Tag Archives: Software

Main takes next step in the Belgian market with the acquisition of epowerhr by BCS

Main Capital Partners

BCS, one of the larger providers of software for HR and payroll, is expanding its international operations through the acquisition of Belgium-based epowerhr.

BCS HR Software, one of the larger providers of software for HR and payroll, is expanding its international operations through the acquisition of Belgium-based epowerhr. The strategic acquisition marks another step in expanding BCS’ fast-growing position in the HR Software industry in the Benelux. It is BCS’ fifth acquisition since Main Capital invested in the company in April 2022. Previously, Apployed, Tasper, MediSoft and Centric’s HR & Payroll operations were added to BCS. For Main Capital Partners, this is also the second acquisition in Belgium since the opening of its Antwerp office in late 2022.

The opening of the Antwerp office has not only resulted in better support with organic growth strategies in Belgium for portfolio companies such as, Wefact and BCS, but also in inorganic growth via acquisitions. The acquisition of epowerhr is Main’s second acquisition in Belgium, after the acquisition of Eurotracs by logistics software provider FleetGO. By adding epowerhr, the organic growth of BCS in Belgium will accelerate.

BCS has more than 45 years of experience in the HR & payroll software industry. BCS provides a complete HR & Payroll solution ranging from absence and payroll management to employee benefits and personnel administration, as well as employee welfare.

epowerhr was founded in 2000 and has an office in Wommelgem, Belgium. The company provides a broad solution that supports clients in employee development, onboarding, training and performance and process measurement, among other things. The customer base consists of both SMEs and enterprises, and epowerhr is particularly strong in the healthcare, financial services and industrial sectors. BCS also has a strong track-record in these markets, allowing customers of both parties to benefit from a complete solution and good service.

As a result of the partnership with epowerhr, BCS is able to support customers in the entire “employee journey” with its software solutions. This is further complemented by several other HR solutions such as scheduling, employee records, expense management and payroll.

The acquisition of epowerhr is in line with BCS’ strategy to further expand its leading product portfolio and strengthen its market position. BCS already has several customers in Belgium but can further strengthen this position through the combination with epowerhr.

Joep Eijkens, CEO of BCS, comments: “The acquisition of epowerhr is a logical continuation of our expansion strategy within Europe. BCS is committed to continue providing innovative and high quality HR software solutions. By adding epowerhr to BCS, customers can be better served around the process of employee development and performance management.”

Charly Zwemstra, Managing Partner & Chief Investment Officer at Main Capital concludes: “We see many opportunities in the Belgian market and have placed additional focus on this through the opening of our Antwerp office. That this results in a cross-border acquisition in one of our strongest represented product-market segments is an important strategic step. We see more opportunities for both BCS and other portfolio companies to make acquisitions in Belgium, and of course to help Belgian companies cross the border into the Netherlands, DACH region, Scandinavia, or nowadays even the US.”

We see many opportunities in the Belgian market and have placed additional focus on this through the opening of our Antwerp office.

– Charly Zwemstra, Managing Partner & Chief Investment Officer at Main Capital Partners

About

BCS HR Software

BCS offers SMEs and enterprises a complete HR & payroll solution. BCS has over forty years of experience in providing software in the areas of payroll, time registration, absenteeism, workflow management and personnel planning. Since 1978, BCS has grown into one of the largest payroll processors in the Netherlands and has more than 230 employees.

epowerhr

epowerhr was founded in 2000 and has an office in Wommelgem, Belgium. epowerhr provides a broad solution that can be deployed in the process around personnel development and performance. The products support customers in evaluation interviews, onboarding, training and measuring performance and processes, among other things. The company focuses on customers in both the SME and enterprise segments, and is particularly strong in the healthcare, financial services and industrial sectors.

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Renovus Capital Partners Announces Sale of Portfolio Company InflowCX

Renovus

PHILADELPHIA – October 23, 2023 – Renovus Capital Partners (“Renovus”), a premier lower middle-market private equity firm specializing in the knowledge and talent industries, today announced the sale of its portfolio company Inflow Communications LLC (“InflowCX”) to an affiliate of Gemspring Capital Management, LLC who intends to combine it with their portfolio company, Amplix, a provider of technology advisory services and software. Financial terms of the transaction were not disclosed.

Renovus acquired InflowCX in 2020 and shortly thereafter combined the company with PeakView, creating a leading provider of strategic advisory, deployment, and managed services for contact center, customer experience, and unified communications solutions. The transactions were the culmination of a Renovus investment thesis centering on the channel partner business model, specifically seeking opportunities centered on software ecosystems that are earlier in their growth curves and find tremendous value in premium channel and technology partners that can drive both sales and implementation cycles.

“Our firm is proud of the InflowCX management team, which transformed the company into a leading partner in the contact center and customer experience end markets,” said Founding Partner, Jesse Serventi. “During our ownership period, InflowCX completed the PeakView acquisition as well as three additional acquisitions, grew revenue and EBITDA substantially, and built a reputation of excellence in the market. The business is exceptionally well positioned for continued growth under Gemspring’s ownership, and we wish the entire InflowCX team continued success in the future.”

“We are grateful for Renovus’ support throughout our partnership,” said InflowCX CEO Ken Smith. “We have worked hard to further our reputation as the leader in customer experience and contact center solutions and have continued to earn the trust of large and mid-size firms to optimize their CX strategy through enhanced technology solutions. The decisions we made in partnership with Renovus will continue to be felt in our next chapter, as we build on our vast CX experience to provide our clients with new and unique solutions to improve their businesses.”

Lazard served as advisor to InflowCX.

About InflowCX

InflowCX is an innovative provider of strategic advisory, consulting, and managed services for contact centers, customer experience, and unified communications solutions to over 1,000 customers nationwide. InflowCX has grown to be a trusted advisor in its market through the high caliber of its work, problem-solving approach, and focus on client satisfaction. For more information, visit https://inflowcx.com.

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EngageSmart Agrees to Be Acquired by Vista Equity Partners for $4.0 Billion

Vista Equity

Shares of EngageSmart to be Acquired for $23.00 Per Share in Cash

Represents a 30% Premium to the 30-Day Unaffected Volume-Weighted Average Price (VWAP)

EngageSmart to Become Privately Held Company Upon Completion of the Transaction; General Atlantic to Retain Minority Ownership Position

BOSTON–(BUSINESS WIRE)–EngageSmart, Inc. (NYSE: ESMT) (“EngageSmart” or “the Company”), a leading provider of vertically tailored customer engagement software and integrated payments solutions, today announced that it has entered into a definitive agreement to be acquired by an affiliate of Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, in an all-cash transaction valued at approximately $4.0 billion.

“We have built an amazing business by putting our customers at the center of everything we do”

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Under the terms of the agreement, EngageSmart stockholders will receive $23.00 per share in cash upon completion of the proposed transaction. The purchase price represents a premium of approximately 23% to the unaffected closing price of EngageSmart’s common stock on October 4, 2023, and a premium of approximately 30% over the volume weighted average price (VWAP) of EngageSmart’s common stock for the 30 days ending October 4, 2023.1 Upon completion of the transaction, affiliates of Vista will hold approximately 65% and affiliates of General Atlantic, a leading global investor, will hold approximately 35% of the outstanding equity.

A special committee of EngageSmart’s Board of Directors comprised of independent directors (the “Special Committee”), advised by independent legal and financial advisors, was formed to conduct a deliberate and thoughtful process to evaluate this proposal and other potential value creation opportunities for EngageSmart.

“We have built an amazing business by putting our customers at the center of everything we do,” said Bob Bennett, EngageSmart CEO. “We continue to see attractive growth and customer retention in our vertically tailored SaaS solutions—a testament to the strength of our business model and our leading products. We believe the partnership with Vista and General Atlantic will enable us to continue investing in innovation and people to drive growth. We look forward to continuing to serve our customers and support our employees who are relentless in their pursuit of customer satisfaction.”

“EngageSmart is a demonstrated leader in delivering mission-critical solutions for modern businesses and simplifying customer and client engagement for over a hundred thousand organizations,” said Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director. “We look forward to working with EngageSmart as they continue to innovate, scale and empower organizations to better serve their customers.”

“We have long admired EngageSmart’s vertical domain expertise in SaaS and its high-quality solutions across the SMB and Enterprise segments—proven by an established track record of growth and profitability,” said Jeff Wilson, Managing Director at Vista. “We are eager to build on EngageSmart’s momentum and look forward to working closely with the talented leadership team to provide even more powerful, innovative and seamless solutions for customers.”

“We are grateful to Bob and the entire EngageSmart team for their ongoing collaboration and trust. Since we first partnered together in 2019, EngageSmart has established itself as an industry leader by digitizing critical business processes and payments in the industry verticals they serve,” said Paul Stamas, Managing Director and Global Head of General Atlantic’s Financial Services sector. “We believe this transaction is compelling for stockholders, and we look forward to continued partnership with the EngageSmart team alongside Vista to build on the Company’s success to date.”

Transaction Details

Transaction negotiations were led by the Special Committee and following its unanimous recommendation, the EngageSmart Board of Directors unanimously approved the merger agreement with Vista and agreed to recommend that EngageSmart stockholders vote to adopt the merger agreement.

EngageSmart has entered into support agreements with affiliates of General Atlantic and Summit Partners, owners of 52% and 14% of the fully diluted stock of the Company, respectively, under which they have agreed to vote all of their shares in favor of the transaction, subject to certain terms.

The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions and receipt of customary regulatory approvals, as well as the affirmative vote of the holders of a majority of the outstanding shares of the Company’s common stock held by stockholders other than affiliates of General Atlantic and certain officers of the Company. Vista intends to finance the transaction with fully committed equity financing that is not subject to a financing condition. Upon completion of the transaction, EngageSmart will become a privately held company and EngageSmart common stock will no longer be listed on any public market.

The definitive agreement includes a 30-day “go-shop” period that will expire at 11:59 PM ET on November 22, 2023, which permits the Special Committee and its financial advisors to solicit and consider alternative acquisition proposals. There can be no assurance that this process will result in a superior proposal, and the company does not intend to disclose developments with respect to the “go-shop” process unless and until it determines such disclosure is appropriate or is otherwise required.

Third Quarter 2023 Earnings

EngageSmart’s third quarter 2023 earnings will be issued on November 2, 2023. In light of the proposed announced transaction, EngageSmart will not host an earnings conference call. EngageSmart’s third quarter 2023 earnings results will be available on its investor relations website at https://investors.engagesmart.com.

Advisors

Evercore is acting as financial advisor to the Special Committee, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to the Special Committee.

Goldman Sachs & Co. LLC is acting as exclusive financial advisor to EngageSmart.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to General Atlantic.

Kirkland & Ellis LLP is acting as legal counsel to Vista Equity Partners.

About EngageSmart

EngageSmart is a leading provider of vertically tailored customer engagement software and integrated payments solutions. At EngageSmart, our mission is to simplify customer and client engagement to allow our customers to focus resources on initiatives that improve their businesses and better serve their communities. EngageSmart offers single instance, multi-tenant, true Software-as-a-Service (“SaaS”) vertical solutions, including SimplePractice, InvoiceCloud and DonorDrive, that are designed to simplify our customers’ engagement with their clients by driving digital adoption and self-service. As of June 30, 2023, EngageSmart serves 109,700 customers in the SMB Solutions segment and 3,400 customers in the Enterprise Solutions segment across several core verticals: Health & Wellness, Government, Utilities, Financial Services, Healthcare and Giving. For more information, visit www.engagesmart.com and follow us on LinkedIn.

About Vista Equity Partners

Vista is a leading global investment firm with more than $101 billion in assets under management as of June 30, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

About General Atlantic

General Atlantic is a leading global investor with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm 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 scale innovative businesses around the world. General Atlantic has more than $77 billion in assets under management inclusive of all products as of September 30, 2023, and more than 220 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

Cautionary Statement Regarding Forward-Looking Statements

This communication includes certain “forward-looking statements” within the meaning of, and subject to the safe harbor created by, the federal securities laws, including statements related to the proposed merger of the Company with Vista (the “Transaction”), including financial estimates and statements as to the expected timing, completion and effects of the Transaction. These forward-looking statements are based on the Company’s current expectations, estimates and projections regarding, among other things, the expected date of closing of the Transaction and the potential benefits thereof, its business and industry, management’s beliefs and certain assumptions made by the Company, all of which are subject to change. Forward-looking statements often contain words such as “expect,” “anticipate,” “intend,” “aims,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “considered,” “potential,” “estimate,” “continue,” “likely,” “expect,” “target” or similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. By their nature, forward-looking statements address matters that involve risks and uncertainties because they relate to events and depend upon future circumstances that may or may not occur, such as the consummation of the Transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the Transaction on anticipated terms and timing, including obtaining required stockholder and regulatory approvals, and the satisfaction of other conditions to the completion of the Transaction; (ii) the ability of affiliates of Vista to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the Transaction; (iii) potential litigation relating to the Transaction that could be instituted against Vista, the Company or their respective directors, managers or officers, including the effects of any outcomes related thereto; (iv) the risk that disruptions from the Transaction will harm the Company’s business, including current plans and operations; (v) the ability of the Company to retain and hire key personnel; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transaction; (vii) continued availability of capital and financing and rating agency actions; (viii) legislative, regulatory and economic developments affecting the Company’s business; (ix) general economic and market developments and conditions; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the Transaction that could affect the Company’s financial performance; (xi) certain restrictions during the pendency of the Transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (xii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks of war or hostilities, as well as the Company’s response to any of the aforementioned factors; (xiii) significant transaction costs associated with the Transaction; (xiv) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction, including in circumstances requiring the Company to pay a termination fee or other expenses; (xvi) competitive responses to the Transaction; (xvii) the risks and uncertainties pertaining to the Company’s business, including those set forth in Part I, Item 1A of the Company’s most recent Annual Report on Form 10-K and Part II, Item 1A of the Company’s subsequent Quarterly Reports on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the SEC; and (xviii) the risks and uncertainties that will be described in the Proxy Statement available from the sources indicated below. These risks, as well as other risks associated with the Transaction, will be more fully discussed in the Proxy Statement. While the list of factors presented here is, and the list of factors to be presented in the Proxy Statement will be, considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material impact on the Company’s financial condition, results of operations, credit rating or liquidity. These forward-looking statements speak only as of the date they are made, and the Company does not undertake to and specifically disclaims any obligation to publicly release the results of any updates or revisions to these forward-looking statements that may be made to reflect future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Important Additional Information and Where to Find It

In connection with the proposed transaction between the Company and Vista, the Company will file with the SEC a Proxy Statement, the definitive version of which will be sent or provided to Company stockholders. The Company and affiliates of the Company intend to jointly file a transaction statement on Schedule 13E-3 (the “Schedule 13E-3”). The Company may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Proxy Statement or any other document which the Company may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT, THE SCHEDULE 13E-3 AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement, Schedule 13E-3 (when it is available) and other documents that are filed or will be filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov, the Company’s website at investors.EngageSmart.com or by contacting the Company’s Investor Relations Team at IR@engagesmart.com.

The proposed transaction will be implemented solely pursuant to the Merger Agreement dated as of October 23, 2023, among the Company, Icefall Parent, LLC and Icefall Merger Sub, Inc., which contains the full terms and conditions of the proposed transaction.

Participants in the Solicitation

The Company and certain of its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the proposed transaction. Additional information regarding the identity of the participants, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement and other materials to be filed with the SEC in connection with the proposed transaction (if and when they become available). Information relating to the foregoing can also be found in the Company’s proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 5, 2023 (the “Annual Meeting Proxy Statement”). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information printed in the Annual Meeting Proxy Statement, such information has been or will be reflected on the Company’s Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You may obtain free copies of these documents using the sources indicated above.

1 Based on closing price of $18.71 on October 4, 2023.

Contacts

Investors

Josh Schmidt
EngageSmart, Inc.
IR@engagesmart.com

Media

EngageSmart:
Sharon Stern / Ed Trissel
Joele Frank, Wilkinson Brimmer Katcher
ESMT-JF@joelefrank.com

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

General Atlantic:
Emily Japlon
media@generalatlantic.com

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aPriori Receives Growth Investment from Vista Credit Partners for its Manufacturing Insights Platform

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Vista Equity

CONCORD, Mass.–(BUSINESS WIRE)–aPriori today announced a growth investment from Vista Credit Partners, a subsidiary of Vista Equity Partners and strategic financing partner focused on the enterprise software, data, and technology markets. The funding will be used to support continued innovation and meet growing demand for aPriori’s cloud-based solution, which empowers manufacturers and product designers to accurately estimate, manage, and optimize production costs and sustainability.

“Vista Credit Partners is proud to support innovative enterprise software companies like aPriori with flexible capital solutions and operational support to further establish market leadership”

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“The aPriori Manufacturing Insights Platform helps manufacturing executives transform their businesses by simulating the digital impact that new and existing product designs will have on cost as well as carbon emissions, manufacturability, supply chain availability, and other attributes,” said Stephanie Feraday, aPriori President and Chief Executive Officer. “Vista Credit Partners provides us with resources and expertise to help drive our continued success.”

Rising material and energy costs, supply chain instability, and an evolving regulatory environment make it difficult for manufacturing leaders to optimize production costs and sustainability efforts. The aPriori Manufacturing Insights Platform helps meet these challenges by connecting teams and their product data – including design and cost engineering departments, sourcing and procurement teams, sustainability groups, and suppliers. This provides an end-to-end solution to automate product manufacturing cost estimations to increase profitability while mitigating downstream production issues and time-to-market delays.

Leading global manufacturers including Carrier, Boeing, Danfoss, GE Appliances, Thales, Vestas, Navistar, and Toyota trust aPriori to drive product design efficiency and cost savings.

“Vista Credit Partners is proud to support innovative enterprise software companies like aPriori with flexible capital solutions and operational support to further establish market leadership,” said David Flannery, President, Vista Credit Partners. “aPriori is providing manufacturers with valuable insights to make impactful business decisions, and we look forward to supporting the company in its next phase of growth,” added Pete Fisher, Managing Director, Vista Credit Partners.

To learn more about aPriori, view our customer case studies and register for our Manufacturing Insights Conference (MIC), November 6-8, 2023, at the Hyatt Regency Grand Cypress in Orlando, Florida. This year’s conference will address how manufacturers use digital transformation across product design, manufacturing processes, and production to develop more profitable and sustainable products.

About aPriori

aPriori provides a unique, end-to-end digital twin solution that empowers manufacturers to unlock and identify new opportunities rapidly for innovation, growth, cost savings, and sustainability. With aPriori, customers achieve a ~600% ROI within three years and payback within six months of adopting our software platform. And companies use our automated manufacturing insights to eliminate product cost, improve productivity, and reduce their products’ carbon footprint. aPriori also boosts manufacturers’ digital thread investments to deliver business value at scale, increase agility, and minimize risk. To learn more about aPriori’s cloud and on-premise solutions, visit www.apriori.com.

aPriori on LinkedIn
aPriori on YouTube
aPriori Blog

About Vista Credit Partners

Vista Credit Partners is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner focused on the growing enterprise software, data, and technology market. Vista Credit Partners employs a highly disciplined approach to credit investing while maintaining flexibility to pursue investments offering the best relative value and investing across the capital structure. As of June 30, 2023, Vista Credit Partners has grown to over $7.7 billion of assets under management. Since its formation in 2013 and as of September 30, 2023, Vista Credit Partners has deployed over $11 billion. For more information, please visit www.vistacreditpartners.com.

Vista Credit Partners offers solutions tailored to strategic objectives with growth-friendly terms and long-term investment horizons across both the private and broadly syndicated markets, sourcing deals directly from founder-led companies, through sponsor relationships, and from its deep network of experts, advisors, and other intermediaries to support growth and unlock value through creative capital solutions and operational partnership. Vista Credit Partners has completed more than 560 software and technology transactions since its inception.

aPriori and aPriori Technologies are registered trademarks of aPriori Technologies Inc. All other trademarks, registered trademarks, or service marks belong to their respective holders.

Contacts

aPriori Media Contact
Alex Wallace
Associate Director of Public Relations
aPriori
awallace@apriori.com
978.451.7687

Vista Credit Partners Media Contact
Brian Steel
media@vistaequitypartners.com
212.804.9170

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Ardian strengthens its commitment to Dedalus, driving the next phase of growth with a new investment and the appointment of a new Group CEO

Ardian

Ardian agreed to increase its stake in Dedalus to 92%, with founder Giorgio Moretti retaining a 6% stake in the Company and remaining board member.
• Alberto Calcagno appointed Group CEO and Andrea Fiumicelli made Chairman.

A consortium led by Ardian, a world leading private investment house, has agreed to acquire an additional 19% stake in Dedalus, a leading European player in the healthcare software industry, from founder Giorgio Moretti. Subject to customary authorizations by the competent authorities, upon completion of the transaction, the consortium led by Ardian will indirectly hold a 92% stake in the Company, with Moretti retaining a 6% stake and a seat in the board.

The agreement aims to support Dedalus through a new phase of expansion.

As part of this growth plan, Alberto Calcagno, former CEO of Italian ICT company Fastweb, which has seen significant constant growth over the past 10 years, has been appointed as new CEO, effective from October 18.

Andrea Fiumicelli, who has managed Dedalus over the last few years and contributed significantly to the company’s further development through several strategic M&A deals, has been appointed Chairman.

“Ardian is fully committed to supporting Dedalus throughout its next period of growth, in which it aims to serve its clients and deliver its mission of improving healthcare for over 500 million patients globally. Ardian and I want to thank Giorgio Moretti for his vision and execution since our initial investment”. Marco Bellino, Managing Director Buyout, Ardian

“After a long journey that began in Florence 40 years ago, the time has come for Dedalus to expand. This agreement will help the company to further invest in innovation, in line with our mission. Alberto Calcagno will bring strong skills and new energy to the Group’s operations and future strategic development. I will remain a shareholder in Dedalus, together with my longtime partner Three Hills, fully supporting the new CEO and the company’s project”. Giorgio Moretti, Founder, Dedalus

“I am very happy to join Dedalus to drive its ambitious growth plans. Today, the healthcare software industry is privileged to have the responsibility of leading on critical digital transformation to improve the well-being of millions of patients. Dedalus’ mission is to accelerate and deliver this change as soon as possible”. Alberto Calcagno, new CEO, Dedalus

“In the last four years we have successfully re-designed our software portfolio and established sales and delivery operations in 25 countries. This new governance structure strengthens our commitment to our mission and future clients. We aim to deliver faster innovation and high-quality services, be the best employer in the sector and serve our shareholders’ ambitions”. Andrea Fiumicelli, new Chairman, Dedalus

Ardian has invested in Dedalus in several stages since 2016, supporting a strong M&A strategy which has seen the Company become a pan-European leader in its sector.

ABOUT DEDALUS

Founded in 1982 in Florence by Giorgio Moretti, Dedalus Group is the leading healthcare and diagnostic software provider in Europe, supporting globally the digital transformation of 6700 Healthcare Organisations and 5700 Labs and Diagnostic centres worldwide, processing its solutions for more than 540 millions of population worldwide. Dedalus offer supports the whole continuum of care, offering open standards-based solutions serving each actor of the Healthcare Ecosystem to provide better care in a healthier planet. Life Flows through our software.

dedalus.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Gatekeeper Announces Strategic Growth Investment from Vista Equity Partners

Vista Equity

Gatekeeper Accepts First External Capital to Take Advantage of Growing Demand for Unified Vendor, Contract and Third-Party Risk Management Platform Capabilities

LONDON, United Kingdom , Oct. 17, 2023 /PRNewswire-PRWeb/ — Gatekeeper, the leading Vendor & Contract Lifecycle Management (VCLM) platform, today announced a strategic growth investment from Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses. The investment, the Company’s first external capital since inception, will accelerate platform innovation and go-to-market functions to expand its global footprint and capitalise on the growing demand for unified Vendor Management, Contract Management and Third-Party Risk Management solutions.

“Our vision is rooted in the convergence of vendor, contract and third-party risk management,” said Patrick O’Connor, CEO and Founder of Gatekeeper. “Companies are increasingly looking to manage these disciplines in one place, and we’re strongly positioned to capitalise on the opportunity with our long-term focus on unified platform capabilities. With Vista, we have a partner that shares our vision and provides the resources and expertise to define the future of VCLM.”

As regulatory-conscious organisations scale and diversify vendor portfolios, procurement teams face increased risk in managing the complexities of contractual relationships. Gatekeeper streamlines this process by consolidating historically disparate vendor, contract and third-party risk management functions. With Gatekeeper, customers are provided visibility across all vendor and contractual relationships and the ability to automate their associated processes. Additionally, organisations can comply with relevant regulations through a range of monitoring tools and bespoke automation. Gatekeeper currently supports more than 300 customers to consolidate costs, allow procurement teams to focus on high-value work and achieve continual audit-readiness.

The investment in Gatekeeper was made by Vista’s Endeavor Fund, which provides growth investments and strategic support to market-leading, high-growth enterprise software companies that have achieved at least $10 million in recurring revenue. Endeavor partnerships focus on growth, market strategy, talent and customer success – building enduring businesses designed to scale. Founders and management teams benefit from the expertise and support of Vista and its global ecosystem to deliver unparalleled value to their customers, unlock the potential of their employees and accelerate market leadership.

“Gatekeeper is a unique, founder-led business that’s established a leadership position in a large and growing addressable market,” said René Yang Stewart, Co-Head of Vista’s Endeavor Fund and Senior Managing Director. “This is a testament to the Company’s vision and ability to execute. We look forward to partnering with Patrick and the entire Gatekeeper team as they accelerate investments to support increased customer demand and gain further market traction.”

Kirkland & Ellis LLP served as legal counsel to Vista. PEAK Technology Partners served as financial advisor and Travers Smith and Foley & Lardner LLP acted as legal counsel to Gatekeeper.

About Gatekeeper

Gatekeeper is a Vendor & Contract Lifecycle Management (VCLM) platform, which helps customers manage their contract documents and vendor relationships through their full lifecycle.

By centralising all contract and vendor information into Gatekeeper, customers benefit from clear visibility of their contract and vendor data; time savings with the ability to securely delegate access to relevant internal and external information; advanced automation tools which can be used for simple tasks such as timely renewal reminders right through to complex, fully digitised business processes; and enhanced compliance and significant resource savings as a result of deploying Gatekeeper’s AI and automation tools.

For more information, visit www.gatekeeperhq.com.

About Vista Equity Partners

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

Media Contact
Ian Bryce, Gatekeeper, 44 07377663098, ian.b@gatekeeperhq.com, www.gatekeeperhq.com
Brian Steel, Vista Equity Partners, 1 (212) 804-9170, media@vistaequitypartners.com, www.vistaequitypartners.com

SOURCE Gatekeeper

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Pole Star Global Acquires StratumFive Group, Expanding Its Coverage in Fleet Monitoring & Voyage Optimisation for the Global Commercial Flee

Abry Partners logo

Combined offering expands Pole Star’s industry leading fleet coverage and complements its leadership in vessel sanctions and monitoring.

[London, October 16, 2023] – Pole Star Global, the pioneer and market leader in maritime intelligence technology, with the largest blue water fleet under management, is pleased to announce its successful acquisition of StratumFive Group, a prominent maritime tech company. StratumFive’s Podium5, an award winning voyage informatics platform, brings together fleet monitoring, regulatory compliance, performance analytics and voyage optimisation into one powerful platform.

The acquisition of StratumFive represents a natural progression for Pole Star Global, as both companies share a deep-rooted dedication to delivering innovative solutions that empower the maritime community. The combination expands Pole Star’s industry leading fleet coverage and complements its leadership in vessel compliance and tracking solutions, with PurpleTRAC and MDA, used by leading government agencies, global banks and vessel operators globally. The Podium5 platform leverages the previously acquired FleetWeather capability, with a proven track record of enhancing vessel performance and safety through advanced model-based route optimisation.

“We are excited to welcome StratumFive into the Pole Star family” said Bob Skea, CEO of Pole Star Global. “By joining forces, we are reaffirming our commitment to innovation for our customers. The Podium5 platform not only enhances our capabilities in vital voyage analytics, but also accelerates our efforts with vessel emissions transparency and planning, which is critical as we enable trusted partners throughout the maritime network. We are excited to be working with Stuart, Ross and team.”

Commenting on the acquisition, Stuart Nicholls, Founder of StratumFive Group, said, “We are excited to become part of the Pole Star family. This partnership will allow us to accelerate the development of innovative solutions that will further transform the maritime industry. Together, we will continue to provide our customers with the best-in-class services and support they expect.”

Stuart Nicholls and StratumFive CEO Ross Martin will join Pole Star in newly created leadership positions to ensure continuity for customers and partners.

Said Ross Martin, CEO, StratumFive Group, “Podium5 provides the solution that our industry desperately needs to realise digitalisation and other operational efficiencies around shipping. Our outreach to the sector throughout Podium’s development has shown that it is a gamechanger for decision-making. We are extremely excited to be working with Pole Star to drive digital prosperity across our industry.’’

About Pole Star

Pole Star Global is trusted by the world’s top regulatory entities and is the only company in the world that operates at the epicentre of the maritime ecosystem by connecting government agencies, financial markets & ship owners and operators. Stakeholders depend on Pole Star to assess responsible actors and bridge the gap between service providers, regulators, and funders. Our unrivalled predictive maritime Insights, data, and expertise enable our customers to act responsibly in the areas of trade finance, emissions control, life at sea, surveillance, sanctions avoidance, and operational and reputational risk management.

About StratumFive

StratumFive Group has been a trusted provider of leading software solutions to the commercial shipping community for more than a decade. Its global network includes the previously acquired FleetWeather operations centre in the USA and its 50-year history of service excellence.  At the beginning of 2022, the group launched Podium5, an advanced voyage informatics platform.  Podium5 empowers maritime operators to save time, save fuel, reduce emissions, and ensure regulatory compliance – all whilst ensuring the utmost safety of crew, vessel and cargo.

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xxllnc acquires Processfive, backed by Main Capital Partners

xxllnc, a leader in GovTech software, expands its market position with the acquisition of tax software company Processfive.

xxllnc, a leader in GovTech software, expands its market position with the acquisition of tax software company Processfive. By joining forces with Processfive, xxllnc can expand its current suite of tax applications and offer a complete solution within the tax domain. The combination of Processfive marks the eleventh acquisition of xxllnc since its partnership with software investor Main Capital Partners.

Processfive is a specialist in providing software and services for (semi-)governmental organizations active in the tax domain. Among other things, Processfive’s solutions support customers in object registration, process inspection, quality control and reporting back of data to the basic registers. Processfive customers include the municipalities of Rotterdam and The Hague as well as Waternet and BghU.

The company is located in Alphen aan den Rijn and has approximately 18 employees. The current shareholders and management of Processfive – consisting of Rogier Noordam, Jeroen Prins and Maarten Stam – will become co-shareholders in xxllnc and will also remain active within the broader organization. xxllnc is a portfolio company of Main Capital Partners, a strategic investor in the software industry focused on accelerating growth and creating business value.

By joining forces, xxllnc and Processfive will be able to provide customers with a broader range of products and services. Through the collaboration, xxllnc strengthens its market-leading position within the tax segment. The experience and knowledge of Processfive will continue to be deployed within the broader xxllnc organization. Processfive’s expertise and knowledge will be invaluable assets for xxllnc, and customers will continue to benefit from the same high-quality service and operations they are accustomed to.

xxllnc, formerly known as Exxellence Groep, started in 2001 as a spin-off of the University of Twente and grew into a leading software supplier with more than 400 employees and a range of solutions for the Dutch (semi-)governmental sector. Customers of xxllnc include Municipalities of The Hague, Leiden and Utrecht, as well as UWV. The company has added eleven software companies since it came under the wings of Main Capital Partners in 2020.

Michel Veenhuis, CEO of xxllnc, mentions: “We are very excited about the cooperation with the Processfive team with whom we can further broaden our product offering and expand our knowledge.”

Charly Zwemstra, Managing Partner Main Capital Partners & Chief Investment Officer, concludes: “The combination between xxllnc and Processfive is yet another step for the company to strengthen its position as a complete and innovative player. Processfive has made good strides in recent years, making it a valuable addition to the organization.”

The combination between xxllnc and Processfive is yet another step for the company to strengthen its position as a complete and innovative player.

– Charly Zwemstra, Managing Partner & Chief Investment Officer at Main Capital Partners

About

Processfive

Processfive, founded in 2013, is a specialist in providing software that supports governments in the tax domain. In cooperation with its customers, Processfive develops innovative software solutions that provide support in the area of taxes. Among other things, Processfive’s solutions support customers with process inspection and quality control. Processfive has c. 18 employees and is based in Alphen aan de Rijn.

xxllnc

xxllnc provides smart scalable apps for the government and semi-government. Applications that support case management, data integration, taxation, social affairs and spatial planning. To take GovTech to the next level, xxllnc builds an ecosystem where everything works seamlessly together. The perfect combination of applications from the cloud and support from subject matter professionals. Meanwhile, the team consisting of hundreds of specialists is based in Hengelo, Amsterdam, Veenendaal and Eindhoven.

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TRG Screen Announces Strategic Growth Investment from Vista Equity Partners

Vista Equity

Partnership with Vista reinforces TRG Screen’s leadership in enterprise subscription spend and usage management; capital will accelerate growth initiatives to address an increasingly complex market data and information environment

NEW YORK, Oct. 3, 2023 /PRNewswire/ — TRG Screen, the leading provider of enterprise subscription spend and usage management software, today announced a strategic growth investment from Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses. TRG Screen will use the capital to accelerate product innovation, talent, and go-to-market functions to meet the growing demand for transparency, compliance, and control of market data and information consumption.

TRG Screen, the leading provider of enterprise subscription spend and usage management software, today announced a strategic growth investment from Vista Equity Partners, a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses.
TRG Screen, the leading provider of enterprise subscription spend and usage management software, today announced a strategic growth investment from Vista Equity Partners, a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses.

TRG Screen also announced that Leigh Walters has been appointed Chief Executive Officer. Walters, who will succeed Steve Matthews, has previously served as both President and Chief Operating Officer of TRG Screen since joining in 2017. As part of this planned transition, Matthews will assume the role of Executive Chairman after serving as CEO for the past nine years. He will continue to partner with Leigh and the company’s executive team in driving strategic growth.

 

“This investment from Vista comes following the tremendous success TRG Screen has achieved in providing our customers with leading subscription spend and usage management capabilities; it will also further accelerate our software and managed service offerings in response to the market’s demand for best-in-class solutions,” said Leigh Walters, CEO of TRG Screen.

“Following a successful investment with Pamlico Capital, we are excited to partner with Vista to continue our mission of delivering integrated customer solutions to optimize subscription spend and usage. Vista’s team of investors, operators, and technologists understand the unique opportunity of a company like TRG Screen, and we look forward to working with them in our next phase of growth,” added Steve Matthews, Executive Chairman of TRG Screen.

Driven by an ever-increasing demand for data and information, the subscription landscape continues to grow in both size and complexity, with financial market data alone representing $37.3 billion annual spend in 2022.1 TRG Screen’s modern solutions provide actionable insights into spend and consumption patterns, providing customers with complex and expensive subscriptions with clear visibility into their spend, usage, and compliance, against a backdrop of increased cost pressure. TRG Screen currently serves more than 500 financial services organizations, law firms, and global enterprise customers that jointly manage over $8.5 billion in subscription spend.

“The proliferation of subscription-based services has made controlling costs, monitoring usage, and managing access a top priority for leading financial services organizations, law firms, and global enterprises. TRG Screen’s platform is mission-critical, providing customers with the visibility to make impactful business decisions. We congratulate Steve on positioning TRG Screen to define the future of subscription spend and usage management and are excited to partner with Leigh and the rest of the team to support TRG Screen’s long-term growth and success,” said Martin Taylor, Co-Head of Vista’s Foundation Fund and Senior Managing Director.

“We truly enjoyed working with Steve, Leigh, and the entire TRG Screen team. They are talented operators, and we are thankful to have had the opportunity to help them achieve their vision for the business,” said Walker Simmons, Partner at Pamlico Capital.

Kirkland & Ellis LLP served as legal counsel to Vista, Raymond James served as financial advisor to Vista, and Oliver Wyman served as commercial diligence advisor to Vista. Alston & Bird LLP served as legal advisor and William Blair & Company and Truist Securities served as financial advisors to Pamlico and TRG Screen.

Additional financial terms of the transaction were not disclosed.

About TRG Screen
TRG Screen is the leading provider of enterprise subscription management solutions. Founded in 1998, TRG Screen is uniquely differentiated by its ability to monitor both spend and usage of data and information services including market data, research, software licenses, consulting and other corporate expenses. TRG Screen’s solutions provide its customers with full transparency into their vendor relationships and their subscription spend and usage, enabling them to optimize their enterprise subscriptions. TRG acquired Priory Solutions in 2016, Screen Group in 2018, Axon Financial Systems in 2019, Market Data Insights in 2020, and Jordan & Jordan’s Market Data Reporting (MDR) business in 2021 and with these acquisitions is now positioned as the global market leader in the financial, legal, and professional services markets. TRG Screen’s product portfolio includes subscription spend, usage, enquiry and compliance solutions. For more information visit trgscreen.com. Follow TRG Screen on LinkedIn, @TRG Screen, and on Twitter, @trgscreen.

About Vista Equity Partners
Vista is a leading global investment firm with more than $100 billion in assets under management as of June 30, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of almost $3.5 billion. For additional information, please visit www.pamlicocapital.com.

Media Contact
For TRG Screen
Roel Mels
366252@email4pr.com 
+31 73 6122 940

For Vista Equity Partners
Brian Steel
366252@email4pr.com 
(212) 804-9170

For Pamlico Capital
Gillian Rhew
366252@email4pr.com 
(704) 414-7126

1 Source: Burton-Taylor Financial Market Data/Analysis Global Share & Segment Sizing 2022

SOURCE TRG Screen

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Quilvest Capital Partners is proud to announce its investment in RCA, alongside its founder and CEO Jérôme Clarysse and COO Emmanuel Ledoux

Quilvest

On July 19, 2023, Quilvest Capital Partners closed the acquisition of a minority interest in RCA, a French software editor dedicated to chartered accountants, alongside its founder and CEO Jérôme Clarysse and COO Emmanuel Ledoux.

Created in 1999 by Jérôme Clarysse, RCA offers to chartered accountants a BtoB advisory software suite, and a full SaaS BtoBtoB solution, “MEG”, targeted to their to their end-clients to deliver pre-accounting services. With more than 6,500 accounting firms equipped, RCA solutions are being used by c.65% of the French market players. In FY2023 (YE March), RCA generated sales close to €25m.

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