Tag Archives: Software

Gnosis Freight Announces Strategic Growth Investment from Vista Equity Partners

Vista Equity

Investment will fuel continued innovation in the leading Container Lifecycle Management® Platform, powering visibility and execution for the world’s container traffic.

CHARLESTON, S.C.–(BUSINESS WIRE)–Gnosis Freight (“Gnosis”), a leading provider of supply chain visibility and execution software designed to manage the full lifecycle of the shipping container, today announced a strategic growth investment from Vista Equity Partners (“Vista”), a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses. The investment supports Gnosis’ mission to help logistics companies work together better across the entire ecosystem.

“Gnosis is pioneering digital connectivity between logistics partners at a critical and complex juncture of the global supply chain”

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Founded in 2017, Gnosis provides a smarter way to track and manage containers and collaborate with logistics partners in a single location. In 2020, Gnosis launched its Container Lifecycle Management® (CLM) platform, and coined the term CLM. Embedded in the platform, Gnosis’ proprietary container tracking engine, Marlo®, delivers complete, accurate and timely insight that eliminates the global supply chain’s persistent blind spots and drives connectivity across the ecosystem. With Gnosis, customers realize immediate return on investment and embark on a turnkey step into digitizing their shipping container operations end-to-end.

“We’ve added significant new product capabilities and welcomed a record number of new customers to Gnosis this year – but I believe we are just getting started. From the very beginning, we have focused on our customers’ needs and successes as our north star. We are grateful for their support and encouragement, which reinforced our belief in the impact we can create. We feel confident our platform is precisely what our industry has been asking for, and we are eager to get it in the hands of more customers,” said Austin McCombs, CEO & Co-Founder of Gnosis Freight.

“Our decision to forge this new partnership with Vista builds on this momentum, fueling our mission to help logistics companies work together better. We are proud to serve the hardworking and creative people in the logistics industry and are committed to doubling down on what has gotten us here – listening to them. Our platform was built with, for and because of the leaders in our space who hold the responsibility of ensuring that goods flow seamlessly around the world. We are thrilled to have Vista’s support and resources to ensure we can continue to empower the logistics industry for years to come.”

Gnosis currently monitors more than 95% of global ocean commerce, offering logistics specialists unprecedented visibility over their supply chains. With a majority of global importers and exporters still relying on spreadsheets to manage their complex international supply chains, the demand for sophisticated solutions to streamline operations is substantial.

“Gnosis is pioneering digital connectivity between logistics partners at a critical and complex juncture of the global supply chain,” said Rachel Arnold, Co-Head of Vista’s Endeavor Fund and Senior Managing Director. “After years of tracking this industry and getting to know Austin, the Gnosis team, and observing their relentlessly customer-centric culture, we could not be more excited to partner with them as they continue to invest in capabilities and products that will amplify what has made them so successful to date: delivering value to customers.”

Vista’s investment in Gnosis was made by the firm’s Endeavor Fund, which provides growth capital and strategic support to market-leading, high-growth enterprise software, data and technology-enabled companies that have achieved at least $10 million in recurring revenue.

About Gnosis Freight

Gnosis Freight is a leading provider of supply chain visibility and execution software, made available through its proprietary Container Lifecycle Management® (CLM) platform—the world’s first supply chain platform focused on the full lifecycle of your shipping containers. Powered by the most complete, accurate, and low latency container tracking data available, the CLM platform provides logistics professionals with a smarter way to track and manage their containers, from booking until returned empty.

Gnosis Freight’s global footprint encompasses a diverse customer base, including top cargo owners (BCOs), ocean carriers, forwarders, truckers, 3PLs, technology providers, and other critical supply chain partners—all utilizing the CLM platform to achieve new levels of efficiency, cost savings, and collaboration within their supply chain.

Gnosis Freight is committed to delivering practical and innovative logistics technology solutions, offering both standard out-of-box platform features and tailored solutions designed to help companies navigate complex logistics challenges and improve the lives of logistics professionals everywhere. Further information is available at gnosisfreight.com. Follow Gnosis on LinkedIn, @Gnosis Freight, and on X, @GnosisFreight.

About Vista Equity Partners

Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. 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.

Contacts

For Gnosis Freight
Media@gnosiscompanies.com

For Vista Equity Partners
Brian Steel
media@vistaequitypartners.com
(212) 804-9170

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Serent-Backed KEV Group Acquires Gray Step Software

Serent Capital

KEV Group, a leading provider of school activity fund management software, announced the acquisition of California-based Gray Step Software. Gray Step has served the K-12 market since 2014 with their ASBWorks, PTEZ, and Booster Finance software solutions.

The addition of Gray Step will work to strengthen KEV’s leadership position in the school activity fund management software industry in North America and demonstrates the company’s commitment to its strategy of delivering easy-to-use, best-in-class software that provides financial accountability, transparency, efficiency gains, and convenience to K-12 districts.

“Gray Step is a strong, strategic fit for KEV,” said Bram Belzberg, Chairman and CEO of KEV Group. “The acquisition allows us to create a larger presence in the market with increased resources, talent, and aligned vision. Combining Gray Step’s team and product portfolio with KEV will enhance our software and services offerings, providing additional value for customers as we bring together two respected and purpose-driven organizations.”

“This marks an exciting new chapter for us,” commented Brian Cichella, Gray Step Co-Founder and President. “I’m incredibly proud of what we’ve achieved in serving schools with innovative solutions that allow them to manage their activity funds. KEV is an ideal partner to further our mission. With their resources and leadership position in the market, we’ll be able to accelerate product innovations and do even more for our customers. The entire Gray Step team is excited about what lies ahead.”

Terms of the agreement have been finalized but were not disclosed.

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.
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Investing in Petvisor

Apax
The Best-of-Breed in Vet Front-Office Software

Having tracked the pet and vet sector for several years, in late 2023, the Apax Digital Funds invested in Petvisor, a best-in-class veterinary and pet services business management and client engagement software platform. Petvisor’s integrated suite of branded solutions gives over 10,000 veterinary clinics and 400 grooming facilities the tools they need to engage their 20 million pet parent customers, streamline their clinic operations, grow their businesses, and ultimately recapture time to focus on what they love most – improving the health and wellness of pets.

Petvisor, like other successful vertical software companies, focuses on understanding the unique challenges of the veterinary industry. Petvisor addresses the specific needs of its veterinarians, vet techs, practice managers and other vet staff as well as their pet parent clients to drive higher customer retention rates and better pet-health compliance, reduce customer acquisition costs, and improve pet parent engagement through verticalization.

Apax Digital identified Petvisor as an opportunity for the Apax funds to invest in a differentiated business with potential to capitalize on the sector’s adoption of software solutions, building on Apax’s broader work in the vertical software space. Through this investment, the team will support Petvisor’s continued growth both organically and through M&A, working to advance its position as the go-to front-office platform for rapidly digitizing veterinary clinics.

The Problem

Vet clinics face a number of challenges including trying to balance labor shortages – with up to 55,000 additional vets estimated to be needed by 20301, having to deal with overwhelming administrative requirements, whilst balancing the demands of increasing pet ownership and pet parent expectations. Simultaneously, clinic staff are under pressure to generate more revenue, foster pet parent engagement and loyalty, optimize workflows and have a comprehensive view of data across their clinics and corporate practices.

Despite this, clinics are forced to manage multiple forms of communication to interact with pet parents, often using outdated and disparate solutions that fail to work together. Some back-office practice information management system (PIMS) solutions have attempted to address this, but these often lack the ease of use and interoperability that many vet clinics and pet parents have come to expect from apps and software applications.

 

The Petvisor Solution

Petvisor offers a comprehensive, PIMS-agnostic integrated front-office platform that enables independent and corporate vet clinics to improve engagement with pet parents, drive revenue, and improve operations and efficiency. The platform integrates with 30+ PIMS that manage the back-office functionality for vet practices and extracts data to help inform the Petvisor offering.

Petvisor’s solution provides vet clinic customers with:

  • Increased Revenue Generation: Clinics can increase the number of annual visits, reduce no-shows, increase pet parent retention, and ultimately, improve pet health compliance. The solution supports clinics’ efforts to drive revenue through attracting new clients, improving customer loyalty, and driving uptake of additional, higher-margin revenue streams such as insurance or pet food.  On average, clinics see a 9% revenue increase in the first year using PetDesk (vs. typical 3% from price increases).
  • Time and Cost Savings: A single platform to manage front-office efforts improves staff experience and reduces admin time by 12 hours per week on average.
  • Improved Data: Enhanced reporting and insights on practice performance, marketing ROI and more sophisticated clinic operations so vets can better serve pets and their pet parents.

 

The History and Management Team

The Petvisor story began 11 years ago with the founding of PetDesk, and in 2020, Petvisor management and investors started building the company from a point solution to a comprehensive front-office platform. PetDesk became “Petvisor”, acquiring and integrating Vetstoria, WhiskerCloud, Kontak and Groomer.io into the platform. This transformation was supported by PetDesk founder Taylor Cavanah and later by Tim Callahan (CEO) and Ben Davis (CFO), who brought expertise in scaling software businesses and strategic M&A.

Today, Petvisor operates two brands, PetDesk in North America and Vetstoria in Europe. Both offer an extensive suite of Petvisor solutions that enhance client retention, facilitate revenue growth and alleviate administrative burdens on front office staff. We have partnered with Tim, Ben, Taylor and the management team at Petvisor to continue to drive forward the Petvisor solution with the aim of becoming a category-leading platform that enhances and extends the lives of pets around the globe.

Expanding Petvisor’s Reach, Scale and Impact in the Pet Ecosystem

Initially focused on veterinary services, Petvisor’s platform now includes groomers through the Groomer.io acquisition. The vision for the management team, Apax, and our investor partners Frontier and PeakSpan is to expand to additional vet clinic and pet parent offerings. Adjacent market opportunities for the future include AI transcription, wellness and pharmaceuticals. Given Petvisor’s traction in Europe through Vetstoria, international expansion is another key growth vector and M&A opportunity. Partnerships also remain central to Petvisor’s offering and position within the ecosystem, ensuring integration across back-office functionalities.

Other Apax partnerships in the pet and vet sector include Nulo (one of the fastest growing major pet food brands in the US), as well as vet hospitals Zoo Eretz and Chavat Daat.

If you are a founder or leader in the vet or pet space and are interested in a potential collaboration with Petvisor, we would welcome the opportunity to start a conversation. Connect with the Petvisor deal team at Apax mia.hegazy@apax.com and bettina.lu@apax.com.

Source:
1. Mars Health Research

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FS Maven Equity Finance invests £850,000 in marketing platform Triyit

Maven

Glasgow-based marketing technology platform Triyit has secured an £850,000 investment from IFS Maven Equity Finance to support further development of the company’s data science function and bespoke platform.

Published: Sep 17, 2024
Focus: IFS Maven Equity Finance

Marketing technology platform Triyit has secured an £850,000 investment from the Investment Fund for Scotland, delivered by the British Business Bank, as part of a £1.1 million funding round.

Triyit connects fast moving consumer goods (FMCG) brands with target consumers through its innovative performance sampling and research campaigns. With over 1 million organic sign ups to the consumer facing “product discovery” side of the platform, Triyit offers brands a unique way to hyper-target and engage the right audience, with built-in campaign mechanics delivering deep consumer insights, quality user-generated content (UGC) and high value earned media influence as part of each activity.

Triyit already works with a wide variety of brands, across all FMCG categories, from startups and challenger brands to market leading, global enterprise organisations like AB InBev, Costa, Arla, Mars and Kellogg’s.

Globally, brands spend over £100 billion on sampling, consumer insight, content, and influencer services each year. Triyit is paving the way as brands make the shift from outdated mass drop sampling and old-school research services, to a more targeted, measurable and cost effective approach to driving growth.

With agile consumer insight, authentic UGC and trusted earned media influence all forming a critical part of the strategy behind any fast growing FMCG company, Triyit is well positioned to help brands embrace the change into a truly digital-first landscape. This investment will support further development of the company’s data science function, bespoke technology platform, and most significantly, the planned expansion of the wider service offering in the UK and international markets.

“Technology enabled product sampling is an exciting and fast growing market. Triyit is well positioned in the space with a strong consumer following and traction gained with a number of well known, established brands. The company has achieved impressive growth to date, and we look forward to supporting Alex and the team as they embark on the next stage of their strategy.”

Rob Stevenson, Investment Manager at Maven

“We’re absolutely thrilled to announce this investment from Maven, facilitated by the Investment Fund for Scotland, which comes at a very exciting time for our business. Working with the team at Maven will help accelerate our plans for international growth and enable Triyit to fully achieve the long-standing vision of connecting consumer and brands like never before.”

Alex Barron, Founding CEO of Triyit

Untitled (150 x 150 px)

“High-growth technology businesses are increasingly becoming a mainstay of the Scottish economy and represent a core focus for the Investment Fund for Scotland. Through our fund managers, we are committed to helping entrepreneurs all over the country with better access to funding opportunities to support their growth and development.”

Sarah Newbould, Senior Investment Manager, Nations and Regions Funds, at the British Business Bank

This marks the sixth investment made by IFS Maven Equity Finance. The Fund has also backed 3D printed micro-tumour specialist, Carcinotech, premium Indian ready meals business, Praveen Kumar and Glasgow University spinout, Nami Surgical. IFS Maven Equity Finance covers the whole of Scotland and provides equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of IFS is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Scotland. IFS will increase the supply and diversity of early-stage finance for smaller businesses in Scotland, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

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TeamBridge, founded by former Uber execs, raises $28M to build HR software for hourly workers

Mayfield

Arjun Vora and Tito Goldstein were working on the corporate side of Uber when they realized that HR software largely wasn’t built to manage hourly staff. Many hourly workers lacked a way to complete basic self-service tasks, the pair perceived, like clocking in and changing payment accounts.

After interviewing hundreds of Uber drivers, Vora, an ex-Salesforce product designer, and Goldstein, Hyperloop’s former design lead, decided to build a platform to their specs.

“Businesses face a need to modernize their tech stack,” Vora said. “They need to be able to find, activate, and engage a workforce in ways not unlike the gig economy companies that draw away their people.”

Vora and Goldstein’s platform, TeamBridge, aims to automate certain HR tasks while providing hourly staff a self-service app experience. On the back-end, TeamBridge provides templates and workflows for things like onboarding and time-off tracking, while the app — which companies can customize — lets employees view and claim shifts, sign any necessary legal documentation, and text with managers.

TeamBridge
TeamBridge’s back-end interface, where companies can kick off various HR tasks like onboarding.Image Credits:TeamBridge

Customers can subscribe to TeamBridge’s core platform and, for additional fees, add particular self-service and workflow-driven capabilities.

“We provide the ‘LEGO blocks’ needed to build out composable HR workflows and custom mobile apps,” Vora, TeamBridge’s CEO, said.

Several other vendors are going after the market for gig worker HR software, like Wingspan, Kronos, Deputy, and Homebase. San Francisco-based TeamBridge has impressive traction, however, with 100,000 hourly workers on the platform and corporate clients including Convo and Dairy Queen.

Revenue increased 3x last year — the year after TeamBridge launched — and it more than doubled again in the first half of 2024, Vora tells me.

“In times of high demand, our customers are looking for ways to help scale their org effectively,” Vora said. “When there is a slowdown, our customers are looking for automation and efficiency gains to reduce costs. Our ability to do both in TeamBridge allows us to position ourselves for whatever the current market needs.”

TeamBridge
TeamBridge’s mobile app.Image Credits:TeamBridge

To set the stage for its next growth phase, TeamBridge closed a $28 million Series B funding round led by Mayfield with participation from General Catalyst and Abstract Ventures, bringing the startup’s total raised to $41.5 million. The new cash will be put toward product R&D and doubling TeamBridge’s 42-person team over the next year, Vora said.

Kyle Wiggers

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Maven achieves 4.7x return from partial realisation of Novatus Global

Maven

Investment by US private equity firm marks a two-year period of rapid growth for the RegTech specialist.

Published: Sep 12, 2024
Focus: Growth Capital

The Maven VCTs have partially realised their investment in Novatus Global (Novatus), a leading RegTech solutions provider, as part of a $40m investment in the company by US-based private equity firm Silversmith Capital Partners.

The transaction comes just over two years after Maven’s VCTs first invested in the company and delivers a 4.7x total money multiple return for shareholders, inclusive of an ongoing minority stake in the business.

Founded in 2019 by entrepreneurs Andrew Hedley and Matthew Ranson (pictured), Novatus was established to create a tech-driven solution to better manage risk and regulation. Its award-winning transaction reporting technology and advisory solutions support a growing base of blue-chip clients in the financial services sector, helping them navigate the increasingly complex regulatory landscape. Novatus’ proprietary scalable En:ACT software allows clients to perform complex regulatory checks and identify issues within seconds, reducing costs and simplifying compliance.

Maven’s VCTs first invested in Novatus in July 2022, with the funding allocated to expanding the team of technical advisors, enhancing sales and marketing efforts, and further developing its cutting-edge RegTech offering.

During Maven’s investment period, Novatus significantly increased its annual recurring revenues by 13-fold, more than doubled its headcount, expanded internationally and made several strategic hires to its senior leadership team. The company has also established global sales partnerships which is expected to further accelerate the company’s growth and increase access to the company’s En:ACT technology.

“Maven’s partial realisation of its investment in Novatus is a fantastic result for our VCT shareholders whilst retaining an ongoing minority shareholding reflects of our continuing belief in the company and its future growth potential. As early investors who backed management to develop their market leading En:ACT technology, it’s gratifying to see the level of interest that there has been in the company from investors, culminating in today’s significant investment from Silversmith. This is testament to the founders Andrew and Matt and the growing team at Novatus who have excelled. The trust that its clients put in Novatus and the regulatory complexity driving the need for the En:ACT solution has driven real value in the Novatus business.

With new investment from Silversmith alongside Maven’s ongoing support we are confident that Novatus will continue to deliver for its clients, including further international expansion, notably in the US and are excited to be part of that journey.”

Alan Robertson, Partner at Maven

“We are incredibly proud of the value we’ve delivered to our clients and of the trust Maven placed in us early on. This new investment will allow us to accelerate our growth aspirations and be recognised as the industry leader in developing specialist technology and expert-led advisory services that address our clients’ mission critical challenges, while fuelling our ongoing international expansion, particularly in North America.”

Matthew Ranson, Co-founder at Novatus

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Novatus Global Secures $40 Million Growth Investment from Silversmith Capital Partners

Novatus Global Secures $40 Million Growth Investment from Silversmith Capital Partners to Transform Transaction Reporting and Drive International Expansion Amid Complex Global Regulatory Environment

London, UK – September 12, 2024 – Novatus Global Limited (“Novatus” or “the Company”), an award-winning provider of regulatory technology solutions to global financial institutions, today announced it has secured a $40 million investment from Silversmith Capital Partners, a Boston-based growth equity firm. Since its founding by industry veterans in 2019, Novatus has established itself as a trusted partner to many of the world’s largest banks, asset managers, and financial institutions – evidenced by revenue that has more than tripled over the trailing twelve months. The growth funding will enable Novatus to continue to invest deeply in the technology underpinning of its best-in-class SaaS platform while also expanding its geographic footprint, ensuring it maintains its reputation as the partner of choice for its clients.

Novatus enables its customers to meet their most complex, mission-critical regulatory and compliance requirements, be they government or industry-driven. Its flagship product, Novatus En:ACT, is a market-leading SaaS platform that ensures accurate, complete and timely reporting to satisfy the flood of ever-changing global regulations for which Novatus customers are responsible. En:ACT is a fully-scalable, cloud-native platform trusted by major global firms to reconcile both source systems and submission files and for all G20 transaction reporting regimes. In addition, Novatus offers expert-led advisory services, leveraging its SaaS solution and decades of industry experience, to help clients of all size and maturity solve their most complex compliance, risk management, ESG and organizational transformation challenges.

“We are delighted to partner with Silversmith as we embark on the next chapter of our growth journey. Silversmith shares our values and vision – particularly our passion for building great products to make our clients’ daily lives better, safer and more efficient,” said Novatus Co-Founder and Partner, Andrew Hedley. “This investment will be used to double down on that commitment to innovation while also fueling our continued international expansion, particularly in North America following our successful entry into Australia last year. It is a real privilege to work with such brilliant people across our team and we are incredibly excited for the next chapter of growth.”

“When we founded the company in 2019, we had a leg up on the market – Andrew and I had both lived this problem first-hand.  As a result, we wanted to provide a solution that would solve the complexity of transaction reporting in a novel way – driven by powerful, automated underlying technology as opposed to human intervention,” added Novatus Co-Founder and Partner, Matthew Ranson. “With deep experience in the GRC and regtech markets, Silversmith recognized the uniqueness of En:ACT in attacking the problem with fresh eyes and harnessing the massive innovation being driven by AI and machine learning.  We look forward to working closely with Todd, Ned and the Silversmith team to achieve our vision of creating the single best platform of its type anywhere in the world.”

“At Silversmith, our investment philosophy is quite simple to articulate, though much more difficult to implement – identify great founders who have built solutions to real-life customer problems.  While company building takes enormous effort and will, we’ve found over time that if you get that first part right, the rest tends to take care of itself,” said Ned Kingsley, Principal at Silversmith.  “We feel incredibly lucky to have found two such individuals in Andrew and Matt who have re-imagined the way to solve an increasingly important customer problem. We couldn’t be more excited to support their continued growth alongside Maven Capital Partners.”

“We are excited to continue our partnership with Novatus following the investment from Silversmith.  We were originally attracted to the business due to its innovative, and technology-led approach in supporting clients meet their regulatory obligations,” said Alan Robertson, Partner at Maven.  “Since Maven’s initial investment, clients’ adoption of the En:ACT platform has resulted in a 13-fold increase in annual recurring revenues and international expansion. We remain committed to supporting Novatus as they scale globally and further enhance their market-leading platform to continue to deliver for its clients. We believe in the future potential of the business and look forward to working with both Management and Silversmith in helping achieve the Company’s ambitions.”

As a part of the investment, Todd MacLean and Ned Kingsley have joined Novatus’ Board of Directors. Wilson Sonsini Goodrich & Rosati acted as legal counsel to Novatus on the transaction.  Kirkland & Ellis served as legal counsel to Silversmith Capital Partners and KPMG served as financial advisors.  Burness Paull acted as legal counsel to Maven Capital Partners.

About Novatus Global Limited

Novatus Global, established in 2019 and headquartered in London, is a leading global provider of software and strategic advisory services, enabling the world’s largest financial institutions to navigate their most complex regulatory and strategic challenges. Our expertise spans transaction reporting, risk, compliance, ESG, strategy, and data, delivering solutions that drive operational excellence and demonstrable regulatory compliance.

Our award-winning SaaS platform, Novatus En:ACT, enables firms to ensure accurate, complete, and timely transaction reporting across all global reporting regimes. Novatus Global pairs cutting-edge technology with unparalleled industry knowledge, ensuring clients meet evolving regulatory demands and mitigate risk effectively.

We are trusted by global institutions to meet their mission critical obligations, transform their transaction reporting, streamline operations, and achieve sustainable growth in an increasingly complex regulatory landscape.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Apryse, DistroKid, impact.com, Iodine Software, LifeStance Health, Onbe, and Webflow. For a full list of portfolio investments, visit www.silversmith.com. Follow the firm on LinkedIn.

About Maven Capital Partners UK LLP

Maven is one of the UK’s leading private equity firms, specialising in investments in high-growth British companies. With a focus on innovation and value creation, Maven partners with visionary entrepreneurs to build market-leading businesses, supporting a range of transaction types, including management buyouts, growth capital, buy and build projects, equity value release and pre-IPO financing. www.mavencp.com

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Redwood to be Acquired by Vista Equity Partners and Warburg Pincus

Warburg Pincus logo

Frisco, TX – September 10, 2024 – Redwood Software (“Redwood”), a leader in automation fabric solutions, today announced that it has agreed to be acquired by funds affiliated with Vista Equity Partners (“Vista”), a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, and Warburg Pincus, a leading global growth investor. Terms of the transaction were not disclosed; the transaction is subject to customary conditions and approvals.

Redwood’s automation fabric solutions help customers compose, orchestrate and manage business and IT business processes across any application, service or server with confidence and control. In June, Redwood announced that it had added over 1,000 new customers since mid-2023 while consistently delivering above ‘Rule of 60’ financial performance. Redwood currently serves more than 7,500 customers globally, including 28% of the Fortune 500 and 40% of the Fortune 50.

“We are honored to join forces with Vista Equity Partners and Warburg Pincus. The wisdom, experience and operating expertise of these two leading global technology investors will accelerate our vision to unleash human potential through the transformative power of automation,” said Kevin Greene, Redwood Software CEO. “We are excited to embark on the next chapter of the Redwood Software story – where every IT and business process that can be automated, will be automated, and where automation fabrics will change everything about how and why people work.”

“Redwood’s easy-to-use and highly integrated automation solutions help enterprises automate the critical workflows which power their core commercial and IT operations,” said Steven White, Managing Director at Vista Equity Partners. “We are excited to partner with Redwood and Warburg Pincus to deliver even more customer value and efficiency as the demand for automation solutions capable of spanning multiple data, application and cloud environments continues to accelerate.”

“As a leading next generation enterprise automation platform, Redwood enables businesses to streamline and optimize their mission-critical business processes, an essential service as enterprise IT becomes increasingly complex. We believe that Redwood is well-positioned to capture the growth in the market given the company’s strong capabilities in business and IT automation and are excited to continue investing in Redwood’s innovative solutions both organically and through strategic M&A,” said Parag Gupta, Managing Director, Warburg Pincus. “We look forward to the partnership with Redwood and Vista in this next phase of growth.”

​​“It has been our privilege to support Redwood on its remarkable journey as it continues to build one of the leading automation software companies in the world,” noted Matthew Amico, Partner at Turn/River Capital. “Throughout our partnership, Redwood has experienced significant growth, and with its strong set of automation products and exceptional team led by Kevin Greene, we believe strongly that the best is yet to come.”

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Redwood; Orrick, Herrington & Sutcliffe LLP is serving as legal counsel to Turn/River Capital and Redwood. Kirkland & Ellis LLP is serving as legal counsel to Vista. Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to Warburg Pincus.

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About Redwood Software

Redwood Software is the leader in full stack automation fabric solutions for mission-critical business processes. With the first SaaS-based composable automation platform specifically built for ERP, we believe in the transformative power of automation. Our unparalleled solutions empower you to orchestrate, manage and monitor your workflows across any application, service or server — in the cloud or on premises — with confidence and control. Redwood’s global team of automation experts and customer success engineers provide solutions and world-class support designed to give you the freedom and time to imagine and define your future. Get out of the weeds and see the forest, with Redwood Software. For more information, visit www.redwood.com. Follow Redwood Software on LinkedIn, @Redwood Software.

About Vista Equity Partners

Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. 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 Twitter, @Vista_Equity.

About Warburg Pincus

Warburg Pincus LLC is the oldest private equity firm and a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.  For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

About Turn/River

Turn/River Capital is a lower middle market private equity firm that uses a proprietary growth engineering strategy to drive revenue acceleration and build enduring value. Turn/River partners with B2B software companies and provide data-driven methods, hands-on operational support and flexible capital to catalyze the next phase of growth. The firm’s team of equal software operators and investors have firsthand experience scaling go-to-market and solving its challenges. Founded in 2012 in San Francisco, Turn/River invests globally with a particular focus in North America and Europe. For more information, visit www.turnriver.com.

Media Contacts

For Redwood Software

Liz Reilly

lreilly@nextpr.com

(401) 525-1775

For Vista Equity Partners

Brian Steel
media@vistaequitypartners.com

(212) 804-9170

For Warburg Pincus

Kerrie Cohen

kerrie.cohen@warburgpincus.com

(917) 887-9184

For Turn/River

Katie Duckhorn

media@turnriver.com

(901) 832-0680

Categories: News

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Redwood to be Acquired by Vista Equity Partners and Warburg Pincus

Vista Equity

FRISCO, Texas, Sept. 10, 2024 /PRNewswire/ — Redwood Software (“Redwood”), a leader in automation fabric solutions, today announced that it has agreed to be acquired by funds affiliated with Vista Equity Partners (“Vista”), a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, and Warburg Pincus, a leading global growth investor. Terms of the transaction were not disclosed; the transaction is subject to customary conditions and approvals.

Redwood’s automation fabric solutions help customers compose, orchestrate and manage business and IT business processes across any application, service or server with confidence and control. In June, Redwood announced that it had added over 1,000 new customers since mid-2023 while consistently delivering above ‘Rule of 60’ financial performance. Redwood currently serves more than 7,500 customers globally, including 28% of the Fortune 500 and 40% of the Fortune 50.

“We are honored to join forces with Vista Equity Partners and Warburg Pincus. The wisdom, experience and operating expertise of these two leading global technology investors will accelerate our vision to unleash human potential through the transformative power of automation,” said Kevin Greene, Redwood Software CEO. “We are excited to embark on the next chapter of the Redwood Software story – where every IT and business process that can be automated, will be automated, and where automation fabrics will change everything about how and why people work.”

“Redwood’s easy-to-use and highly integrated automation solutions help enterprises automate the critical workflows which power their core commercial and IT operations,” said Steven White, Managing Director at Vista Equity Partners. “We are excited to partner with Redwood and Warburg Pincus to deliver even more customer value and efficiency as the demand for automation solutions capable of spanning multiple data, application and cloud environments continues to accelerate.”

“As a leading next generation enterprise automation platform, Redwood enables businesses to streamline and optimize their mission-critical business processes, an essential service as enterprise IT becomes increasingly complex. We believe that Redwood is well-positioned to capture the growth in the market given the company’s strong capabilities in business and IT automation and are excited to continue investing in Redwood’s innovative solutions both organically and through strategic M&A,” said Parag Gupta, Managing Director, Warburg Pincus. “We look forward to the partnership with Redwood and Vista in this next phase of growth.”

“It has been our privilege to support Redwood on its remarkable journey as it continues to build one of the leading automation software companies in the world,” noted Matthew Amico, Partner at Turn/River Capital. “Throughout our partnership, Redwood has experienced significant growth, and with its strong set of automation products and exceptional team led by Kevin Greene, we believe strongly that the best is yet to come.”

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Redwood; Orrick, Herrington & Sutcliffe LLP is serving as legal counsel to Turn/River Capital and Redwood. Kirkland & Ellis LLP is serving as legal counsel to Vista. Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to Warburg Pincus.

About Redwood Software
Redwood Software is the leader in full stack automation fabric solutions for mission-critical business processes. With the first SaaS-based composable automation platform specifically built for ERP, we believe in the transformative power of automation. Our unparalleled solutions empower you to orchestrate, manage and monitor your workflows across any application, service or server — in the cloud or on premises — with confidence and control. Redwood’s global team of automation experts and customer success engineers provide solutions and world-class support designed to give you the freedom and time to imagine and define your future. Get out of the weeds and see the forest, with Redwood Software. For more information, visit www.redwood.com. Follow Redwood Software on LinkedIn, @Redwood Software.

About Vista Equity Partners
Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. 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 Warburg Pincus
Warburg Pincus LLC is the oldest private equity firm and a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.  For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

About Turn/River
Turn/River Capital is a lower middle market private equity firm that uses a proprietary growth engineering strategy to drive revenue acceleration and build enduring value. Turn/River partners with B2B software companies and provide data-driven methods, hands-on operational support and flexible capital to catalyze the next phase of growth. The firm’s team of equal software operators and investors have firsthand experience scaling go-to-market and solving its challenges. Founded in 2012 in San Francisco, Turn/River invests globally with a particular focus in North America and Europe. For more information, visit www.turnriver.com.

Media Contacts

For Redwood Software
Liz Reilly
lreilly@nextpr.com
(401) 525-1775

For Vista Equity Partners
Brian Steel
media@vistaequitypartners.com
(212) 804-9170

For Warburg Pincus
Kerrie Cohen
kerrie.cohen@warburgpincus.com
(917) 887-9184

For Turn/River
Katie Duckhorn
media@turnriver.com
(901) 832-0680

Categories: News

Tags:

Our Series A Investment in Laravel: The Future of Shipping

Accel

The first time we met Taylor Otwell it was clear he had only scratched the surface of his long-term vision for Laravel. It took us a year of persistence and 21 cold calls to get in front of Taylor for eggs and biscuits in Little Rock, and during that time, we’d attended Laracon meetups in Portugal, Ahmedabad, and Nashville. From one event to the next, we observed the builder ethos of Laravel, a passionate community of developers committed to supporting each other, contributing to the open source project, and shipping great products.  By any description, Taylor had it all—vibrant business, beautiful family, idyllic lifestyle (and, yes, a Lamborghini)—all while running a bootstrapped, profitable business far outside the Bay Area.

Yet he felt he owed it to the Laravel community to do more, to really “go for it” with an ambitious roadmap to unlock new levels of productivity and joy for Laravel users.  Taylor dazzled us with his inspiration for the future of Laravel, his clarity of vision, and his deep love for the Laravel community—he simply lacked the resources to weave it all together.  Today we’re pleased to announce Accel’s support of Taylor’s vision with a $57 million Series A investment into Laravel.

Laravel’s web application development frameworks are foundational to many of the products and services that underpin modern work (for example, Square’s commerce engine, a Fortune 10 retailer’s internal CRM, and the Milwaukee Bucks website are all built on Laravel). With Laravel tooling, a developer can get from idea to application quickly and delightfully, but to host, scale, and improve that application, the developer historically needed to tie in a number of downstream services at additional cost and complexity.  Taylor dreamed of providing those services within a holistic Laravel experience, and as he announced last week at Laracon, Laravel Cloud will do just that—“from hello world to hello web in under a minute.”

Laravel Cloud is a transformative product and just a preview of what Taylor and his team can accomplish. Like Mike and Scott from Atlassian, Ryan from Qualtrics, Vlad and Bryant from Webflow, and other bootstrapped Founders we’ve been fortunate to partner with, Taylor is customer-obsessed and will use the funds not to change but to amplify his vision.  Already he is off to the races: Laravel has more than tripled its engineering capacity, given equity to its entire team, brought a number of longtime Laravel builders formally into the company, and just launched a platform product to enthusiastic reviews. Hear more about what Taylor’s been working on here.

Taylor likes to say that the Laravel community “just has good vibes.” We think the company he’s building does, too. At Accel, we’ve long believed that innovation is a global phenomenon, and that companies built in places like Sydney, Provo, Amsterdam, Helsinki, Vancouver, and Little Rock are reshaping the technology landscape.  The good vibes of Laravel drive forward this trend, and we’re excited to back Taylor for the journey ahead.

Miles Clements

Categories: News

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