Tag Archives: Software

Checkly secures $20M to slash website downtime via code-based monitoring

Balderton

The Series B was led by Balderton, with existing investors Accel, CRV and Paul H Müller returning, and follows Checkly being named a Gartner Cool Vendor.

 

Founded in 2020, Checkly is on a mission to enable engineers to detect and resolve issues 10x faster through code-first synthetic monitoring that helps engineering teams through a code-first workflow. Checkly provides the most effective solutions for developers for proactive issue detection, before users even realize there’s a problem. In today’s 24/7 world, quick detection and resolution of issues is business critical both to prevent costly downtime and to meet customer expectations. Yet very few engineers have access to full observability and monitoring tools, and many of these tools still run in silos, managed separately from the app or API’s code. This disconnect means the average time to repair faults is more than an hour for most businesses (82%).

 

Checkly approaches monitoring and observability with a fresh perspective. Monitoring as Code means empowering developers to own the reliability of their services, APIs, and applications. This shrinks both time to resolution and the cost of observability. Some of the world’s most sophisticated software companies, like Vercel and commercetools, appreciate the significance of this shift and are valuable customers. All of us at Balderton are deeply impressed with what Hannes and the team have already achieved and are grateful to be on the journey together.

Colin HannaPartner, Balderton Capital

Proactive and purpose-built

By integrating advanced, proactive and purpose-built synthetic monitoring tools inside repositories, Checkly ensures monitoring is always in sync with the latest code changes. Engineers and developers can simulate user interactions continuously in 20+ remote locations worldwide using automated Playwright scripts, and get automatic, real-time, accurate alerts alongside detailed insights that help them turn alerts into action. This not only makes it easier for developers to track and manage everything in one place, but it helps catch issues early, without the usual delays and false positives seen with legacy tools. All while empowering the DevOps team to understand and own the monitoring of their services.

Checkly’s developer-first approach is tightly integrated, and up to 80% cheaper than legacy tools and is being used by more than 1,000 customers. Thousands of developers run 32.5M million checks on the Checkly platform each day and the platform has seen 3x growth among enterprise customers.

The monitoring and observability market is expected to grow 11.7% to $4.1bn by 2028 as downtime becomes ever more critical to businesses and Checkly has rapidly become one of the industry’s leading challengers of legacy systems, recently named a Gartner Cool Vendor 2023. This recognition followed Checkly’s Monitoring as Code being named an emerging practice in two Gartner Hype Cycles – Monitoring and Observability Hype Cycle and SRE Hype Cycle. Checkly’s co-founders CEO Hannes Lenke, Chief Evangelist Tim Nolet, and COO Timo Euteneuer have deep understanding of the software development cycle and proven experience in building companies in web monitoring and observability.

With the new funding, Checkly plans to grow its teams, expand its reach, and further develop its code-first monitoring platform to support even faster remediation. It brings Checkly’s total funding to $32.25M and will see Balderton Capital Partner, Colin Hanna join Checkly’s board of directors, bringing insights and expertise to the company’s growth.

 

 

Introducing Checkly Traces

In conjunction with the funding announcement, Checkly is unveiling its new Checkly Traces feature which will help engineers resolve issues even faster by connecting synthetics with tracing. In this way, engineers will have immediate insight into failures and will no longer need manual data correlation.

 

Today, only a fraction of engineers have access to observability and monitoring tools, many of which don’t give modern development teams the insight, speed, scale or accuracy they need. At Checkly, we bring monitoring to where Engineering teams live and work – inside their code repositories. Monitoring as Code is the best way for teams to own and automate their monitoring. With our funding news, and the announcement that we’re uniting synthetics with  Checkly Traces, we’re thrilled to be able to continue empowering engineers to detect and resolve issues faster and easier than ever before.

Hannes LenkeCEO and founder, Checkly

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Studio Designer Acquires Mydoma to Provide a Single Business Management Software Solution for Designers at All Stages of Growth

Serent Capital

 

Studio Designer a leading business management software platform for interior designers, announced it has acquired Ottawa, Canada-based Mydoma, a leading project management and design business platform for interior designers. Together, Studio Designer and Mydoma support nearly 20,000 interior designers across the United States and Canada, creating the design industry’s #1 business management software platform for residential designers.

Studio Designer features integrated project management, time-billing, and payment solutions with a full GL accounting system. More designers, bookkeepers, and accountants leverage Studio Designer than any other solution to perform an expansive set of functions from creating the first client presentation to accounting for the final invoice. This is why Studio Designer is relied upon by more than 15,000 designers, including many of the industry’s largest and most well-regarded firms including Ken Fulk, Pembrooke & Ives, and Nate Berkus.

Mydoma’s focus on delivering exceptional solutions for lead generation, project management, and time tracking has led the company to great success, particularly with smaller firms or those that have recently formed. Studio Designer and Mydoma together will work to support design firms at every stage of their journey, from Day 1 to AD100.

“For over 30 years, Studio Designer’s mission has been to empower designers’ creativity with innovative digital solutions. Sarah and the entire Mydoma team share this mission. We look forward to working together to develop new tools that will enable designers to create beautiful work, while running successful, profitable businesses, at every stage of their design careers. We are incredibly excited to bring Mydoma into the Studio Designer family,” Keith Granet, Founder and CEO of Studio Designer.

The two companies will form one of the largest product, technology and service team dedicated exclusively to creating business management software solutions for interior designers. This will translate to greater capabilities to deliver new, innovative features to designers, and provide even greater levels of customer support and design business education opportunities. By incorporating Mydoma into Studio Designer’s expansive product and service offerings, design firms of all sizes and stages of growth will find a solution that enables them to operate at their best.

“As a former interior designer, I was inspired to create Mydoma to solve the challenges that I experienced firsthand running my own firm. Over the last ten years, we are proud to have built an industry-leading product used by thousands of designers across the US and Canada. We are thrilled to join Studio Designer, who shares our values and mission to enable designers to spend less time managing, more time designing. Our future is bright as part of the Studio Designer community,” Sarah Daniele, Founder and CEO of Mydoma.

About Studio Designer

With over 15,000 users and three decades of experience, Studio Designer is the interior design industry’s leading business management platform. Our end-to-end solution seamlessly integrates project management, design tools, client collaboration, product sourcing, and designer-specific accounting software. Studio Designer empowers interior design firms of all sizes to grow their businesses, deliver exceptional client experiences, and create beautiful, impactful work.

About Mydoma

Mydoma is the premier platform for interior designers that helps them spend less time managing and more time designing. From project management to automating accounting and everything in between, Mydoma gives interior designers the tools they need to run a successful business. In addition to its beloved platform, Mydoma provides education, events, and a safe space for its community of designers across all stages of their professional journey.

 

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. Learn more about our portfolio companies.

Other News at Serent Capital

At Serent Capital, we work hard to create effective and longstanding growth with all our portfolio companies. Here’s what we’ve been up to recently.

Disclaimer:

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Serent Capital or any company in which Serent Capital or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Serent Capital does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Serent Capital’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision.
Executive endorsements of Serent Capital are for illustrative purposes, designed to attract business development contacts, and should not be construed as a client or investor testimonial of Serent Capital’s investment advisory services. All such endorsements are from current or former portfolio company leadership about Serent Capital’s ability to provide services to their companies. Certain executives are also investors in Serent Capital’s investment vehicle(s), and as such, there is an inherent conflict in that those executives have an incentive to provide favorable reviews of Serent Capital’s business practices for the benefit of the investment vehicles that they hold a personal ownership interest in. Serent Capital has not, directly or indirectly, paid any compensation to such individuals for their endorsements.
Certain information on this Website may contain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. Serent Capital undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Past performance is not indicative of future results; no representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

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Ardian arranges a unitranche financing to support leading software publisher Arche MC2 Group

Ardian

Ardian, a world leading private investment house, today announces the arrangement of a unitranche facility to refinance the existing debt of Arche MC2 Group. The financing package also includes a dedicated line to enable the group in accelerating its external growth strategy.

Headquartered in Aix-en-Provence, France, Arche MC2 Group is the leading software publisher for social care in France. The Group is spearheading the digitalization of the sector by providing cutting-edge and mission-critical solutions across the value chain, serving a diversified base of both public and private customers.

The Group has demonstrated an impressive growth trajectory, with sustained organic performance and transformative acquisitions completed over recent years, under the leadership of its current management team and with continued support from its shareholders, led by Activa Capital.

”I am pleased with this new backing from Ardian, which highlights Arche MC2 Group’s commitment and capability to pursue its growth trajectory both organically and through acquisitions.” Guillaume Bouillot, President of Arche MC2 Group

”We are excited to partner with Arche MC2 Group on this new growth chapter,  together with its management team and shareholders. The Group has demonstrated its ability to grow both organically and through acquisitions, and we believe that our tailor-made financing solution is well suited to its ambitious strategy for the coming years.” Gregory Pernot, Co-Head of Private Credit France & Managing Director, Ardian

”This new critical phase for Arche MC2 Group aligns with our commitment to supporting ambitious entrepreneurs in innovative services, aiding them in accelerating their group’s growth trajectory.” Christophe Parier & Alexandre Masson, Managing Partners, Activa Capital

PARTICIPANTS

  • ARCHE MC2

    • ACTIVA CAPITAL: CHRISTOPHE PARIER, ALEXANDRE MASSON, FRÉDÉRIC SINGER, ELLIOT THIÉBLIN
    • TURENNE SANTÉ: MOUNIA CHAOUI, GRÉGORY DUPAS
    • ARCHE MC2: GUILLAUME BOUILLOT, JEAN-MARC DOUCET
    • FINANCIAL ADVISOR: EDMOND DE ROTHSCHILD CORPORATE FINANCE (ARNAUD PETIT, PAUL ASSAËL, LAURENT NEUBAUER, CARLOS MARTINEZ, PIERRE-LOUIS ANAYA)
    • FINANCIAL DUE DILIGENCE: PWC (DAVID WILLEMS, ARNAUD STENGER, HAJAR BENCHIKAR)
    • LEGAL ADVISOR (CORPORATE & TAX): HOGAN LOVELLS (STÉPHANE HUTEN, LUDOVIC GENESTON, ALEXANDRE JEANNEROT, GUILLAUME LABRUNIE, MARYLL PIZZETTA)
    • LEGAL ADVISOR (FINANCING): DE PARDIEU BROCAS MAFFEI (SÉBASTIEN BOULLIER DE BRANCHE, ERYK NOWAKOWSKI)

  • ARDIAN

    • GRÉGORY PERNOT, MELCHIOR HUET, ADÉLAÏDE HOMOLLE
    • LEGAL ADVISOR (FINANCING): WILLKIE FARR & GALLAGHER (PAUL LOMBARD, RALPH UNGER, PAULINE SARDA)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Docupace Announces Strategic Majority Investment from Genstar Capital

Investment Empowers Next Stage of Growth and Innovation for Leading Software Platform Focused on Digitizing Wealth Management Operations

Holmdel, NEW JERSEY – Docupace, a leading provider of software to streamline back-office operations of wealth management enterprises and financial advisors, today announced a strategic majority investment from Genstar Capital (“Genstar”), a leading private equity firm focused on investments in targeted segments of the financial services, software, industrials and healthcare industries.

“Genstar’s investment is a testament to our belief that Docupace is transforming how critical work – new account opening, client onboarding, workflow, compliance, compensation, advisor transitions, data gathering and client engagement – gets done in wealth management enterprises,” said Docupace Chief Executive Officer David Knoch. “We are excited to welcome Genstar as a strategic investor as we further improve the operational experience for clients, financial advisors, their staff, and home office team members. This recapitalization positions Docupace to continue leading the back-office revolution and to seize the substantial growth potential that lies ahead.”

This significant investment makes Genstar the majority investor of the fast-growing technology innovator. FTV Capital (“FTV”), which made a growth investment in the company in 2020, will remain a minority investor in Docupace.

“We’ve been following Docupace’s transformation for several years, and we are proud to partner with Docupace and its management team on the next chapter of growth,” said Sid Ramakrishnan, Director at Genstar Capital. “The wealth management ecosystem is highly and ever-increasingly complex, and firms need scalable operations that serve financial advisors and their clients. Docupace has a proven track record of delivering purpose-built software solutions that transform the operations of the back-office. We look forward to partnering with David and his team to advance Docupace’s platform and accelerate growth, both organically and inorganically, and to continue delivering value to clients.”

Under FTV’s ownership, Docupace has grown into the leading platform for wealth management operations. Each workday, more than 130,000 electronic documents are processed and delivered, more than 62,000 work items are completed and nearly 10,000 new client accounts are opened using Docupace products and solutions. With the acquisitions of jaccomo and PreciseFP in 2021, the company expanded its platform solutions into compensation, compliance, and digital client data gathering, respectively.

This transformation has generated significant accolades and attention. In the first half of 2024, Docupace was named Best Onboarding Product by WealthTech Americas; won gold, silver and bronze at the 2024 Stevie Awards, and was named finalist twice – Best-as-a-Service Solution at the Banking Tech USA Awards and WealthTech of the Year at the 2024 InvestmentNews Awards.

“It has been incredible to partner with David, Michael (founder) and the team on Docupace’s momentous journey of growth and transformation,” said Robert Anderson, partner at FTV Capital. “Over the last four years, we’ve built a world-class organization that has driven consistent growth and meaningfully enhanced the Docupace platform to serve an expanding client base. Docupace has become synonymous with the ‘digital back-office’ across the wealth management landscape, and we can’t wait to celebrate many more exciting milestones in the years ahead.”

Financial Technology Partners (FT Partners) served as exclusive financial advisor and Gibson Dunn served as legal counsel to Docupace. RBC Capital Markets served as financial advisor and Ropes and Gray served as legal counsel to Genstar. The transaction is expected to close in the third quarter of 2024, subject to the receipt of regulatory approvals and the satisfaction of other closing conditions. The terms of the transaction were not disclosed.

About Docupace

Docupace is a solutions provider focused on digitizing and automating operations in the financial advice and investment industry. Financial services firms use the Docupace Platform (a cloud-based, integrated software suite) to reduce back-office expenses, improve efficiency, strengthen recruiting, and enhance the experience of advisors and investors. With headquarters in Holmdel, New Jersey, Docupace is proud to serve some of the largest independent broker-dealers and registered investment advisers (RIAs) in the financial services industry.

For more information, please visit www.docupace.com.

About Genstar Capital

Genstar Capital (www.gencap.com) 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 $49 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, software, and healthcare industries.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in enterprise technology and services and financial technology and services. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 140 portfolio companies, including Derivative Path, EBANX, Masttro, Patra, True Potential and Vagaro, and successfully exited/partially exited companies including Centaur (acquired by Waystone Group), Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Tango Card (acquired by Blackhawk Network) and VPay (acquired by Optum). FTV has offices in New York, San Francisco, Connecticut and London.

For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

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Accountor And Vitruvian Announce KKR Investment To Support Next Chapter Of Growth

KKR

Finland, 19 July 2024: Accountor Software, a leading provider of mission critical business software in Finland and Sweden, and selling majority shareholder Vitruvian Partners, today announced that KKR, a leading global investment firm, has agreed to acquire a majority stake in Accountor. Financial terms of the transaction, which is subject to customary closing conditions, were not disclosed. Vitruvian Partners have retained an option to re-invest into Accountor.

Accountor Software provides cloud financial management and human capital software to over 130,000 customers in the Nordics. Customers of Accountor use its solutions in a wide range of use cases including automating accounting workflows, processing invoices, keeping a record of employee data and digitizing payroll. Accountor serves its customers directly as well as via a leading network of accounting offices and partners. It has a track record of strong performance with 10 years of uninterrupted growth at 19% CAGR and revenues of €132m for the year to May 2024.

Under Vitruvian ownership, Accountor has undergone a programme of long-term growth investment and strategic product portfolio evolution, which recently reached a conclusion with the sale of Accountor’s outsourcing business to Aspia. As a result, Accountor now holds a unique position as the leading pure-play business software champion in Finland and Sweden, with ample growth opportunities across the Nordic region and beyond. Going forward, Accountor will leverage KKR’s expertise in scaling high-growth software companies to enhance its value proposition for customers in Finland and expand internationally. KKR will also work with the company to implement a broad-based employee ownership program to help further motivate and engage the Accountor team to accelerate its growth.

Mikko Soirola, CEO of Accountor Software, commented: “We are delighted to welcome KKR as our new strategic partner. KKR is one of oldest, largest and most successful global investment firms and its investment in Accountor is a testament to our track record of achieving profitable growth through delivering world class and mission critical solutions to our customers. We are grateful for the active and invaluable support we have received from Vitruvian over the last couple of years in accelerating our growth journey to become one of the leading financial and HR management software businesses in the Nordics. We look forward to continuing our journey with KKR’s support”.

 

Jussi Wuoristo, Partner at Vitruvian Partners, added: “We are very pleased with the exceptionally strong development that the Accountor management and employees have achieved over the years. Since our investment, Accountor has multiplied in size and become a leading software business through a combination of organic growth and strategic acquisitions as well as select divestments. Accountor’s growth over the past years has been truly remarkable and we look forward to following their continued success.”

 

Hans Arstad, Managing Director and Head of Private Equity in the Nordics, said: “We are excited to back Accountor Software on their continued growth journey. We have been impressed with the company’s strong standing in the Finnish market, and see significant potential to expand that across the Nordics and beyond. We look forward to supporting the company going forward.”

KKR brings significant expertise in scaling SaaS businesses and European software providers focused on SMEs, with a strong track record of working with management teams to deliver growth. KKR’s investment in Accountor builds on a track record of supporting category leading European software companies including Cegid, Contabo, Darktrace, Exact, Körber Supply Chain Software, and Visma.

KKR has been investing in the Nordics since 2007 and opened an office in Stockholm in 2021. KKR has deployed over €6bn of equity into businesses with more than €30bn combined Enterprise Value, including leading Nordics businesses such as Söderberg & Partners, Sector Alarm and Visma, supporting their wider expansion in the region and internationally. KKR is making the investment in Accountor through its European Fund VI.

 

About Accountor

Accountor specialises in cloud financial management and human capital software. Our mission is to help our customers use the possibilities of modern technology and digitalization in their everyday work. Accountor is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. The group’s headquarters is in Espoo, Finland.

About Vitruvian Partners

Vitruvian is a leading international investment firm with nine offices in Europe, the USA and Asia. Vitruvian focuses on dynamic situations characterized by rapid growth and change across industries. Vitruvian has backed over 80 companies and has assets under management of over €15 billion. Notable investments include global market leaders and innovators in their field such as Just Eat, EasyPark, CRF Health, Farfetch, Darktrace, Trustpilot, Marqeta, TransferWise, Skyscanner and others. Vitruvian has a strong presence in the Nordics with a Stockholm office established in 2011 and a track record of fifteen investments across the region, including Accountor, Benify, CRF Health, Easypark, Just Eat and Trustpilot. For more information, visit www.vitruvianpartners.com.

 

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing worldclass people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKRs website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

 

Accountor

Katarina Ylikorkala
katarina.ylikorkala@finago.com
+358503870635

 

 

Vitruvian Partners

Siobhan Loftus

siobhan.loftus@vitruvianpartners.com

 

KKR

Alastair Elwen / Jack Shelley

FGS Global

+44 20 7251 3801

KKR-LON@fgsglobal.com

 

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Genstar Capital & TA Partner with AffiniPay Management to Drive Next Chapter of Growth

TA associates

Additional Investment and Resources to Accelerate AffiniPay’s Expansion and Growth in Practice Management Software and Embedded Financial Services

SAN FRANCISCO and BOSTON – Genstar Capital (“Genstar”) and TA Associates (“TA”) announced today that the parties have entered into an agreement for Genstar to make a significant investment in AffiniPay, a leading provider of practice management software, integrated payments and embedded fintech for professionals across the legal, accounting, and professional services end markets. TA has been an investor in AffiniPay since 2020 and will continue to retain a meaningful stake in the company. Upon completion of the transaction, funds advised by Apax, which currently hold a minority position in AffiniPay, will fully exit their investment.

Headquartered in Austin, TX, AffiniPay has more than 500 employees and serves over 245,000 customers through industry-specific solutions, including: MyCase, CASEpeer, and Docketwise, leading practice management software applications for the legal industry; LawPay, a marquee payments platform for the legal industry; and CPACharge, a leading payments platform for the accounting industry. With this incremental investment, AffiniPay plans to continue its commitment to innovation and excellence by extending its already comprehensive suite of practice management software and embedded fintech solutions.

“We are thrilled for this next chapter with TA and Genstar,” said Dru Armstrong, CEO of AffiniPay. “Since I joined AffiniPay in 2021, we’ve had incredible momentum and it’s been so rewarding to influence how core system of record software combined with financial technology can benefit our customers and push the operations of the legal and accounting industries forward. The support of Genstar and TA will allow us to continue investing in our practice management software and embedded financial services platform for professionals.”

Eli Weiss, Managing Partner of Genstar, commented, “Genstar has a long history of investing in industry-leading vertical software and payments companies. We are excited about AffiniPay’s growth trajectory given its leading market position, commitment to innovation, and, we believe, strong management team. Alongside TA, Genstar looks forward to helping the Company extend its leadership in software and fintech while enabling new avenues of growth, through investments in new products and verticals.”

“Since our investment in 2020, AffiniPay has realized meaningful organic growth and strategically enhanced its offerings, empowering professionals with solutions that increase productivity and reinforcing its position as an industry leader. Genstar’s new investment demonstrates the strength of AffiniPay’s strategy and the continued opportunity that lies ahead. We look forward to deepening our partnership with the AffiniPay management team and collaborating closely with Genstar to further accelerate the Company’s growth journey,” said Roy Burns, Managing Director of TA and Clara Jackson, Director of TA.

Lazard and Raymond James served as financial advisors to AffiniPay and TA. Goodwin Procter LLP, provided legal counsel to TA. Ropes & Gray LLP, provided legal counsel to Genstar.

About AffiniPay
AffiniPay is a market leader in practice management software and online payments for professionals serving legal, accounting, architectural, engineering, and construction firms. AffiniPay has been recognized as one of Inc. 5000’s fastest-growing companies for 12 years in a row. Each of its brands leads the market it serves with solutions purpose-built by industry including LawPay, MyCase, CASEpeer, Docketwise, CPACharge, and AffiniPay for Associations. AffiniPay’s solutions are trusted by more than 245,000 legal & accounting professionals with more than 150 strategic partnerships and endorsements, including the American Bar Association and the American Institute of Certified Public Accountants. Visit affinipay.com to learn more.

About Genstar Capital
Genstar Capital (www.gencap.com) 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 $49 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, software, and healthcare industries.

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong.

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Nasuni Announces Majority Investment Led by Vista Equity Partners at $1.2 Billion Valuatio

Vista Equity

TCV and KKR also Participate as New Investors

BOSTON, July 9, 2024 /PRNewswire/ — Nasuni, a leading enterprise data platform for modern hybrid cloud environments, today announced a strategic growth investment led by Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses. Vista will be joined by TCV and KKR in the new investment, which values Nasuni at approximately $1.2 billion.

The investment will build on Nasuni’s strong momentum disrupting the legacy storage industry to further accelerate product innovation and commercial expansion in the global hybrid cloud market. Further terms of the transaction were not disclosed.

“At Nasuni, we care first and foremost about the success of our customers, partners, and employees,” said Paul Flanagan, CEO of Nasuni. “We are maniacal about our commitment to delivering quality in every aspect of our business and interaction with our customers. This investment and our strategic partnership with Vista, TCV, and KKR will allow us to build upon that commitment, scale with purpose and continue to innovate as we look to take Nasuni to the next level.”

Nasuni’s success to-date includes award winning technology, top decile customer retention rates, industry leading NPS scores, and a consistent 30% growth rate in a market that is rapidly expanding with the advent of hybrid cloud and AI. Nasuni’s data platform is used by over 850 companies spanning 70 countries, and is in use by some of the largest enterprises in the manufacturing, consumer goods, and energy industries.

“Nasuni’s platform offers a highly differentiated approach to consolidating, protecting, and managing data at scale with performance that is critical to supporting AI applications and other high-volume data use-cases,” said Martin Taylor, Co-Head of Vista’s Foundation Fund and Senior Managing Director. “We are thrilled to partner with the Nasuni team as they work to help businesses optimize their expanding and complex data needs with solutions that are fast, secure, and highly cost-effective.”

BofA Securities served as the exclusive financial advisor and Goodwin Proctor LLP served as legal advisor to Nasuni. Kirkland & Ellis LLP served as legal counsel to Vista and TCV. KKR is making the investment through its Next Generation Technology III Fund.

About Nasuni

Nasuni is a scalable data platform for enterprises facing an explosion of unstructured data in an AI world.

The Nasuni File Data Platform delivers effortless scale in hybrid cloud environments, enables control at the network edge, and meets the modern enterprise expectation for insight- and AI-ready data. It simplifies file data management while increasing storage access and performance. Its best-in-class file recovery protects customers against a range of cyber threats and eliminates the need for specialized backup and disaster recovery – all while cutting the cost of infrastructure by up to 65%.

Organizations worldwide rely on Nasuni, spanning across the manufacturing, construction, energy, consumer goods, and public sectors. Nasuni’s corporate headquarters is in Boston, Massachusetts, and the company delivers services to over 70 countries. For more information, visit www.nasuni.com.

About Vista Equity Partners

Vista is a leading global investment firm with more than $100 billion in assets under management as of December 31, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.

About TCV

For nearly thirty years, TCV has partnered with global, category-defining, technology companies as a leading growth equity investor. Leveraging its deep industry expertise and strategic resources, TCV’s mission is to provide long-term capital and support to high-quality management teams across their growth journey. Since its founding in 1995, TCV has invested over $20 billion in more than 350 technology companies worldwide and has supported over 150 IPOs and strategic acquisitions, making it one of the most active technology investors. Select investments include Airbnb, AxiomSL, Built, CCC Intelligent Solutions, Celonis, Clio, Cradlepoint, ETQ, ExactTarget, Expedia, Facebook, Fandango, Genesys Software, GoDaddy, GoFundMe, HomeAway, Miro, Netflix, Nubank, OneSourceVirtual, Prodege, Qonto, Relex, Revolut, SilverPeak, Splunk, Sportradar, Spotify, Toast, Twillio, and Zillow. TCV has a global presence in Menlo Park, New York, London and Melbourne. For more information on TCV and its investments, visit tcv.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing worldclass people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Contacts

Nasuni
Kristin Concannon
kconcannon@nasuni.com
617-416-2873

Vista Equity Partners
Brian W. Steel
media@vistaequitypartners.com
212-804-9170

TCV
marketing@tcv.com

KKR
Liidia Liuksila
media@kkr.com

SOURCE Nasuni

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AnaCap in exclusivity talks to acquire Cleva, a leading insurance software solutions provider from Inetum

Anacap

AnaCap, a market-leading private equity investor specialised in partnering with founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that it has entered into exclusive negotiations to acquire insurance software provider Cleva from Inetum Group.

This latest development will represent AnaCap’s second platform investment in 2024 following the acquisition of a majority stake in Yard Reaas, a leading investment services and property management platform in April 2024.

Cleva is a leading provider of core life, health and non-life insurance software solutions. The company is headquartered in Paris, operating predominantly in France and Portugal and serving more than 60 insurance carriers and brokers. Cleva employs approximately 550 people with offices in Paris, Lyon, Porto and Lisbon. Prior to AnaCap’s exclusive negotiations, the business was part of Inetum Group, an information technology service provider that was acquired by Bain Capital in 2022.

Cleva is led by CEO Rodolphe Peim, alongside a very experienced management team based in France and Portugal. Working collaboratively, they will continue to drive the growth and development of the company under AnaCap’s ownership.

Cleva is well positioned to benefit from the continued outsourcing trends within the insurance industry which is experiencing accelerated penetration of third-party software solutions. With the support of AnaCap and its unique and unrivalled track record across both insurance and software, Cleva aims to accelerate its growth plans and expand its geographic footprint, especially in the Iberia region.

The transaction is subject to the information and consultation of Inetum Group’s employee representative bodies and to the usual closing conditions (including antitrust approval) and is expected to close second half of 2024. AnaCap received financial advice from Cambon Partners and legal advice from Proskauer Rose LLP.

Nassim Cherchali, Managing Partner at AnaCap, commented:
“We are delighted to announce our investment in Cleva. We look forward to partnering with the management team and supporting the company during its next stage of growth. We believe that Cleva is well positioned to grow its offering as a leading insurance software provider across Europe but also to expand its business reach into new geographies. We were particularly impressed by the efforts made by the management team over the last 3 years in developing a modern tech stack across both life and non-life solutions and we are very excited to begin the next phase of growth with Cleva.”

Steven Gringoire, Investment Director at AnaCap, added:
“We are very pleased to announce our latest investment in France and within the insurance sector in which AnaCap demonstrates a truly unique track record across Europe over the past decade. AnaCap’s acquisition of Cleva is yet another example of how we partner with ambitious management teams to support and accelerate their growth ambitions. We look forward to working closely with all the team at Cleva and are very excited for them to join the AnaCap platform.”

Rodolphe Peim, CEO at Cleva, concluded:
“Over the past years, Cleva has been recognised for the quality of our solutions and its ability to carry out large-scale, transformative projects for our clients. This success represents a great source of pride for all Cleva employees. From our first discussions, AnaCap showed a total commitment to pursue and support our growth strategy and thus demonstrated a true alignment with our fundamentals. I am delighted to partner with AnaCap, and we look forward to this new chapter together.”

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Omnissa Is Now An Independent Software Company And Digital Workspace Leader With The Closing Of Acquisition By KKR

KKR

With best-in-class technology, global reach and growth investment from KKR, Omnissa is positioned to deliver on its autonomous workspace vision

 

PALO ALTO, Calif.–(BUSINESS WIRE)–Today, Omnissa officially launches as an independent software company and digital work platform leader, with $1.5 billion in annual recurring revenue and 26,000 customers around the world. The announcement follows the completion of the previously-announced acquisition of Omnissa by global investment firm KKR, for approximately $4 billion from Broadcom Inc.

The company will continue under its existing management team led by CEO Shankar Iyer and overseeing 4,000 employees dedicated to technology, partner and customer leadership. As an independent business with a supportive investor in KKR, Omnissa will expand its industry leading platform with new investments in AI, open APIs and simplified product and pricing strategies to create the industry’s first autonomous workspace experience.

“Hybrid work forever changed the concept of the workspace,” said Shankar Iyer, Omnissa CEO. “For organizations fighting to attract talent that means a seamless digital work experience built on flexibility and choice, that moves with the employee. It also means automated provisioning and security given that two-thirds of IT departments suffer persistent talent shortages. Omnissa is how organizations meet that need.”

“Omnissa is a customer-centric technology and innovation leader with a talented team and a compelling opportunity to define and lead the $26 billion digital workspace market,” said Bradley Brown, Managing Director at KKR. “The closing of our investment concludes a two-year journey and marks the start of an exciting new chapter. As a standalone company, Omnissa is positioned to focus exclusively on its vision for the future of digital workspace experiences and achieving long-term growth by delivering next-generation work environments for its loyal customers and partners.”

As an independent software company, Omnissa will combine its industry-leading products across Unified Endpoint Management, Virtual Apps and Desktops, Digital Employee Experience and Security & Compliance into an AI-driven platform that automates the provisioning and securing of employee devices and applications, while providing the intelligence to roll out new services and use cases for employees and for management.

Omnissa’s leadership team, including CEO Shankar Iyer, SVP of Products Bharath Rangarajan and SVP of Marketing Renu Upadhyay, will address customers and partners at the upcoming Omnissa Live event being hosted on July 23 to provide more details on Omnissa’s strategy to redefine the future of work.

The transaction will also include local closings in certain jurisdictions, which are expected to occur during the balance of 2024.

About Omnissa

Omnissa is the leading digital work platform company, empowering the world’s dynamic workforces to do their best work from anywhere. The company’s AI-driven workspace platform helps organizations and their people unlock exponential business value with industry-leading solutions that include Unified Endpoint Management, Virtual Apps and Desktops, Digital Employee Experience and Security & Compliance. Trusted by 26,000 customers worldwide, Omnissa has a 20-year track record in defining digital workspaces. Omnissa, formerly a VMware business, is a privately-held company with 4,000 employees around the globe. For more information, visit www.omnissa.com.

Contacts

Media
Press@Omnissa.com

 

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EQT to acquire majority position to support the growth of CluePoints, a leading provider of AI-powered software solutions used for data interrogation and analytics in clinical trials

eqt
  • CluePoints is a cloud-based software platform for Risk-Based Quality Management (“RBQM”) and data quality oversight in clinical trials, designed to enable safer and more efficient processes and improving data integrity and risk compliance
  • As scientific breakthroughs and advancements in technology and data are accelerating healthcare innovation, the markets for RBQM and data interrogation & analytics software are expected to experience strong growth
  • In this highly thematic investment at the intersection of pharma, software and AI, EQT will apply its expertise investing in healthcare and throughout the tech value-chain to help CluePoints cement its leading global position
  • Summit Partners, an investor in CluePoints since 2020, and Clinimetrics SA, a co-founder of CluePoints, will retain minority stakes with participation in this funding round

EQT is pleased to announce that the EQT Healthcare Growth Strategy and the EQT Growth Fund have agreed to acquire a majority stake in CluePoints (the “Company”), with meaningful reinvestment from the management team and existing shareholders Summit Partners and Clinimetrics SA, which was also a co-founder of the Company.

Founded in 2012 and headquartered in Belgium, CluePoints is a premier software provider for RBQM and data quality oversight in clinical trials. Applying advanced statistics and machine learning, and harnessing over 10 years of clinical trials knowledge, CluePoints’ proprietary algorithms help drive positive outcomes for pharmaceutical and biotech companies, contract research organizations and other customers. The Company offers an end-to-end value proposition from initial risk identification to ongoing tracking and monitoring of issues and discrepancies throughout the drug development process. With more than 9,500 platform users, CluePoints has helped de-risk more than 1,600 studies and has detected over 142,000 issues for its customers, which include many of the top 20 largest pharma companies.

CluePoints received a growth investment from Summit Partners in 2020, and over the course of the last several years, the Company has generated significant growth, building a robust go-to-market function, launching new products and diversifying into new markets.

This new investment comes at a time when CluePoints is seeing accelerating growth, underpinned by increasing adoption of RBQM software across virtually all clinical trial phases. The industry is experiencing momentum due to growing research & development spend, increasing data complexity in clinical trials and a focus on patient safety and data quality driven partly by regulatory scrutiny.

Investing in CluePoints is aligned with the objectives of EQT Healthcare Growth to support companies with their mission to deliver positive healthcare outcomes, and of EQT Growth to invest in the next generation of technology leaders. EQT will apply its 30-year track record of investing in healthcare, experience of investing in software and AI, its in-house digital team and global network of Industrial Advisors to help CluePoints cement its leading global position in RBQM and data analytics for clinical trials.

Andy Cooper, CEO of CluePoints, said: “We are delighted that EQT has chosen to partner with CluePoints. EQT is a market-leading investor in both SaaS (Software as a Service) and medical research industries. This combination makes EQT an ideal partner for CluePoints which is a market leader for SaaS-based clinical data analytics. We are grateful for Summit’s active support over the last four years. Their depth of industry knowledge and operational resources have been instrumental in our growth trajectory. Both EQT and Summit share our passion for and commitment to leveraging innovative advanced statistics and machine learning solutions to eliminate manual, error-prone activities in the clinical trial process.”

Dr Mark Braganza, Partner in the EQT Healthcare Growth Advisory Team, commented: “We are excited to be partnering with CluePoints and its dynamic leadership team to help it scale and reach its full potential. The Company’s ambition is a perfect match with ours to help enable the development of medical research to deliver more effective, efficient and accessible healthcare.”

Kirk Lepke, Partner in the EQT Growth Advisory Team, said: “CluePoints is a prime example of how data, machine-learning and AI can be leveraged to improve real world outcomes – in this case pharmaceutical drug development. The entire EQT platform is behind this investment and ready to support the Company with its continued expansion in RBQM and into growing, adjacent markets.”

Thomas Tarnowski, a Managing Director at Summit Partners, said: “We’ve been proud to work alongside the entire CluePoints team during a period of meaningful growth and expansion, supporting the acceleration of product development efforts and entry into new markets.” Jono Pagden, a Principal at Summit, continued: “We are excited to continue our support of the Company and to partner with management and EQT during this next phase of growth.”

The transaction is subject to customary conditions and approvals. It is expected to close in Q3 2024.

Contacts
EQT Press Office, press@eqtpartners.com
Summit Partners Press Office, mdevine@summitpartners.com
CluePoints Press Office, Jodie@discovery-pr.com

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Healthcare Growth will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT
EQT is a purpose-driven global investment organization with EUR 242 billion in total assets under management (EUR 132 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. CluePoints is leveraging the potential of artificial intelligence using advanced statistics and machine learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.

More info: www.cluepoints.com

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm with capital dedicated to growth equity, fixed income, and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in healthcare, technology and other growth industries. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or Follow on LinkedIn.

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