Tag Archives: Software

Priveq invests in IMI – a leading niche provider of supply chain software

Priveq

Priveq Investment is the new majority owner of Industri-Matematik International AB (“IMI”), a leading provider of mission-critical supply chain software headquartered in Linköping, Sweden. The IMI software solutions play a central role in automating and streamlining key workflows and are targeted to customers dealing with the largest and most complex distribution networks.

 Since the foundation in 1967, IMI has been designing and integrating configurable solutions that transform high-volume distribution of fast-moving goods into a competitive advantage for international and market leading trading companies. Today the software handles over 1 billion order lines annually and IMI´s customers include some of the largest wholesale distributors, grocery stores, pharmaceutical retail chains and 3PL companies in the Nordics, in Europe and in North America. IMI has more than 80 employees and generated revenues of around SEK 170m in 2020.

“Priveq has followed IMI’s development for several years and we are very excited to now invest as well as partner up with management to accelerate growth. We are impressed by IMI’s strong customer offering and close relationships, which provides a stable foundation for continued expansion with existing as well as new customers“, says Senai Ayob, Partner and Investment manager at Priveq.

“With Priveq as the new owner we will increase investments in our software, sales and marketing, and our team. This will strengthen our market position further and help our customers to develop a more efficient and sustainable supply chain“, says Niklas Rönnbäck, CEO at IMI.

Priveq was advised by Setterwalls, Deloitte, Cupole and Omegapoint in connection with the transaction.

For more information, please contact:

Senai Ayob, Partner Priveq
+46 70 459 23 61
senai.ayob@priveq.se

Niklas Rönnbäck, CEO IMI
+46 70 553 19 99
niklas.ronnback@im.se

About IMI
IMI is an international software development company with offices in Sweden and clients extending 18 countries. By combining forces to untangle complex distribution challenges, our devoted and experienced team of experts develop and deliver scalable solutions that improve control, efficiency and profitability across global supply chain operations. This in-house competence makes us an effective and flexible partner throughout the development journey for our clients in the fast-moving goods, retailing, wholesale distribution, and 3PL industries. The core of what we do is to ensure that trading companies can deliver on their promises every time – today and for years to come. With an astounding 99.9 % uptime, IMI’s supply chain systems expedite more than one billion order lines per year for 10,000 users across 200 warehouses.

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ThoughtWorks Receives $720 Million Investment at an Enterprise Value of $4.6 Billion

Apax

14 January 2021

January 14, 2021 Chicago – ThoughtWorks, a global software consultancy today announced that GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company have invested $720 million in the company.

Founded over 25 years ago, ThoughtWorks has grown from a small team in Chicago to a leading global software consultancy of more than 7,000+ ThoughtWorkers. Its roots are in digital transformation and agile software development and the company has been at the forefront of defining the tech principles used by some of the world’s most successful organizations.

The proceeds will be used to repurchase equity from existing investors. The new commitment of capital comes as the company continues to invest in growth and international expansion.

“This placement is a very positive indicator of how strong our company and brand are perceived in the market. It’s wonderful that GIC, Siemens, Fidelity and Mubadala see ThoughtWorks to be a strong investment and this is an endorsement of the strength and relevance of our business and people”, said Guo Xiao, president and chief executive officer, ThoughtWorks.

“Since partnering with ThoughtWorks in 2017, the company has gone from strength to strength – accelerating growth and profitability and transforming to be world class in a highly strategic global market. ThoughtWorks’ talented employees, global footprint and reputation for technical excellence make it a standout offering in the rapidly evolving digital transformation space”, said Rohan Haldea, partner at Apax. “We welcome GIC, Siemens, Fidelity and Mubadala Investment Company as additional investors to support the company’s growth strategy.”

“Siemens strongly believes in the growth potential of supporting the digitalization of businesses across all industries. We believe that ThoughtWorks is the right partner with outstanding capabilities. I am proud of our investment to jointly accelerate digital transformation,” said Cedrik Neike, managing board member of Siemens, responsible for Digital Industries and Siemens Advanta.

“As the clear market leader in digital transformation, ThoughtWorks’ long term growth prospects were key to our investment decision. The company’s unique offerings are pivotal to the digitization of many businesses which we see accelerating in 2021 and beyond,” said Tim Breen, executive director, Technology at Mubadala.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as placement agents to ThoughtWorks in connection with this transaction. Kirkland & Ellis LLP acted as legal advisor to ThoughtWorks.

This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

About ThoughtWorks
We are a software consultancy and community of passionate purpose-led individuals, 7000+ people strong across 46 offices in 15 countries. Over our 25+ year history, we have helped our clients solve complex business problems where technology is the differentiator. When the only constant is change, we prepare you for the unpredictable.

About Apax Partners LLP
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About GIC
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. Headquartered in Singapore, GIC has investments in over 40 countries and employs over 1,700 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit www.gic.com.sg.

About Siemens
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 170 years. Active around the world, the company focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process and manufacturing industries. Siemens brings together the digital and physical worlds to benefit customers and society. Through Mobility, a leading supplier of intelligent mobility solutions for rail and road transport, Siemens is helping to shape the world market for passenger and freight services. Via its majority stake in the publicly listed company Siemens Healthineers, Siemens is also a world-leading supplier of medical technology and digital health services. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power that has been listed on the stock exchange since September 28, 2020. In fiscal 2020, which ended on September 30, 2020, the Siemens Group generated revenue of €57.1 billion and net income of €4.2 billion. As of September 30, 2020, the company had around 293,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala’s $232 billion (AED 853 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.

Headquartered in Abu Dhabi, Mubadala has offices in London, Rio de Janeiro, Moscow, New York, San Francisco and Beijing. For more information about Mubadala Investment Company, please visit: www.mubadala.com.

Contact
Reyne Quackenbush
rquacken@thoughtworks.com
M 732-261-7420

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Symphony Talent Research Finds Most Companies Still Lag in Talent Nurture and Automation Strategies

Stg Partners

NEW YORK and LONDON, JANUARY 14, 2021 – Symphony Talent, a recruitment marketing technology company that helps recruiting teams automate tasks and empower interactions, just released its 2021 Recruitment Marekting Strategies Report, based on six years of research on Fortune 500 companies.

“We’ve been able to quantify the growth and investment in recruitment marketing as a necessary discipline since 2015,” said Roopesh Nair, chief executive officer at Symphony Talent. “In this volatile year, it’s clear that the most agile and successful companies were the few that had already established a solid strategy and technology foundation.”

Some of the most prominent businesses in national news due to their impact on and response to the pandemic — like CVS Health, Stryker, and Ecolab — were among the 14% of the Fortune 500 categorized as recruitment marketing pioneers (“A” grades), scoring high in categories like nurture, personalization and initiative hiring.

CVS Health — a company that hired more than 61,000 people this year, including 2,000+ displaced workers from hard-hit industries — took the number one overall spot for the second year in a row due to its leading strategies in employer branding content, talent network communication, and adoption of emerging technology like conversational engagement and candidate relationship management (CRM) automation.

“Our plans for innovation ‒ like utilizing new strategies in our CRM, upskilling the team on tools, improving the candidate experience touchpoints, flipping our recruitment funnel ‒ started long before 2020,” said Kerry Noone, director of employer branding at CVS Health. “When COVID-19 hit, our plans just accelerated, and we continued to grow throughout the pandemic, allowing us to hire pharmacists, pharmacy technicians, and nurses to administer the COVID-19 vaccine as soon as it was available.”

While A-scoring companies are slightly up over six years of research, the vast majority of the Fortune 500 still struggle to utilize technology, effectively communicate with unique talent audiences, and connect the dots across recruiting channels. A few crucial findings include:

  • Companies are trying to use ATSes and/or CRMs to more efficiently connect with talent. 76% of companies now have a talent network or job alerts, up from 57% in 2019.
  • Having a talent network doesn’t mean excelling at talent nurture. Only 54% of companies send any type of communication to people, the majority of which are unpersonalized job reqs.
  • While the use of conversational engagement has almost doubled since 2017, still only 11% of companies utilized a chatbot on their career site.

“I’m extremely excited to see more employers leveraging talent networks to connect with passive candidates in 2020; however, I’m also surprised at the lack of utilization of powerful, intuitive tools that help them communicate to and ultimately hire the right candidates,” Ben Eubanks, principal analyst at Lighthouse Research & Advisory, commented. “I expect the lessons we’ve learned in 2020 will help propel these adoption numbers higher in the coming months.”

The Symphony Talent in-house research team focused on 27 critical recruitment marketing strategies utilized by the Fortune 500 across search, career site, talent network and social media channels from August to November 2020. For the first time, Symphony Talent’s report also looks at a comparison set of companies from the Fortune 50 Fastest Growing.

Download the research report here.

About Symphony Talent

Software that works for you, and you love to work in. Symphony Talent is a recruitment marketing technology company that helps recruitment teams automate tasks for efficiency and empower smarter candidate interactions. Its SmashFlyX platform unifies CRM, career site, and programmatic advertising for the most comprehensive talent campaigning and marketing in the industry. As an employer brand and creative partner, Symphony Talent has won major awards for EVP strategy, employer brand campaigns, career site design, and more. The company supports more than 600 customers across the globe, with headquarters in New York, London, Bangalore, and Belfast. Visit symphonytalent.com to learn more, and follow us on Twitter @SymphonyTalent_ and @SymphonyT_EU.

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K1 Agrees to Sell Clarizen, the Category Leader in Enterprise Collaborative Work Management, to Planview

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K1

LOS ANGELES, January 12, 2021 — K1 Investment Management, LLC (“K1”), a leading investment firm focusing on high-growth enterprise software companies, today announced it has entered into a definitive agreement to sell Clarizen, the category leader in Enterprise Collaborative Work Management software. Clarizen, based in Tel Aviv, Israel and San Mateo, California, will be acquired by Planview, a leading portfolio and work management solutions platform backed by TA Associates and TPG Capital. K1 will continue to hold a minority stake in the combined company.

K1 acquired Clarizen in 2018 and partnered with management to expand the company’s North American presence while driving topline growth and expanding profitability. With K1’s backing, Clarizen made several targeted go-to-market and product investments that resulted in nearly doubling the company’s enterprise business. In October 2020, the company was recognized as a leader in project and portfolio management software by G2 Crowd and ranked #1 in user experience and ease of implementation.

“K1 was the perfect partner for Clarizen over the last few years,” said Boaz Chalamish, Executive Chairman at Clarizen. “They helped us accelerate our expansion in North America, continued to support investment in our products and helped drive substantial improvements in our team.”

Clarizen’s customer base includes over 900 organizations in over 120 countries including Box, Siemens, Blackrock, Western Union and Dell.

“Clarizen has become a clear category leader in enterprise work management,” said Sujit Banerjee, Managing Director of K1 Operations, LLC. “We identified Clarizen as having one of the best products in the industry when we first invested, and we worked closely with Boaz and his team to execute on the vision for becoming the global solution for enterprises looking to use technology to do more with less.”

The transaction is subject to regulatory approval. Clarizen was advised by William Blair as financial advisor, and Morris, Manning & Martin LLP and Meitar as legal counsel in the US and Israel, respectively.

Financial terms of the combination were not disclosed.

About K1

K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 100 professionals, K1 and its operating affiliate, K1 Operations LLC, change industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 135 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, ChiroTouch, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, Graduway, IronScales, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.

About Clarizen

Clarizen connects work across the enterprise, turning ideas into strategies, plans, and action. With Clarizen, organizations can work the way they want to work and have real time visibility into all their workstreams. This keeps teams focused on the things that matter, delivers results faster, and helps them exceed their company goals and customers’ expectations. Thousands of global customers, such as Jones Lang LaSalle (JLL), Siemens, De Beers, Ricoh, Box and Shaw Industries, across a wide variety of industries in 124 countries rely on Clarizen to help them achieve their business goals. To learn more, visit clarizen.com.

SOURCE: PRNewswire

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Employee Navigator Raises $34 Million in Growth Equity Financing

JMI Equity

BETHESDA, Md.–(BUSINESS WIRE)–Employee Navigator, a leading benefits administration & HR software provider, announced it has raised $34 million in growth equity funding from JMI Equity. The minority investment will go towards hiring across all functions and expanding Employee Navigator’s product offerings.

The company began licensing its benefits and HR products to insurance brokers in 2012 and has expanded its offerings to partner with the nation’s leading insurance carriers, payroll companies, and third-party administrators (TPAs) to provide a unified benefits and HR solution. Employee Navigator’s growth has accelerated over the past few years; they now support over 2,000 of the nation’s leading insurance brokers, over 50,000 employers, and over 10 million employees and dependents.

“As our business matured, we became convinced of the opportunity to sustainably build a substantial company supporting our core market,” said George Reese, Founder and CEO of Employee Navigator. “We believe there is a need for an agnostic company to bring the benefits ecosystem stakeholders together, and we are confident Employee Navigator can be that trusted partner. We have come to know JMI very well over the last two years and feel they are the ideal long-term partner for our business goals. Ultimately, this was an opportunistic fundraise as we’ve been profitable since 2015 and continue to grow profitably despite the COVID-19 headwinds, and we are excited to deliver more great products and services to our customers and partners.”

“George and the Employee Navigator team have built a resilient business well-positioned for accelerated growth, as demonstrated by their record new business and profitability through COVID,” said David Greenberg, General Partner at JMI Equity. “The Company has established itself as a leader in the benefits administration software space, with impressive employee scale on the platform and some of the most positive customer and partner reference calls we have ever completed. Most importantly, George and the team have the deep insurance industry experience that is crucial to sustained success in this space. We are incredibly excited to partner with Employee Navigator and support their compelling long-term vision.”

About Employee Navigator

Employee Navigator is a rapidly growing benefits, compliance, and HR software provider. The company currently works with more than 2,000 industry-leading brokers nationwide, providing benefits administration and HR products to over 50,000 companies and 10 million employees and dependents.

Employee Navigator has also been named a Top Workplace by the Washington Post in 2017, 2018, 2019 and 2020. For more information, visit www.employeenavigator.com

About JMI Equity

JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 150 businesses in its target markets, successfully completed over 100 exits, and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.

Contacts

For Employee Navigator:
Kyle Reese
kreese@employeenavigator.com
301-583-5185

For JMI Equity:
Chuck Dohrenwend / Will Braun
Abernathy MacGregor
cod@abmac.com / whb@abmac.com
212-371-5999

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Hornetsecurity Agrees to Acquire Software Solutions Provider Altaro to Create International Cloud Security and Compliance Software Platform

Verdane Capital

Transformative acquisition by Hornetsecurity to establish pan-European solution to security and compliance issues in the Microsoft 365 environment

Hanover, Germany –Hornetsecurity Group, a leading European provider of cloud-based email security and data protection headquartered in Germany, today announced that it has agreed to acquire Altaro, a high-growth international provider of reliable backup solutions. The acquisition will transform the company from being a regional leader in cloud email security to an international cloud security and compliance platform.

Altaro provides cloud back-up software for Microsoft Office 365 and virtual machine (VM) software focused on mid-market and SMEs. Headquartered in Malta with offices in the UK, Germany, France, North Macedonia and the US, Altaro serves over 50,000 customers across more than 120 countries.

This transaction will significantly expand Hornetsecurity’s international presence and product range, making the company a pan-European solutions provider to security and compliance issues in the Microsoft 365 environment. As part of the transaction, Altaro’s founders will be appointed into management roles within Hornetsecurity.

 

The transaction is supported by Hornetsecurity’s shareholders Verdane, the Northern European specialist growth equity investor and PSG, a leading growth equity firm partnering with lower middle-market software and technology-enabled service companies.

“We’re thrilled to welcome the Altaro team to help drive the next phase of our growth,” said Daniel Hofmann, CEO of Hornetsecurity. “As we look to provide all organisations with a complete security and compliance solution for their use of cloud technologies, integrating Altaro’s backup solutions into Hornetsecurity’s email cloud security product portfolio will complete the comprehensive security package puzzle.”

David Vella, CEO of Altaro, added: “We have found exactly the right strategic buyer in Hornetsecurity and are delighted to become part of the group. The two companies’ existing business lines complement each other perfectly, and by combining these along with our pooled industry experience and know-how, we are confident in Hornetsecurity’s ability to become the European market leader in cloud security.”

Financial terms of the transaction were not disclosed.

 

About Hornetsecurity Group

Hornetsecurity is a leading email cloud security provider in Europe, which protects the IT infrastructure, digital communication and data of companies and organizations of all sizes. Founded in 2007, the security specialist from Hanover, Germany, provides its services worldwide via 9 redundant, secured data centres. The product portfolio covers all important areas of email security, including spam and virus filters, legally compliant archiving and encryption, as well as defense against CEO fraud and ransomware. With around 200 employees, Hornetsecurity is represented globally at 11 locations and operates in more than 30 countries through its international distribution network. The premium services are used by approximately 40,000 customers including Swisscom, Telefónica, KONICA MINOLTA, LVM Versicherung, DEKRA and Claas.

Further information on www.hornetsecurity.com

 

About Altaro

Altaro is a high-growth developer of reliable backup solutions for managed service providers (MSPs), IT resellers and enterprises. The company has over 50,000 customers in 121 countries around the world, 10,000 partners and over 2,000 MSPs. Altaro offers cost-effective and professional features without unnecessary aspects that add costs or excessive complexity. The flagship product is the backup solution for virtualized environments Altaro VM Backup. It is becoming increasingly popular and is the first choice for Hyper-V and VMware backups and replications. Altaro Office 365 Backup is a subscription solution for backing up and restoring Office 365 mailboxes. A backup solution for physical Windows servers is also available. Altaro has offices in the U.S., U.K., Germany, France, northern Macedonia and Malta.

For further information visit www.altaro.com

 

About Verdane

Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €2.1bn in total commitments and have made over 120 investments in category leaders within software, digital consumer, and energy & resource efficiency. Verdane’s team of more than 60, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner in Northern Europe. www.verdane.com

About PSG

PSG is a growth equity firm that partners with lower middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 60 companies and facilitated over 250 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London.

 

Press contacts

Jonathan Bui, Communications Manager
Verdane
press@verdane.com
+46 76 27 28 100

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Smile Invest acquires a majority stake in 4ITEGO Group

Smile Invest

Smile Invest takes a majority stake in the leading provider of digital transformation software solutions 4ITEGO. Smile Invest invests alongside Xavier Werbrouck (founder and CEO) and the management team and replaces Robur Capital as growth accelerator.

4ITEGO was founded in 2017 as a result of the merger of CadCorner and GPO Solutions. In 2019, Infinite Simulation Systems and 4ITEGO Global Services joined the group. Through its subsidiaries, 4ITEGO is a reference provider of software solutions and services, focused on product development and digital process integration. The company acts as a partner for its customers and also provides consultancy and implementation services and trainings in addition to software solutions. 4ITEGO is active in the Benelux and has about fifty employees in their offices in Kortrijk (BE) and Breda (NL).

The solutions of 4ITEGO are mainly based on the software packages of PTC and Ansys. PTC is a leading software platform for computer-aided design (CAD) and product life cycle management (PLM). In addition, PTC is also a trendsetter in fast growing areas such as industrial internet of-things (IIoT) and augmented reality (AR). Ansys is the undisputed leader in industrial simulation software and has a wide range of solutions for digital simulations in product development (computer-aided engineering (CAE)). 4ITEGO is a recognized PTC Platinum Partner and Ansys Elite Partner.

Xavier Werbrouck, founder and CEO of 4ITEGO, is looking forward to the partnership with Smile Invest and the further growth prospects of the company. “Over the past few years, 4ITEGO has realised a strong growth trajectory, strengthening our market position in the Benelux. Together with Smile Invest, we will continue to expand the range of services and solutions offered to our customers and partners. We are convinced that Smile Invest is the ideal partner to support our growth given their focus on innovative companies and their knowledge and experience in digitalization of development and production processes.”

Wim Deblauwe, Managing Director at Robur Capital: “In 2017 we entered into a partnership with Xavier Werbrouck and his team to turn 4ITEGO into a leading player in the Benelux market. Thanks to the strong organic growth and acquisitions of GPO Solutions and Infinite Simulation Systems, 4ITEGO added complementary companies to the group. We would like to thank the 4ITEGO team for the pleasant cooperation over the past years and wish them every success in continuing the growth story.”

Thomas Dewever and Bart Cauberghe, Managing Partners at Smile Invest: “We are looking forward to welcoming 4ITEGO at Smile Invest. 4ITEGO has realized an impressive growth trajectory. Thanks to the recent acquisitions of GPO Solutions and Infinite Simulation Systems the group has profound know-how and expertise in industrial automation and digital transformation. Together with Xavier Werbrouck, we are happy to continue this successful growth story and will continue to consider further acquisitions.”

About Smile Invest:

Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with €350 million of assets under management, financed by 40 entrepreneurial families and with a long-term focus on innovative growth companies. Smile Invest focuses on companies active in technology, healthcare and digital services. From its offices in Leuven and The Hague, the team supports ambitious entrepreneurs and management teams in realising their growth plans.

Contact Smile Invest:
Thomas Dewever, Managing Partner – thomas.dewever@smile-invest.com – +32 476 42 35 82

About Robur Capital:

Robur Capital is an open-ended investment fund established in 2016 providing growth capital and operational support to mature and profitable small and medium-sized enterprises.

Contact Robur Capital:
Wim Deblauwe, Managing Director –wim.deblauwe@roburcapital.be – +32 494 500 419

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Hg invests in Prophix to continue to scale the business and invest further in product and technology

HG Capital

Mississauga, Canada; New York, USA and London, UK: 6th January 2021 – Prophix, a global leader in Corporate Performance Management (CPM) software, today announces an investment from Hg, a leading global software investor. Hg’s investment is expected to accelerate and scale Prophix’s growth and fund further development of its product capabilities.

This deal will result in Prophix employees and management participating to acquire the company alongside Hg, who will hold the majority investment. This will allow staff to benefit more directly from the organization’s ongoing growth.

Founded in 1987 and based in Ontario, Canada, Prophix is a leading provider of CPM software serving mid-market companies across multiple industries worldwide, providing planning, budgeting and financial reporting software into the ‘office of the CFO’. Prophix’s software allows organizations to improve their financial reporting capabilities, while also standardizing and streamlining the budgeting process to generate significant ROI through a faster time to close, reduction in budgeting errors and an ability to reforecast in a more agile way. Prophix is a leader in its segment with over 1,600 customers, industry-leading retention rates and best-in-class customer NPS.

“Our journey so far has shown us that there is still so much to play for in our industry. We have significant ambitions for the business and Hg’s investment and operational experience in software will help us reach these goals. We will look to serve our customers better than ever before, as we invest further in our sales and marketing functions, further our R&D capabilities, accelerate our transition to the cloud and look to scale our business across several regions, including in Europe. Hg has successfully helped businesses to accomplish these goals many times over and we’re excited to tap into some of this experience to unlock our full potential.”

Alok Ajmera, Chief Executive Officer of Prophix

“This is a really momentous announcement for the team at Prophix and we warmly welcome Hg as a key strategic partner today. It has been an incredible journey to date, and I am so grateful to the enormous talent that has seen us get to this stage. Together with Hg we will move forward with an unstoppable team and a very bright future for the business.”

Paul Barber, Founder and Executive Chairman of Prophix

This partnership with Prophix reinforces Hg’s focus on mission critical B2B software sitting at the intersection of Hg’s experience in ERP and Tax & Accounting. This transaction represents Hg’s seventeenth investment in this space in the last 16 years, with total invested capital of over $3.5 billion. Prophix is also the fourth software business based in Canada that Hg has invested in over the last 12 months.

“Prophix sits right at the heart of a universe that we have been investing in for almost two decades. This means that we recognise high-quality when we see it and Prophix falls firmly into this category. Prophix is a great business run by an impressive team. They have created a best-in-class cloud product that serves a very satisfied customer base, with a huge runway for further growth. We’re really excited about joining the team.”

Jonathan Boyes, Partner at Hg

“We see significant growth opportunity from the continued adoption of CPM software by mid-market organizations, as the need for real-time financial information and the ability to budget & reforecast in a more agile way becomes increasingly important. Prophix is positioned incredibly well to benefit from this trend, which is a testament to the successful efforts of Paul, Alok and the rest of the Prophix team.  We look forward to partnering with Alok and his team to help the company continue to realise its future growth potential.”

Ben Meyer, Partner and co-lead of Hg’s New York team

The terms of the transaction were not disclosed. Advising Prophix on the transaction were Shea & Company as financial advisor and Osler, Hoskin & Harcourt LLP as legal advisor. Advising Hg were Stifel (M&A), Skadden (legal), Kirkland & Ellis (financing), Deloitte (accounting and tax) and EY (commercial and technology).

For further details:

Tom Eckersley (Hg)
+44 (0)20 8396 0930

Diana Vaughton and Samantha Chiene (Brunswick, UK)
+44 (0)207 404 5959

Alex Yankus and Harry Mayfield (Brunswick, USA)
+1 917 818 5204
HG@brunswickgroup.com

Rachel Douglas (Prophix)
+1 (905) 279-8711 Ext: 502
rdouglas@prophix.com

Colleen Irish (Tier One Partners, USA)
+1 (617) 842-1511
cirish@tieronepr.com

About Hg

Hg is a leading European investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $30 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 30 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 30 software and technology businesses, worth over $50 billion aggregate enterprise value, with over 35,000 employees globally. For further details, please visit the Hg website: https://hgcapital.com/.

About Prophix

Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps midmarket companies achieve their goals more successfully with its innovative Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, planning and reporting, and puts the focus back on what matters most – uncovering business opportunities and driving competitive advantage. Whether in the cloud or on-premise, Prophix supports your future with a platform that flexes to suit your strategic realities, today and tomorrow. https://www.prophix.com/

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K1 Completes Sale of Certent to insightsoftware

K1

LOS ANGELES, January 7, 2021 — K1 Investment Management, LLC (“K1”), a leading investment firm focusing on high-growth enterprise software companies, today announced that it has completed the sale of its portfolio company Certent, Inc. (“Certent”), the category leader in software-as-a-service solutions for financial disclosure management and equity compensation. insightsoftware, a global provider of enterprise software solutions for the Office of the CFO, backed by TA Associates and Genstar Capital, acquired the business.

K1 first invested in Certent in 2012 and was the only institutional investor in the company. Since K1’s initial investment, Certent’s customer base grew by more than 3x and its revenue grew by more than 5x.

With K1’s backing, Certent achieved significant scale and profitability through an active buy-and-build strategy. Certent leveraged K1’s sector specialization, sourcing capabilities and operational resources to complete and integrate five add-on acquisitions which expanded the company’s product line and geographic breadth. Additionally, 13 Certent executives, including the company’s CEO, CTO and SVP of Global Services, graduated from K1’s proprietary year-long executive development course, the Advanced Management Program (“AMP”).

“We appreciate K1’s support in helping us achieve significant growth and market penetration over the years,” said Jorge Martin, CEO of Certent. “Looking back, the journey exceeded all of my expectations. The investments K1 made in me personally and in our team and culture allowed us to build the category leader in equity and disclosure management. We are excited to join forces with insightsoftware and look forward to the next phase of the company’s evolution.”

Certent first appeared on Inc. Magazine’s Inc. 5000 list in 2013 and has remained on the list every year since then. Additionally, in October 2020, the company was ranked #1 in customer satisfaction and recognized as a market leader in G2 Crowd’s inaugural report for equity management software, further validating the company’s market presence.

“When we first met Certent, we were drawn to the mission-critical software products it provided to finance and legal teams of public and private companies,” said Taylor Beaupain, Managing Partner at K1. “Certent has since grown to become the category leader in its space.  It has been an incredible journey to support the company’s growth over the years, and we are thrilled that Jorge and the Certent team will further build their capabilities within the broader insightsoftware platform.”

Certent was advised by Raymond James as financial advisor and Morris, Manning & Martin LLP as legal counsel.

About K1

K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 100 professionals, K1 changes industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 135 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, ChiroTouch, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, Graduway, IronScales, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.

About Certent

Certent, Inc., founded in 2002, helps customers elevate their business with smart, intuitive solutions for modern finance. Our advanced solutions for disclosure management, narrative reporting, and equity management help business and finance leaders improve accuracy, save time, and get more done. Deploy with confidence over the cloud, backed by our end-to-end support services, deep expertise, and global reach. Integrate easily with existing systems and data sources. Certent helps you redefine your approach to governance, risk, and compliance. The company operates in seven countries and serves over 2,400 public, private, and pre-IPO companies around the world.

About insightsoftware

insightsoftware is a leading provider of financial reporting and enterprise performance management software. We enable best-in-class performance for the Office of the CFO to connect and analyze their enterprise data in real time, driving greater financial intelligence across their organization. Over 25,000 organizations worldwide rely on insightsoftware’s portfolio of best-in-class reporting, analytics, budgeting, forecasting, consolidation, and tax solutions to provide them with increased productivity, visibility, accuracy, and compliance. Visit insightsoftware.com for more information.

 

SOURCE: https://www.prnewswire.com/news-releases/k1-completes-sale-of-certent-to-insightsoftware-301202536.html

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PointClickCare Technologies Enters Next Phase of Growth with Minority Strategic Investment from New Investor Hellman & Friedman and Existing Investor Dragoneer Investment Group

Hellman & Friedman

MISSISSAUGA, ON, Canada

Investments Expected to Drive Further Expansion of PointClickCare Product Offerings and Accelerate Growth

PointClickCare Technologies, the leader in cloud-based healthcare software for the long-term and post-acute care market, today announced a minority strategic investment from affiliates of Hellman & Friedman LLC (“H&F”), a preeminent global private equity firm with a distinctive approach focused on investments in high-quality growth businesses, as well as an increased investment from Dragoneer Investment Group, a long-term-oriented investment firm with an extensive track record of investing in leading growth companies.

H&F will work with the PointClickCare leadership team to continue fueling growth and expanding the company’s product offerings. As part of the investment, Sameer Narang, Partner at H&F, will join the PointClickCare Board of Directors. PointClickCare Founders Mike and David Wessinger will continue to control and operate the company with the support of the Board of Directors.

“We are excited to welcome Hellman & Friedman as an investor in PointClickCare given its deep sector expertise and its collaborative partnership approach, and are delighted to officially welcome Sameer to our board. This investment, along with Dragoneer’s increased stake, will help us accelerate our growth and expansion across the healthcare continuum, and enable us to continue delivering on our commitment to our customers’ success – particularly at a time when the need for more seamless care through innovative technology is paramount.”

said Mike Wessinger, founder, and chief executive officer of PointClickCare.

“H&F is thrilled to join PointClickCare’s investor base. We believe there is significant growth opportunity ahead given the company’s exceptional customer relationships, strong product suite, and leading market position in the post-acute ecosystem. PointClickCare sits at the intersection of our healthcare and software investment efforts, exhibiting all the compelling characteristics we seek out when investing in vertical-market category leaders. We look forward to collaborating with the team and believe we are uniquely positioned to further accelerate the company’s expansion, for the benefit of its customers and the broader healthcare industry.”

said Sameer Narang, Partner at H&F.

“As the largest outside investor in PointClickCare, we are thrilled to be expanding our investment in PointClickCare. We look forward to continuing to support PointClickCare as it builds on its already impressive momentum and delivers even more of the hallmark innovation that has created fierce loyalty among its customers.”

said Christian Jensen, Partner at Dragoneer and member of the PointClickCare Board of Directors.

PointClickCare’s cloud-based healthcare software platform provides the core clinical and administrative system of record and a comprehensive suite of workflow management tools for skilled nursing facilities, senior living communities, and home health agencies. PointClickCare currently serves over 21,000 long-term and post-acute care providers, including approximately 65% of skilled nursing facilities in the United States.

PointClickCare recently acquired Collective Medical, the leading network-enabled platform for real-time cross-continuum care coordination. Together, PointClickCare and Collective Medical will provide diverse care teams across the continuum of acute, ambulatory, and post-acute care with point-of-care access to deep, real-time patient insights at any stage of a patient’s healthcare journey, enabling better decision-making and improved clinical outcomes at lower cost.

“We would also like to take this opportunity to thank JMI Equity, which has undoubtedly contributed to the success of PointClickCare and our customers by enabling us to expand the breadth of our solution suite and meet the evolving needs of long-term care providers. Most importantly, we thank them for believing in our vision. We look forward to building on the continued leadership momentum we have created and are pleased to have the H&F team on board, alongside the continued support of Dragoneer Investment Group and JMI Equity, as we approach our next stage of growth.”

continued Mike Wessinger.

UBS Investment Bank provided financial advisory services and Goodwin Procter LLP provided legal advisory services to PointClickCare in the successful financing and facilitation of the equity transactions. Evercore provided financial advisory services to JMI Equity.

To learn more about PointClickCare, visit pointclickcare.com.

About PointClickCare
With a suite of fully-integrated applications powered by cloud-based healthcare software, PointClickCare leads the way in helping care providers connect, collaborate, and share data within their network. Over 21,000 long-term and post-acute care providers, including skilled nursing facilities, senior living communities, and home health agencies use PointClickCare today, making it the North American healthcare IT market leader for the senior care industry. For more information on PointClickCare’s software solutions, visit pointclickcare.com.

Contact
Tania DiVito
Corporate Communications Manager, PointClickCare
905-858-8885 x1997
800-277-5889 x1997
tania.divito@pointclickcare.com

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