Capital Partners provides highly flexible and tailored growth capital solutions for technology companies across North America. Founded, managed, and funded by seasoned technology finance and operating executives, “Vistara” (Sanskrit for “expansion”) is focused on enabling the growth and expansion of its portfolio companies. Additional information is available at www.vistaracapital.com.

London-based fintech business lender Marketinvoice has today closed a £56m round made up of equity and debt funding, led by Barclays and Santander‘s venture arm Innoventures.

The series B-stage equity funding, which amounted to £26m, also received significant participation from European venture capital firm Northzone, which has previously backed the likes of Spotify, Trustpilot and fellow fintech lender Zopa.

The remaining amount raised is a debt facility of up to £30m, provided by Israeli fund Viola Credit. Marketinvoice said this funding will be used to scale its business lending solution, which works alongside its core invoice financing operation.

Established in 2011, the series B round takes Marketinvoice’s total equity funding to date to more than £45m.

The news comes after Barclays took up a minority stake in the fintech firm in August last year, as part of a partnership deal that gave Barclays’ small business customers access to lending through Marketinvoice’s platform.

Investment will accelerate Fractal’s path to a $1 billion-revenue company in the AI space

New York, London & Mumbai, January 16, 2019: Funds advised by Apax Partners (the “Apax Funds”) have today announced a definitive agreement to invest USD 200m for a significant minority stake in Fractal Analytics, a global provider of AI to Fortune 500 clients. The transaction, which consists of a secondary stake acquired from existing shareholders and a primary investment into the business, is expected to close by February 2019.

Founded in 2000 with the vision of powering every human decision in the enterprise, Fractal Analytics is a strategic analytics & AI partner to the most admired Fortune 500 companies globally. The company will use the investment by the Apax Funds to accelerate growth, both organically and through M&A, and to invest further in AI products and research.

Srikanth Velamakanni, Co-founder, Group Chief Executive and Executive Vice-Chairman of Fractal Analytics, said: “We are making progress on our goal to build a $1 billion-revenue company in the AI space thanks to our relentless focus on serving Fortune 500 companies globally in enabling an AI-led digital transformation in their businesses. We have been fortunate to have the backing of supportive investors in Khazanah Nasional, TA Associates and Mr. Gulu Mirchandani in this journey. We are excited about our new partnership with Apax Partners, who have an enviable track record of building scaled new-age tech services companies.”

Pranay Agrawal, Co-founder and CEO of Fractal Analytics, said: “The demand for AI is surging across the enterprise. Our AI solutions and globally-recognized team of experts empower these organizations to realize and maximize their full potential. The investment from the Apax Funds will accelerate our ability to scale and meet this rising demand globally. It also establishes Fractal Analytics as one of the world’s most well-funded AI providers.”

Rohan Haldea, Partner at Apax Partners, said: “The data and analytics sector is attractive and growing rapidly as companies increasingly see it as a core strategic function of their business. We are delighted to partner with Fractal Analytics who are extremely well-regarded in this space due to their cutting-edge advanced analytics and AI capabilities which help their blue-chip client base solve complex problems. Srikanth and Pranay have done an excellent job building a differentiated company with a clear vision. We look forward to working with them to scale the business further.”

Shashank Singh, Partner at Apax Partners, said: “We are keen to partner with successful companies, like Fractal Analytics, that have become global leaders. Fractal’s strong culture, which fosters employee engagement and innovation, has played a significant role in driving its success. Notably, its ability to attract high-quality data science and engineering talent has allowed the company to stay at the forefront of the rapidly-evolving analytics space.”

Chinta Bhagat, Head of Khazanah in India and chairman of Fractal, said “Khazanah is proud to have been Fractal’s largest shareholder during a period in which it scaled up rapidly into a leading global analytics player. In addition to providing growth capital, Khazanah worked closely with Fractal on streamlining the board, supporting product innovations, and bringing Fractal’s capabilities to Khazanah’s portfolio companies. We wish everyone at Fractal the very best as it embarks on its next stage of growth, and look forward to being supportive partners over the coming years”.

The Apax Funds investment in Fractal Analytics will be its 12th in the Tech Services space globally. Apax has significant experience in partnering with and growing technology services business, such as ThoughtWorks, GlobalLogic, Zensar and EVRY, and will leverage this expertise to help Fractal scale further.

About Fractal Analytics

Founded in 2000, Fractal Analytics is a strategic analytics partner to the most admired Fortune 500 companies globally and helps them power every human decision in the enterprise by bringing analytics & AI to the decision-making process.

Fractal has built several cutting-edge AI product startups within its ecosystem across industries, including:

 – Qure.ai to transform how radiologists make diagnostics’ decisions. Qure’s qXR solution is the first AI-based Chest X-Ray interpretation tool to receive CE certification. Qure’s recently-launched qER solution for interpreting head CT scans has been proven to have more than 95% accuracy in identifying abnormalities.

 – Cuddle.ai to transform how executives make tactical and operational decisions. Cuddle automatically alerts users on what they need to know about their business and allows them to ask questions about their business in natural language.

 – Trial Run to improve strategic and operational decisions. Trial Run is a cloud-based experimentation platform that enables companies across verticals to test, measure and refine strategies before rollout.

Fractal has more than 1,200 consultants spread across 15 global locations including the United States, UK and India. Fractal has been featured as a leader in the Customer Analytics Service Providers Wave™ 2017 by Forrester Research, a Great Place to Work by The Economic Times in partnership with the Great Place to Work® Institute and recognized as a ‘Cool Vendor’ and a ‘Vendor to Watch’ by Gartner. For more information: www.fractalanalytics.com

About Apax Partners

Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history, Apax Partners has raised and advised funds with aggregate commitments of over $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Media Contacts

For Fractal Analytics:

Global Media: Sharmila Shah | sharmila.shah@fractalanalytics.com

USA Media: Chris Harihar | chris@crenshawcomm.com

For Apax Partners:

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com

USA Media: Todd Fogarty, Kekst | +1 212-521 4854 | todd.fogarty@kekst.com

UK Media: James Madsen / Matthew Goodman, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

Notes to Editors

London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

Vistara Capital Partners is proud to announce our investment in CoolIT Systems, the leader in modular liquid cooling technology targeted at data centers. This investment, made by the Vistara Technology Growth Fund III LP, is expected to bolster CoolIT’s anticipated growth as the demand for liquid cooling technology continues to rise.

CALGARY, AL – CoolIT Systems, the world leader in modular, scalable data center liquid cooling technology, has partnered with Vistara Capital Partners as the company expands production capacity to service new and existing global data center customers.

Vistara’s investment was made by the recently announced Vistara Technology Growth Fund III LP, a USD$100 million fund focused on providing flexible and tailored debt financing for technology companies across North America.

“With our order backlog expanding by 400% in the last year, access to additional capital is critical for continued success,” said CoolIT Systems CFO, Peter Calverley. “With the creative financing package provided by Vistara the financial foundation is in place for 2019 to be another year of significant growth in data center liquid cooling sales for CoolIT.”

“CoolIT Systems is at an exciting inflection point, managing a significant expansion of their business as liquid cooling is experiencing accelerated adoption by data center OEMs and operators,” said Vistara Partner, Noah Shipman. “Investment structures that efficiently facilitate growth over time is a hallmark of Vistara. We are thrilled to invest in and support another emerging Canadian technology leader.”

About Vistara Capital Partners

Headquartered in Vancouver BC, Vistara Capital Partners provides highly flexible and tailored technology growth capital for tech companies across North America. Founded, managed, and funded by seasoned technology finance and operating executives, “Vistara” (Sanskrit for “expansion”) is focused on enabling the growth and expansion of its portfolio companies. Additional information is available at www.vistaracapital.com.

About CoolIT Systems

CoolIT Systems specializes in scalable liquid cooling solutions for individual servers through to the world’s most demanding data centers and HPC systems. Through its modular, rack-based Direct Liquid Cooling technology, Rack DCLC™, CoolIT enables dramatic increases in rack densities, component performance and power efficiencies. From Passive Coldplate Loops specifically designed for the latest high TDP processors from Intel, NVIDIA and AMD, to Rack Manifolds and Coolant Distribution Units (CDUs), CoolIT’s reliable technology installs into any server or rack, ensuring ease of adoption and maintenance. For more information about CoolIT Systems and its technology, email or visit https://www.coolitsystems.com/.

NEW YORK — January 16, 2019 — Infor, a global leader in business cloud software specialized by industry, today announced an agreement to receive a $1.5 billion investment from shareholders Koch Equity Development, LLC (KED) and Golden Gate Capital.

This investment builds on KED’s investment of more than $2 billion in early 2017, and it represents an important milestone as Infor considers a potential IPO in 2019 or 2020, subject to market conditions.

“Koch and Golden Gate Capital have been phenomenal partners for Infor, and all of our 17,300 employees are excited about this milestone as we prepare for the next stage of growth,” said Charles Phillips, CEO of Infor.

Under Phillips’ leadership, and over the course of Infor’s partnership with KED and Golden Gate Capital, Infor has invested approximately $2.5 billion in product design and development over the last five years and delivered more than 475 new products, 1,870 integrations, and 20,700 industry features in its CloudSuite product line. Infor CloudSuite is now the only fully multi-tenant ERP suite spanning front and back office applications, as well as logistics with global support (in terms of languages, currencies, and localizations).

“Koch was a customer of Infor before we became an investor in the Company, and Koch Industries’ companies continue to move their most mission critical applications to Infor CloudSuites,” said Jim Hannan, Koch Executive Vice President and CEO of Enterprises for Koch Industries, Inc. “Infor’s innovative products have helped lead our digital transformation as we continue to deploy them globally for 120,000 employees.”

With over $3 billion of revenue in fiscal year 2018, Infor became the first company to move mission critical ERP application suites to public clouds for entire industries. Infor’s CloudSuites are the foundation for digital transformation for more than 9,500 customers in 110 countries. Infor applications span financials, manufacturing, supply chain, human resources, and customer relationships.

Over the last five years, Infor has consistently gained market share in cloud applications, and 70% of its software license revenue is now derived from cloud applications.

Fundamental to Infor’s strategy is its ability to engineer each CloudSuite for a specific industry. Infor eliminates the need for expensive customizations and runaway consulting engagements. Customers routinely lower costs by 25% or more by retiring mods, eliminating big bang upgrades, and reducing infrastructure costs after moving to CloudSuite.

Infor has expanded its presence in key industries such as healthcare, manufacturing, retail, the public sector, and hospitality. Over 72% of all hospitals in the U.S. run Infor applications, as well as 19 of the top 20 automotive suppliers and 8 of the top 10 fashion brands.

“Companies see the value in shifting their enterprise applications to the cloud but can’t make that transition until critical industry features are replicated there. Infor built these previously bespoke features as standard cloud services and now has access to valuable data across business functions to build predictive analytics and insightful correlations on our Coleman AI platform,” said Phillips.

Infor CloudSuite is also future proofed for innovation. Infor applications run on public scale clouds and open source infrastructure not tied to a single data store and scale out at lower costs using commodity compute and storage on demand. Vertical integration is a legacy of on-premise computing, and modern applications leverage global, commodity infrastructure.

Leadership Quotes

“Infor has undergone a remarkable evolution over the years. We remain strong supporters of the Company’s strategy and leadership team as they pursue their next phase of growth and continue to enhance the operations of businesses across a range of sizes and industries,” said David Dominik, Managing Director of Golden Gate Capital, which made its first investment in Infor in 2002.

“Koch continues to be impressed with Infor’s hyper-scaled, versatile technology, both as an investor, and as a customer of their software solutions,” said Matt Flamini, KED’s President. “Our confidence in the Infor team comes not only from their financial performance, but from the real world results we’re seeing as we implement Infor solutions throughout Koch Industries.”

“Infor’s emphasis on innovation and commitment to delivering solutions to its customers underpins the success of CloudSuites, which offers an unparalleled combination of industry-specific functionality and scalability. We are extremely excited about the opportunity ahead as the Company continues to deliver transformative new products and features,” said Rishi Chandna, Managing Director of Golden Gate Capital.

“Infor has used its partnership with Koch as an opportunity to co-innovate across the wide range of industries in which we operate,” said Brett Watson, Senior Managing Director of KED. “This investment is the result of a shared vision to continue creating innovative solutions that help companies operate more efficiently and effectively.”

About Infor

Infor is a global leader in business cloud software specialized by industry. With 17,300 employees and over 68,000 customers in more than 170 countries, Infor software is designed for progress. To learn more, please visit www.infor.com.

Infor customers include:

• 19 of the top 20 aerospace companies
• 9 of the top 10 high tech companies
• 18 of the 25 largest U.S. healthcare delivery networks
• 18 of the 20 largest U.S. cities
• 19 of the top 20 automotive suppliers
• 17 of the top 20 industrial distributors
• 15 of the top 20 global retailers
• 4 of the top 5 brewers
• 17 of the top 20 global banks
• 9 of the 10 largest global hotel brands
• 8 of the top 10 global luxury brands

About Koch Equity Development, LLC (KED)

With offices in Wichita and London, KED focuses its efforts on strategic acquisitions and industry agnostic principal investments. Significant principal investments completed include Getty Images, Global Medical Response, Meredith/Time Inc., Solera Holdings Inc., The ADT Corporation, and Transaction Network Services. Since 2012, KED has invested more than $10 billion of equity in principal investments.

Since 2003, Koch companies have invested nearly $100 billion in acquisitions and other capital expenditures. With a presence in 50 countries, Koch companies employ nearly 120,000 people worldwide, with about 65,000 of those in the United States. From January 2009 to present, Koch companies have earned more than 1,300 awards for safety, environmental excellence, community stewardship, innovation, and customer service.

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Other notable software investments sponsored by Golden Gate Capital include BMC Software, Vector Solutions, Neustar, Inc., LiveVox, and 2020 Technologies. For more information, visit www.goldengatecap.com.

Contact Information

Sharon Sulc
Infor
614.537.6634
sharon.sulc@infor.com

Rob Carlton
KED | Koch Communications and Marketing
316.828.4070
Rob.Carlton@kochcm.com

Jenny Gore | Alyssa Lorenzo
Golden Gate Capital | Sard Verbinnen & Co.
312.895.4700 | 310.201.2040
JGore@sardverb.com | ALorenzo@sardverb.com