Combination of Onshape and Arena to Enable PTC to Deliver Complete CAD + PLM SaaS Solution
PTC Reaffirms Cash Flow Targets for FY’21
BOSTON, Dec. 14, 2020 /PRNewswire/ — PTC (NASDAQ: PTC) today announced that it has signed a definitive agreement to acquire Arena Solutions, Inc. (Arena Solutions) the industry’s leading “software as a service” (SaaS) product lifecycle management (PLM) platform provider. The acquisition will further PTC’s strategy to be the leader in the rapidly-growing market for SaaS-based product development software, enabling the company to deliver a complete CAD + PLM SaaS solution. Under the terms of the agreement, PTC will acquire Arena Solutions for $715 million in cash. Subject to customary closing conditions and completion of regulatory review, the acquisition is expected to be completed in PTC’s fiscal Q2 2021.
“A year ago, PTC entered the SaaS world for product development software with our acquisition of Onshape,” said Jim Heppelmann, president and CEO, PTC. “That move reflected our strong conviction that our market is nearing a tipping point in its willingness to adopt SaaS technology, following the trend seen in many other software markets. The effects of COVID-19 have dramatically accelerated this inevitable shift, with PTC customer surveys indicating a 25% increase in readiness for SaaS PLM since the pandemic started. We expect the acquisition of Arena will significantly extend our leadership position as we continue to redefine the future of our industry.”
With headquarters in Foster City, California, Arena Solutions serves more than 1,200 customers across the electronics, high-tech, and medical-device industries, including world-class innovators such as Nutanix, Peloton, Sonos and Square. In addition, Arena will broadly extend PTC’s presence in the attractive mid-market, where SaaS solutions are becoming the standard.
“As the SaaS PLM pioneer, we were first to see that engineers and product developers would benefit from a new paradigm in the way they collaborate and drive product innovation,” said Craig Livingston, Arena Solutions president and CEO. “We were ahead of the market in the early days, but in the past several years we’ve seen an acceleration of market receptivity and demand. This acquisition validates our original vision, and we are pleased to be joining an established leader in CAD and PLM capable of hastening the movement of our market to SaaS.”
The Arena Solutions product realization platform unifies PLM, quality management, and requirements management, allowing every participant throughout the product design and manufacturing process – as well as across an extended supply chain – to work together in a secure, high availability cloud environment.
“This acquisition is the logical next step in PTC’s strategy to be the industrial SaaS leader,” continued Heppelmann. “A big first step was the acquisition of Onshape, the SaaS leader in CAD and collaborative design capabilities. Arena will enable us to round out the solution with full PLM capabilities and deliver the only complete CAD + PLM SaaS solution in the industry.”
Financial Impact Arena Solutions is expected to end calendar year 2020 with approximately $50 million in annualized recurring revenue, reflecting double-digit growth over 2019. The transaction is expected to be neutral to PTC’s FY’21 cash flow from operations target of $365 million and free cash flow target of $340 million (which reflects the deduction of approximately $25 million of capital expenditures from cash flow from operations) and accretive to FY’22 and beyond. The transaction will be funded with cash on-hand and amounts borrowed under PTC’s existing credit facility.
PTC management will provide additional details about the transaction at its Investor Day virtual meeting scheduled for Tuesday, December 15.
Advisors Centerview Partners LLC is the exclusive financial advisor to PTC and Morgan, Lewis & Bockius LLP is acting as its legal counsel. Barclays is the exclusive financial advisor to Arena and JMI Equity, and Goodwin Procter is acting as their legal counsel.
Forward-Looking Statements This news release contains statements about future events and expectations, including the closing of the acquisition, the effect of the acquisition on our future growth and financial results, including our cash flow from operations and free cash flow, the expected value of the acquired technology to our business, and market adoption of industrial SaaS solutions. These statements are “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from those projected, including that the closing conditions may not be satisfied when or as we expect or may be waived; the acquired technology may not provide the access to new customers and markets that we expect if those customers and markets are not receptive to the technology; we may be unable to integrate the acquired technology when or as we expect, which could adversely affect our ability to offer additional SaaS solutions; customers may not adopt SaaS solutions for product development as we expect, which would adversely affect our revenue; key Arena Solutions employees may not stay with PTC, which could disrupt the Arena Solutions business and our ability to successfully integrate and operate the Arena Solutions business; we may incur unanticipated costs associated with the integration of Arena Solutions, which would impact our earnings and free cash flow; and other risks and uncertainties described in PTC’s filings with U.S. Securities and Exchange Commission.
About PTC (NASDAQ: PTC) PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation, improve operational efficiency, and increase workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don’t just imagine a better world, we enable it.
Antwerp / The Hague, 10 December 2020 – Fortino Capital Partners, a leading European software investor, announces its investment in Cenosco, a Dutch specialist in Asset Integrity Management. Cenosco is headquartered in The Hague, with local presence in Croatia. The Company employs 75 people and is active in 30 countries, with its solution deployed in about 100 plants worldwide.
Cenosco’s software operates at the heart of asset heavy industry plants in the oil & gas, chemicals, energy, and utilities space. It is a web-based tool for Asset Integrity Management, supporting users to make smart inspection and maintenance decisions to increase safety, asset availability and lower asset management costs.
After 20 years of organic growth, the Cenosco founders decided the time was right to attract an external partner, in order to support the Company in its next growth phase and help it unlock the full potential of its solution. Cenosco will continue to invest in product development in close collaboration with its partners. Further professionalization of the organization will be a priority too, as evidenced by the significant number of planned hires for 2021 on general management, domain expertise and throughout the rest of the organization.
Mischa Simonis, Co-Founder and Managing Directorat Cenosco: “We are excited with Fortino Capital as a new shareholder in Cenosco. Fortino will bring important B2B software expertise and a solid network that will enable Cenosco to grow further and stronger. With our 20+ years of experience and our strong partnerships in the oil and gas industry, we are well positioned to benefit from the opportunities this market will bring, with aging plants and a new focus on digitalization.”
Fortino Capital invests in Cenosco alongside current management (i.e. the founders), which stays operationally active to realize this next growth phase. Cenosco is the 22nd B2B software investment by Fortino Capital, and the 7th platform investment of its Growth Private Equity Fund.
Wouter Van de Bunt, Partner at Fortino Capital: “We are truly impressed by Cenosco’s achievements over the past 20 years. The Company built a top-notch product with potential to become the market standard for Asset Integrity Management. Cenosco also perfectly fits within the investment criteria of our Growth Equity Fund: mission-critical software, strong and profitable growth, global presence, and massive opportunities for future growth. We are delighted to support Cenosco, together with the founders, in its next, accelerated growth phase.”
About Cenosco
Cenosco, founded in 2000, is a global software company in Asset Integrity Management. The Company has a global presence, with its software deployed in 30 countries in about 100 plants. Cenosco employs 75 people and is headquartered in The Hague, with local office in Croatia.
For more information, see www.cenosco.com.
About Fortino Capital Partners
Fortino Capital Partners is a European enterprise software investor, managing a €240 million growth private equity fund and two venture capital funds for earlier stage software opportunities. The firm has offices in Antwerp and Amsterdam. Fortino Capital’s investment portfolio includes MobileXpense, Efficy CRM, Odin Groep, Tenzinger, Maxxton and Teamleader, among others.
For more information, see www.fortinocapital.com.
Press contact
VADEMECOM
Vincent Morrens
M: +32 (0)475.93.25.16 vm@vademecom.be
Sogelink, a leading provider of vertical software solutions for infrastructure professionals, today announces the acquisition of GOTMI.IO, a collaborative platform specialized in the coordination of public works. Already at the cutting edge of the construction and public works coordination segment, Sogelink now adds artificial intelligence and machine learning expertise to its offering through this acquisition and deepens its open collaborative models.
Founded in 2000, Sogelink designs, develops and markets software and SaaS (Software as a Service) solutions to simplify and optimize complex business processes in the building, infrastructure and property management industry. With its unique collaborative platform, Sogelink stands as a pioneer and as the undisputed market leader in France. It is also the number one provider of topographic software.
Following the recent launch of PraDICT.io, the only portal producing free-of-charge Forward Planning Statements (Déclarations Prévisionnelles de Chantier – DPC) in France, Sogelink is accelerating the implementation of its roadmap with Keensight Capital’s support through the acquisition of GOTMI.IO, which brings an innovative AI-driven cartographic platform to Sogelink’s value proposition.
The public works coordination specialist GOTMI.IO is a collaborative platform developing an algorithm capable of mapping sites to unlock high coordination potential. It leverages open data from more than 6,000 real-time building sites.
Through the acquisition of GOTMI.IO, Sogelink expands its presence in the coordination of public works projects, and will make them more collaborative and more efficient, contributing to its position as a benchmark for construction-related data.
With GOTMI.IO, the group will benefit from a highly successful experience in standardization through open data which was published and recognized by government modernization bodies. Sogelink will be able to increase its support to public authorities in the management of the use of public spaces. Based on a predictive algorithm that gains in efficiency as it integrates more and more data, GOTMI.IO gains access to massive amounts of information by joining Sogelink, which will feed, deepen and considerably improve its current machine learning models.
Over the past 20 years, Sogelink and its 200 employees have built up a diverse and loyal base of 26,000 clients, representing more than 100,000 users. Sogelink has been recording top-line growth of over 20% p.a. over the last 10 years. Its robust business model ensures increasingly recurrent revenue and a high level of profitability.
* * *
About Sogelink
Founded in 2000 by Ignace Vantorre, Sogelink provides software, cloud and mobile solutions for all players in the infrastructure, construction and property management ecosystem. All solutions are supported by a technological services platform, notably when it comes to exchanging very large flows of data.
With some 26,000 clients and more than 100,000 users, Sogelink aims to become the unrivalled expert in the collaborative, digital and smart management of data in 2D/3D/4D across its ecosystem.
www.sogelink.fr
About Keensight Capital
Keensight Capital, one of the leading European Growth Buyout1 firms, is committed to supporting entrepreneurs as they implement their growth strategies. For 20 years, Keensight Capital’s team of seasoned professionals has leveraged their knowledge of investment and growth industries to invest for the long term in profitable companies with high growth potential and revenues in the range of €10 million to €300 million. Drawing on its expertise in the Technology and Healthcare sectors, Keensight identifies the best investment opportunities in Europe and works closely with management teams to develop and achieve their strategic vision.
www.keensightcapital.com
Media Contacts
Keensight Capital
Anne de Bonnefon – abonnefon@keensightcapital.com – +33 1 83 79 87 37
Citigate Dewe Rogerson
Alienor Miens – alienor.miens@citigatedewerogerson.com – +33 6 64 32 81 75
1 Growth Buyout: investment in profitable, private companies experiencing strong growth, in minority or majority positions, with or without leverage, using a flexible approach tailored to the needs of individual entrepreneurs, in order to finance organic growth projects, acquisition strategies or provide historic shareholders with liquidity.
CALGARY, AB, Canada and London, UK: 3 December 2020 – Benevity, Inc. (“Benevity”), a global leader in corporate purpose cloud software, today announces that it has secured an investment from Hg, a leading global software investor. Hg’s investment is expected to further accelerate and scale Benevity’s pioneering leadership in this category.
Hg will lead the investment, which will be made from the Hg Saturn 2 Fund, in partnership with Benevity’s current investors, General Atlantic and JMI Equity, who will remain significant investors in the business, alongside the Benevity management team.
This investment comes at a time when ESG (Environment, Social, Governance), corporate purpose and stakeholder capitalism are taking root in companies of all sizes across the globe and as employee, consumer and public expectations grow for business to help solve the complex issues facing society. Benevity’s all-in-one, global platform enables purpose-driven brands to engage these stakeholders in supporting the causes and issues they care about through a database of nearly 2 million vetted nonprofit organizations worldwide.
The Benevity platform has driven more than 34 million hours in volunteer time and talent, 275,000 positive actions, over one million grants and more than $6 billion in donations to date. Benevity’s 650 clients and their 19 million employees support issues ranging from food insecurity, human rights, diversity and inclusion, racial equity, mental health — and everything in between. Around half of the businesses named on the 2021 Forbes Just 100 Ranking – which recognizes “America’s Most JUST Companies” – use Benevity to power their corporate purpose programs[1].
Benevity has helped transform the nonprofit sector from manual processing, technological lag and fragmentation to automation, aggregation and efficiency. With 90% of all donation funds being sent electronically to nonprofits, Benevity boasts the highest payment success rate in the industry, ensuring that more dollars reach those in need, more accurately and reliably than any other software provider.
“For the last decade, Benevity has been transforming the way businesses engage stakeholders in social impact initiatives, evolving them from passively transactional investments to empowered, personalized experiences.
By embracing a grassroots approach to goodness — that is supported by scalable software — companies create more meaningful purpose-driven cultures and consumer-facing brands, helping them truly do well by doing good. We are thrilled to have Hg on board, whose global profile and expertise in software and SaaS will enable us to scale our reach to even more companies across a spectrum of industries, sizes and geographies, helping more people create a sense of connection to purpose and impact than ever before.”
Bryan de Lottinville, Benevity Founder and CEO.
“It is truly exciting to partner with an organization that enables such positive impact to society, and we passionately believe in what Bryan, Kelly and their team are creating. Benevity is already a robust, high-growth business with a trusted platform for some of the world’s largest global brands looking to boost their purpose-driven activities. We look forward to working with the team to become even more pervasive and impactful.”
Nic Humphries, Senior Partner and Head of the Hg Saturn team
“Benevity has created a system of giving, volunteering and mission engagement that is more impactful and efficient for the business world, driving up employee participation rates, increasing employee engagement and retention, and resulting in higher impact to those in society that need it most. It’s great to be backing another business based in North America and we look forward to using our experience in scaling software champions, to reinforce their mission across the globe.”
The Saturn team’s Justin Von Simson, Managing Partner, Thorsten Toepfer, Partner and Gero Wittemann, Partner and co-lead of Hg’s New York team
“We are strong believers in Benevity’s mission to empower enterprises and employees alike to support the causes they care about. Over the three years of our partnership with Benevity, the company has demonstrated the resonance of its platform as it has added premier clients – becoming the backbone for their corporate giving and employee engagement programs – and enabled giving on a global scale. We are proud to welcome a trusted partner in Hg in the company’s next phase of growth.”
Alex Crisses, Managing Director at General Atlantic
The terms of the transaction were not disclosed and closing of the transaction is expected in January 2021.
For further details:
Hg
Tom Eckersley
+44 (0)20 8396 0930
Brunswick UK
Diana Vaughton and Samantha Chiene
+44 (0)207 404 5959
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 Benevity
Benevity, a certified B Corporation, is a leader in global corporate purpose software, providing the only integrated suite of community investment and employee, customer and nonprofit engagement solutions. A finalist in Fast Company’s 2020 World Changing Ideas Awards, many iconic brands rely on Benevity’s cloud solutions to power their purpose in ways that better attract, retain and engage today’s diverse workforce, embed social action into their customer experiences and positively impact their communities. With software that is available in 20 languages, Benevity has processed more than 6 billion dollars in donations and 34 million hours of volunteering time, 275,000 positive actions and awarded over one million grants to 300,000 nonprofitsworldwide. For more information, visit www.benevity.com.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.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 jmi.com.
MARLBOROUGH, MA, November 24, 2020 – OneShield Software (“OneShield”), a leading provider of core software solutions to P&C insurance companies, today announced a growth investment from a private investor group led by Bain Capital Credit, LP and Pacific Lake Partners. The growth funding will help accelerate OneShield’s continued expansion within the P&C insurance software market. The financial terms of the investment were not disclosed.
Founded in 1999 and headquartered in Marlborough, MA, OneShield’s product portfolio includes SaaS and stand-alone cloud-based enterprise-class policy management, billing, claims, rating, business intelligence, and smart analytics software solutions to P&C insurers of all sizes.
“OneShield has made significant progress toward our strategic objectives in recent years. We’ve built a comprehensive product portfolio and increased our partnerships with many leading P&C insurance carriers, all while focusing on investing and strengthening our delivery capabilities,” said Glenn Anschutz, who served as CEO of OneShield for 20 years before recently taking on the role of Chairman and Chief Strategy Officer. “This carefully executed growth strategy resulted in nearly tripling our recurring revenue over the past three years. Partnering with Bain Capital Credit and Pacific Lake will help us further accelerate this strategy while continuing to maintain the highest levels of customer service.”
“We are excited to partner with OneShield on its next phase of growth, especially as the digital transformation of the P&C insurance software market accelerates and as the Company builds upon its deep roots in the industry,” said David Healey, a Vice President at Bain Capital Credit. “OneShield continues to grow its innovative platform through organic growth and recent new business wins, including several startup insurers, which represent a particularly strong niche for the OneShield team. We believe the Company is well-positioned for future success.”
In conjunction with the investment and to support the company’s continued growth, OneShield also announced new appointments to its executive leadership team. Cameron Parker has assumed the role of CEO, succeeding Anschutz, while Brandon Parker has been named President and COO. “Brandon and I are thrilled to be joining the OneShield family at such an exciting time in the Company’s growth journey,” said Cameron. “In addition to its impressive and growing list of clients and partners, OneShield provides insurance companies with deep industry knowledge as well as proven software and delivery capabilities they can depend on for their core technology transformations. We look forward to working with Glenn and the investor group as we continue to build on OneShield’s proven track record of helping clients transform their businesses for the future.”
About OneShield
OneShield provides solutions for insurers of all sizes. Deployed in the cloud, our portfolio of standalone, subscription, and As-a-Service products includes enterprise-class policy management, billing, claims, rating, product configuration, business intelligence, and smart analytics. OneShield automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades, collaborative implementations, and lower total cost of ownership. With corporate headquarters in Marlborough, MA, and offices in India and Canada, OneShield has 50+ products in production across P&C and specialty insurance markets. For more information, visit www.oneshield.com.
About Bain Capital Credit
Bain Capital Credit is a leading global credit specialist with approximately $42 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, visit www.baincapitalcredit.com.
About Pacific Lake Partners
Pacific Lake is the most experienced and largest investor dedicated to partnering with search fund entrepreneurs and helping them succeed. Pacific Lake partners with talented entrepreneurs to find and acquire a great company and then galvanize growth and value creation. As a long-term partner for the entire search fund journey, Pacific Lake’s sole purpose is to help entrepreneurs buy a great business and succeed as a CEO. Pacific Lake offers best-in-class support for entrepreneurs, including searcher workshops and a range of post-acquisition initiatives conducted by our Value Creation Team. For more information, visit www.pacificlake.com.
Media Contacts
For OneShield Software
Janice Merkley, VP, Corporate Marketing
774.348.1000 or 416.399.2725
Maxxton and Stardekk, both established leaders in hospitality software solutions for years, joined forces to create a leading European player. The new group will cover all main segments: holiday parks, vacation rentals, serviced apartments, restaurants, B&B’s and hotels. Majority shareholder Fortino Capital and the management team consider this as an important step in the further international expansion.
Complementary product suites
Maxxton is the leading all-in-one software solution for vacation & short-term rental managers, leveraging on more than 20 years of experience in the industry. The group has grown into a global organisation with customers across the globe, from Europe to the islands of Hawaii. Maxxton is a trusted technology partner for larger companies in the leisure industry such as Roompot, EuroParcs, Siblu and Castle Hospitality Group. Maxxton’s property management system supports all daily business operations from operational and reservation management to financial settlements.
Stardekk provides cloud-based reservation and management systems especially created for small and medium hotels, restaurants and B&B’s. Building on their accumulated experience since 1999, Stardekk, with its core product Cubilis, plays a mission-critical role in the distribution strategy of independent hotels via the online travel agencies.
Jean-Pierre Mampaey, founder of Maxxton and CEO of the Group, explains: “Stardekk and Maxxton anticipate to manage more than 5.000.000 reservations in 2021. The mission of the group is to be and remain European market leader in hospitality cloud solutions by continuing this autonomous growth in conjunction with targeted add-ons. Integration of the cloud solutions and sales activities in the group will get the highest priority to continue the European expansion.”
“Due to the very similar vision and values of professionalism, reliability, quality and excellent service for clients in our common and well-known hospitality industry, we firmly believe that this way of joining forces will be a successful one for all involved and we are looking forward to an exciting and fruitful cooperation.” says Vincent Goemaere, Founder and CEO of Stardekk.
The new group will cover all main segments (holiday parks, vacation rentals, serviced apartments, restaurants, B&B’s and hotels). It employs more than 200 people in The Benelux and around the world.
Growth opportunities
The global hospitality software market offers significant opportunities for cloud-based software providers. Despite the recent negative impact of Covid-19 on global tourism, the pandemic also acted as a positive long-term catalyst for the digitalization of the operators, and boosted domestic tourism.
Fortino Capital will keep supporting the Management in their buy & build strategy. The fragmented hospitality software market offers significant consolidation opportunities, and the enlarged group has the ambition to act as a consolidator.
About Stardekk
Stardekk, a Belgian company, offers a complementary set of award winning in-house cloud based SaaS products for the hospitality industry (hotel software, channel manager, booking engine, internet strategy). Over 3,500 hotel accommodations in 50 countries manage their bookings via the Stardekk software suite. Stardekk is preferred IT Partner for major industry players like Booking.com, Expedia, Google, and AirBnB.
Maxxton is part of the Maxxton Group and has become the premier property management software for the broader hospitality and accommodation rental sector. Originally a Dutch company, since its formation in 1998, Maxxton has grown into a multinational organization with clients spread across the globe in the vacation rental, serviced apartment and holiday park & campsite businesses. Maxxton’s software-as-a-service solutions are built to simplify the reservation processes for large vacation & short-term rental managers.
Fortino Capital Partners is a European enterprise software investor, managing a €240m growth private equity fund and two venture capital funds for earlier stage software opportunities. The firm has offices in Antwerp and Amsterdam. Fortino Capital’s investment portfolio includes MobileXpense, Efficy CRM, Odin Groep, Tenzinger, Maxxton,Teamleader, BuyBay, Oqton and iObeya among others.
ING Belgium, exiting minority shareholder of Stardekk, wishes to thank Vincent and his team for the successful collaboration in the past 4 years and welcomes Maxxton and Fortino Capital as complementary partners for a great combined future.
Warpwire marks STG’s third investment into a unified platform following the acquisitions of CadmiumCD and EthosCE earlier this year.
Symphony Technology Group (“STG”), a Palo Alto-based private equity firm focused on investing in the software, data analytics, and software-enabled technology services sectors, today announced that it has acquired Warpwire, a Durham, North Carolina-based educational video management company.
“Warpwire focuses on providing world-class reliability and security to our customers. Our partnership with STG will only increase our capabilities for robust video delivery,” said Warpwire co-founder and CTO Monte Evans.
This acquisition underscores STG’s commitment to building a unique, market-leading software platform offering continuing education, professional development, events, learning and content management solutions to associations, healthcare & life sciences organizations, hospitals, and universities globally. Warpwire marks STG’s third investment in this platform following the acquisitions of CadmiumCD and EthosCE earlier this year.
“The acquisitions of EthosCE, CadmiumCD, and now Warpwire, are the continuation of STG’s vision of a unified technology platform for professional education,” said William Chisholm, co-founder and Managing Partner of STG.
“We’re impressed with STG’s research in this product space, and vision to join and strengthen like-minded teams. As we align with EthosCE and CadmiumCD, Warpwire is energized to continue creating compelling media solutions for our shared client base,” adds Warpwire co-founder and COO Andrew Synowiez.
This acquisition is another step toward STG’s vision to create a purpose-built software platform for association, healthcare, life sciences and university customers to help them manage various continuing education, professional development and learning activities through events and online content for their members.
“We released an integration with Warpwire in March 2018,” said EthosCE founder and CTO Ezra Wolfe. “We look forward to offering Warpwire’s video services in new and unique ways as an additional value-add for clients who use video content as part of their continuing education programs.”
“We are very excited to bring Warpwire into our expanding portfolio of industry-leading products and scale it even further by investing in new solution areas and complementary acquisitions,” said Rushi Kulkarni, Principal at STG.
Benefits of the expanded platform include:
Trackable video content and learner usage metrics
Low-cost video hosting for continuing education programs
Secure video delivery inside a password-protected continuing education environment
Ad-free video player environment for CME
Multi-camera video recording and playback
Multiple closed caption provider options, and manual video captions
Warpwire is a video delivery platform for leading enterprise and educational institutions whose users require a secure, simple, and reliable system for hosting media content. Founded in 2013, Warpwire’s team has extensive experience custom-integrating media technologies for learning environments in ways that are accessible, flexible, and collaborative.
EthosCE is the leading learning management system for medical associations, universities, health systems, and medical education companies. EthosCE is produced by DLC Solutions, LLC. Established in 2001, DLC Solutions develops innovative e-learning solutions to support diverse professional populations.
CadmiumCD is an event management software company with more than 15 years of experience providing solutions for Meeting Planners, Exhibition Organizers, Education Directors, and Attendees. The company’s award-winning platform is trusted by more than 3,500 meeting professionals worldwide to collect, manage and share content to all event stakeholders.
STG is the private equity partner to market leading companies in data, software, and analytics. The firm brings expertise, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market winning portfolio companies, STG creates sustainable foundations for growth that bring value to all existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world class management teams. STG’s expansive portfolio has consisted of more than 30 global companies.
Asolvi, a Viking Venture portfolio company and Europe’s leading provider of field service and contract management software, today announced that it has agreed to acquire TIVAPP. The company is the leading German field service solution for the fire protection and security sector.
TIVAPP is a specialist service, inventory, test documentation and billing software solution, developed by fire prevention professionals. Founded in Germany, the company has over 20 years of experience in the sector. During that time, TIVAPP has built up a market-leading customer base and established itself as the region’s premier provider of complete solutions for fire protection specialists.
The deal will see the TIVAPP team of Fire and Security experts joining Asolvi. This team, in combination with TIVAPP’s market-leading software, will strengthen Asolvi’s position across the DACH market and enhance its native-language customer support. It will also expand existing sales functions across the region, positioning Asolvi for further sustainable growth.
The acquisition demonstrates the strategic importance of the DACH region to Asolvi, as well as the strong growth potential Asolvi sees for the German Fire and Security sector. This is the sixth acquisition since 2016 and forms part of Asolvi’s broader strategy to expand organically, and where appropriate, through acquisitions across Benelux, DACH, the Nordics and the UK.
– We are thrilled to welcome TIVAPP into the Asolvi family. We are already the leading provider of Alarm, Fire and Security service management solutions in the UK and Sweden, TIVAPP fits perfectly into our core strategy of expanding our German and Central European offering. TIVAPP’s native-language expertise and experience will be of central importance as we aggressively pursue opportunities across the region, which will consequently allow Asolvi to add size to developments and meet even further demands of customers in the very near future. TIVAPP’s acquisition represents a superb opportunity for the company’s existing management and to our staff, and we look forward to working closely alongside them as we pursue our common aims and objectives and advance into the future, says Pål M. Rødseth, CEO of Asolvi.
– Joining Asolvi makes huge sense for us. Combining our expertise will allow us to build market share and add resources at a much faster pace. It’s with great excitement that we enter this new phase, joining one of Europe’s leading field service management software companies. I am thrilled to be continuing TIVAPP’s journey under the Asolvi umbrella and seeing the benefits this will bring to our organisation and our employees, adds Harry Liedtke, CEO of TIVAPP.
– Another great acquisition by Asolvi for further expansion in Europe. We welcome the TIVAPP team and are excited to see Asolvi’s fire and secrity offering strenghtens. This puts Asolvi as one of the leading provider within this vertical, continues Jostein Vik, Viking Venture.
Financial terms of the deal were not disclosed, Mayer Brown and Deloitte acted as advisors to Asolvi.
About Asolvi
With decades of combined experience developing solutions for a variety of field service sectors, Asolvi’s products support thousands of engineers, millions of contracts, and tens of millions of service tasks. Its mission is to continue creating, deploying and refining new functionality and solutions for the largely under-served SME market, through close customer relations and strategic partnerships.
Asolvi is a leading provider of service management software for small and medium-sized enterprises (SMEs) in the field service industry in Europe, employing more than 100 staff in ten offices across the continent. The company was founded in 1991 in Trondheim, Norway, and has grown organically and through recent acquisitions to reach 1,600+ customers in 35+ countries. It is headquartered in Trondheim, Norway, and is a private company owned by Volpi Capital, Viking Venture and the Management. More information about Asolvi’s services can be found at: https://asolvi.com.
About TIVAPP
TIVAPP is specifically designed for service providers in the field of fire protection and security technology. The solution enables users to digitally map and manage all their key processes, ranging from complete inventory management to fire safety inspections and training. In addition, TIVAPP provides extensive manufacturer product data, approvals information and links to accounting systems.
Viking Venture acquires Danish software company TimeLog. The investment will accelerate European expansion in the market for Professional Services Automation (PSA).
TimeLog, founded in 2001, offers PSA solutions which help consulting businesses plan, analyze, invoice and optimize projects. The company has more than 800 customers and 21 000 users in 12 countries. Its ARR (annual recurring revenue) is approximately NOK 43 million.
The overall size of Viking Venture’s investment is NOK 120 million which will provide the necessary capital for further international expansion, especially through acquisitions.
– We have already started our growth journey and by getting Viking Venture onboard we can speed up our strategy towards greater market share. We are well prepared for the journey and it feels good to be backed by an investor like Viking Venture, in addition to being part of their portfolio of software companies who are on the same journey, says Per Henrik Nielsen, CEO of TimeLog (right in picture above).
– Viking Venture is the leading software investor in the Nordics. Their portfolio of 16 software companies gives us a unique opportunity to engage with other companies with similar challenges and ways of operating. We are also happy to have tamigo, another Danish software company close by, which Viking Venture invested in last year, Per Henrik continues.
– The market for PSA is really exciting and we see TimeLog as a market leader. The company provides its customers great value through digitizing their work processes and ways of operating to become more profitable. We are excited to begin this journey with TimeLog, says Eivind Bergsmyr, Partner at Viking Venture and Chairman of TimeLog.
TimeLog will be a great asset for the Viking community of Nordic software companies and we are very excited to start sharing expertise and best practice.
About TimeLog
TimeLog PSA is targeted at consulting and advisory companies who aim high and have the ambition to develop their business and optimise internal workflows all the way from the initial contract to the final invoice. Over the past 20 years, TimeLog has grown from a basement to offices in Denmark, Sweden, and Malaysia. From the goal to create the world’s best time tracking tool to wanting to be the world’s best Professional Services Automation (PSA) software.
Picture: TimeLog management team. From left Søren Lund, founder, Christoffer Lanstorp, CPO, Sascha Skydsgaard, COO og Per Henrik Nilssen , CEO. / Timelog
Acquisition Brings Leading Work Management Platform for Marketers to Adobe Experience Cloud
SAN JOSE, Calif.–(BUSINESS WIRE)–Adobe (Nasdaq:ADBE) today announced it has entered into a definitive agreement to acquire Workfront, the leading work management platform for marketers, for $1.5 billion, subject to customary purchase price adjustments. With more than 3,000 customers and one million users, Workfront is the solution marketers rely on every day to efficiently manage content, plan and track marketing campaigns, and execute complex workflows across teams.
Adobe solutions are at the nexus of creativity and customer experience management and mission-critical to marketers, creatives, analysts, and now, operations managers. Adobe Creative Cloud provides the world’s best creative apps and services to everyone, from students, to social media influencers, to professional photographers, filmmakers, and designers. Adobe Experience Cloud is the most comprehensive solution for content and commerce, customer journey management, and customer data and insights, all built on an open platform, enabling businesses of every size across every industry to deliver exceptional customer experiences at scale.
Satisfying the increasing expectations of B2B and B2C customers today requires large volumes of content and personalized marketing campaigns delivered at lightning speed and scale. This must be accomplished across increasingly dispersed teams, as remote work becomes prevalent in today’s environment and the future of work is redefined. The combination of Adobe Experience Cloud and Workfront will bring efficiency, collaboration, and productivity gains to marketing teams currently challenged with siloed work management solutions.
Workfront has deep leadership in orchestrating marketing workflows. Workfront’s platform is agile and uniquely architected for the enterprise, with extensive integration capabilities that can be easily configured to meet the varied needs of companies of all sizes.
Adobe and Workfront are longstanding partners with strong product synergies and a growing base of over 1,000 shared customers. Workfront is equipped with APIs that enable a seamless connection to Adobe Creative Cloud and Adobe Experience Cloud. Shared Adobe and Workfront customers include Deloitte, Under Armour, Nordstrom, Prudential Financial, T-Mobile, and The Home Depot.
“Adobe is the undisputed leader in content creation, management, delivery, and measurement and a trusted partner to digital leaders around the globe,” said Anil Chakravarthy, executive vice president and general manager, Digital Experience Business and Worldwide Field Operations, Adobe. “The combination of Adobe and Workfront will further accelerate Adobe’s leadership in customer experience management, providing a pioneering solution that spans the entire lifecycle of digital experiences, from ideation to activation.”
“Adobe and Workfront share a common affinity to help the modern marketer thrive in an ever-evolving, increasingly demanding setting,” said Alex Shootman, CEO, Workfront. “We’re excited to join Adobe and believe this will be a tremendous opportunity for our customers and partners.”
Upon close, Workfront CEO Alex Shootman will continue to lead the Workfront team, reporting to Anil Chakravarthy, executive vice president and general manager, Digital Experience Business and Worldwide Field Operations.
The transaction, which is expected to close during the first quarter of Adobe’s 2021 fiscal year, is subject to regulatory approval and customary closing conditions. Until the transaction closes, each company will continue to operate independently.
Forward-Looking Statements Disclosure
This press release includes forward-looking statements within the meaning of applicable securities law. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. Forward-looking statements relate to future events and future performance and reflect Adobe’s expectations regarding the ability to extend its leadership in the experience business through the combination of Adobe Experience Cloud’s capabilities in content creation, management, delivery and measurement, with Workfront’s work management products and other anticipated benefits of the transaction. Forward-looking statements involve risks, including general risks associated with Adobe’s and Workfront’s business, uncertainties and other factors that may cause actual results to differ materially from those referred to in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: Adobe’s ability to further integrate Workfront technology into Adobe Experience Cloud; the effectiveness of Workfront technology; potential benefits of the transaction to Adobe and Workfront customers; the ability of Adobe and Workfront to close the announced transaction; the possibility that the closing of the transaction may be delayed; and any statements of assumptions underlying any of the foregoing. The reader is cautioned not to rely on these forward-looking statements. All forward-looking statements are based on information currently available to Adobe and are qualified in their entirety by this cautionary statement. For a discussion of these and other risks and uncertainties, individuals should refer to Adobe’s SEC filings. Adobe does not assume any obligation to update any such forward-looking statements or other statements included in this press release.
About Workfront
Workfront is the leader in enterprise work management, trusted by more than 3,000 companies, one million users, and 10 out of 10 of the world’s top brands. Workfront was founded to help people, teams, and companies do their best work. For more information, visit www.workfront.com.
About Adobe
Adobe is changing the world through digital experiences. For more information, visit www.adobe.com.
