News
Providence Senior Advisor Dick Parsons Appears on 'Influencers' with Andy Serwer
January 07, 2021
Providence Senior Advisor Dick Parsons participated in the weekly interview series 'Influencers' with Yahoo Finance Editor-in-Chief Andy Serwer. In the episode, Mr. Parsons discusses his journey to the top of the business world as one of the first Black CEOs, his economic outlook for the new year and the division in American society, including the January 6th raid on the U.S. Capitol. Mr. Parsons was previously CEO of Time Warner and Chairman at Citigroup.
You can watch Mr. Parsons’ full interview with Yahoo Finance here.
Providence Invests in 365 Retail Markets
December 24, 2020
365 Retail Markets Announces Majority Investment from Providence Equity Partners
Company to Benefit from Growth Investment and Providence Expertise; Current Investors and Management Team Retain Significant Ownership
TROY, Mich., Dec. 24, 2020 -- 365 Retail Markets ("365" or the "Company"), a leading provider of self-service commerce technology to the foodservice industry, today announced a majority investment from Providence Equity Partners ("Providence"), a premier private equity firm that specializes in the media, communications, education, software and services industries. Providence will partner with current investor McCarthy Capital and the Company's management team to seek to advance the unattended retail market industry, fuel product development and customer services, and continue to accelerate growth. 365's CEO and Founder, Joe Hessling, will continue to lead the Company and maintain a significant ownership stake.
Founded in 2008, 365 Retail Markets provides a full suite of self-service technologies for food service operators. Today, the Company's technology solutions – end-to-end integrated SaaS software, payment processing and point of-sale hardware – power unattended food retail spaces at corporate offices, manufacturing and distribution facilities, and more, providing compelling foodservice options for consumers. 365's technology solutions include a growing suite of unattended smart-stores, cashless vending, and self-service dining point-of-sale options to meet the expanding needs of its customers.
"We are proud of the significant growth we have achieved to-date as we drive value for stakeholders across the foodservice industry as well as corporate campuses, and we see tremendous opportunities ahead," said Hessling. "We have built a deep relationship with the Providence team and are confident that they share our vision for the business. They are an excellent cultural fit with our team at 365, and we are thrilled to partner with them as we embark on this next chapter of our Company's growth."
"Joe and the 365 team have built a leading business that provides innovative technology solutions to support foodservice operators," said Scott Marimow, a Managing Director at Providence. "We believe the Company has a compelling value proposition and is ideally positioned within a large and growing addressable market, with great opportunities for further expansion through a variety of growth initiatives. We are excited to partner with the 365 team and look forward to adding lasting value in the years ahead."
Jennifer Hoh, a Managing Director at Providence, added, "The market opportunity presented by unattended retail is extremely exciting. 365 has an impressive track record of driving market adoption with its end-to-end solutions and we look forward to working with the entire team through the Company's next phase of growth."
About 365 Retail Markets
365 Retail Markets is the global leader of self-service technology and services for the Contract Foodservice industry. 365 has won many awards for their innovation and growth, including being named to the Inc. 5000 list of the fastest-growing private companies in the U.S. several times. Through our combination of MicroMarket, vending, and dining technologies, we offer the best-in-class point-of-service platform for the workplace. 365 offers a consolidated approach to operators seeking a streamlined system that consumers love to use. 365 has been pioneering innovation in the industry since 2009 and continues to revolutionize the market with superior technology, strategic partnerships and ultimate flexibility in customization and branding. 365 is committed to capturing every single transaction, every single time, by delivering products that are secure, scalable and reliable. For more information about 365 Retail Markets, visit www.365retailmarkets.com. You can also follow 365 Retail Markets on Facebook, Twitter, YouTube, and LinkedIn.
About Providence Equity Partners
Providence is a premier global private equity firm with approximately $44 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 170 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence has a long history of successfully investing in the automotive technology sector. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
About McCarthy Capital
McCarthy Partners Management, LLC is a registered investment advisor that conducts business as McCarthy Capital. McCarthy Capital, headquartered in Omaha, NE, is focused exclusively on lower middle-market companies. For more than 30 years, the McCarthy organization has been partnering with founders, families and exceptional management teams to support the growth of their companies. More information about McCarthy Capital can be obtained at www.mccarthycapital.com.
Media Contacts
365 Retail Markets
Linde Hutson / Melissa Bombetto
marketing@365smartshop.com
Providence Equity Partners
Andrew Cole / Kelsey Markovich / Hayley Cook
Sard Verbinnen & Co
prov-svc@sardverb.com
Providence Equity Agrees to Acquire a Majority Stake in La Centrale
December 16, 2020
Providence Equity Partners in Exclusive Negotiations to Acquire a Majority Stake in Leading French Car Classifieds Provider Groupe La Centrale from Axel Springer
- Providence would further drive the development of Groupe La Centrale with now-minority shareholder Axel Springer
- Providence has a long and successful history of investing in European technology and media businesses
LONDON AND BERLIN — 16 DECEMBER 2020 — Providence Equity Partners L.L.C. (“Providence”), a premier private equity firm that specializes in the media, communications, education, software and services industries, today announced that it has entered into exclusive negotiations for the acquisition of a majority stake in Groupe La Centrale (the “Company”), a leading provider of car classifieds in France, from Axel Springer. Financial terms were not disclosed.
Groupe La Centrale is comprised of four brands through which it covers the entire lifecycle of a vehicle: La Centrale, Promoneuve, Caradisiac and MaVoitureCash. Upon completion, Providence would support the continued development of the Company’s best-in-class, multi-dimensional digital platform and seek opportunities to expand capabilities that will enhance customer satisfaction through investment in value-add services. The transaction will enable Axel Springer to focus even more on its growth and investment strategy in the jobs and real estate sectors, within its digital classifieds offering.
“We believe Groupe La Centrale is an outstanding business underpinned by best-in-class technology, which positions it well for continued leadership and innovation in the French auto classifieds market,” said Karim Tabet, Senior Managing Director at Providence. “Our investment is driven by our conviction that Groupe La Centrale’s well-known brands and capabilities present a significant opportunity for organic growth and service expansion.”
Robert Sudo, Managing Director at Providence, added: “Customers are demanding more products, services and optionality from classifieds providers. Leveraging Providence’s resources and experience and Groupe La Centrale’s world-class digital platform, we believe there is opportunity to add value to both dealers and drivers. Axel Springer’s continued investment is a testament to the Company’s growth potential and we are looking forward to working together alongside François Couffy and his team.”
Stephanie Caspar, President National News Media & Marketplaces at Axel Springer, said: “Groupe La Centrale has established an excellent position in the French market since Axel Springer’s entry, thanks to François Couffy and his excellent team. Together with Providence Equity Partners, we seek to build on this position and continue to develop the Company further in order to increase its value in the long term. At the same time, this transaction is in line with our growth and investment strategy in the Classifieds Media segment, where we want to focus on the two strong pillars of jobs and real estate.”
The proposed transaction would close in the first quarter of 2021, subject to customary closing conditions, including completion of the information and consultation procedures of the Company’s works council and clearance by the requisite antitrust authorities.
Media contacts
Providence Equity Partners
Sard Verbinnen & Co.
Charlie Chichester / Rory King
Prov-SVC@sardverb.com
Axel Springer SE
Jorg Keller
jorg.keller@axelspringer.com
+49 30 2591 77617
About Providence Equity Partners
Providence is a premier global private equity firm with more than $44 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 170 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence has a long history of successfully investing in the automotive technology sector. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com
Cinven, KKR and Providence complete the acquisition of Spanish telecommunications operator, MASMOVIL
November 17, 2020
Cinven, KKR and Providence complete the acquisition of Spanish telecommunications operator, MASMOVIL
The acquisition of MASMOVIL demonstrates a commitment from the Consortium towards the development of the Spanish telecom market over the coming years
Madrid, Spain, 17 November 2020 – Lorca Telecom Bidco SAU, a company indirectly and collectively majority owned by funds or vehicles managed or advised by Cinven, funds or vehicles managed or advised by KKR and funds or vehicles managed or advised by Providence Equity Partners L.L.C. (“Providence”) (jointly “the Consortium”), has successfully completed the acquisition of Spanish telecommunications operator MASMOVIL IBERCOM, S.A. (“MASMOVIL” or “the Group”) having acquired 99.3% of the Group’s outstanding shares. At the tender offer price, MASMOVIL was valued at approximately EUR 5.3 billion.
The Consortium’s support will provide MASMOVIL with the opportunity to accelerate its investment strategy and develop new projects aimed at providing the Group’s customers, who report some of the highest satisfaction rates in Spain, high quality access to MASMOVIL’s networks at a time when the telecommunications sector is becoming increasingly important in the country.
In addition, this transaction aims to continue creating value for the telecommunications market, customers, and employees of the Group, in addition to, delivering a positive impact on people and on the planet – in line with MASMOVIL’s corporate purpose.
Headquartered in Madrid, MASMOVIL is the fourth largest telecommunications operator in Spain, with more than 11 million customers. It provides triple-play fixed-line, mobile and internet services to residential customers, businesses and operators through a number of brands including Yoigo, MASMOVIL, Pepephone, Llamaya, Lebara, Lycamobile and Hits mobile.
The Consortium believes MASMOVIL represents an attractive investment opportunity because of its strong positioning in Spain, the increasing demand for greater quality and value for money in the Spanish telecommunications sector, and the range of growth opportunities available for the business over the medium-term.
Commenting on the transaction, Jorge Quemada and Thomas Railhac, Partners at Cinven, said:
“We are delighted to have completed the acquisition of such a major European business which has become the leading challenger in Spain. The experienced management team has demonstrated its ability to consistently deliver excellent results, even in fast changing environments. MASMOVIL has a highly successful track record and has achieved revenue and double-digit EBITDA growth both organically and through acquisitions and, more recently, through the actions they have taken since COVID-19. We strongly believe MASMOVIL is well positioned in the market for further exciting growth opportunities.”
Iñaki Cobo and Jean-Pierre Saad, Partners at KKR, said:
“We are excited to invest behind one of our core themes, telecommunications and digitalization, and are confident that MASMOVIL is well positioned to continue capturing growth opportunities with its outstanding management team. The investment in MASMOVIL reinforces KKR’s commitment to Spain where we have already deployed almost $6 billion since 2010.”
Robert Sudo, Managing Director at Providence Equity, said:
“As a long-standing investor in MASMOVIL, we continue to see exciting growth opportunities for the business and are pleased Cinven and KKR share our long-term vision for the company. The management team’s proven track record leading the business places MASMOVIL in a strong position to succeed as a private business in a competitive market ripe for consolidation.”
The offer document with all the information about the voluntary tender offer are available on the following website: https://www.grupomasmovil.com/en/takeover-bid-on-masmovil-group/
Advisors to the Consortium for this transaction, included: Barclays, Deutsche Bank and Morgan Stanley (M&A); Freshfields Bruckhaus Deringer LLP, Paul Weiss, Rifkind, Wharton & Garrison LLP and Uria Menéndez (legal); Analysys Mason and McKinsey (commercial); Deloitte (financial, tax, operations, structuring); and EY (IT).
Media contacts for the Consortium:
Cinven
Vanessa Maydon: Tel. +44 (0) 7802 961 902
Email. vanessa.maydon@cinven.com
Peter Folland: Tel. +44 (0)787 099 2924
Email. peter.folland@cinven.com
Alejandra Moore Tel. +34 91 531 23 88
Email. amoore@grupoalbion.net
KKR
Alastair Elwen / Alice Neave: Tel. +44 (0)20 7251 3801
Email. kkr@finsbury.com
Sarah Estébanez: Tel. +34 91 702 10 10
Email. sestebanez@tinkle.es
Xana Peña: Tel. +34 91 702 10 10
Email. xpena@tinkle.es
Providence Equity Partners
Charles Chichester Tel. +44 (0) 7810 825 444
Rory King Tel. +44 (0) 7917 086 227
Email. Prov-SVC@sardverb.com
About Cinven
Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey, Luxembourg and Hong Kong. Cinven has significant experience in the telecoms and fibre sectors, with its funds’ previous investments including Numericable, Ziggo, Eutelsat and Ufinet. Cinven also has a long-term presence and a successful track record in Spain, with its funds’ current investments in the country including Ufinet International, Hotelbeds, Planasa and Tinsa. Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society. Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Partners LLP, the advisor to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority. In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, Cinven (LuxCo1) S.A., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing. For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. KKR has significant experience in the telecom sector, with its previous and current investments including United Group, Telxius, Deutchse Glasfaser and FiberCorp. KKR has a long-term presence and commitment to Spain having invested almost $6 billion since 2010 across different strategies, including current investments in PortAventura, Telxius, X-Elio, Alvic Group, Telepizza and MasterD. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Providence Equity Partners
Providence is a premier global private equity firm with more than $49 billion in capital under management. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence has a long history of investing in the telecommunications space in Europe and is currently a shareholder in both Masmovil (2016) and Bite (2016). The firm’s previous European telecommunications investments since 2005 include: Volia (2007), M7 Group (2007), MobileServ (2006), Kabel Deutschland (2006), Com Hem (2006), TDC (2006), and Ono (2005). Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com
Lucy Dobrin featured in WSJ Pro Private Equity Analyst: Private Equity’s 14 Most Influential Women of Today and Tomorrow
WSJ Pro Private Equity Analyst
November 15, 2020
Click here to see the article on the WSJ Pro Private Equity website.
DoubleVerify Announces $350 Million Investment from Group Led by Tiger Global Management
October 28, 2020
DoubleVerify Announces $350 Million Investment from Group Led by Tiger Global Management
New Investor Group Includes Fidelity, BlackRock, and Neuberger Berman; Providence to Remain Majority Investor
NEW YORK, Oct. 28, 2020 (GLOBE NEWSWIRE) -- DoubleVerify (“DV”, the “Company”), a leading software platform for digital media measurement and analytics, today announced an agreement for a $350 million investment from an investor group led by Tiger Global Management (“Tiger”). Fidelity Management & Research Company LLC also participated in the round, together with funds and accounts managed by BlackRock, and funds advised by Neuberger Berman Investment Advisers LLC, among others. Providence Equity Partners (“Providence”), which invested in DoubleVerify in 2017, remains the majority investor.
The new investment will primarily be used to purchase shares from existing shareholders and a portion will be used to support continued growth in the business. The backing from the new investor group comes as DoubleVerify continues to innovate and invest in new growth areas including media performance optimization and Connected TV analytics.
“The support of these high caliber investors speaks to DoubleVerify’s momentum, including new customer growth, product innovation and global expansion,” said Mark Zagorski, Chief Executive Officer of DoubleVerify.
“We look forward to partnering with Mark and the entire DoubleVerify management team as the Company continues the growth of its business globally,” said John Curtius, Partner, Tiger Global.
“The DoubleVerify team has consistently executed across all levels of the business,” added Davis Noell, Senior Managing Director at Providence and Chairman of the Board at DoubleVerify. “We welcome the investment by Tiger and these other premier investment firms, and we are excited to continue to support the Company.”
DoubleVerify expects the new investment round to close in the fourth quarter of 2020. Earlier this month, the Company also refinanced its credit facility and entered into a new $150 million revolving credit facility, led by Capital One, N.A., of which only a portion is currently outstanding prior to the closing of this transaction.
J.P. Morgan and Goldman Sachs & Co. LLC acted as Joint Placement Agents on behalf of the Company and Providence.
About DoubleVerify
DoubleVerify is a leading software platform for digital media measurement, data, and analytics. DV’s mission is to be the definitive source of transparency and data-driven insights into the quality and effectiveness of digital advertising for the world’s largest brands, publishers, and digital ad platforms. DV’s technology platform provides advertisers with consistent and unbiased data and analytics that can be used to optimize the quality and return on digital ad investments. Since 2008, DV has helped hundreds of Fortune 500 companies gain the most from their media spend by delivering best in class solutions across the digital advertising ecosystem, helping to build a better industry. Learn more at www.DoubleVerify.com.
About Tiger Global Management
Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm's fundamentally oriented investments focus primarily on the global internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry's, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC, was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.
About Providence Equity Partners
Providence is a premier global private equity firm with more than $49 billion in capital under management. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Media Contacts
DoubleVerify
Chris Harihar
Crenshaw Communications
chris@crenshawcomm.com
Providence Equity Partners
Andrew Cole / Hayley Cook / Kate Gorgi
Sard Verbinnen & Co
prov-svc@sardverb.com
Providence Strategic Growth Europe Agrees to Invest in Signaturit
October 28, 2020
Providence Strategic Growth Europe Signs Majority Investment in Leading Spanish SaaS Trust Service Provider Signaturit
- Investment aims to fuel Signaturit’s continued growth and accelerate European expansion
- Traditionally fragmented market with fast growth potential supported by strong industry tailwinds
BARCELONA & LONDON – October 28, 2020 – Providence Strategic Growth (“PSG”), the growth equity affiliate of premier asset management firm Providence Equity Partners (“Providence”), today announced signing of a majority investment by funds managed by PSG in Signaturit Solutions (“Signaturit” or the “Company”), a leading provider of cloud-based Trust Services that offers eSignature, eDelivery and eID solutions, and is headquartered in Barcelona, Spain. Financial terms were not disclosed.
Signaturit was founded in 2013 and is now one of the leading Trust Service software vendors in Southern Europe. Its technology platform provides a SaaS-based solution that allows customers to send and sign documents legally and seamlessly. The Company has also developed other major trust services to cover adjacent parts of the digital signature process: eDelivery, which certifies the delivery of the entire electronic signature procedure; and eID, which offers secure authentication of the person before signing a document.
The deal, which is subject to regulatory clearance, builds on Signaturit’s successful trajectory. Since its inception, the Company has raised more than €10 million in pre-seed and series A funding, both from Spanish and international investors. PSG’s European team will support Signaturit’s next phase of growth, including product diversification, geographic expansion and strategic M&A opportunities. Signaturit’s founders maintain their shareholding with Co-Founder and CEO Juan Zamora continuing to lead day-to-day operations and Signaturit’s team of 100 employees.
“The Signaturit team has built an outstanding business in a market that is expected to surge in the next five years and we believe is consequently poised for success,” said Dany Rammal, Managing Director at PSG.
"Signaturit’s scalable technology platform and understanding of their customers’ needs has led them to develop an innovative integrated solution that positions the Company at the forefront of electronic digital security and identity verification,” said Romain Railhac, Director at PSG.
Juan Zamora, Co-Founder and CEO, commented: “Signaturit was founded to help bring the signing processes of multinationals and SMEs into the 21st century. We are a team with clear global ambition and are delighted to have entered into this partnership with PSG, which has a strong track record of supporting SaaS companies. Their investment positions us for future growth while enabling us to continue providing exceptional service to our many customers.”
Signaturit currently helps more than 2,500 organizations, including renowned international brands – such as Manpower, AXA, Admiral Insurance, EY, Decathlon, and Vorwerk – to manage their digital security and identity and facilitate the request and realization of electronic signatures quickly, safely and with full legal validity, and has helped its customer base to request and receive 38 million signatures through its platform. Among the many accolades that it has received over the years, Signaturit was selected to participate in the EU’s Horizon2020 program, an endorsement of its top-class capabilities in the e-Signature and electronic Trust Services space.
About Signaturit
Signaturit is a Qualified Trust Service Provider that offers innovative cloud-based solutions in the field of Electronic Signatures (eSignatures), Certified Registered Delivery (eDelivery) and Electronic Identification (eID) to digitise any transaction between companies and individuals, securely and with full legal compliance. Founded in 2013, the company serves over 2,500 customers in more than 40 countries and has completed over 38 million signatures on its platform. Signaturit’s Trust Services optimise the signature process enabling customers to reduce paper consumption, improve their billing and hiring processes and provide their teams with a tool that helps them to streamline their administrative tasks related to document signing. For more information on Signaturit, please visit https://www.signaturit.com/en.
About Providence Strategic Growth
PSG is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit https://www.provequity.com.
Media Contacts
Providence Strategic Growth
Sard Verbinnen & Co.
Rory King
Prov-SVC@sardverb.com
Signaturit
Roman
Lourdes Carmona and Iván Carballido
l.carmona@romanrm.com
i.carballido@romanrm.com
Callaway and Topgolf to Combine, Creating a Global Golf and Entertainment Leader
October 27, 2020
Callaway and Topgolf to Combine, Creating a Global Golf and Entertainment Leader
Highly Complementary Businesses with Reach Across the Entire $80 Billion Global Golf Industry(1)
Compelling Family of Brands Well Positioned to Capitalize on Outdoor Consumer Trends
Combined Businesses Create Clear Line of Sight to More Than $1 Billion of Adjusted EBITDAS
Callaway Announces Record Preliminary Results for the Third Quarter 2020
CARLSBAD, Calif. and DALLAS, Oct. 27, 2020 /PRNewswire/ -- Callaway (NYSE: ELY) and Topgolf Entertainment Group ("Topgolf") today announced that the companies have entered into a definitive merger agreement. Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. The number of shares to be issued is based upon an implied equity value of Topgolf of approximately $2 billion, including the 14% already owned by Callaway.
Topgolf is the leading tech-enabled golf entertainment business, with an innovative platform that comprises its groundbreaking open-air venues, revolutionary Toptracer technology and innovative media platform with a differentiated position in eSports. Topgolf generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. Callaway is a leader in the global golf equipment market with a scale position in active-lifestyle soft goods and a proven ability to deliver strong returns, including company growth that has exceeded golf market growth for seven consecutive years.
The companies together will be able to accelerate growth, including through:
- Fully Funded High Growth Opportunities: Topgolf is a high-growth platform with attractive unit economics across its businesses that will benefit from Callaway's strong financial position that can fully fund Topgolf's growth plans at an attractive cost of capital.
- A Highly Complementary Fit: The two companies share a focus on golf and active-lifestyle consumers. With Topgolf's 90 million consumer touch points a year, the combined company will benefit from a compelling family of brands with reach across multiple channels including retail, venues, e-commerce and digital communities. Topgolf is introducing new players to the game of golf, a powerful trend that benefits Callaway's golf equipment and soft goods businesses.
- Enhanced Resources to Accelerate Growth: The combined company's industry-leading sales, marketing and partnership infrastructure will drive traffic, increase same venue sales and accelerate conversion of new business opportunities. Together, Callaway and Topgolf's significantly expanded consumer reach will drive increased promotion, exposure and sales of equipment and apparel to golfers and non-golfers alike.
- Innovation to Drive Long-term Potential: A shared innovative culture creates exciting long-term opportunities including the potential to distribute content across connected screens for instruction, fitness and lifestyle.
"Together, Callaway and Topgolf create an unrivaled golf and entertainment business," said Chip Brewer, President and Chief Executive Officer of Callaway. "This combination unites proven leaders with a shared passion for delivering exceptional golf experiences for all – from elite touring professionals to new and aspiring entrants to the game. We've long seen the value in Topgolf and we are confident that together, we can create a larger, higher growth, technology-enabled global golf and entertainment leader. Callaway's strong financial profile will enable the combined company to accelerate innovation, develop exciting new products and experiences, and create compelling value for shareholders, while providing the dedicated teams of both companies more opportunities to showcase their talents and complementary capabilities."
"We are excited to join the Callaway family and strengthen the experiences we create at the intersection of sports and tech-driven entertainment," said Dolf Berle, Chief Executive Officer of Topgolf. "Fueled by a tremendous team of associates and a diverse offering across our venues, Toptracer, and media platform, Topgolf is truly changing the landscape of the industry by making golf more inclusive and accessible to people of all ages, demographics and skill levels. As part of Callaway, we plan to grow our leadership position by leveraging Callaway's brand reputation, industry relationships and financial strength to connect more communities around the world to the Topgolf experience."
Callaway first invested in Topgolf in 2006, and the companies have maintained a strong partnership since, including an exclusive golf partnership agreement at all Topgolf venues. Topgolf has achieved rapid growth and strong customer engagement since its founding in 2000, driven by several platforms, including:
Venues – The company's signature platform defined by its immersive gameplay, proprietary technology and local, high-quality food and beverage offers a unique social destination for all. With its open-air, climate-controlled bays, Topgolf venues are structurally advantaged to benefit from consumer preferences for outdoor activities. Topgolf has 63 locations around the globe – including a robust pipeline of new openings – serving more than 23 million guests in 2019 with more than 50% of consumers identifying as non-golfers.
Toptracer – A leading ball-tracing technology best known for transforming televised golf is now being brought directly to everyday golf. By bringing professional tracing technology to mobile devices and driving ranges, Topgolf is enhancing the golf experience. The technology has been deployed to more than 7,500 range bays in three years (representing approximately one percent penetration of the total addressable market). This business unit has achieved revenue growth of 233% in the past three years.
Media – With World Golf Tour, a leading mobile golf game with 28 million members as of 2019, Topgolf has built a strong digital presence in the game of golf. The company's proprietary, in-house gaming capabilities also create innovative sponsorship and consumer engagement opportunities throughout Topgolf's community of players competing across the company's interconnected digital and in-person platforms.
"Since its inception, Topgolf has created an innovative, tech-inspired twist on the golf driving range experience, turning it into a global entertainment and sports movement. Our track record of creativity and diversity of offerings will only grow stronger as part of Callaway, a global leader in the industry," said Erik Anderson, executive chairman of Topgolf. "All of us are looking forward to building new experiences, reaching new audiences and solidifying our digital infrastructure as we connect communities around the globe."
In addition to Callaway, the current Topgolf ownership includes Providence Equity Partners, WestRiver Group and Dundon Capital Partners, which added: "This is a natural combination that brings together two complementary businesses at the center of one of the most dynamic sports and entertainment experiences available today. We are excited to support their continued growth as a united company."
Financial Benefits and Transaction Structure
Callaway and Topgolf both delivered strong financial results immediately before the COVID pandemic and have since recovered ahead of expectations. Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. This includes favorable trends in rounds played and growth in beginning and returning golfers as well as broader consumer preferences for outdoor activities.(2,3) The combined company will have a highly diversified revenue mix, including Golf Equipment, 30%; Topgolf, 46%; and Softgoods, 24%(4).
The combined company will also benefit from a strong financial profile, including:
- Pro forma revenue of approximately $2.8 billion based on fiscal year 2019 results that is expected to grow to approximately $3.2 billion by 2022 and at approximately 10% per year in the years following
- Pro forma adjusted EBITDAS of $270 million based on fiscal year 2019 results that is expected to grow to approximately $360 million by 2022 and at mid-to-high teens per year in the years following
- Funded leverage(5) of approximately 3.6x in 2022, with opportunities to de-lever from there
Topgolf is in the early stages of its growth with more than ten years of planned unit growth opportunity in its U.S. venues business and just 2% addressable market penetration in international venues and 1% in the Toptracer Range business. The company has a proven ability to innovate to expand its addressable market and capture the potential of games and content on its interconnected platform.
Callaway's continued strong cash generation and ample liquidity, including more than $630 million of cash and available credit facilities as of Q3 2020, position the company to fund Topgolf's continued growth with significant ability to pay down debt at the same time.
Under the terms of the merger agreement, Callaway will issue approximately 90 million shares of its common stock to the shareholders of Topgolf, excluding Callaway, which currently holds approximately 14% of Topgolf's outstanding shares. Upon completion of the merger, Callaway shareholders will own approximately 51.5% and Topgolf shareholders (excluding Callaway) will own approximately 48.5% of the combined company on a fully diluted basis.
The number of shares issued is based upon an implied equity value of Topgolf of $1.986 billion(6) (including Callaway's ownership position). The number of shares issued is also based upon a fixed price of Callaway common stock of $19.40 per share. Callaway will assume Topgolf's net debt, which is estimated to be $555 million at closing(7), resulting in an estimated enterprise value for Topgolf of approximately $2.5 billion.
Governance and Leadership
Upon closing, the combined company's Board of Directors will consist of 13 directors, including three directors appointed by Topgolf shareholders. Chip Brewer will continue to lead the combined company as President and Chief Executive Officer. Dolf Berle will continue to lead the Topgolf business through a transition period following the close of the transaction, at which time he intends to step down to pursue other leadership opportunities. John Lundgren will continue as Chairman of the Board of the combined company, while Erik Anderson will serve as Vice Chairman.
Topgolf will continue to operate from its headquarters in Dallas, Texas.
Timing and Approvals
The transaction is subject to the approval of the shareholders of both Callaway and Topgolf, as well as other customary closing conditions, including required regulatory approval. The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions.
Callaway Preliminary Q3 Results and Business Update
Chip Brewer added: "The world is rediscovering golf in a way that has led to a record quarter for our company. Both our golf equipment and soft goods businesses are recovering more quickly than we expected, and our third quarter projections reflect this momentum. Our recent investments into our e-commerce capabilities have proven particularly valuable, showing strong growth across all of our business segments this year including 108% growth in e-commerce for our soft goods segment in Q3."
Based on currently available information, the Company estimates the following results for the quarter ended September 30, 2020:
($ in millions, except EPS)
2020 Q3 Estimate:
Net Sales: $476M million
Year over Year: +12%
Non-GAAP Earnings Per Share: $0.60
Year over Year: +67%
Adjusted EBITDAS*: $87 million
Year over Year:+53%
*Earnings before Interest, Taxes, Depreciation and Amortization Expense, and Stock Compensation Expense
Advisors
Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. Morgan Stanley & Co. LLC and J.P. Morgan served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to Topgolf.
Conference Call Details
Callaway will host a conference call today, October 27th, at 5:30 p.m. Eastern time to discuss this transaction. If you would like to participate in the call, please dial 1-877-879-1183 or 1-412-902-6703, if calling internationally, approximately 15 minutes prior to the start of the call (access code: 5543896). A live webcast of the conference call and downloadable slides will be available online at: https://ir.callawaygolf.com. A replay will be made available online approximately three hours following the live call and will remain available through October 27, 2021. The replay may be accessed through the Internet at this link.
Preliminary Financial Estimates
The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. However, the Company has not completed its financial closing procedures for the three months ended September 30, 2020, and its actual results could vary materially from these preliminary estimates. In addition, the Company's independent registered public accounting firm has not audited this information or completed its quarterly review procedures for the quarter ended September 30, 2020 and does not express an opinion or any other form of assurance with respect to these preliminary estimates or their achievability. During the course of the preparation of the Company's consolidated financial statements and related notes as of and for the three months ended September 30, 2020, the Company and its auditors may identify items that would require the Company to make material adjustments to the preliminary estimates presented above. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period. Investors are cautioned not to place undue reliance on such preliminary estimates.
Non-GAAP Information
The GAAP results contained in this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows:
EBITDAS. The Company provides information about its results excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. Additionally, EBITDAS excludes these same line items from forecasted net income. A long-term forecast of each of these line items is not available without unreasonable efforts due to the variability of these items and the inability to predict them with certainty. Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income.
In addition, the Company has included in the schedules to this release a reconciliation of non-GAAP information to the most directly comparable GAAP information. The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period-over-period comparisons and in forecasting the Company's business going forward. Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance of the Company's business with regard to these items. The Company has provided reconciling information in the attached schedules.
About Callaway Golf Company
Callaway Golf Company (NYSE: ELY) is a premium golf equipment and active lifestyle company with a portfolio of global brands, including Callaway Golf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. Through an unwavering commitment to innovation, Callaway manufactures and sells premium golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle apparel and other accessories. For more information please visit www.callawaygolf.com, www.odysseygolf.com, www.OGIO.com, www.travismathew.com, and www.jack-wolfskin.com.
About Topgolf Entertainment Group
Topgolf Entertainment Group is a technology-enabled global sports and entertainment community that connects people in meaningful ways through the experiences we create, the innovation we champion and the good we do. What started as a simple idea to enhance the game of golf has grown into a movement where people from all walks of life connect at the intersection of technology and sports entertainment. Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. Follow @topgolf on Instagram, Facebook, Twitter and LinkedIn, or visit the Topgolf Press page for the latest news.
Contacts
For Callaway:
Brian Lynch
Patrick Burke
(760) 931-1771
invrelations@callawaygolf.com
For Topgolf:
Kara Barry
press@topgolf.com
Additional Information and Where You Can Find It
Callaway Golf Company will file with the SEC a registration statement on Form S-4, which will include the proxy statement of Callaway Golf Company that also constitutes a prospectus of Callaway Golf Company and a consent solicitation statement of Topgolf International, Inc. (the "proxy statement/prospectus/consent solicitation"). INVESTORS AND STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS/ CONSENT SOLICITATION, AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC, IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CALLAWAY GOLF COMPANY, TOPGOLF INTERNATIONAL, INC., THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC by the parties through the website maintained by the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC on Callaway's website at https://www.callawaygolf.com (for documents filed with the SEC by Callaway).
No Offer or Solicitation
This communication is for information purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Callaway, Topgolf, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Callaway in connection with the proposed transaction. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the stockholders of Callaway and Topgolf, respectively, in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus/consent solicitation when it is filed with the SEC. Information regarding Callaway's directors and executive officers is contained in Callaway's Annual Report on Form 10-K for the year ended December 31, 2019 and its Revised Definitive Proxy Statement on Schedule 14A, dated March 27, 2020, which are filed with the SEC and can be obtained free of charge from the sources indicated above.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "may," "should," "will," "could," "would," "anticipate," "plan," "believe," "project," "estimate," "expect," "strategy," "future," "likely," and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Callaway and Topgolf, including the anticipated operations, financial position, liquidity, performance, prospects or growth and scale opportunities of Callaway, Topgolf or the combined company, the strategies, prospects, plans, expectations or objectives of management of Callaway or Topgolf for future operations of the combined company, any statements regarding the approval and closing of the merger, including the need for stockholder approval and the satisfaction of closing conditions, and statements of belief and any statement of assumptions underlying any of the foregoing.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending merger with Topgolf, including the failure to obtain, or delays in obtaining, required regulatory approval, the risk that such approval may result in the imposition of conditions that could adversely affect Callaway or the expected benefits of the proposed transaction, any termination fee that may be payable by Callaway pursuant to the terms of the merger agreement, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with Callaway's and/or Topgolf's employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to Callaway and/or Topgolf; inability to retain key personnel; changes in legislation or government regulations affecting Callaway and/or Topgolf; uncertainty of the duration, scope and impact of COVID-19; a further spread or worsening of COVID-19; any further regulatory actions taken in response to COVID-19, including the future shutdown of or restrictions on Callaway's or Topgolf's retail locations, venues, distribution centers, manufacturing plants or other facilities; the effectiveness of Callaway's or Topgolf's protective gear, social distancing guidelines, and other preventive or safety measures; disruptions to business operations of Callaway and Topgolf as a result of COVID-19, including disruptions to business operations from travel restrictions, government-mandated or voluntary shut-down orders or quarantines, or voluntary "social distancing" that affects employees, customers and suppliers; continued growth, momentum and opportunities in the golf industry; production delays, closures of manufacturing facilities, retail locations, warehouses and supply and distribution chains; staffing shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; and economic, financial, social or political conditions that could adversely affect Callaway, Topgolf or the proposed transaction.
The foregoing list is not exhaustive. For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and Callaway's business, see Callaway's Annual Report on Form 10-K for the year ended December 31, 2019 as well as other risks and uncertainties detailed from time to time in Callaway's reports on Forms 10-Q and 8-K subsequently filed with the SEC, including the proxy statement/prospectus/consent solicitation that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Callaway undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
1 Golf Datatech industry report published September 21, 2020
2 National Golf Foundation, August Rounds Play, Published September 2020
3 Morning Consult Polling, Published July 21, 2020
4 Based on 2022 projections
5 Excludes Deemed Landlord Financing
6 Implied equity value of $1.739 billion when accounting for the various preferential rights of Topgolf shareholders and excluding assumed stock options and Callaway's ownership position
7 Topgolf Net Debt includes $152 million of Deemed Landlord Financing and $152 million of Cash
Providence Equity Announces Leadership Transition Plan
September 30, 2020
Founder and CEO Jonathan Nelson to Become Executive Chairman in January 2021
Davis Noell and David Phillips Named Senior Managing Directors and Co-Heads of North America
Andrew Tisdale and Karim Tabet Named Senior Managing Directors and Co-Heads of Europe
Providence, RI – September 30, 2020 – Providence Equity Partners (“Providence”), a premier private equity firm that specializes in the media, communications, education, software and services industries, today announced a leadership transition plan, under which Chief Executive Officer Jonathan Nelson, who founded Providence over 30 years ago, will become Executive Chairman in January 2021. In this new role, he will remain actively involved in the firm, including serving as Chairman of Providence’s Investment Committee and continuing to provide strategic and investment guidance to the leadership team. As part of this planned transition, Providence has made the following new leadership appointments, effective immediately:
*Davis Noell, who joined Providence in 2003 and is currently a Managing Director based in the New York office, has been named Senior Managing Director and Co-Head of North America. Noell currently serves on the boards of The Chernin Group, DoubleVerify and Smartly.io, and previously served on the boards of GLM, OEConnection, Stream Global Services, SunGard Data Systems and World Triathlon Corporation.
*David Phillips, who joined Providence in 2005 and is currently a Managing Director based in the Providence office, has been named Senior Managing Director and Co-Head of North America. Phillips currently serves on the boards of Blackboard, GlobalTranz, n2y, TimeClock Plus and Vistage, and previously served on the boards of Archipelago Learning, Ascend Learning, CSDVRS, PADI and Vector Solutions.
*Karim Tabet, who joined Providence in 2002 and is currently a Managing Director based in the London office, has been named Senior Managing Director and Co-Head of Europe. Tabet currently serves on the board of Bitė and previously served on the boards of Digiturk, Com Hem, Casema, Crown Media International and Galileo Global Education.
*Andrew Tisdale, who joined Providence in 2008 and is currently a Managing Director based in the London office, has been named Senior Managing Director and Co-Head of Europe. Tisdale currently serves on the boards of Ambassador Theatre Group, Chime Communications, CloserStill Media and HSE24, and previously served on the boards of Clarion Events, M7 and ONO.
All four will join Providence’s Investment Committee. In addition to these new appointments, Managing Director Michael Dominguez will serve in the newly created role of Chief Investment Officer. Peter Wilde will remain on Providence’s Investment Committee and will continue to serve as Chairman of Providence Strategic Growth.
Additionally, London-based Senior Managing Director John Hahn, who has been with Providence for over 20 years and is the head of Providence’s London office, has retired from the firm.
“We are fortunate to have such a deep team at Providence and are proud of our strong culture, which, over our 30-year history, has helped us attract and develop tremendous investment and leadership talent,” said Nelson. “As we enter our fourth decade as a firm, it is a natural time to elevate these four talented professionals, each of whom has distinguished himself through outstanding contributions to our business. We all look forward to continuing to forge lasting partnerships with talented entrepreneurs and executives, adding sustainable value to our portfolio companies and delivering superior returns to our investors.”
Nelson added, “Over his two decades at the firm, John has made countless contributions to our evolution and progress, including overseeing many successful investments. We appreciate his leadership in helping build a world-class team in Europe that is positioned for long-term success. We are grateful for his hard work and dedication.”
About Providence Equity Partners
Providence is a premier global private equity firm with more than $49 billion in capital under management. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com
Media
Andrew Cole/Kelsey Markovich
Sard Verbinnen & Co
prov-svc@sardverb.com
Microsoft to Acquire ZeniMax Media and Its Game Publisher Bethesda Softworks
September 21, 2020
Iconic games portfolio, publishing expertise, and world-class talent accelerates growth in Microsoft's Gaming business
REDMOND, Wash., Sept. 21, 2020 /PRNewswire/ -- More than three billion people on the planet play games for fun, escape, and human connection. Unlike any other medium, games empower people to engage in creativity, strategic thinking and teamwork, immersing them into interactive stories and worlds created by some of the world's most amazing creators. The cultural phenomenon of gaming has made it the largest and fastest-growing form of entertainment in the world—an industry that is expected to be more than $200 billion in annual revenue in 2021.
As the gaming industry transforms from a device-centric era to a player-centric era powered by new technology that provides the freedom to play with friends anywhere on any device, Microsoft (Nasdaq: MSFT) on Monday announced plans to acquire ZeniMax Media, the parent company of Bethesda Softworks, one of the largest, privately held game developers and publishers in the world. Creators of critically acclaimed and best-selling gaming franchises including The Elder Scrolls and Fallout among many others, Bethesda brings an impressive portfolio of games, technology, talent, as well as a track record of blockbuster commercial success, to Xbox. Under the terms of the agreement, Microsoft will acquire ZeniMax Media for $7.5 billion in cash.
With unique investments in content, community, and the cloud, Microsoft's gaming strategy differs from others by empowering people to play the games they want, with the people they want, anywhere they want. Games are the primary growth engine in gaming, and games are fueling new cloud-gaming services like Xbox Game Pass, which has reached a new milestone of over 15 million subscribers. With the addition of Bethesda, Microsoft will grow from 15 to 23 creative studio teams and will be adding Bethesda's iconic franchises to Xbox Game Pass. This includes Microsoft's intent to bring Bethesda's future games into Xbox Game Pass the same day they launch on Xbox or PC, like Starfield, the highly anticipated, new space epic currently in development by Bethesda Game Studios.
"Gaming is the most expansive category in the entertainment industry, as people everywhere turn to gaming to connect, socialize and play with their friends," said Satya Nadella, CEO, Microsoft. "Quality differentiated content is the engine behind the growth and value of Xbox Game Pass—from Minecraft to Flight Simulator. As a proven game developer and publisher, Bethesda has seen success across every category of games, and together, we will further our ambition to empower the more than three billion gamers worldwide."
"This is an awesome time to be an Xbox fan. In the last 10 days alone, we've released details on our two new consoles which go on pre-order tomorrow, launched cloud gaming in Xbox Game Pass Ultimate, and now we're making another investment in the most critical part of our strategy: the games," said Phil Spencer, executive vice president, Gaming at Microsoft. "Generations of gamers have been captivated by the renowned franchises in the Bethesda portfolio and will continue to be so for years to come as part of Xbox."
The planned acquisition includes publishing offices and development studios spanning the globe with over 2,300 employees, including Bethesda Softworks, Bethesda Game Studios, id Software, ZeniMax Online Studios, Arkane, MachineGames, Tango Gameworks, Alpha Dog, and Roundhouse Studios. Bethesda's critically acclaimed and best-selling franchises include The Elder Scrolls, Fallout, DOOM, Quake, Wolfenstein, and Dishonored, among others.
Bethesda parent company ZeniMax Media was founded in 1999 by Chairman and CEO Robert A. Altman; Bethesda's structure and leadership will remain in place.
"This is a thrilling day for this company, our employees, and our fans. We have enjoyed a close partnership with Microsoft for decades, and this deal is a natural progression of those years working together," said Altman. "The big winners today are our fans. We are continuing to develop our slate of AAA games, but now with Microsoft's scale and entire Game Stack, our games can only get better."
The transaction is subject to customary closing conditions and completion of regulatory review. Microsoft expects the acquisition to close in the second half of fiscal year 2021 and to have minimal impact to non-GAAP operating income in fiscal years 2021 and 2022. Non-GAAP excludes the expected impact of purchase accounting adjustments, as well as integration and transaction-related expenses.
For more information, please visit the blog post from Phil Spencer, EVP Gaming at Microsoft. Find related imagery here. For broadcast quality b-roll, please contact webroadcast@we-worldwide.com.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
About ZeniMax Media Inc.
ZeniMax Media is a privately-owned media organization headquartered outside Washington DC with international publishing offices around the globe. Through its subsidiaries, ZeniMax Media creates and publishes original interactive entertainment content for consoles, PCs, and handheld/wireless devices. ZeniMax Media divisions include Bethesda Softworks, Bethesda Game Studios, id Software, Arkane Studios, Tango Gameworks, MachineGames, ZeniMax Online Studios, Alpha Dog Games, Roundhouse Studios, ZeniMax Europe Ltd., ZeniMax Asia K.K., ZeniMax Asia Pacific Limited, and ZeniMax Australia Pty Ltd. For more information on ZeniMax Media, visit www.zenimax.com.
Bethesda Fast Facts and Accolades
- 5 of 8 studios have shipped "Game of the Year" titles
- No. 1 Ranked Publisher of the Year (2018)
- "Game of the Year" winner 5 years in a row
- The Elder Scrolls III: Morrowind - RPG of the Year from IGN and others
- The Elder Scrolls IV: Oblivion - Consensus Game of the Year across all outlets
- Fallout 3 - Consensus Game of the Year across all outlets
- The Elder Scrolls V: Skyrim - Consensus Game of the Year
- Named Game of the Generation and #1 PC Game of All Time
- Fallout 4 - Over 50 Game of the Year Awards including DICE and BAFTA
- Dishonored - BAFTA Award for Best Game, Best Action Adventure Game at the VGAs
- Dishonored 2 - PC Gamer Game of the Year, Best Action Adventure Game at the VGAs; Winner of more than 100 Best of 2016 awards
- Wolfenstein: The New Colossus - Best Action Game, The Game Awards
- DOOM (2016) - Best Action Game, The Game Awards
- Fallout Shelter - Mobile Game of the Year, DICE Awards and Golden Joystick Awards
- Elder Scrolls Online - MMO of the Year four consecutive years
Forward-looking statements
Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as the risk that the ZeniMax Media transaction may not be completed in a timely manner or at all; any restrictions or limitations imposed by regulatory authorities; the impact of the acquisition on ZeniMax Media's gaming community and customers; the impact of management and organizational changes on ZeniMax Media's business; the impact on ZeniMax Media employees and our ability to retain key personnel; our effectiveness in integrating the ZeniMax Media platform and operations with Microsoft's business; our ability to realize our broader strategic and operating objectives; significant investments in products and services that may not achieve expected returns; impairment of goodwill or amortizable intangible assets causing a significant charge to earnings; cyberattacks and security vulnerabilities that could lead to reduced revenue; increased costs, liability claims, or harm to our reputation or competitive position; excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure; quality or supply problems; legal changes, our evolving business model, piracy, and other factors may decrease the value of our intellectual property; claims that Microsoft has infringed the intellectual property rights of others; claims against us that may result in adverse outcomes in legal disputes; damage to our reputation or our brands that may harm our business and operating results; exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; adverse economic or market conditions that may harm our business; catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business; and the dependence of our business on our ability to attract and retain talented employees. For more information about risks and uncertainties associated with Microsoft's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Microsoft's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft's Investor Relations department at (800) 285-7772 or at Microsoft's Investor Relations website at http://www.microsoft.com/en-us/investor.
Greg Brown Joins Providence Equity as Operating Partner
September 14, 2020
PROVIDENCE, RI--(Business Wire)--Providence Equity Partners LLC (“Providence”), a premier private equity firm specializing in the media, communications, education, software and services industries, announced today that Greg Brown, former President and CEO of Learfield IMG College, has joined the firm as an Operating Partner. He will assist Providence in identifying new investment opportunities and advise on certain of the firm’s portfolio companies.
A pioneer in the collegiate sports media, technology and marketing businesses, Mr. Brown spent nearly four decades helping lead Learfield’s evolution from a small regional broadcast company into the leading collegiate sports marketing firm in the nation. The company today provides a comprehensive range of solutions, services and technology to its university partners that helps to unlock the value of college sports by engaging fans through various commerce, media and experiential platforms. For the past three years, Mr. Brown has been named one of the “50 Most Influential People in Sports Business” by The Sports Business Journal and was a Southwest winner in EY’s Entrepreneur of the Year 2017 Award for the Technology and Media Services category.
“Greg is a recognized leader in sports, media and business services who brings deep and relevant expertise to Providence as well as strong experience transforming companies through both organic growth initiatives and strategic acquisitions,” said Michael Dominguez, a Managing Director at Providence. “Having worked closely with Greg during our investment in Learfield, we know what a talented executive he is, and we’re delighted to have him working with us and serving as a resource to our portfolio companies.”
“I am thrilled to again have the opportunity to work alongside Michael and the Providence team,” said Mr. Brown. “Providence has a tremendous reputation and has long been a leader in media and communications investing. I am particularly drawn to the firm because I know it’s a strong cultural fit for me, both personally and professionally. I look forward to helping them identify new opportunities and contributing to their continued success.”
About Greg Brown
Mr. Brown joined Learfield in 1984, where he was first responsible for selling sponsorships for the Iowa State Cyclone Radio Network. He held numerous leadership positions throughout his years at the Company. In 2009, Mr. Brown was named President and CEO, overseeing a growing sports marketing firm anchored by its multimedia rights management and sponsorship initiatives. During his 11 years as CEO, he led the Company through its growth and transformation into one of the leading collegiate sports marketing firms in the nation, ultimately overseeing the merger completion between Learfield and IMG College in December 2018. He then directed Learfield IMG College into its next growth phase, focused on creating dynamic solutions for its college partners. Learfield IMG College now represents more than 1,000 collegiate athletic programs (including nearly 200 multimedia rights relationships), conference and arenas across the nation and provides a wide array of services to collegiate athletic departments, performing arts centers and event organizers. He retired as President and CEO in April 2020.
Over the years, Mr. Brown has developed a significant network of contacts throughout the sports, media, entertainment and technology ecosystem. He currently serves as co-chair of the Learfield IMG College Board of Directors and also as an adviser to the company and its executive team. He also serves on the National Football Foundation Board of Directors, is a national judge for the E&Y Entrepreneur of the Year Awards and remains deeply involved with numerous other organizations, events, platforms that are vital to the overall development of intercollegiate athletics and sports-related charities. Mr. Brown graduated from Truman State University.
About Providence Equity Partners (“Providence”)
Providence is a premier global private equity firm with more than $49 billion in capital under management. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Media
Andrew Cole/Kelsey Markovich
Sard Verbinnen & Co
prov-svc@sardverb.com
Providence Strategic Growth Invests in Wagepoint
September 09, 2020
Wagepoint Announces Strategic Investment by Providence Strategic Growth
Significant Growth Capital Investment to Continue Product Innovation, Scale Go-To-Market, and Pursue Strategic Acquisitions
TORONTO, Sept. 9, 2020 /PRNewswire/ – Wagepoint, makers of online payroll software for Canadian and U.S. small business, announced a majority recapitalization and strategic growth investment by funds advised by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, a premier asset management firm focused on the media, communications, education, software and service industries. The transaction includes more than $10 million of new capital that will be used to fuel Wagepoint's next phase of growth, including continued product innovation, scaling the go-to-market and best-in-class customer support organization, and pursuing strategic acquisitions, in order to better serve Wagepoint's small business clients across North America.
"We see this partnership with PSG as a big vote of confidence for Wagepoint and an incredible win for our customers — who we can now support and help thrive even more with the substantial growth capital investment from PSG," explains Shrad Rao, CEO of Wagepoint. "It takes a lot of hard work to build a high-growth company in Canada, especially right now. We've gotten here by being laser-focused on giving entrepreneurs, accountants, and bookkeepers the tools and flexibility they need to succeed. This investment is a big step forward for the Wagepoint family, which includes our small business customers and partners — and it's only the beginning."
"We are very excited about the opportunity to partner with Wagepoint in their next phase of growth," says Rick Essex, Managing Director, Providence Strategic Growth (PSG). "Small- and medium-sized businesses continue to adopt cloud payroll technology at a rapid pace, and Wagepoint has developed a powerful, market-leading platform to serve this growing demand. Shrad and his team have done an exceptional job, focusing heavily on the user experience and developing a robust product that is extremely intuitive, affordable and easy-to-use. We look forward to working with Wagepoint as they continue to innovate and provide exceptional products and service to their community of users."
Founded in 2012, Wagepoint provides payroll software to more than 12,000 small businesses across North America. Their simple and intuitive software and leading customer support makes it easier for small businesses to automate payroll, which is often one of the most cumbersome and intimidating back-office functions. When small businesses use Wagepoint, they no longer have to calculate wages and taxes manually. Additionally, Wagepoint can also automate the reporting and payment of taxes to the proper organizations and authorities. It's faster, there are fewer mistakes, and employees can simply log in to the secure online portal to review their pay history, including every direct deposit to their account.
There is growing recognition among the business community about the importance of using software to make payroll flexible and simple. According to a recent survey of Canadian small businesses by Wagepoint, 72 per cent of small business owners believe payroll is as important as sales, invoicing, and general accounting, while 40 per cent of SMBs that reduced headcount due to COVID-19 feel payroll needs to be flexible enough to accommodate quick changes to their workforce.
From the company's early days in Halifax to later being a graduate of Kitchener-Waterloo's Communitech HYPERDRIVE program, Wagepoint has roots throughout Canada and the United States and has operated as a fully-remote company since its inception. The partnership between Wagepoint and PSG was brokered by leading investment banking firm, Raymond James.
About Wagepoint:
Founded in 2012, Wagepoint is simple payroll software designed for small businesses and backed by the world's friendliest team. Intuitive and easy-to-use, Wagepoint helps more than 12,000 North American small businesses and the accountants and bookkeepers who serve them, automate the most time-consuming parts of payroll. This includes a wide-range of basic (and not-so-basic) calculations as well as payroll tax reporting and payments. In addition to saving time, Wagepoint helps prevent costly mistakes that are often more expensive than the software's low monthly fee. To learn more, visit www.wagepoint.com.
About PSG:
Providence Strategic Growth ("PSG") is an affiliate of Providence Equity Partners ("Providence"). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Providence Strategic Growth Invests in Semarchy
September 02, 2020
Semarchy Announces Strategic Investment by Providence Strategic Growth
Investment to support product innovation and go-to-market acceleration
San Francisco, CA – September 2, 2020 – Semarchy, the Intelligent Data Hub™ company, and a disruptive provider of master data management software, today announced a significant investment from funds advised by Providence Strategic Growth (“PSG”), the growth equity affiliate of Providence Equity Partners. PSG’s strategic investment aims to fuel continued product innovation while expanding the company’s customer base to accelerate Semarchy’s growth trajectory. Terms of the transaction were not disclosed.
Salah Kamel, Founder & CEO of Semarchy, said, "Semarchy’s commitment to its customers and to the market has always been about agility, excellence, and innovation. With PSG, we have found a trusted partner that allows us to drastically improve our growth trajectory while accelerating investment in our product capabilities and in the support of our clients. The Intelligent Data Hub™ vision developed by Semarchy will benefit from the significant capital and operational expertise of PSG.”
Rick Essex, Managing Director at PSG, said, “The entire Semarchy team has built an exceptional technology platform with a growing base of industry-leading customers. We have been impressed by the company’s strong value proposition that empowers organizations of all sizes to build trusted data applications quickly using a single software platform capable of serving multiple use cases. We are thrilled to partner with Semarchy to drive continued growth and superior client and partner outcomes.”
Thorwald (“TH”) Herbert, COO at Semarchy, said, “We look forward to working with PSG to maximize our potential and better serve our clients. We couldn’t be more thrilled to have PSG on our team as we enter this exciting new phase making our employees, clients, and partners ever more successful.”
Weil, Gotshal & Manges LLP served as legal advisor to PSG, and L2 Counsel, P.C. served as legal advisor to Semarchy.
About Semarchy
Semarchy is the creator of the Intelligent Data Hub™ which empowers business users to become data champions. The xDM platform enables organizations of any size and helps them quickly bring together the critical information scattered across applications into a single data hub, with fast time to value. Data can then be discovered, mastered, governed and centrally managed in a non-intrusive way. Semarchy xDM is available on most popular cloud marketplaces, such as Microsoft Azure and Amazon Web Services, with the same features as the on-premises platform. For more information, please visit semarchy.com
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, information, and software industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Media Contacts
Semarchy
Heather Scheftel
heather.scheftel@semarchy.com
Providence Strategic Growth
Andrew Cole / Kate Gorgi
Sard Verbinnen & Co.
Prov-SVC@sardverb.com
Providence Strategic Growth Invests in Sympa
August 25, 2020
Providence Strategic Growth Completes Majority Investment in Leading Nordic Cloud HR Software Vendor Sympa
- Investment to Accelerate International Expansion and Product Innovation
- Alfvén & Didrikson to Retain Minority Stake Alongside Founders
HELSINKI & LONDON --Providence Strategic Growth (“PSG”), the growth equity affiliate of premier asset management firm Providence Equity Partners (“Providence”), today announced the completion of a majority investment in Sympa, a leading provider of cloud-based human capital management (“HCM”) software in the Nordics. Alfvén & Didrikson, an active, long-term backer of Nordic businesses with international growth potential, invested in Sympa in 2016 and will retain a minority stake alongside the company’s founding team. PSG team members Edward Hughes, Aldo Mareuse, and Tobias Richter have joined Sympa’s board of directors. Financial terms were not disclosed.
Sympa was founded in 2005 and is now one of the fastest-growing cloud HR suite vendors in the Nordics. Its signature solution, Sympa HR, is a comprehensive HR platform that gives businesses advanced tools for automating a wide range of HR tasks and amplifies the expertise of HCM professionals. PSG’s investment will support Sympa’s next phase of growth focused on product enhancement and strategic M&A to drive expansion across Europe. Co-Founder and CEO Keijo Karjalainen will continue leading day-to-day operations and Sympa’s team of 140 employees in 8 offices in 5 countries.
“We chose to partner with Sympa because we believe it is an outstanding business that will spearhead consolidation in Europe’s HCM software segment,” said Edward Hughes, Managing Director at PSG. “The market is growing rapidly, and companies now demand sophisticated digital HR management tools, which presents a compelling growth opportunity for Sympa. We look forward to working with Keijo and his team to unlock the company’s full potential and accelerate its international expansion.”
Keijo Karjalainen, Co-Founder and CEO, commented, “Since founding Sympa, we have been convinced there’s a pent-up demand for more robust HCM software to support the full range of HR processes and unlock data-driven HR. We also identified a critical lack of HR software for mid-market organisations managing international HR operations in all their complexity. Meeting both these needs while always putting the customer first has powered Sympa’s outstanding growth, and with PSG on our side we believe we’re perfectly placed to secure market leadership beyond our Nordic heartland. Right now, the future looks very exciting.”
Sympa currently helps more than 700 organizations, including renowned brands in the Nordics – such as Oatly, BMW, Dustin, and Byggmax – to nurture the development of their employees, operate more efficiently, and make smarter strategic decisions through its fully digital HR solution. Sympa previously won Red Herring’s list of 100 of the most exciting start-ups from Asia, Europe and the Americas.
About Sympa
Sympa HR is a complete, fully customizable solution that lets you focus on people and smart decision-making. It provides companies with a clear, aggregated, view of all their people data, a trusted tool for automating a wide range of everyday HR tasks and unlimited connectors to other software. Sympa HR is now used an average of 650,000 times every month in 700 organizations in over 100 countries. Winner of the 2019 HR Solution Implementation Project of the year, Sympa has also one of the highest customer satisfaction rates in HR technology in Europe. Learn more about Sympa’s HR solution and customers on the company’s website, https://www.sympa.com.
About Providence Strategic Growth
PSG is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit https://www.provequity.com.
About Alfvén & Didrikson
Alfvén & Didrikson is an active and long-term backer of passionate entrepreneurs and teams with international growth ambitions. Since 2010, the Alfvén & Didrikson team has made investments in fast-growing Northern European companies such as Trustly, Quinyx, Mentimeter, Acast, Offerta, PE Accounting, Ftrack, Joint Academy, Transfer Galaxy, Airmee and Paligo. For more information see www.alfvendidrikson.com.
Contacts
Media
Providence Strategic Growth
Sard Verbinnen & Co.
Giles Bethule
+44 7761 385 365
Prov-SVC@sardverb.com
Sympa
Kati Tammisto
+358 40 775 57162
kati.tammisto@sympa.com
Alfvén & Didrikson
Maria Åhr/ Ken Liebkind
+46 708 284 799
maria@alfvendidrikson.com / ken@alfvendidrikson.com
Providence Agrees to Sell EdgeConneX to EQT Infrastructure
August 19, 2020
EQT Infrastructure to acquire leading global data center provider EdgeConneX
- EQT Infrastructure has agreed to acquire EdgeConneX, a leading global data center provider serving the fast growing Hyperscale and Edge ecosystems
- EdgeConneX has a global footprint, operating and developing over 40 facilities in 33 markets across North America, Europe and South America
- EQT Infrastructure is committed to actively support EdgeConneX’s accelerated growth via new market entries and material expansions of existing locations
- EQT is acquiring EdgeConneX from an investor group led by Providence Equity Partners
STOCKHOLM, Aug. 19, 2020 - EQT Infrastructure today announced that the EQT Infrastructure IV fund ("EQT Infrastructure") has agreed to acquire EdgeConneX, Inc. ("EdgeConneX" or the "Company") from an investor group led by Providence Equity Partners ("Providence").
EdgeConneX builds and operates data centers for cloud, content, network and other service providers requiring both larger purpose-built facilities as well as edge facilities located closer to consumer and enterprise users to support latency-sensitive applications cost effectively. The Company's broad footprint and relentless customer-focused business strategy have proven ideally suited to support these sophisticated customers' strategic data center demands, from the Hyperscale to the Edge. As customers rapidly expand their critical infrastructure around the globe, they look to EdgeConneX as a trusted partner to enable their growth needs in an environmentally friendly manner.
EQT Infrastructure will support the continued development of EdgeConneX and actively assist the Company in its pursuit of new opportunities to grow in existing and new markets globally. EdgeConneX is uniquely positioned to benefit from the secular tailwinds driving increased data center usage. As the need for data grows ever larger, not only because of cloud and content but also driven by new innovations such as Artificial Intelligence, 5G Networks, Autonomous Vehicles, Virtual Reality, Cloud Gaming and the Internet-of-Things, there will continue to be substantial opportunities for EdgeConneX to continue to develop critical infrastructure to support its customers' needs.
Jan Vesely, Partner at EQT Partners, said, "EQT has followed EdgeConneX's journey from its early years to its growth into a top data center industry player. We are deeply impressed by EdgeConneX's management team and the success they have had in creating a key contributor to the global cloud infrastructure. This partnership represents an exciting opportunity for EQT in a sector and geographies where we have significant experience. EQT looks forward to working with the team in continuing to grow the business and identify new expansion opportunities."
Randy Brouckman, CEO of EdgeConneX, said, "EQT brings significant financial resources and digital infrastructure industry experience which EdgeConneX will use to accelerate growth and invest in new data centers around the world. I look forward to continuing to lead EdgeConneX and we are very pleased to have EQT as our new owner and partner in this exciting growth phase. On behalf of EdgeConneX, I thank our outstanding customers and partners, dedicated employees and long-term shareholders that gave us the latitude to succeed and create lasting value."
Chris Ragona, Managing Director at Providence, said, "We have enjoyed working with Randy and team over the past five years and are pleased to have helped the company grow significantly, especially overseas. We fully expect EdgeConneX will continue its momentum and success as the company enters this next chapter. On behalf of our entire investor group, we wish them well."
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020. With this transaction, EQT Infrastructure IV is expected to be 80-85% invested.
Evercore acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to EdgeConneX. Goldman Sachs acted as financial advisor and Kirkland & Ellis LLP acted as lead legal counsel to EQT Infrastructure.
About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram
US press contact: daniel.yunger@kekstcnc.com, +1 917 574 8582
EQT press office: press@eqtpartners.com, +46 8 506 55 334
About EdgeConneX
EdgeConneX provides a full range of data center solutions worldwide, from Hyperlocal to Hyperscale, from purpose-built to build-to-order, working closely with our customers to offer choice in location, scale, and type of facility. Delivering flexibility, connectivity, proximity, and value, EdgeConneX is a global leader in anytime, anywhere, any scale data center services for a diverse portfolio of industries including Content, Cloud, Networks, Gaming, Automotive, SaaS, IoT, HPC, Security, and more.
More info: www.edgeconnex.com
Press contact: jsa_edgeconnex@jsa.net, +1-866-695-3629 ext 13
About Providence Equity Partners
Providence is a premier global asset management firm with over $49 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London.
More info: www.provequity.com
Press contact: Andrew Cole and Hayley Cook, Sard Verbinnen & Co, prov-svc@sardverb.com
Providence Strategic Growth and Verdane Invest in Hornetsecurity
July 28, 2020
LONDON, OSLO, AND HANOVER – 28 JULY 2020 –Providence Strategic Growth (“PSG”), the growth equity affiliate of premier asset management firm Providence Equity Partners (“Providence”), and Verdane, the specialist Northern European growth equity investor, today announced that they have entered into a definitive agreement for an investment in Hornetsecurity Group (“Hornetsecurity”), a leading European provider of cloud-based email security and data protection, whereby affiliates of PSG become new shareholders in the Company whereas Verdane re-invests.
Hornetsecurity provides a range of best-in-class products designed to protect businesses against the latest and most sophisticated cyber threats – including malware and spear phishing. Its flagship offering, 365 Total Protection Suite, is specially developed for Microsoft 365 and can be seamlessly integrated into businesses’ existing email platforms. Hornetsecurity serves both small-to-midsize businesses (SMBs) and larger enterprises, with differentiated product ranges tailored to a range of security needs and team sizes. Since its launch in 2007, Hornetsecurity has sustained strong growth momentum and now employs 200 people serving over 40,000 customers, and has offices in Germany, Spain, Argentina, the US, and the UK.
Daniel Hofmann, Founder and CEO of Hornetsecurity, said, “Today’s transaction represents a strong vote of confidence in our team, product offering, and business model. We have built a solid technological platform since launching in 2007, expanding our geographic footprint and winning significant customers along the way. With the support of PSG and Verdane, we are now well-positioned to accelerate our growth and enhance our technology. We look forward to working together to deliver even greater value to our customers, partners, employees, and the communities in which we do business.”
Dany Rammal, Managing Director at Providence Strategic Growth, said, “Hornetsecurity bears all the hallmarks of PSG investments: it is a cutting-edge technology service built and led by strong talent, with a compelling value proposition to blue chip customers, and market leadership in the DACH region. We are pleased to be partnering with Verdane, the founder and the management team on this transaction and look forward to working together to scale up the business organically and through strategic M&A.”
Emanuel Johnsson, Partner at Verdane, said, “It has been a true pleasure working with the team at Hornetsecurity since our initial investment in 2016, having successfully completed four bolt-on acquisitions and expanded operations internationally. We are now pleased to re-invest and, together with PSG, support the management team in the next phase of growth.”
Financial terms of the transaction were not disclosed.
About Hornetsecurity Group
Hornetsecurity is a leading German email cloud security provider in Europe, which protects the IT infrastructure, digital communication, and data of companies and organisations of all sizes. The security specialist from Hanover provides its services worldwide via 9 secure datacentres. The product portfolio covers all important areas of email security, including spam and virus filters, legally compliant archiving, and encryption, as well as defence against advanced threats like CEO fraud and ransomware. With around 200 employees, Hornetsecurity is represented globally at 11 locations and operates in more than 30 countries through its international distribution network. The premium services are used by approximately 40,000 customers including Swisscom, Telefónica, KONICA MINOLTA, LVM Versicherung, DEKRA and Claas.
About Providence Strategic Growth
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit https://www.provequity.com.
About Verdane
Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €2bn in total commitments and have made over 120 thematic investments into category leaders within in digital consumer, energy & resource efficiency and the software industry. Verdane’s team of 55, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner in Northern Europe. www.verdane.com.
Contacts
Media
Hornetsecurity
Micha Beyersdorf
+49 511 515 464-117
contact@hornetsecurity.com
Providence
Sard Verbinnen & Co.
Conrad Harrington/ Giles Bethule
+44 7912 647 473/ +44 7761 385 365
Prov-SVC@sardverb.com
Verdane
Jonathan Bui
+46 76 272 81 00
jonathan.bui@verdane.com
OpusCapita and Analyste Enter into Transaction
June 29, 2020
- OpusCapita Separates Its Cash Management Segment from Source-to-Pay
- New Providence Strategic Growth-owned Company Becomes Owner of the Cash Management Business Segment
- The New Company Acquires Analyste to Create a Nordic Forerunner in Cash Management Solutions
- Analyste’s Current Main Owner Verdane Becomes a Minority Owner of the New Company, Along with Operative Management
HELSINKI – 29 JUNE 2020 – OpusCapita Solutions Oy (“OpusCapita”), a Finnish provider of digital solutions and transactions processing technology for businesses, today announced that its owner, Providence Strategic Growth (“PSG”), the growth equity affiliate of premier global asset management firm Providence Equity Partners (“Providence”), has entered into a definitive agreement with Analyste International Oy (“Analyste”), a Finnish specialist in the provision of cash management and treasury solutions, whereby a new company, which will own OpusCapita’s Cash Management business segment, will acquire the Analyste platform to create a leading pure-play cash management solutions service (the “NewCo”) in the Nordics. Financial terms were not disclosed.
Pursuant to the agreement, OpusCapita has obtained the regulatory approvals required to separate the Cash Management business from the Source-to-Pay segment. PSG, the sole shareholder in OpusCapita, will own a majority stake in the NewCo, and Verdane – a Northern European growth equity investor and Analyste’s primary sponsor – will own a minority stake alongside the companies’ management teams.
The NewCo will provide SaaS solutions that drive efficiency through process automation for approximately 2,300 customers in the SMB, enterprise and public segments operating in more than 100 countries. With the help of these solutions, customers will be able to improve cash visibility and forecasting, streamline processes, and enforce robust governance. Importantly, this combination will accelerate the innovation of new services to enhance customers’ and employees’ experiences. The new group will have the resources to address the international cash management market and be better-positioned to address customers’ increasingly complex cash-related issues. The NewCo will have over 140 employees located primarily in the Helsinki area and Tampere in Finland, as well as in Stockholm, Sweden, Toruń, Poland, and Chandigarh, India.
Mikko Soirola, incoming CEO of the NewCo and current CEO of Analyste, said: “We are excited to join forces with OpusCapita’s Cash Management team and look forward to working together to create an international powerhouse in cash management solutions. Our combination provides us the scale, talent and operational efficiencies necessary to innovate and deliver a superior proposition to our customers, whose evolving business objectives require more sophisticated solutions.”
Jukka Sallinen, incoming Deputy CEO of the NewCo and current Head of Cash Management at OpusCapita, added: “The volume and breadth of financial data processed today creates great scope for innovation and we are confident our combination places us in a strong position to deliver a better SaaS offering. We look forward to leveraging our combined capabilities to serve our customers, employees and other stakeholders.”
The transaction is expected to close before the end of July 2020.
About Analyste
Analyste offers cash management & treasury solutions to small, medium-sized and large enterprises, globally. The company’s extensive experience and long-established Nordic tradition of excellence is supported by a wide range of modular, on-demand, plug & play solutions tailored to meet individual business needs.
About OpusCapita
OpusCapita enables organizations to buy and pay quickly and securely, with a real-time view of their business. Our customers use our source-to-pay and cash management to connect, transact and grow. OpusCapita processes hundreds of millions of electronic transactions annually on our Business Network.
About Providence Strategic Growth
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit https://www.provequity.com.
About Verdane
Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €1.8bn in total commitments and have made over 120 investments in growth sectors including advanced industry, consumer internet, energy & resource efficiency and software. Category leaders backed by Verdane include Desenio, EasyPark, Farmasiet, MatHem and momox. Verdane’s more than 50 employees, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, are dedicated to being the best growth partner in Northern Europe. www.verdane.com.
Media Contacts
Analyste:
Mikko Soirola
+358 40 703 0553
mikko.soirola@analyste.com
OpusCapita:
Patrik Sallner
+358 40 544 3441
patrik.sallner@opuscapita.com
Providence:
Sard Verbinnen & Co.:
Conrad Harrington/ Giles Bethule
+44 7912 647 473/ +44 7761 385 365
Prov-SVC@sardverb.com
Verdane:
Iikka Moilanen
+358 40 768 8639
iikka.moilanen@verdane.com
Providence Strategic Growth Invests in SevenRooms
June 25, 2020
SevenRooms Raises $50M Series B Round With Providence Strategic Growth
Funding to support continued global expansion of the company's guest experience platform
New York, June 25, 2020 – SevenRooms ("the Company"), a fully-integrated, data-driven guest experience platform for the hospitality industry, has raised a $50 million Series B funding round led by Providence Strategic Growth ("PSG"). This latest funding aims to support SevenRooms' continued global expansion and enable the company to further enhance the industry's only end-to-end guest experience platform focused on helping operators build profitable, direct relationships with their guests. In conjunction with the investment, PSG Managing Director Adam Marcus will join SevenRooms' Board of Directors.
As the only end-to-end global platform with a full suite of products that unlocks a 360-degree view of every guest across both on- and off-premise, SevenRooms' CRM-driven platform includes reservation, waitlist and table management, online ordering, contactless order & pay, reputation management and marketing automation. These mission-critical products enable hospitality operators to increase revenue and profitability by leveraging data to build direct relationships, deliver exceptional experiences, and increase repeat visits & orders.
SevenRooms has partnered with many of the world's largest hospitality brands to help them drive best in class guest experiences for over 500 million bookings globally. The company's client portfolio ranges from independent restaurants to global enterprises, including Bloomin' Brands, Mandarin Oriental Hotel Group, MGM Resorts International, Wolfgang Puck, Michael Mina, D&D London, Corbin & King, Jumeirah Group, Black Sheep Restaurants, Zuma, and Topgolf.
"PSG has deep experience partnering with management teams to scale vertical SaaS-based platforms to create global category leaders," said Joel Montaniel, CEO & Co-Founder at SevenRooms. "With our latest fundraise, we have positioned SevenRooms with the right resources and partner to empower operators worldwide to do more with less, increasing loyalty, revenue and profitability while helping operators make their guests feel at home. We're excited to continue innovating as the only 360-degree guest experience platform available on the market today that addresses every aspect of the guest journey, powered by a purpose-built CRM, robust operational tools and an automated marketing engine."
"SevenRooms is a category-defining company that provides a vital solution to hospitality operators worldwide," said Adam Marcus, Managing Director at PSG. "SevenRooms is uniquely positioned, and we are excited to partner with the team to support their next phase of growth."
For more information about SevenRooms and its services, please visit https://www.sevenrooms.com.
About SevenRooms
SevenRooms is a fully-integrated, data-driven guest experience platform that helps hospitality operators unlock the full revenue potential of their data. From neighborhood restaurants and bars to international, multi-concept hospitality groups, the end-to-end platform enables operators to build direct guest relationships, deliver exceptional experiences, and, ultimately, bring guests back. Founded in 2011 and venture-backed by Amazon, Comcast Ventures and Providence Strategic Growth, SevenRooms has dining, hotel F&B, nightlife and entertainment clients globally, including: Bloomin' Brands, MGM Resorts International, Mandarin Oriental Hotel Group, The Cosmopolitan of Las Vegas, Jumeirah Group, Wolfgang Puck, Michael Mina, sbe, LDV Hospitality, Zuma, Altamarea Group, Major Food Group, AELTC, Chase Hospitality Group, D&D London, Corbin & King, Live Nation and Topgolf. The company was recently included in Inc.'s annual list of Best Workplaces for 2020. sevenrooms.com.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth ("PSG") is an affiliate of Providence Equity Partners ("Providence"). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit https://www.provequity.com.
SevenRooms PR Contact
Bianca Esmond
Senior Manager, Brand Marketing
E: bianca@sevenrooms.com
PSG PR Contact (Sard Verbinnen & Co.)
Kelsey Markovich/Hayley Cook
E: Prov-SVC@sardverb.com
SignUpGenius Joins Technology Leaders to Launch New Group Management Platform
June 25, 2020
SignUpGenius Joins Technology Leaders to Launch New Group Management Platform
Providence Strategic Growth Funds Lumaverse Technologies to Power Nonprofit and K-12 Engagement
June 25, 2020 – Charlotte, N.C.--SignUpGenius, a leader in online sign ups, announced the launch of Lumaverse Technologies (“Lumaverse”), a platform of leading group management solutions focused on nonprofits and K-12 schools. Lumaverse expands the power of SignUpGenius by coupling it with technologies that solve volunteer, member, event and fundraising management challenges. Lumaverse is backed by Providence Strategic Growth (“PSG”), the growth equity affiliate of Providence Equity Partners, a premier global asset management firm with over $45 billion in aggregate capital commitments.
The vision for Lumaverse was inspired by SignUpGenius customers, which numbered over 130 million in 2019. As people discovered new ways to use sign ups over the years, the company sought to expand its core offering. Working with PSG, SignUpGenius identified best-in-class solutions to form a powerful software platform that includes the following suite of solutions:
- Volunteer, Member, Donor and Fundraising Management via NonProfitEasy, an intuitive, enterprise, all-in-one CRM
- Online Appointment Scheduling via TimeTap, which boasts enterprise scalability and HIPAA, GDPR and SOC 2 compliance
- Crowdfunding (P2P) via Fundly, which requires no minimum fundraising fees to get started
- PTA & PTO Member Management via Membership Toolkit, an all-in-one solution that includes website management, accounting, fundraising and communications
- PTA & PTO Member Directory services via AtoZConnect, with mobile and print options
- Course and Event Registration via Learning Stream and GoSignMeUp, focusing on Continuing Education (CE) and Professional Development (PD)
“Our mission is to build simplicity into software solutions that light the way to increased engagement, data-driven insights and streamlined group management,” said Mike Barros, Lumaverse CEO. “Today, the communities we serve are battling an unprecedented health crisis and igniting the largest social justice movement of our generation. Through it all, our customers are taking action by coordinating volunteers and frontline workers, fundraisers, trainings and other events that will help change the world. We are inspired by them and proud to be a part of the solution at this critical time.”
As part of Lumaverse, the companies will continue to operate as stand-alone brands within the Lumaverse platform while being increasingly integrated as a suite. Lumaverse solutions are currently used by some of the largest school districts in the United States, tens of thousands of schools and nonprofits ranging from local hospitals to The United Way.
“Lumaverse is a unique, data-driven platform comprised of a range of solutions that make essential activities within communities easier and more intuitive,” said Matthew Stone, Principal at PSG. “We look forward to leveraging our deep experience investing in technology-based companies to support the Lumaverse team as it seeks to expand its family of companies and fuel future growth.”
About Lumaverse Technologies
We empower people to change the world, together. Focused on nonprofits and K-12 schools, Lumaverse expands on the power of SignUpGenius by coupling it with technologies that solve volunteer, member, event and fundraising management challenges. Lumaverse builds simplicity into software solutions that light the way to increased engagement, data-driven insights, and streamlined group management. By coordinating people and events, our solutions help organizations build lasting connections.
Lumaverse Technologies is comprised of SignUpGenius, NonProfitEasy, TimeTap, Fundly, Membership Toolkit, AtoZConnect, Learning Stream and GoSignMeUp. The companies operate as stand-alone brands within the Lumaverse platform while being increasingly integrated into a suite. For more information, please visit www.lumaverse.com.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth ("PSG") is an affiliate of Providence Equity Partners ("Providence"). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Contacts
Media:
Lumaverse Technologies
Peggy Liao, Executive Director of Marketing
peggy.liao@lumaverse.com
704-329-9530
Providence Strategic Growth
Andrew Cole/Kelsey Markovich/Hayley Cook
Sard Verbinnen & Co.
Prov-SVC@sardverb.com
Providence Strategic Growth Invests in Assembly
May 19, 2020
Assembly Announces Significant Investment by Providence Strategic Growth
Investment to Support E-Commerce Software Acquisitions, Including Acquisition of Helium 10
LOS ANGELES, CA, May 19, 2020 -- E-commerce technology company Assembly announced a significant investment by affiliates of Providence Strategic Growth (“PSG”), the growth equity affiliate of Providence Equity Partners. Assembly intends to use the capital to build and acquire e-commerce software and services, including its most recent acquisition of Helium 10, a world-class software solution that empowers Amazon merchants to expand and optimize their businesses.
“Launching an online store has never been easier than it is today, but building a successful, thriving e-commerce business is only growing in complexity,” said Sandeep Kella, co-founder and CEO of Assembly. “Our goal is to provide best-in-class software so merchants can focus on what they do best: creating great products.”
With Kella’s decade of leadership experience at the intersection of e-commerce and software, he is excited to be partnering with PSG: “The PSG team has deep experience and a proven track record of partnering with founders and building SaaS companies; this expertise makes them the ideal partner for Assembly. Their investment will enable Assembly to fulfill its mission of helping merchants scale.”
“Merchants need more technology than ever to grow, and Assembly has built an impressive company that is well-positioned to address this challenge. We are excited to partner with Sandeep and his talented team to help grow and drive their vision forward. Assembly’s acquisition of Helium 10 is representative of the attractive growth opportunities we expect to achieve with our partnership,” said Matthew Stone, Principal at PSG.
An all-in-one software platform, Helium 10 helps Amazon merchants conduct effective product and keyword research, competitor and market intelligence, advertising, listing optimization, refund management, financial analysis, and much more. The comprehensive software suite is designed to be advanced and intuitive in order to save merchants both time and resources.
“I am ecstatic to have Helium 10 join forces with Assembly,” Manny Coats, co-founder of Helium 10, said. “This acquisition allows Helium 10 to rapidly grow its talented employee pool and accelerates our ability to execute on new features for our customers. Our aligned vision for the future will allow Helium 10 to solidify itself as the only software solution needed to successfully sell on Amazon.”
“Since Day 1, Helium 10 has focused on helping merchants succeed on Amazon through software, content, and training,” added Kella. “As a result, they have built an engaged community that trusts Helium 10 as an authority in the space. This consumer trust is a cornerstone for every company that becomes part of Assembly.”
As the e-commerce sector continues to grow and consumer spending increasingly shifts online, Assembly is well positioned to continue equipping merchants with the technology they need to succeed.
Northbound Group served as financial advisory to Helium 10 with Fredrikson & Byron P.A serving as legal advisor. Weil, Gotshal & Manges LLP served as legal advisor to PSG, and Greenberg Glusker served as legal advisor to Assembly.
About Assembly
Assembly is focused on acquiring and building industry-leading software and services that empower e-commerce merchants to more effectively run their businesses. Its long-term mission is to assist millions of merchants in their growing need to adopt new technology, regardless of where they sell their products and services.
About Helium 10
In 2015, Helium 10 was founded with the mission of helping Amazon merchants rise to the top. Today, it serves as a leading all-in-one software platform for Amazon merchants. Helium 10 equips merchants with everything they need to grow and optimize their e-commerce businesses. Its mission is to deliver highly accurate, data-driven, comprehensive software to Amazon merchants everywhere. Helium 10 is headquartered in Irvine, California.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth ("PSG") is an affiliate of Providence Equity Partners ("Providence"). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Media Contacts:
Assembly
Samantha Tepper
samantha@withassembly.com
Helium 10
Matthew Sky
matt.s@helium10.com
Providence Strategic Growth
Kelsey Markovich / Kate Gorgi
Sard Verbinnen & Co.
Prov-SVC@sardverb.com
Providence Strategic Growth Invests in Next Glass
April 23, 2020
Next Glass Announces Strategic Investment by Providence Strategic Growth
Investment to Support Product Innovation, Go-to-Market Acceleration and Strategic Acquisitions
Funding Helps Establish Small-to-Medium Sized Business Support Fund for COVID-19 Relief
WILMINGTON, N.C., April 23, 2020 – Next Glass (the "Company"), a leading global provider of software to the beverage alcohol industry, today announced a significant growth investment by affiliates of Providence Strategic Growth ("PSG"), the growth equity affiliate of Providence Equity Partners, a premier asset management firm focused on the media, communications, education, software and services industries. The investment aims to fuel product innovation and growth for the Company's consumer-facing platforms – Untappd, BeerAdvocate, and Untappd Live! – as well as its business products, including Untappd for Business and Untappd Marketplace. The investment also intends to support the Company's pursuit of add-on acquisitions of technology platforms serving beverage alcohol producers, wholesalers, resellers and consumers. Terms of the transaction were not disclosed.
"PSG's impressive track record of partnering with category-leading software businesses and supporting continued growth, both organically and through acquisitions, made the firm an ideal partner," said Trace Smith, CEO of Next Glass. "Since our founding in 2013, we've been on a mission to advance the beverage industry through the introduction of innovative technologies serving a global audience of millions of consumers and tens of thousands of breweries, bars, restaurants, and other venues. Our team is committed to continuing the development of best-in-class software solutions for our users and business partners and is excited by the prospect of welcoming other pioneering companies into the Next Glass family as we grow."
Next Glass's consumer-facing platforms, Untappd and BeerAdvocate, are leading independent sources for beer information, ratings, reviews, and discussion online. Founded by Greg Avola and Tim Mather in 2010, the Untappd app has 8 million users globally that have recorded nearly 1 billion "check-ins". Untappd has been featured on Best Apps lists published by TIME and The New York Times and has been featured in The Economist, TechCrunch and The Ringer. BeerAdvocate, founded in 1996 by Todd and Jason Alström, has been a go-to source for information about beer and a benchmark for beer reviews and ratings. BeerAdvocate has hosted its renowned Extreme Beer Fest for 17 years and the platform is focused on growing its Live! division to offer more world-class festivals and events around the world for both the BeerAdvocate and Untappd communities.
The Company's SaaS platform, Untappd for Business, is used by nearly 20,000 venues in 75 countries to publish and promote menus for beer, wine, cocktails, and food in print, online, and using in-store digital signage. Additionally, it recently launched Untappd Marketplace, a web-based B2B communication tool connecting alcohol wholesalers and self- distributing breweries and their customers to streamline the alcohol ordering process. PSG's investment will be used to accelerate development progress and go-to-market expansion for both Untappd for Business and Untappd Marketplace.
"Trace and the Next Glass team have built an exceptional brand and technology platform, with a passionate consumer base, in a highly fragmented and growing market," said Matthew Stone, Principal at PSG. "We have been impressed by the Company's growing offering and strong value proposition to both SMB and enterprise customers across the globe and are excited to partner with the Next Glass team to further build on their success."
In conjunction with PSG's investment, Next Glass has deferred renewals on Untappd for Business subscriptions for existing customers and, for new customers, is offering an immediate 80% off their first month on Untappd for Business, cumulatively representing nearly $2 million of near-term relief for customers during the COVID-19 crisis.
"We are grateful for PSG's support in establishing this $2 million Small-to-Medium Sized Business Support Fund. Breweries, bars, restaurants and other pillars of local communities around the world deserve our support during this trying period," added Trace Smith. "We're committed to helping these businesses re-open and expand after restrictions lift."
Lumos Partners served as financial advisor to Next Glass. Weil, Gotshal & Manges LLP served as legal advisor to PSG, and Snell & Wilmer L.L.P. served as legal advisor to Next Glass. Kurt Taylor, founder of Next Glass and former CEO, and new CEO, Trace Smith, will both continue to serve on the Company's Board of Directors. PSG is Next Glass's sole outside investor.
About Next Glass
Founded in 2013 by Kurt Taylor, Next Glass develops software and creates experiences that connect enthusiasts, retailers, and producers in the beverage alcohol industry. Its award-winning Untappd mobile application and BeerAdvocate website are used by millions of beer enthusiasts around the world and its menu publishing software tool, Untappd for Business, enables venues to streamline publication and promotion of their beer, wine, cocktail, and food menus. The Company's recently-introduced Untappd Marketplace enables alcohol resellers to streamline ordering of beer, wine, and spirits from wholesalers and self-distributing breweries. The Company recently established its Live! division in late-2019 to produce world class festivals and events for the Untappd and BeerAdvocate communities. The Company is headquartered in Wilmington, NC with offices in Charlotte and Durham, NC. For more information, please visit:
www.untappd.com
www.untappd.com/business
www.beeradvocate.com
www.untappd.tv
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth ("PSG") is an affiliate of Providence Equity Partners ("Providence"). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Contacts:
North 6th Agency for Next Glass
Shayla Ridore
untappd@n6a.com
Providence Strategic Growth
Hayley Cook / Kate Gorgi
Sard Verbinnen & Co.
Prov-SVC@sardverb.com
Providence Agrees to Invest in OUTFRONT Media
April 16, 2020
OUTFRONT MEDIA ANNOUNCES $400 MILLION CONVERTIBLE PREFERRED EQUITY INVESTMENT LED BY PROVIDENCE EQUITY PARTNERS
Further Enhances Financial Flexibility and Liquidity
Brings Additional Expertise to the Company
Ares Management Participates as Significant Investor
New York, April 16, 2020 — OUTFRONT Media Inc. (NYSE: OUT) today announced that affiliates of Providence Equity Partners LLC (“Providence”) have agreed to lead the purchase of $400 million in newly issued convertible preferred stock together with funds managed by Ares Management Corporation (“Ares”).
“We recognized the value of liquidity and collaboration as we look through these uncertain times and consider the exciting growth opportunities that will arise in our industry,” said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. “Our board was pleased to select Providence and Ares for their industry knowledge and expertise, and we believe that all of our stakeholders will benefit from their long-term investment and commitment.”
Financial Terms
- $400 million of convertible, perpetual preferred stock, which is convertible into shares of OUTFRONT Media Inc. common stock at a conversion price of $16.00 per share
- The preferred stock carries a 7.0% dividend, which will be payable at our option in cash or in-kind
- On an as-converted basis, the preferred stock will represent approximately 14.8% of our common shares outstanding
- In connection with this transaction and subject to relevant approvals, we expect to appoint Michael J. Dominguez, Managing Director at Providence, as a new director to our board
- We expect to use the net proceeds from this offering for general corporate purposes
“We are delighted to partner with OUTFRONT through this challenging economic environment and beyond,” said Dominguez. “We are very familiar with their business and the industry from our over 30 years of specializing in media, and we believe the company has premier assets, attractive long-term fundamentals, and an exceptional leadership team. We believe that the steps OUTFRONT has taken to enhance its liquidity position will help ensure that the business can operate successfully and opportunistically with a strong balance sheet. We look forward to working with the management team and the board to create lasting value for all stakeholders.”
“We are excited to work with two world-class organizations in OUTFRONT Media and Providence Equity Partners,” said Scott Graves, Partner, Co-Head of Private Equity and Head of Special Opportunities at Ares. “We believe OUTFRONT is a well-established industry leader with both top quality assets and a highly talented management team.”
Goldman Sachs & Co. LLC acted as our exclusive placement agent and Jones Day acted as our legal advisor. Providence was advised by Evercore and Weil, Gotshal & Manges LLP. Ares was advised by PJ Solomon and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Cautionary Statement Regarding Forward-Looking Statements
We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believe,” “expect,” or “will” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our liquidity and capital resources, board of directors, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the severity and duration of the novel coronavirus (COVID-19) and its impact on our business, financial condition and results of operations; declines in advertising and general economic conditions, including declines caused by the novel coronavirus (COVID-19); competition; government regulation; our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners; taxes, fees and registration requirements; our ability to obtain and renew key municipal contracts on favorable terms; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; environmental, health and safety laws and regulations; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; the ability of our board of directors to cause us to issue additional shares of stock without stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; diverse risks in our Canadian business; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; our failure to remain qualified to be taxed as a real estate investment trust (“REIT”); REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; failure to meet the REIT income tests as a result of receiving non-qualifying income; the Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the “SEC”), including but not limited to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes.
About OUTFRONT Media Inc.
OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.
Contacts:
Investors:
Gregory Lundberg
(212) 297-6441
greg.lundberg@OUTFRONTmedia.com
Media:
Carly Zipp
(212) 297-6479
carly.zipp@OUTFRONTmedia.com
Providence Agrees to Sell Galileo Global Education
March 06, 2020
Consortium of Long Term Global Investors Enters into Exclusive Negotiations to Acquire Galileo Global Education
CPP Investments and Montagu to Partner with Existing Shareholders Téthys Invest and Bpifrance to Purchase the Company from Providence Equity Partners
PARIS AND LONDON – 6 MARCH 2020 – Galileo Global Education ("Galileo" or the “Company”), a leading international provider of higher education and Europe's largest higher education group, today announced that Providence Equity Partners (“Providence”), a majority shareholder since 2011, has entered into exclusive negotiations for the sale of Galileo to a consortium comprised of global long-term institutional investors, including Canada Pension Plan Investment Board (“CPP Investments”), through its wholly-owned subsidiary, CPP Investment Board Europe S.à r.l., and Montagu, alongside existing shareholders Téthys Invest and Bpifrance. On completion of the transaction, CPP Investments and Téthys Invest, in an equal partnership, are each expected to hold ownership positions of approximately 40% in the Company.
Marc-François Mignot Mahon, Chief Executive Officer of Galileo, said, “I want to thank Providence first for supporting us in becoming a global leader in just a few years and for handing over now to the most prestigious long-term institutional investors. I also want to thank Tethys Invest and BPI France for their unfaltering support.
Education needs long-term commitments, education deserves the most prestigious institutional investors, education is an investment like no other because it is an investment in women and men in their own development as well as in the development of tomorrow’s society. Galileo is proud to welcome these major international institutions, both public and private, which join forces to support us in becoming the world leader in higher education and continue our mission at the service of society: to educate and train.
My thoughts go to the thousands of employees of Galileo who today must feel proud and recognized for their outstanding daily commitment to serving our students throughout the world.”
Alain Carrier, Senior Managing Director and Head of International at CPP Investments, said, “We are excited to have the opportunity to work with Marc-François, Téthys Invest, Montagu, and Bpifrance over the long-term to continue to deliver the highest quality education experience to students across global markets. CPP Investments looks for opportunities to work with and support best-in-class management teams to build long-term value for CPP contributors and beneficiaries.”
Ryan Selwood, Managing Director and Head of Direct Private Equity at CPP Investments, said, “Galileo, under Marc-François’ leadership, has developed a unique global platform in the higher education sector, providing high-quality and innovative courses and qualifications for students around the world. The business and management team have the ambition, capacity and opportunity to build on its impressive growth trajectory well into the future. We will work with them to build on their success through expansion into new markets, enhancing the wide array of subjects and specialisms they offer to higher education students globally.”
Alexandre Benais, CEO of Téthys Invest said, “Téthys Invest is looking forward to further supporting Galileo in its development, together with its management team and high-quality partners, in a sector where long term shareholding makes strong sense in order to enable the group to deploy its strategy.”
Guillaume Jabalot, Director at Montagu, said, “We are delighted to support the long-term plans of Marc-François Mignot Mahon and his very capable team who are committed to making Galileo the leading global provider of higher education.”
Nicolas Dufourcq, CEO of Bpifrance said, “Marc-François Mignot Mahon and his teams have succeeded in creating a French champion in the field of higher education, with a global reach. We are extremely proud to further support Galileo in a new phase of its development, alongside the management team, Téthys Invest, and new prestigious long-term partners. Investing in education is a priority for Bpifrance, which is committed to contribute to the international expansion of French champions, with a focus on social responsibility and high-quality education services.”
Karim Tabet, Managing Director, Providence Equity, said: “Our vision starting Galileo began in 2011 with a blank sheet of paper, where we saw an opportunity to create a leading international education platform that provides students an outstanding learning experience across innovation, creativity, the arts and culture. Working closely with Marc-François and his team, we successfully completed a number of strategic acquisitions and supported existing high-quality schools in their expansion to build Galileo into a European leader. Today’s announcement represents an important milestone – the arrival of new long-term owners who are committed to taking Galileo to a new level and advancing its mission of improving the quality of higher education and its powerful force for good in the world.”
The transaction is expected to close in Q2 2020, subject to regulatory and customary approvals.
About Galileo Global Education
Galileo Global Education brings together 42 benchmark schools on 80 campuses in 13 countries around the world, united around unique know-how: to enable its 110,000 students to be connected to the entire world, and to decompartmentalize the teaching of the major disciplines of management, arts and creation, marketing and technology in order to foster innovation in every field. The group's schools issue 56 certified titles. Its network includes pillars of excellence and prestigious schools in education, such as the Paris School of Business (PSB), Cours Florent, Penninghen, Strate and Atelier de Sèvres in France, Instituto de Universitario in Mexico, Macromedia University in Germany and Istituto Marangoni in Italy.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits in the best interests of 20 million contributors and beneficiaries. In order to build diversified portfolios of assets, investments in public equities, private equities, real estate, infrastructure and fixed income instruments are made by CPP Investments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2019, the CPP Fund totalled C$420.4 billion. For more information about CPP Investments, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
About Téthys Invest
Téthys Invest is the investment holding of the Bettencourt-Meyers family, dedicated to direct long-term investments in entrepreneurial projects, in particular in the healthcare and education fields.
About Montagu
Montagu is one of Europe’s leading investors with over fifty years’ investment experience. Montagu’s investment strategy is focussed on supporting the management teams of high-quality companies operating in stable and growing sectors, providing products and services that their customers would otherwise badly miss.
About Bpifrance
Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extrafinancial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…).
About Providence Equity Partners
Providence is a premier global asset management firm with over $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Media contacts
Galileo Global Education
Julien Blanc
+33 6 84 54 83 23
j.blanc@ggeedu.fr
CPP Investments
Steve McCool
+44 20 3947 3002
smccool@cppib.com
Téthys Invest
Marie France Lavarini
+33 6 89 10 32 80
mflavarini@icloud.com
Montagu
Andrew Honnor, Rob White
Greenbrook Communications
+44 207 952 2000
montagu@greenbrookpr.com
Bpifrance
Nathalie Police
01 41 79 95 26
nathalie.police@bpifrance.fr
Providence Equity Partners
Sard Verbinnen & Co
Conrad Harrington/ Giles Bethule
+44 207 4671 050
Prov-SVC@SARDVERB.com
MAPAL and Flow Hospitality Announce Combination
December 20, 2019
MAPAL and Flow Hospitality Announce Combination to Create a Leading Pan-European Provider of Technology Solutions for the Hospitality Sector
MADRID AND EDINBURGH – 20 December 2019 – MAPAL Software (“MAPAL”), a developer and supplier of workforce management, business analytics and back-of-house software for the hospitality sector, and Flow Hospitality Training (“Flow”), a learning management system for the hospitality sector, today announced a combination to create a leading provider of technology solutions for the European hospitality sector. MAPAL is backed by Providence Strategic Growth (“PSG”), the growth equity affiliate of Providence Equity Partners. Jorge Lurueña, Founder and CEO of MAPAL, will lead the combined entity with the support of the existing management teams of MAPAL and Flow. Ruth and David Wither, Founders of Flow, will step down from their day to day leadership responsibilities – but have reinvested in the combined entity, with David remaining as a Non-Executive Director.
“Today’s announcement is a testament of the hard work and commitment of the entire team at Flow since we launched over 10 years ago,” said David Wither, Co-Founder of Flow. “Together we have built an outstanding business that innovatively solves a major challenge faced by the industry: a need for relevant technology that accelerates employee training and development. We are confident that this combination with MAPAL – supported by the team at PSG – will enable the business to make an even greater impact going forward and Ruth and I have decided that now is the right time to transition the stewardship of Flow to new investors. We are excited for what the future holds – and we believe that Jorge, with the support of our current management team, is the ideal leader to help Flow and MAPAL transition to this next chapter.”
Flow delivers a suite of online training modules to over 400,000 unique users through FlowZone Manager – its flagship management system that allows employers to issue training, track results, plan and manage learning and development, competencies and appraisals. The benefits of this combination between two highly complementary businesses are significant. MAPAL’s advanced and user-friendly workforce management, analytics and back-of-house solution – and Flow’s learning and development solutions – will create a business that can offer stronger technical capabilities and a more robust end-to-end service to hospitality companies throughout Europe.
Jorge Lurueña, Founder and CEO of MAPAL, said: “We believe this alliance will create more opportunities for Flow and MAPAL. Ruth and David have built a tremendous business – offering a complete solution that brings real benefit to its loyal client base – and we are grateful for the trust they have placed in us. I look forward to working with my new colleagues and am thrilled to be leading this next phase of growth.”
Edward Hughes, Managing Director of PSG, said: “MAPAL and Flow are already established providers of tech-enabled solutions for a variety of global companies in the hospitality sector and we are confident that together they will create a significantly scaled-up business with a larger suite of capabilities and reach to provide essential solutions to customers.”
EY’s UK Corporate Finance team was sole financial adviser to the shareholders of Flow, and originated the transaction.
About MAPAL Software
MAPAL was founded in 2008 by Jorge Lurueña, an experienced restaurant operator, who recognised that restaurant businesses needed specialist tools to automate and optimise management processes. Bringing together industry experts, data scientists and software developers to create GIRnet, the management and business intelligence platform that key players in the sector use today, has driven MAPAL’s success. MAPAL boasts a large portfolio of clients operating well-known brands such as La Tagliatella, Burger King, Starbucks, KFC, Taco Bell, Pizza Hut, Grupo Areas or Five Guys, among others.
About Flow Hospitality Training
Founded in 2009 by David and Ruth Wither and based in Edinburgh, Scotland, Flow is a learning management system for the hospitality sector staffed by a team of over 55 people. Flow’s flagship FlowZone Manager platform enables employers to have direct and immediate visibility to all stages of employee development. FlowZone Manager can be integrated to employers’ HR and payroll systems – especially Fourth, Selima, S4 Labour, CoreHR, and TimeTarget – and is relied upon by leading hospitality brands, including Soho House, Firmdale Hotels, and Gleneagles.
About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, with offices in London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Media Contacts
Flow Hospitality Training
Exchange Tower, Edinburgh
+34 917681560
enquiries@flowhospitalitytraining.co.uk
MAPAL Software
C/ Arte 21 – 28033 Madrid
+34 917681560
admin@mapalsoftware.com
Providence Strategic Growth
Sard Verbinnen & Co
Conrad Harrington/ Giles Bethule
+44 207 4671 050
Prov-SVC@SARDVERB.com
Providence Agrees to Invest in Smartly.io
December 18, 2019
Smartly.io Announces Majority Investment from Providence Equity Partners
Providence to Partner with Smartly.io Founders, Who Will Continue to Lead the Company and Maintain Significant Ownership
HELSINKI & PROVIDENCE, R.I. – December 18, 2019 – Smartly.io, a leading global creative and digital advertising platform, today announced a majority investment of €200 million from funds advised by Providence Equity Partners (“Providence”), a premier private equity firm that specializes in the media, communications, education and information industries. Providence will partner with management to help accelerate the growth of Smartly.io through acquisition and organic investment to continue to build Smartly.io’s leading multi-platform advertising solution that combines creative production and media optimization.
Founded in 2013, Smartly.io is a leading digital advertising solution that helps major advertisers create, launch and iterate brand and performance advertising. Smartly.io works with some of the most advanced advertisers in the world, like Uber and eBay, as well as major global brands like Under Armour and Samsonite. With more than 350 employees, Smartly.io has offices in 16 locations around the world.
Smartly.io has been an official Facebook Marketing Partner since 2014, and has worked closely with the company to distinctly serve the data, media and creative optimization process on their platform. Providence and Smartly.io look forward to continuing to work closely with Facebook to accelerate further growth.
“By partnering with Providence, Smartly.io gains invaluable strategic advisory, deep operational experience and market insight, especially in the U.S. where major Fortune 500 companies are only starting to automate their creative processes,” said Smartly.io CEO and Founder Kristo Ovaska. “We envision Smartly.io as the number one digital advertising platform for all marketers, and one that allows teams to leverage enhanced creative capabilities to supercharge and optimize their campaigns. With over €2.5 billion in ad spend flowing through Smartly.io in 2019, the largest global brands are already managing their paid social and online video spend with the platform, and this new partner allows us to continue innovating to better serve our customers as their social media advertising needs evolve.”
Smartly.io enables advertisers to manage and optimize their creative and ad operations across Facebook, Instagram and Pinterest. With the creative suite of tools in the platform, marketers bring the brand and performance advertising teams closer as well as bridge the gap between creative and ad buying silos.
“Kristo and Tuomo together with the whole team have built an impressive platform, and we are thrilled to be partnering with them,” said Davis Noell, a Managing Director at Providence. “Smartly.io has a unique opportunity to help transform the creative and media optimization process, and we look forward to supporting the Company with our experience and capital to accelerate organic and inorganic growth.”
Providence Operating Partner Laura Desmond has been appointed as Chairperson of the Board of Directors at Smartly.io and joins a group of robust and dynamic leaders, having worked closely with some of the biggest and most successful marketers worldwide, including Samsung, Coca-Cola, Visa, Mondelez, P&G and a host of direct to consumer brands such as Airbnb, Spotify, EA Sports and Twitter. Desmond has spent considerable time with advertising and marketing platform, technology and software companies such as Facebook, Google, LiveRamp and Tencent. She also serves on the board of DoubleVerify (a Providence portfolio company).
“Over the past several years, I’ve seen marketing and advertising technology evolve, with an ever-growing set of companies understanding how to partner with the entire digital ad ecosystem to create value,” said Desmond. “Smartly.io is uniquely positioned to play a lead role in a market where brand and performance work is converging. Together, we intend to grow the Company’s presence in the U.S. and globally, expand to other platforms, and build relationships with brands and their partners to create value for all.”
Macquarie Capital acted as exclusive financial advisor to Smartly.io and Hannes Snellman served as Smartly.io’s legal advisor. Debevoise & Plimpton LLP and Krogerus provided legal counsel to Providence.
Visit Smartly.io’s website to learn more about its capabilities, and follow Smartly.io on Twitter for the latest updates on company announcements.
About Smartly.io
Powering beautifully effective ads, Smartly.io automates every step of social advertising to unlock greater performance and creativity. We combine creative production and ad buying automation with outstanding customer service to help 600+ brands scale their results – not headcount – on Facebook, Instagram and Pinterest. We are a fast-growing community of 350+ Smartlies with 16 offices around the world, managing over €2.5B in ad spend and growing rapidly and profitably. Visit smartly.io to learn more.
About Providence Equity Partners
Providence is a premier global asset management firm with over $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Contacts
Smartly.io
Michael Wood
PAN Communications
617-502-4300
Smartly.io@pancomm.com
Providence Equity Partners
Sard Verbinnen & Co.
Andrew Cole / Hayley Cook (U.S.) 212-687-8080
Conrad Harrington (U.K.) +44 207 4671 050
Prov-SVC@sardverb.com
Providence and Warner Music Group Launch Tempo Music Investments
December 10, 2019
WARNER MUSIC GROUP AND PROVIDENCE EQUITY PARTNERS JOIN FORCES TO INVEST IN MUSIC CATALOGS
New Platform to Promote Recording Artists and Songwriters Across the Globe
NEW YORK, NY – December 10, 2019: Warner Music Group (“WMG”) and Providence Equity Partners (“Providence”) today announced plans to invest in world-class recorded music and music publishing catalogs via a newly established platform, Tempo Music Investments (“Tempo”).
Tempo was launched with $650 million in equity and debt capacity, with most of the equity coming from Providence, a leading investment firm specializing in the media, communications, education and information industries. WMG will handle administration for music publishing and distribution for recorded music, drawing on its vast, deep-rooted music industry expertise, resources and network. Tempo will enlist Influence Media Partners, a new management company, to explore investment opportunities and drive catalog performance.
“More than ever before, the long-lasting value of music is being recognized outside the music industry. We’ll be devoted stewards of these amazing catalogs created by songwriters and recording artists across the globe, and WMG is very happy to be partnering with Providence in this pioneering venture,” said Stu Bergen, CEO, International and Global Commercial Services, Warner Music Group.
Josh Empson, Managing Director at Providence, said, “It is a privilege to partner again with Warner Music Group. We are excited about this innovative new relationship, which combines Providence’s investment expertise in media with WMG’s distinctive skill in working with and recognizing top artists and assets in music. We look forward to partnering with WMG and our investment management team to support creators and build a best-in-class portfolio of music assets.”
Among the first acquisitions of the venture are selected copyrights of Grammy Award-winning songwriters Jeff Bhasker, Shane McAnally and Ben Rector. With 15 nominations and five Grammy wins including Producer of the Year, Bhasker has worked with some of the biggest names in the business. McAnally is a three-time Grammy winner and seven-time nominee who also serves as Co-President of Monument Records. Independent artist Rector is a rising singer-songwriter with success in licensing music across numerous TV shows, national ad campaigns and movie trailers.
About Warner Music Group
With its broad roster of new stars and legendary artists, Warner Music Group is home to a collection of the best-known record labels in the music industry including Asylum, Atlantic, Big Beat, Canvasback, East West, Elektra, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin’, Warner Records, Warner Classics, and Warner Music Nashville, as well as Warner Chappell Music, one of the world's leading music publishers, with a catalog of more than 1.4 million copyrights worldwide.
About Providence Equity Partners
Providence is a premier global asset management firm with over $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit https://www.provequity.com.
Contact:
Warner Music Group
Summer Wilkie, 212-275-3921
summer.wilkie@wmg.com
Providence Equity Partners
Andrew Cole / Kelsey Markovich, 212-687-8080
Prov-SVC@sardverb.com
Providence Invests in n2y
November 18, 2019
K-12 Special Education Solutions Provider n2y Announces Significant Investment from Providence Equity Partners
n2y Management and The Riverside Company to Remain Minority Investors
Huron, OH & Providence, RI – November 18, 2019 – n2y LLC (the “Company”), a leading provider of software, curriculum and tools to the K-12 special education market, announced today a majority investment from Providence Equity Partners (“Providence”), a premier private equity firm that specializes in the media, communications, education and information industries. n2y will continue to be led by Chief Executive Officer Chrissy Wostmann and its current management team. The Riverside Company (“Riverside”), which invested in n2y in 2016, and members of n2y’s management team will retain ownership stakes in the business. Financial terms of the transaction were not disclosed.
Since its founding in 1997, n2y has changed how K-12 special education is taught by providing special education teachers and families with award-winning personalized solutions. The company’s products are designed to improve student outcomes, teacher efficiency, school compliance, and parent communication and collaboration by providing a highly customizable and easy-to-use total special education solution. n2y’s Total Solution connects the entire individualized education program (IEP) team with powerful workflow tools that empower them to plan, teach, assess, report, manage behavior, and reach students wherever they learn—from self-contained classrooms to the resource room, inclusive general education, virtual and home settings. n2y is currently serving approximately 60,000 service providers in all 50 states.
“We believe in the unique potential of every student and that all students, regardless of learning style, should have access to the best tools and services to ensure they reach their full potential,” said Chrissy Wostmann, CEO of n2y. “Providence’s investment will help us further expand our portfolio of products and solutions for the 21st-century classroom, and their deep experience investing in high-growth education software companies will be incredibly valuable as we enter our next phase of growth and continue to change the lives of all the individuals we proudly serve.”
“n2y has built an unparalleled business and reputation in the marketplace for providing educators and families with the tools to ensure all students have access to the same curriculum,” said David Phillips, Managing Director at Providence. “We are excited to have the opportunity to work alongside the n2y team to help grow their business and continue to build on their critical work.”
William Hughes, Managing Director at Providence, added, “n2y has a highly talented management team, and we look forward to working with Chrissy and the team to support the Company’s organic and acquisition growth plans and its commitment to transforming special education.”
About n2y
n2y® is changing the lives of special educators, therapists, speech-language pathologists and their students—seamlessly delivering a complete, differentiated instructional program tailored to help individuals with unique learning needs access the general education curriculum. n2y’s comprehensive, research-based solution frees educators to teach and empowers learning with standards-based academic content, powerful assessment and data collection, an accessible supplemental newspaper, dynamic symbol communication tools, skill-based learning games and a groundbreaking classroom management resource—all supported by best-in-class professional development. With n2y, everyone can learn. For more information on this award-winning solution, visit n2y.com and join them on Facebook and Twitter.
About Providence Equity Partners
Providence is a premier global asset management firm with over $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit https://www.provequity.com.
Media Contacts
n2y:
Margaret deBoer
Chief Marketing Officer
mdeboer@n2y.com
419-616-5228
Providence:
Andrew Cole / Kelsey Markovich / Hayley Cook
Sard Verbinnen & Co.
212-687-8080
Prov-SVC@sardverb.com
Providence Strategic Growth Enters into a Definitive Agreement with Net Reviews
November 12, 2019
Aimed at Accelerating Expansion of Leading SaaS Developer for Customer Review Management
LONDON AND MARSEILLE – 12 November 2019 – Providence Strategic Growth (“PSG”), the growth equity affiliate of Providence Equity Partners (“Providence”), today announced a €32 million growth investment in Net Reviews, a leading developer of software as a service (SaaS) solutions providing customer review management for retailers. The founding management team – led by Olivier Mouillet, Laurent Abisset and Tom Brami – will continue overseeing the company’s day-to-day operations.
Olivier Mouillet, Founder and CEO of Net Reviews, said: “In just a few years, Net Reviews has grown into a market-leading developer of software that provides a trustworthy and independent web solution, as well as critical data to retailers looking to better understand their customers’ needs and improve engagement. We are pleased to be partnering with Providence Strategic Growth who bring deep expertise supporting growth companies in the software sector. This investment is aimed at accelerating the expansion of Net Reviews across Europe and the Americas through a combination of organic growth and strategic acquisitions. We thank M Capital and Net Angels for their support of Net Reviews over the last few years.”
Founded in 2012 and headquartered in Marseille, Net Reviews develops software that enables retailers deploying pure-play e-commerce and omni-channel strategies to collect, display and analyse verified customer reviews. Core to its value proposition are offline review collection capabilities and the flagship subscription-only trust mark, Verified Reviews, which generates authentic feedback – improving SEO visibility and repeat sales – while promoting trust and confidence in participating retailers. Net Reviews has offices in the United States, Spain, Germany and Brazil, and is present in 44 other countries globally – with 90 employees serving over 6,000 clients in 17 languages.
Dany Rammal, Managing Director of Providence Strategic Growth, said: “The tremendous success of Net Reviews since it was founded is a testament to Olivier, Laurent and Tom and we are thrilled to be partnering with them to help drive the business further forward. With e-commerce and customer engagement continuing to be focus areas for retailers, Net Reviews provides an innovative and attractive business model that increases e-buyers’ trust while improving online retailer visibility and fostering sales growth. Through this partnership, Net Reviews will access the full resources of Providence Strategic Growth across the USA and Europe, enabling accelerated go to market and M&A activity. We are excited about the potential of Avis Vérifiés to continue expanding in Europe and beyond.”
About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston with offices in London and Kansas City. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
About Net Reviews
Net Reviews is a leading developer of software as a service (SaaS) solutions providing customer review management for retailers. Net Reviews trades as Verified Reviews in English-speaking markets, Avis Vérifiés in France, and Opiniones Verificadas in Spain and Latin America. The company’s flagship product authenticates customer reviews and enables businesses to collect critical information that helps them improve customer engagement, increase satisfaction and drive loyalty. Founded in 2012 and a market leader in France, Spain and Brazil, Net Reviews is headquartered in Marseille, with additional offices in the United States, Spain, Germany, and Brazil. Net Reviews was named by the Financial Times as one of Europe’s fastest growing companies in 2018. For more information, visit: www.avis-verifies.com.
Media Contacts
Providence Strategic Growth
Sard Verbinnen & Co
Conrad Harrington / Giles Bethule
+44 207 4671 050
Prov-SVC@SARDVERB.com
Net Reviews
Elodie LLanusa
Marketing & Communication Manager
presse@avis-verifies.com
Providence Strategic Growth Closes Fund IV with $2.0 Billion of LP Commitments
September 11, 2019
Fund Hits Hard Cap and Was Oversubscribed
Boston, MA – September 11, 2019 – Providence Strategic Growth Capital Partners L.L.C. (“PSG” or the “Firm”), an affiliate of Providence Equity Partners L.L.C., a premier private equity investment firm with over $45 billion in aggregate capital commitments, announced today that it closed its fourth fund (“PSG Fund IV”) with $2.0 billion of limited partner commitments. PSG Fund IV, which closed at its hard cap and was oversubscribed, received commitments from existing and new investors, including state pension funds, sovereign wealth funds, family offices and high net worth individuals. The closing of PSG Fund IV increases the amount of PSG’s aggregate capital commitments to more than $4.0 billion.
Since its inception in 2014, PSG has successfully partnered with founders and entrepreneurs to build category-leading software and technology-enabled service companies. PSG Fund IV will continue the Firm’s ‘buy and build’ strategy, which has resulted in a strong track record of efficiently scaling businesses through organic and inorganic growth strategies. PSG’s talented team of 58 growth equity investment professionals have made 46 platform investments across its portfolio and helped its portfolio companies complete over 200 add-on acquisitions. The team has more than doubled in size in the past year, and in July 2019, PSG relocated its headquarters to Boston.
To date, PSG Fund IV has made four investments: Validity (a leading provider of software solutions for customer data management); GlobalTranz (a technology and third-party logistics solutions company); Chatmeter (a leader in local search marketing and reputation management for multi-location businesses); and a software platform that facilitates the transportation of passengers, goods and workers.
“The closing of PSG Fund IV is a significant milestone and a recognition of the tremendous growth PSG experienced in the last year,” said Mark Hastings, Chief Executive Officer of PSG. “The continued success of our platform is a testament to our exceptional team’s deep industry expertise, broad resources and disciplined approach to helping founders and entrepreneurs expand their businesses and equity value.”
Peter Wilde, Chairman of PSG, added, “PSG’s ability to attract a diversified base of limited partners is a strong endorsement of our strategy and reputation as a best-in-class growth equity partner. The growth of our platform and robust investor demand for this fund positions PSG to continue to pursue and capitalize on exciting investment opportunities that produce outstanding results for investors and partners.”
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Media Contacts
Andrew Cole / Kelsey Markovich / Hayley Cook
Sard Verbinnen & Co
212-687-8080
Prov-SVC@sardverb.com
Providence Strategic Growth Sells Burning Glass Technologies
September 11, 2019
KKR Makes Major Investment in Leading Labor Market Analytics Provider Burning Glass
KKR Global Impact Extends its Focus on Addressing Global Societal Challenges
BOSTON & NEW YORK – September 11, 2019 – KKR, a leading global investment firm, and Burning Glass Technologies, the world’s leading real-time labor market data source, today announced that KKR has completed the acquisition of a majority stake in Burning Glass from Providence Strategic Growth. Financial details of the transaction were not disclosed.
The investment is part of KKR’s Global Impact strategy, which is focused on identifying and investing behind companies whose core business models provide commercial solutions that contribute measurable progress toward one or more of the United Nations Sustainable Development Goals (SDGs). By providing the data to drive lifelong learning and market-aligned training, Burning Glass is delivering measurable progress in achieving two of the United Nations SDGs – Quality Education, and Decent Work and Economic Growth.
“By harnessing real-time labor market data, Burning Glass predicts the jobs and skills workers will need in the future, equipping educators, companies and governments with the tools necessary to meet this challenge and contribute meaningful progress toward these goals. We are proud to be investing in Burning Glass to meet this imperative,” said Robert Antablin, Co-Head of KKR Global Impact.
Burning Glass data are relied on by hundreds of clients worldwide, ranging from major employers, universities, and public agencies to multinational organizations like the OECD and the World Economic Forum. The firm has the world’s largest and most sophisticated labor market analytics engine, which it leverages to support workforce development and higher education. Burning Glass’ robust data engine tracks and analyzes job market supply and demand in real-time using proprietary analytics and taxonomies. The world-leading analytics draw on a Burning Glass database of more than a billion current and historical job openings and the company’s pioneering use of big data analytics to understand the changing nature of skills in the job market. Through a range of software applications, the company empowers learning institutions, enterprises, and government agencies in career-aligned program development, strategic workforce management, and in addressing the rapidly growing skills gap.
“Technology is disrupting workers and industries around the world. Predicting tomorrow’s jobs, and the skills needed for those jobs, will empower workers to navigate this disruption, companies to upskill their workforce, and policymakers to promote economic growth,” said Ken Mehlman, Co-Head of KKR Global Impact.
The company will continue to be led by its current executive team, including CEO Matt Sigelman and COO Josh Ticktin.
“The ability for universities to reinvent themselves to address new opportunities amidst existential challenges, the ability for companies to anticipate disruptive technology trends and plan for changing talent needs, the ability for workers and learners to unlock opportunity and mobility, all depend on being empowered with the right information. Burning Glass’s solutions deliver the insight that helps all constituencies to the job market understand the landscape of opportunity more clearly, plan more effectively, and connect more successfully,” said CEO Matt Sigelman. “We are excited for the opportunity to partner with KKR because, for all that we have accomplished, we have only just begun to scratch the surface of our potential to drive the transformative change needed for greater prosperity and efficiency.”
“Since our initial investment in 2015, Burning Glass has solidified its position as the world’s leading job market data source by using data to address challenges in the labor market and shape the future of work,” said Matt Stone, Principal at Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners. “PSG would like to thank the Burning Glass team, in particular, Matt Sigelman and Josh Ticktin, for the opportunity and partnership over the last four years. We are excited for the company’s continued innovation and growth under KKR’s ownership.”
Burning Glass is the fourth investment out of KKR’s Global Impact strategy, following investments in Barghest Building Performance, Ramky Enviro Engineers Limited, and KnowBe4. Over the last decade, KKR has been a leader in driving and protecting value throughout the firm’s private markets portfolio through thoughtful Environmental, Social and Governance (“ESG”) management, as well as measuring and reporting on performance to the public and investors. The firm also has a history of investing in businesses that promote sustainable solutions to societal challenges. This experience of responsible investment combined with a changing landscape of global challenges led to KKR’s decision to create a dedicated Global Impact business in 2018. KKR’s investment in Burning Glass will build on this experience.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
About Burning Glass Technologies
Burning Glass Technologies is an analytics software company that has cracked the genetic code of an ever-changing labor market. Powered by the world’s largest and most sophisticated database of labor market data and talent, the Company delivers real-time data and breakthrough planning tools that inform careers, define academic programs, and shape workforces.
Burning Glass’ applications drive practical solutions and are used by employers, workers, and educators to make data-driven decisions. Educational institutions, online learning providers and publishers use Burning Glass’ applications to align programs to career opportunity; market programs based on their career ROI; and inform student academic and career decisions. Employers, HR software providers, job boards and recruiters use Burning Glass to analyze their current talent pool and project future needs. This insight allows users to develop strategic workforce plans; build market-informed job and skill definitions; and gain rich competitive intelligence.
Based in Boston and with 320 employees worldwide, Burning Glass is playing a growing role in informing the global conversation on education and the workforce, and in creating a labor market that works for everyone. Find out more at https://www.burning-glass.com.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg and for more information on Providence, please visit www.provequity.com.
Contacts
KKR:
Kristi Huller or Cara Major
212.750.8300
Media@KKR.com
Burning Glass Technologies:
Scott Bittle
617.804.1549
media@burning-glass.com
Providence Strategic Growth:
Andrew Cole / Kelsey Markovich / Hayley Cook
Sard Verbinnen & Co
212.687.8080
Prov-SVC@sardverb.com
Providence Strategic Growth Invests in MAPAL
September 09, 2019
Providence Strategic Growth Completes Investment in MAPAL, Developer and Supplier of World-Class Restaurant Management Software
Investment aimed at enabling MAPAL to accelerate international expansion under leadership of current management team
LONDON AND MADRID – 9 September 2019 – Providence Strategic Growth (“PSG”), the growth equity affiliate of Providence Equity Partners (“Providence”), today announced an investment in MAPAL Software (“MAPAL”), Spain’s leading developer and supplier of management and business analytics software for the restaurant and retail sectors. Financial terms were not disclosed.
PSG’s investment reflects the firm’s confidence in MAPAL, the competitive edge of its flagship GIRnet software, and the company’s strong growth potential as it continues to provide restaurant operators with the most advanced and user-friendly back office and business analytics solution. MAPAL’s growth strategy, which is expected to be driven by strategic acquisitions across key geographies in Europe, Latin America and the USA, will be geared towards streamlining and optimizing clients’ business operations.
Jorge Lurueña, Founder and CEO of MAPAL, said: “We are a valued company in the restaurant sector due to our deep understanding of clients’ needs, the quality of service that our consultants provide and the profitability that our clients see once they implement GIRnet, our software solution. The whole team at MAPAL is excited for this new chapter in conjunction with PSG – a leading investment partner with broad experience in the software industry and a history of supporting companies in their international growth and development – as we consolidate our positioning in the restaurant market and provide clients with solutions that will help them fully automate the management of back office functions.”
Edward Hughes, Managing Director of PSG, said: “Jorge and his entire team have created an extraordinary platform in just over 10 years and we believe the company is well-positioned to capture greater market share globally, as well as engage next-generation technologies to improve clients’ businesses. We are delighted to partner with MAPAL as it enters this next phase of growth.”
MAPAL’s founding and current management team, led by Jorge Lurueña, will continue overseeing the company’s day-to-day operations. MAPAL and its management were advised by Deloitte Financial Advisory and Baker McKenzie.
About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
About MAPAL Software
MAPAL was founded in 2008 by Jorge Lurueña, an experienced restaurant operator, who recognised that restaurant businesses needed specialist tools to automate and optimise management processes. Bringing together industry experts, data scientists and software developers to create GIRnet, the management and business intelligence platform that key players in the sector use today, has driven MAPAL’s success. MAPAL boasts a large portfolio of clients operating well-known brands such as La Tagliatella, Burger King, Starbucks, KFC, Taco Bell, Pizza Hut, Grupo Areas or Five Guys, among others.
Media Contacts
Providence Strategic Growth
Sard Verbinnen & Co
Conrad Harrington
Tel: +44 207 4671 050
Prov-SVC@SARDVERB.com
MAPAL Software
C/ Arte 21 – 28033 Madrid
+34 917681560
admin@mapalsoftware.com
Providence Strategic Growth Acquires I'Car Systems-DATAFIRST Group
September 05, 2019
Transaction Will Create a European Leader in Digital DMS and CRM Solutions for the Automotive Sector
Deal Follows Providence Strategic Growth’s Majority Investment in Imaweb in May 2019
London, UK and Paris, Saint-Pierre-des-Corps, Lyon, France – 5 September 2019 – Providence Strategic Growth, the growth equity affiliate of Providence Equity Partners (“Providence”), today announced it has acquired I’Car Systems-DATAFIRST Group (“The Group”), a leading French software development company for automotive manufacturers and dealers, from Argos Wityu. Financial terms were not disclosed.
The Group will be led by Patrick Prajs – formerly CEO of DATAFIRST prior to its combination with I’Car Systems – who succeeds outgoing CEO Philippe Almouzni.
Patrick Prajs, CEO of The Group, said: “We are delighted to be partnering with Providence Strategic Growth as we enter a new phase of our journey. This transaction will enable us to broaden our reach and suite of capabilities as a leading CRM and DMS provider to the automotive sector in Europe, and we remain focused on meeting the needs of our customers.”
The acquisition comes after Providence Strategic Growth’s majority investment in Imaweb in May 2019. Imaweb is one of Spain’s largest developers of Digital solutions for the automotive industry, serving both dealers and some of the best-known car brands in the world. The company developed the first Digital platform geared towards the automotive industry, which optimizes efficiency, improves customer retention and loyalty, and increases sales for car manufacturers and sellers.
Aldo Mareuse, Managing Director of Providence Strategic Growth, said: “This transaction underscores Providence Strategic Growth’s confidence in the application of leading technology to the automotive sector. Following our acquisition of Imaweb, we are well-positioned to support The Group as it helps customers with their digital transformation, and we look forward to working with Patrick and the team to realize this.”
Dany Rammal, Managing Director of Providence Strategic Growth, said: “Providence Strategic Growth looks to partner with strong managers and entrepreneurs in accelerating the growth of market-leading software companies by providing a combination of capital and industry expertise. We are excited about becoming the lead investor in I’Car Systems-DATAFIRST Group, an innovative business that holds a leadership position in the European automotive software sector.”
Philippe Almouzni, outgoing CEO of The Group, said: “I am proud to have led the successful combination of I'Car Systems and DATAFIRST, and to have overseen the integration of two companies into one stronger business. Today’s announcement ushers in a new era for the business and I leave with full confidence that the Group is in the hands of a highly capable leadership team with the right vision for its future and the backing of a formidable partner.”
About I’Car Systems-DATAFIRST Group
The Group was formed following the combination of I’Car Systems and DATAFIRST in July 2018. I’Car Systems provides an international network of auto dealers with an integrated dealer management system (“DMS”) that simplifies and streamlines dealership activity to improve the relationship between dealers and original equipment manufacturers (“OEMs”). DATAFIRST develops and deploys three key modular management, marketing and sales solutions for the automotive market: Automotive CRM, Automotive DMS and Web & Business Intelligence solutions. The Group is a leading supplier of DMS and CRM solutions to the automotive sector in France and has a presence in 12 other countries across Europe.
About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Media Contacts
Providence Strategic Growth
Sard Verbinnen & Co
Conrad Harrington
Tel: +44 207 4671 050
Prov-SVC@SARDVERB.com
I’Car Systems-DATAFIRST Group
Anne Copey
Cap Media
+33 1 83 62 55 49
Anne.copey@capmedias.fr
Rick Essex Joins Providence Strategic Growth as a Managing Director
September 05, 2019
Boston, MA – September 5, 2019 – Providence Strategic Growth Capital Partners L.L.C. (“PSG”), an affiliate of Providence Equity Partners L.L.C., a premier private equity investment firm with over $40 billion in aggregate capital commitments, today announced that Rick Essex has joined the firm as a Managing Director based in the Boston office.
Rick joins PSG from Blackboard Inc. where he served as Chief Financial Officer and was instrumental in driving both strategic and operational efforts, most recently leading the successful sale of the company’s Transact division to Reverence Capital Partners for more than $700 million. Prior to Blackboard, Rick was the Chief Financial Officer of Survey Sampling International (“SSI”), where he led the global business through a period of strong organic and inorganic growth, including the successful acquisition and integration of numerous businesses, the sale of the company to HGGC and subsequent merger with Research Now, which created Dynata, one of the world’s largest providers of first-party data solutions and services.
“Rick’s unique experience as both an operator and an investor in software and technology-enabled service companies make him an ideal fit for the PSG team,” said Mark Hastings, Chief Executive Officer of PSG. “With a proven track record of driving organic growth, successful M&A, operational efficiencies and profitability, Rick is well positioned to support new investment opportunities and work with our founders and entrepreneurs as they grow and expand their businesses.”
“I am excited to have Rick join the PSG team,” said Peter Wilde, Chairman of PSG. “Having worked with Rick for more than 20 years in a number of different roles, I am confident that he can add tremendous value to PSG in variety of ways. His financial, operational and leadership expertise will be a great asset as we continue to capitalize on new investment opportunities and support growth within our existing businesses.”
About Rick Essex
Rick has more than 20 years of financial and operational leadership experience. He originally joined Providence Equity Partners in 2003 and served as a Principal of the firm before leaving to join SSI as CFO in 2012. Subsequent to SSI, Rick served as CFO at Blackboard Inc., a Providence portfolio company. Previously, Rick served as a Vice President of BCI Partners and also held roles at Dillon Read & Co and Arthur Andersen.
Rick earned a Bachelor of Science in Accounting and Business Administration from Washington and Lee University and a Master of Business Administration from Columbia University.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Contacts
Kelsey Markovich/Hayley Cook
Sard Verbinnen & Co
212-687-8080
prov-svc@sardverb.com
Adam Marcus Joins Providence Strategic Growth as a Managing Director
September 04, 2019
Boston, MA – September 4, 2019 – Providence Strategic Growth Capital Partners L.L.C. (“PSG”), an affiliate of Providence Equity Partners L.L.C., a premier private equity investment firm with over $40 billion in aggregate capital commitments, today announced that Adam Marcus has joined the firm as a Managing Director based in the Boston office.
Adam joins PSG from OpenView Venture Partners (“OpenView”), where he was a Partner focused on investing in and growing software and technology-enabled businesses. During his 10-year career with OpenView, he partnered with entrepreneurs to build category-leading companies. Prior to joining OpenView, Adam worked as a Senior Associate at Battery Ventures also focusing on investments in software and technology-enabled businesses.
“Adam played an integral role in building OpenView into a leading software investment firm, and we are excited to add him to the PSG team,” said Mark Hastings, Chief Executive Officer of PSG. “With his strong investment track record and experience leading and developing exceptional teams, we believe Adam will be a tremendous asset to PSG as we continue to successfully partner with entrepreneurs through our unique ‘buy and build’ strategy.”
“I am delighted to welcome Adam to the PSG team,” said Peter Wilde, Chairman of PSG. “Adam is a talented investor with deep domain expertise that will enable us to continue to support entrepreneurs who are building market-leading platforms. We look forward to Adam’s contributions as we continue to grow the PSG platform.”
“I feel privileged to join PSG,” said Adam Marcus. “The team at PSG has built a unique model and differentiated investment strategy that has produced outstanding results for their investors and partners. I look forward to helping them continue to build out the platform.”
About Adam Marcus
Adam has over 20 years of experience as a software investor and operator. Prior to joining PSG, he was a Partner at OpenView Venture Partners (“OpenView”), where he focused on software investments. Adam joined OpenView in 2009, and over the course of his time there he served was on the boards of Instructure (NYSE: INST), Kareo, VTS, Spredfast (sold to Vista), UnBoundID (sold to Vista), Monetate, Instantly (sold to SSI) and Fieldaware. Prior to OpenView Venture Partners, he was an investor at Battery Ventures where he invested in ExactTarget (sold to Salesforce).
Adam received a Master of Business Administration from the Tuck School at Dartmouth College and a Bachelor of Arts from Franklin and Marshall College.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Contacts
Kelsey Markovich/Hayley Cook
Sard Verbinnen & Co
212-687-8080
prov-svc@sardverb.com
Providence Invests in TimeClock Plus
September 04, 2019
TimeClock Plus Announces Strategic Investment from Providence Equity Partners
San Angelo, TX & Providence, RI – September 4, 2019 – TimeClock Plus (the “Company”), an industry leading workforce management software provider, announced today a majority investment from funds advised by Providence Equity Partners (“Providence”), a premier private equity firm that specializes in the media, communications, education and information industries. TimeClock Plus Founder Jorge Ellis will remain a significant shareholder alongside Providence and will continue to serve on the Company’s Board of Directors. TimeClock Plus will maintain its corporate office in San Angelo, Texas upon closing of the transaction. Financial terms were not disclosed.
Founded in 1988, TimeClock Plus provides best-in-class technology solutions that help over 60,000 public and private sector businesses worldwide manage complex timekeeping, employee scheduling, leave management and other workforce needs. The Company’s products are tailored to comply with the specific HR requirements of many industries including education, government, retail, health systems and manufacturing. TimeClock Plus products are offered as Software-as-a-Service (SaaS) solutions hosted in the TCP Cloud and are available to customers through purpose-built web applications, application programming interfaces (APIs), hardware terminals, and mobile applications. The Company’s products are also seamlessly integrated with more than 300 payroll, Enterprise Resource Planning (ERP) and Human Capital Management (HCM) systems that enable customers to pay their people accurately and on time.
“I am proud of the tremendous growth we have achieved over the last 30 years and our deep commitment to developing innovative solutions that help organizations optimally manage their employee timekeeping processes,” said Jorge Ellis, Founder of TimeClock Plus. “Providence’s investment in our company is a strong endorsement of our best-in-class technology solutions, highly talented team and future growth prospects.”
Ernie Nabors, CEO of TimeClock Plus, added, “Providence is an excellent partner for us as we embark on our next chapter of growth. Their significant software industry expertise and operational experience will be instrumental in helping us accelerate our growth strategy and identify new opportunities that further strengthen our value proposition to customers.”
“TimeClock Plus has built a sophisticated portfolio of software solutions that are critical to effective workforce management,” said William Hughes, Managing Director at Providence. “We look forward to working with Jorge, Ernie and the terrific team at TimeClock Plus to support the Company’s organic growth plans and its commitment to the San Angelo community.”
David Phillips, Managing Director at Providence, added, “Our investment in TimeClock Plus is a great fit with our experience investing in market-leading software companies. The Company continues to deliver impressive organic growth and we believe there are significant opportunities to further expand TimeClock Plus’ customer-base and distinguished software offering.”
Wells Fargo served as TimeClock Plus’ financial advisor and Jackson Walker LLP served as legal advisor to TimeClock Plus. Weil, Gotshal & Manges LLP served as legal advisor to Providence.
About TimeClock Plus
TimeClock Plus is an industry-leading workforce management software provider. For more than 30 years, TimeClock Plus has delivered best-in-class time and attendance solutions. TimeClock Plus has helped thousands of organizations meet their complex timekeeping, employee scheduling, leave management, and other workforce needs. Today, over 60,000 customers trust TimeClock Plus' software, hardware, services, and support to transform the way they track employee time and attendance. To find out more visit: http://www.timeclockplus.com.
About Providence Equity Partners
Providence is a premier global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit https://www.provequity.com.
Media Contacts
TimeClock Plus:
Derek McIntyre
325-223-9500
derek.mcintyre@timeclockplus.com
Providence:
Andrew Cole / Hayley Cook / Kate Gorgi
Sard Verbinnen & Co.
212-687-8080
Prov-SVC@sardverb.com
Providence Agrees to Sell Majority Stake in OEConnection
August 01, 2019
Genstar Capital to Acquire Majority Stake in OEConnection from Providence Equity
Ford and General Motors to Retain Minority Stakes
Cleveland, OH, Providence, RI and San Francisco, CA -- August 1, 2019 -- OEConnection LLC ("OEC" or the "Company"), the leading global automotive technology provider for OEM distribution networks, Providence Equity Partners L.L.C. ("Providence") and Genstar Capital ("Genstar"), today announced a definitive agreement under which Genstar will acquire a majority stake in OEC from funds advised by Providence. As part of the transaction, current investors Ford Motor Company and General Motors will each retain their minority investments in the Company. Financial terms of the transaction were not disclosed.
OEC was founded in 2000 as a partnership between several original equipment manufacturers ("OEMs"), including Ford and General Motors, to provide high-quality technology solutions to facilitate the sale of original equipment replacement parts between automakers and franchised dealers and their wholesale customers. Since its founding, the Company has expanded to also provide software and technology solutions in the data, supply chain and service segments of OEMs' businesses. Today, OEC is a leading provider of software solutions and data to the original equipment parts industry and is one of the industry's only end-to-end comprehensive platforms, serving more than 30,000 auto dealers globally, 36 global OEM brands and more than 135,000 global auto repairers.
"We are pleased to partner with the Genstar team as we continue our positive momentum and further expand OEC's product and service offerings for our customers around the world," said Chuck Rotuno, OEC Chairman & CEO. "We look forward to the benefit of Genstar's industry expertise and strategic insights from their many years of investing in the software sector. We are grateful to Providence for their support and guidance over the past three years, which has certainly helped transform OEC into a larger, high-growth business with a global footprint and enhanced capabilities."
Geoff Miller, Director at Genstar, said, "We are excited to partner with OEC and its senior leadership team in this next chapter for the Company. The team has built an impressive business delivering high value solutions to OEMs, OEM dealer networks, collision specialists, and auto repair professionals. We will provide the additional investment capital and resources to support realization of the Company's growth strategies."
Eli Weiss, Managing Director at Genstar, added, "Our investment focus in the software sector is to identify companies operating in dynamic markets with opportunities to accelerate growth. We will aggressively identify key acquisitions and opportunities to broaden OEC's product mix, expand its geographic footprint, and enter adjacent market segments. We look forward to helping build OEC's future."
"It has been a privilege to work with Chuck and the OEC team, as well as our partners at Ford and GM, to help accelerate the growth of the Company," said Davis Noell, Managing Director at Providence. "Through significant organic and inorganic initiatives, OEC has achieved tremendous success over the past three years, expanding into new international markets, enhancing its product offerings and data capabilities, and significantly bolstering its salesforce to better serve its growing customer base. We have the utmost confidence that the Company will continue its successful growth trajectory under Genstar's stewardship."
The transaction is expected to close in the third quarter of 2019, subject to customary closing conditions.
UBS Investment Bank is serving as financial advisor and Debevoise & Plimpton LLP is serving as legal advisor to OEC and its shareholders, including Providence. Willkie Farr & Gallagher LLP is serving as legal advisor to Genstar.
About OEC
OEC is the leading global automotive technology provider for OEM distribution networks. Its suite of ecommerce, pricing, supply chain, service, business intelligence, parts cataloging, data solutions, and services helps automakers and their dealer networks sell more OE parts in the collision, fleet, mechanical and retail segments, as well as dealers' own service lanes. OEC serves more than 30,000 auto dealers globally, 36 global OEM brands and more than 135,000 global auto repairers. The company is headquartered in the greater Cleveland area at 4205 Highlander Parkway, Richfield, Ohio, USA, 44286. Additional information is available at https://www.oeconnection.com.
About Providence Equity Partners
Providence is a premier global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit https://www.provequity.com.
About Genstar Capital
Genstar Capital (https://www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial technology and software industries.
Media Contacts
OEC:
Geo Money
330-523-1853
Geo.Money@OEConnection.com
Providence:
Andrew Cole/Kelsey Markovich
Sard Verbinnen & Co.
212-687-8080
Prov-SVC@sardverb.com
Genstar:
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
EverCommerce Announces Strategic Investment from Silver Lake
July 23, 2019
Leading Technology Investment Firm Joins Providence Strategic Growth as Major Investors Supporting EverCommerce's Impressive Trajectory
DENVER, CO -- July 23, 2019 -- EverCommerce (the "Company"), the leading service commerce platform connecting best-of-breed technologies and solutions for service sector businesses, today announced an agreement under which Silver Lake will acquire a significant ownership stake in the Company. Silver Lake is the leading global investment firm dedicated to building and growing great technology and tech-enabled companies. The firm will partner with existing majority shareholder Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners.
EverCommerce provides more than 200,000 services businesses – across industries including home & field services, health services, and fitness & wellness services – with a breadth of technology solutions for business management, payment processing, marketing, and customer retention. EverCommerce provides access to these software-as-a-service (SaaS) platforms under one umbrella, which helps service business owners fuel business growth and improve day-to-day workflow. The investment from Silver Lake and continued backing from PSG will support the Company's acquisition of additional best-in-class technology solutions in target industries and further development of EverCommerce's shared services and center of excellence departments.
"Silver Lake's deep expertise in supporting the development of premier technology and tech-enabled businesses will benefit EverCommerce for years to come," said Eric Remer, the Company's Founder and CEO. "Silver Lake's investment and technology experience and relationship network will augment the industry and operational expertise PSG has brought to EverCommerce over the past several years and advance our mission to support the success of millions of service business owners around the world."
"The services sectors are critical contributors to economic growth, and EverCommerce enables its clients in these attractive verticals with best-in-class technology and solutions," said Joe Osnoss, Managing Director of Silver Lake. "The Company has proven itself as a clear leader and innovator, and we are excited to partner with PSG to back management to accelerate growth, both organically and via acquisitions."
Mark Hastings, the CEO of PSG, added "Since investing in EverCommerce in 2016, the Company has achieved tremendous growth, both organically through best practice leadership and shared services for its subsidiaries, and inorganically through acquisitions. It has been a privilege to partner with Eric and his team to help them realize their vision, and we look forward to working alongside Silver Lake to help EverCommerce reach new heights during its next phase of growth."
Upon closing the transaction, which is subject to certain customary closing conditions, Joe Osnoss and Jonathan Durham of Silver Lake will join Mark Hastings and John Marquis of PSG, as well as CEO Eric Remer, on EverCommerce's Board of Directors.
Goldman Sachs & Co. LLC acted as financial advisor and Weil, Gotshal & Manges LLP and Greenberg Traurig LLP acted as legal counsel to EverCommerce. Ropes & Gray LLP served as legal counsel to Silver Lake.
About EverCommerce
EverCommerce is the leading service commerce platform, connecting best-of-breed marketing, business management, and customer retention technology solutions for more than 200,000 service sector organizations across the globe. Born from the leadership team of successful software start-ups, renowned private equity firms, and Fortune 500 enterprises, EverCommerce provides comprehensive solutions for businesses in the high-growth Home & Field Service, Health Service, and Fitness & Wellness industries. EverCommerce clients are able to attract customers at scale, provide services efficiently, act on business insights, and increase customer loyalty and value. Learn more at www.evercommerce.com.
About Silver Lake
Silver Lake is the global leader in technology investing, with over $43 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake's portfolio of investments collectively generates more than $210 billion of revenue annually and employs 370,000 people globally. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.
About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth ("PSG") is an affiliate of Providence Equity Partners ("Providence"). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Press Contacts:
For EverCommerce:
Sarah Jordan
303-800-0578
sarah@evercommerce.com
For Silver Lake:
Patricia Graue
212-333-3810
silverlake@brunswickgroup.com
For PSG:
Kelsey Markovich / Hayley Cook
212-687-8080
Prov-SVC@sardverb.com
Jonathan Nelson Discusses Values, Media and Business with BloombergTV
July 11, 2019
Providence Equity Founder and Harvard Business School Graduate Jonathan Nelson visited his alma mater on the heels of it being named one of Businessweek’s Best B-Schools.
Nelson is a 2014 Harvard Alumni Achievement Award Recipient and credits HBS with helping to instill values that have helped him succeed in life and in business.
“The award recognizes people for the values with which they carry themselves and I’m impressed HBS keeps track of such things, acknowledges and rewards them,” said Nelson. “For those reasons, I was very proud to receive the award, especially when I saw the people who came before me and with me that year.”
During a conversation with Bloomberg TV on Harvard Business School’s campus, Nelson also talks about how his personal values have impacted his investment strategy and shaped Providence Equity. He also discussed the value of media, theatre, sports and live entertainment.
“Live entertainment is the white-hot center of valuable content, it’s not just TV or online,” said Nelson. “Theatre is a time honored version of community, it’s an experience unlike all other media, you experience it as a group.”
In talking about the future of media, Nelson said most people are consuming media on untethered devices like smartphone or table, not on a TV. As networks get better and content continues to be accessible wherever and whenever, content should increase in value the same way the networks have.
You can watch Nelson’s full interview with Bloomberg here.
Providence Strategic Growth Invests in Chatmeter
July 09, 2019
Chatmeter Announces Investment by Providence Strategic Growth to Extend Market Leadership and Support Tech Innovation
San Diego--July 9, 2019 -- Chatmeter, a leader in local search marketing and reputation management for multi-location businesses, today announced a strategic investment by funds advised by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, a premier global asset management firm focused on the media, communications, education and information industries. The investment aims to fuel Chatmeter’s next phase of growth to support rising demand for sophisticated local brand management technology. Terms of the transaction were not disclosed.
“Chatmeter’s strong growth trajectory reflects the need for effective brand management solutions across industries that enhance the customer experience, increase foot traffic at store or business locations and ultimately improve a brand’s ROI. We believe PSG’s strategic investment will enable Chatmeter to accelerate the necessary growth of our technology, team and services to support multi-location brands,” said Collin Holmes, Founder and CEO, Chatmeter. “PSG’s deep industry experience and proven track record of helping scale SaaS-based companies make them the ideal partner for Chatmeter as we enter our next phase of growth.”
Over the past five years, Chatmeter has grown substantially, supporting multi-location brands across industries including retail, restaurant, financial services, healthcare, automotive, real-estate and agencies. Through its partnership with PSG, Chatmeter intends to further build out its brand management platform to support additional technology and data science advancements, accelerate its go-to-market strategy and further support its customers and partners.
“Chatmeter empowers brands with the ability to orchestrate and manage location specific data and derive insights from customer feedback in a manner that makes a tangible impact on brand visibility, reputation and discovery at a hyper local level. We have been particularly impressed with the customer value proposition around Chatmeter’s social listening and sentiment analysis capabilities,” said Gopi Vaddi, Managing Director at PSG. “We look forward to partnering with Collin and the entire Chatmeter team to build on the company’s success, support the robust product pipeline designed to capitalize on the hugely unmet need in multi-location marketing, and fuel both organic and inorganic growth opportunities.”
Chatmeter has been analyzing over 1.9 million locations and billions of customer reviews, social media mentions and sentiment since 2009. To learn more about how your company can improve the customer experience and improve revenue, check out Chatmeter’s case studies.
About Chatmeter
Chatmeter (www.chatmeter.com) helps enterprise retail brands and agencies managing multiple locations increase their revenue. Since being the first Local Reputation platform in 2009, they now analyze and improve over 1,900,000 storefronts for their reviews, rankings and listings.
They help retailers make a distinct impact in revenue by identifying several areas in their online presence that drives customers to choose their stores over competitors. Chatmeter takes this a step further with the only integrated local visibility rank tracker so you can measure ROI using the most complete local presence management platform in the world.
The benefit for the clients is complete online presence management simplified into a single dashboard. They also power a white-label reputation management dashboard for many agencies across the U.S.
Chatmeter clients include Sears Home Services, Caliber Collision, Sherwin-Williams, OneMain Financial, Save-A-Lot, Pinnacle Health System, and Dickey's BBQ.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Contacts
Hotwire Global for Chatmeter
Nikeisha Maddox
ChatmeterUS@hotwireglobal.com
Providence Equity
Kelsey Markovich / Hayley Cook
Sard Verbinnen & Co
212-687-808
Prov-SVC@sardverb.com
Providence Strategic Growth Invests in ThreatConnect
June 03, 2019
ThreatConnect Receives Investment from Providence Strategic Growth
New Funding Aimed at Accelerating ThreatConnect’s Go-to-Market Strategy and Product Development
ARLINGTON, Va.--June 3, 2019--ThreatConnect, Inc.®, provider of the industry’s only intelligence-driven security operations platform announced a new strategic growth investment led by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners. This growth investment is intended to help continue the ThreatConnect Platform’s path of innovation and further the company’s continued leadership in its market.
ThreatConnect originally launched its Platform in 2014, gained market leadership in the threat intelligence platform market, and has since grown to serve more than 1,600 organizations worldwide. In 2017 the company added advanced orchestration and automation capabilities to the Platform, expanding its value to a broader security operations market. In just the last year, the usage of these advanced orchestration and automation “Playbooks” in the Platform has increased more than 40%, now executing more than 23,000 Playbooks per month per customer on average.
In 2018, ThreatConnect was selected by Inc5000 as one of the fastest growing companies in the US, and by Washington Business Journal as one of the DC area’s 75 Fastest Growing Companies. The company’s growth, along with its value proposition to change how businesses manage their security, drove PSG’s interest in investing in the company.
ThreatConnect CEO Adam Vincent said, “PSG’s deep experience investing in technology companies that are reshaping the way business is done make them an ideal partner for ThreatConnect. PSG portfolio companies are helping other businesses run smarter, cheaper, and faster. And, since ThreatConnect is helping companies with smarter, faster decision making in security, this seemed like a very natural fit.”
The new funding is aimed at accelerating ThreatConnect’s go-to-market strategy, supporting further development of the Platform, and expanding its ability to build a successful community of customers and partners. The company plans to increase its staff by more than 50% over the next 12 months both domestically and abroad, which is expected to further accelerate product and revenue growth in the coming years.
PSG Managing Director Gopi Vaddi said, “Our vision for digital transformation of businesses through software aligns well with ThreatConnect’s vision for intelligence-driven security. Security software is one of the priority sectors for PSG, and we are excited to have found a high quality organization in ThreatConnect led by Adam Vincent and his team – a relationship we cultivated for several years. We look forward to working with Adam and the rest of the ThreatConnect leadership team to accelerate what is already a successful and fast growing organization.”
PSG is ThreatConnect’s sole institutional investor.
About ThreatConnect
ThreatConnect, Inc. provides a proactive and efficient approach to security by enabling enhanced detection, shortened response, and reduced risk. Designed by analysts but built for the entire team (security operations, threat intelligence, incident response and security leadership), ThreatConnect’s intelligence-driven security operations platform is the only solution available today with intelligence, automation, analytics, and workflows in a single platform. To learn more about our threat intelligence platform (TIP) or security orchestration, automation, and response (SOAR) solutions, visit www.ThreatConnect.com.
About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit https://www.provequity.com.
Contacts
ThreatConnect
US
Hayley Kropog
Hayley.Kropog@teamlewis.com
UK
Claire Sach
claire.sach@teamlewis.com
Providence Strategic Growth
Kelsey Markovich / Hayley Cook
Prov-SVC@sardverb.com
212-687-8080
Providence Strategic Growth Invests in Validity
May 31, 2019
Validity Receives Strategic Investment from Providence Strategic Growth and Silversmith Capital Partners, Completes Acquisition of Return Path
New infusion of capital to fund continued acquisitions, new product innovation and go-to-market capactiy
BOSTON, May 31, 2019 (GLOBE NEWSWIRE) -- Validity, the most trusted name in customer data quality, today announced a new investment led by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners. Silversmith Capital Partners, founding investor in Validity, also participated in the investment. Financial terms of the transaction were not disclosed. The new funding will accelerate Validity’s go-to-market expansion, support the development of new solutions, and fuel both organic and inorganic growth.
The company also announced the completion of its acquisition of Return Path, the global leader in email deliverability. The combination of Return Path and Validity provides organizations with the most comprehensive technology solutions to target, contact, engage, and retain customers effectively.
“We’re pleased to welcome Providence as a new investment partner to Validity. This deal is a key milestone for Validity and a clear validation of our strategy and business model,” said Mark Briggs, CEO of Validity. “Since we started Validity a little over a year ago, we’ve charted an ambitious course to bring together leading companies that have solved some of the most complex challenges around customer data. Providence’s investment and deep commitment to our mission will help us drive more innovation, expand our commercial footprint, and welcome even more innovative companies into the Validity family.”
Since Validity was formed in early 2018, the company has made three significant acquisitions:
-- CRMfusion, the leading application for enterprise CRM data quality
-- BriteVerify, the most trusted platform for email verification, and
-- Return Path, the global leader in email deliverability and optimization
Validity has also made significant investments in the in-house development of new products to drive growth and enter new markets. In the fourth quarter of 2018, the company released DemandTools for Microsoft Dynamics 365 and recently launched an all-new Trust Assessments platform that demonstrates how businesses can quantify the state of Salesforce data quality on the business functions that drive growth.
“We are thrilled to welcome Validity to the Providence portfolio,” said Tom Reardon, Managing Director, Providence Strategic Growth. “Customer data is the lifeblood of any business, and Validity’s unique approach of aggressively pulling together the leading solutions in the market was something we simply had to be part of. We look forward to partnering with Mark and the leadership team to accelerate the company’s vision and growth.”
“This announcement is just the latest milestone for Validity, capped by growth in sales and profit, the successful integration of CRMfusion and BriteVerify, and now the closing of the acquisition of Return Path,” said Jim Quagliaroli, Managing Partner of Silversmith Capital Partners. “We’re excited to increase our existing investment and help drive the next phase of Validity’s growth.”
Tom Reardon and Mark Hastings, Chief Executive Officer of PSG, will join the Validity Board of Directors, which includes Mark Briggs from Validity, Jim Quagliaroli and Sri Rao from Silversmith Capital Partners, and Mike Volpe, CEO of Lola.com and former Chief Marketing Officer of HubSpot.
About Validity
Businesses run better and grow faster with trustworthy data. Tens of thousands of organizations rely on Validity solutions – including DemandTools, BriteVerify, Trust Assessments, and Return Path – to target, contact, engage, and retain customers effectively. Marketing, sales, and customer success teams worldwide trust Validity solutions to help them create smarter campaigns, generate leads, drive response, and increase revenue. For more information visit, validity.com and connect with us on LinkedIn and Twitter.
About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit https://www.provequity.com.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $1.1 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing profitable technology and healthcare companies. The firm seeks to invest $15 million to $75 million per company. Representative investments include ActiveCampaign, Centauri Health Solutions, Digital Map Products, Impact, LifeStance Health, MediQuant, Nordic Consulting Partners, and Validity. The partners have over six decades of collective investing experience and have served on the boards of numerous successful growth companies including Ability Network, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Net Health, Passport Health, SurveyMonkey, and Yapstone. For more information, visit https://www.silversmithcapital.com.
Media Contacts
For Validity:
Validity Media Relations
pr@validity.com
For PSG:
Kelsey Markovich / Kate Gorgi
Sard Verbinnen & Co
212-687-8080
Prov-SVC@sardverb.com
For Silversmith Capital Partners:
Susan Sugg-Nuccio
River Communications
914-686-5521
ssugg-nuccio@riverinc.com
KPA Announces Chris Fanning as Chief Executive Officer
May 29, 2019
Technology Industry Veteran to Lead Company Through Next Phase of Growth
LAFAYETTE, Colo., May 29, 2019 -- KPA, a leading provider of Environmental Health & Safety (EHS), HR Management and Finance & Insurance compliance software and services, today announced the appointment of Chris Fanning as President and Chief Executive Officer of the company. Fanning succeeds Vane Clayton, who has served as CEO since 2006. Clayton will continue to serve on the KPA board of directors.
Fanning joins KPA with 30 years of experience in general management, strategy and operations for both public and private companies. Chris most recently was President and CEO of Survey Sampling International (SSI) where he grew the global first-party data and software leader from $150 to $300 million in revenue. He has also held multiple leadership roles with Lattice Semiconductor and The Boston Consulting Group.
"I am honored and excited to have the opportunity to lead KPA as CEO," said Fanning. "The industry leading combination of EHS expertise and modern SaaS software solutions is unparalleled in helping mid-size companies automate safety, compliance and HR processes. It is my goal to build on the incredible foundation that Vane and all of the talented KPA employees have created and help the team to expand the solution set and deliver on the mission of transforming EHS and workforce management programs for our customers."
Under Clayton's leadership, KPA has grown rapidly and now helps nearly 10,000 customers realize strong ROI, achieve regulatory compliance, improve safety, control risk, protect assets and optimize the workforce with a unique combination of software (SaaS), online training and on-site audit services. KPA has enjoyed strong growth in recent years, entering new markets and acquiring multiple software and services companies to expand the comprehensive solution set available to KPA customers.
"I am incredibly proud of and humbled by the major achievements the KPA organization has accomplished during my tenure as CEO," said Clayton. "Helping our clients achieve safety, compliance and business goals is my passion, and I look forward to advising and supporting KPA as a board member. The company is in great hands with Chris as CEO. He is a phenomenal leader with the proven operational skills to rapidly scale companies with a sharp focus on customer success. The future is bright for KPA."
In July 2018 KPA announced a majority investment from Providence Equity Partners ("Providence"), which was also the majority owner of SSI, where Fanning was most recently CEO. The Providence team has a strong track record of working with Fanning to grow and scale companies.
"The compliance market has tremendous potential for long-term growth, and KPA is well positioned to serve clients with a modern software platform and outstanding client service, which together have resulted in strong client retention, high recurring revenue, and consistent organic growth. We are very excited to partner with Chris Fanning and KPA's excellent leadership team to accelerate their growth strategy and create lasting value for KPA clients," said Will Hughes, Managing Director at Providence. KPA headquarters will continue to be Lafayette, Colorado with key offices in Portland, Oregon and across the country.
About KPA
KPA is the leading provider of Environmental Health & Safety (EHS), HR Management and Finance & Insurance compliance software and services for mid-sized companies. KPA combines innovative cloud software, online training, and on-site audit and loss control services to help 10,000+ client locations achieve regulatory compliance; control risk; protect assets, and effectively hire, train, manage, and retain top talent. For more information, go to www.kpaonline.com or call 866.356.1735.
About Providence Equity Partners
Providence is a premier global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Contacts
KPA
Abe Cohen
215301@email4pr.com
503-902-6567
Providence
Andrew Cole / Kelsey Markovich
Prov-SVC@sardverb.com
212-687-8080
Providence Strategic Growth Invests in DivvyCloud
May 01, 2019
DivvyCloud Raises $19 Million to Automate Cloud Security and Compliance
Investment to Fuel Innovation in Cloud Security and Support Growing Customer Demand
ARLINGTON, Va., May 1, 2019 --DivvyCloud, a leading provider of security and compliance automation for public cloud and container infrastructure, today announced a $19 million growth round, bringing its total capital raised to date to $29 million. This round was led by Providence Strategic Growth with follow-on investments from existing investors MissionOG and RTP Ventures. The added investment allows DivvyCloud to make specific technological advancements to its cloud security and compliance solution, as well as expand sales and marketing efforts and customer success programs to meet rapidly increasing demand.
“In a quickly maturing market, DivvyCloud has demonstrated a unique value proposition for enterprises leveraging the public cloud,” said John R. Marquis, Principal, Providence Strategic Growth.
“Most enterprise companies are implementing a multi-cloud strategy and require a platform that allows them to fully embrace self-service access without losing control,” said Brian J. Shin, Managing Director, Providence Strategic Growth. “In the cloud era, security cannot be an impediment to innovation. Importantly, DivvyCloud delivers a strategy for companies to have their cake and eat it too - unrestricted access to cloud services for developers to drive innovation and a robust approach to improving security and compliance. The impact of DivvyCloud’s best-in-class software platform has been proven by impressive customer adoption and retention.”
DivvyCloud was founded in 2013 with a vision of empowering enterprises to give developers the freedom to innovate through self-service access to cloud services while at the same time enhance security and compliance. Building upon its industry-leading solution, DivvyCloud will leverage the infusion of capital to innovate its product offerings, including extending policy enforcement capabilities into the continuous integration/continuous delivery (CICD) pipeline and deepening integrations with key third-party solutions to enhance orchestration.
“Data breaches caused by misconfigurations of public cloud services have been dominating headlines in 2019 and are costing enterprises millions of dollars, needlessly,” said Brian Johnson, CEO and co-founder, DivvyCloud. “DivvyCloud is uniquely positioned, with our approach to automation that uses real-time remediation to allow enterprises to fully realize the benefits of public cloud and container adoption without the risk of misconfigurations and other common security and compliance issues. With this funding, we intend to deliver specific product advancements; strengthen support for containers, cloud identity, and serverless; and broaden our market penetration to benefit companies around the globe. Our goal is to enable every enterprise in the world to be able to confidently and securely embrace cloud services to drive rapid innovation.”
Headed by a strong leadership team, DivvyCloud has doubled its customer base in the last 12 months, including adding marquee customers Kroger, CoStar and Pizza Hut. The company has also doubled its staff in the past year, including adding key executive hires Scott Totman as head of engineering and product development, and Rick Juneja as head of customer success. Brian J. Shin, Managing Director of Providence Strategic Growth, has also joined DivvyCloud’s board of directors.
Further validating DivvyCloud’s market position, the company was named the Editor’s Choice Winner in Cloud Security by Cyber Defense Magazine in the 2019 Infosec Awards and was a winner in Cloud Security in the Cybersecurity Product category in the 2019 Cybersecurity Excellence Awards.
“The majority of our direct competitors have been acquired by large conglomerates, leaving DivvyCloud uniquely positioned as a well-funded company exclusively focused on driving innovation in the cloud security posture management category,” continued Johnson. “Enterprises continue to turn to our best-in-class software platform for a secure and compliant approach to operating cloud and container services.”
About DivvyCloud
DivvyCloud helps enterprise customers improve security, take control, and minimize risk as they embrace the dynamic, self-service, nature of public cloud and container infrastructure. With DivvyCloud, security, GRC, and operations professionals can identify risks in real-time and take automatic, user-defined action to fix problems before they're exploited. Customers run DivvyCloud's software to achieve continuous security governance in cloud and container environments. Freedom is good. Chaos is bad. To learn more: www.divvycloud.com
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Contacts
Emily Ashley
PR for DivvyCloud
DivvyCloud@10fold.com
916-710-0950
Andrew Cole
PR for PSG
ACole@SARDVERB.com
212.687.8080
GlobalTranz Selects New Equity Partner
April 03, 2019
GlobalTranz Selects New Equity Partner
Partnership expected to drive continued technology leadership, organic revenue growth and strategic acquisitions
PHOENIX, April 03, 2019 -- GlobalTranz Enterprises, Inc., a leading technology-driven third-party logistics (3PL) solutions provider, today announced that it has selected funds advised by Providence Equity Partners L.L.C. and its affiliates (Providence) as its new equity partner. Providence has signed a definitive agreement to acquire 100 percent of GlobalTranz from The Jordan Company, L.P. (TJC). The transaction is expected to close within 60 days.
“The team at GlobalTranz has built a technology-driven, market-leading logistics platform that has delivered strong value and growth. The company is poised for continued success and we are excited to be part of the next stage of the company’s evolution,” said David Phillips, Managing Director, Providence. “GlobalTranz is a very strong fit with our model, and we expect to leverage our relationships and resources to help management continue to grow the business.”
“I am excited to have Providence as our new owner, with their impressive track record of expanding B2B tech-enabled services businesses across multiple sub-sectors and geographies,” said Renee Krug, CEO of GlobalTranz. “I would like to thank The Jordan Company for their support, guidance and governance. TJC’s sector experience facilitated accelerated growth both organically and via acquisitions. We are pleased to provide a successful exit for TJC while concurrently positioning the company well for the next steps in its journey.”
Ranked the 10th largest freight brokerage in the US by Transport Topics and voted an Inbound Logistics Top 10 3PL provider for 2018, GlobalTranz is driving strong growth with 25,000+ customers through technology innovation, a network of 34,000+ carriers, transformative M&A, creative products and superior customer service delivered by the some of best people in the industry.
“Our new partnership with Providence will allow us to continue our pattern of strong growth both organically and through strategic acquisitions,” said Bob Farrell, executive chairman of GlobalTranz. “With Providence’s support, we expect to build upon our unique success through ongoing technology innovation and the deployment of logistics solutions that address ever-increasing shipper sophistication.”
GlobalTranz was advised by Harris Williams & Co. and Kirkland & Ellis LLP. Providence was advised by Weil, Gotshal & Manges.
For more information, visit https://www.globaltranz.com and follow us on LinkedIn and Twitter @globaltranz.
About GlobalTranz
GlobalTranz is a technology company providing award-winning cloud-based multi-modal Transportation Management System (TMS) products to shippers, carriers, 3PLs and brokers. GlobalTranz is leading the logistics software and services market in innovative technology that optimizes the efficiency of freight movement and matches shipper demand and carrier capacity in real-time. Leveraging its extensive independent agent network, GlobalTranz has emerged as a fast-growing market leader with a customer base of over 1 million product users and 25,000 shippers. In 2018, Transport Topics named GlobalTranz a Top 10 largest freight brokerage firm in the U.S.
About Providence Equity Partners
Providence is a premier global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
MEDIA CONTACT:
GlobalTranz:
Nick Fryer
Director of Public Relations & Content Marketing
224-515-7383
nicholas.fryer@globaltranz.com
Providence:
Andrew Cole/Kelsey Markovich
Sard Verbinnen & Co.
212-687-8080
Prov-SVC@sardverb.com
MASMOVIL Agrees to Repurchase Providence Equity Partners Convertible Bond
April 01, 2019
MASMOVIL agrees to repurchase Providence Convertible Bond in full and refinances its existing debt, doubling its maturity
Providence will remain an important shareholder of the Group with an 8% stake and retain its presence on the Board of Directors
The transaction removes the significant dilution effect of the convertible (16% after the transaction) and is expected to improve EPS by 11% in 2020.
The repurchase by MASMOVIL of more than 26% of its shares, together with the reinvestment by Providence of €120M in the Company, are clear demonstrations of confidence in the continued growth of MASMOVIL.
Madrid, 1st of April 2019.- MASMOVIL Group (“MASMOVIL”, the “Company” or the “Group”) has reached an agreement with Providence Equity Partners L.L.C. (“Providence”) for the repurchase of an outstanding convertible bond owned by funds advised by Providence since 2016. The Company will finance this through a capital increase and debt issuance that are fully underwritten by Goldman Sachs and BNP Paribas.
This transaction is part of a refinancing process for the Group´s existing debt, which will allow MASMOVIL to finance its continued growth in an efficient manner.
“We are very pleased to have closed these two transactions, which allow us to provide shareholders with a lower than anticipated dilution as well as an increase in earning per share. This will also provide the Company with a strengthened financial structure that enables us to continue leading the growth of the telecommunications market in Spain”, said Meinrad Spenger, CEO of MASMOVIL.
“We are thrilled to have supported Meini and his talented management team achieve such tremendous success for MASMOVIL, and we are also pleased to have made another long term commitment to the Company,” said John Hahn, Senior Managing Director at Providence.
Repurchase of the convertible bond in two tranches and a reinvestment of Providence in the Company
The repurchase of the Providence convertible will take place for a total amount of €883M and will be carried out in two tranches. The first one corresponding to 40% of the total debt will be paid on May 7, 2019, for a price of €351M. The second tranch for the remaining 60%, will have an amount of €533M payable on December 20 2019.
As part of this transaction and as a demonstration of confidence in MASMOVIL and its continued growth potential, Providence will reinvest €120M at a price per share of €18,45.
In addition, Providence will maintain its current 3% stake in the capital of the Group, remain on the Board of Directors and continue to be one of the main shareholders of the Company with 8% of the capital of MASMOVIL (including the agreed capital increase).
With this transaction, MASMOVIL will repurchase more than 26% of its fully diluted shares (43M shares). In addition, it avoids a 16% dilution post-transaction including a total capital increase of 17M shares, of which 7M have already been subscribed by Providence (26M shares over the total of 137M shares of the transaction).
As a consequence and after this operation, MASMOVIL will be able to restructure the last tranch of the convertible debt it signed in the framework of the Yoigo acquisition after the repurchases made in 2016, 2017, and 2018 by Abengoa, FCC and ACS, respectively.
Refinancing of the Group and strong debt reduction in the short term
MASMOVIL Group has reached an agreement with Goldman Sachs and BNP Paribas to refinance this purchase (€883M) and practically all of the Group’s existing debt (€890M) with advantageous conditions, increasing the maturity and reducing the cost, which promotes the Group´s ability to continue investing and financing its growth with the following facilities:
1,450M€ of covenant-lite Term loan with no required amortization and maturity in 7 years (2026), doubling its maturity.
€200M of preferred equity, which is expected to be replaced with common equity through an accelerated book build offering (“ABO”) within the next 9 months.
The Company has also secured €280M of undrawn capital expenditure and revolving credit facilities from the banks.
Finally, the Company has communicated its intention to reduce its debt significantly in the short term. The transaction will result in an initial net leverage of c.4.1x annualized Q1 2019 Adjusted EBITDA currently estimated to be €105M. This is forecast to be reduced to 3.0x EBITDA by the end of 2020 driven by MASMOVIL’s continued strong operating momentum.
Important benefits for the Company and its shareholders
The repurchase of the convertible bond from Providence and the refinancing of MASMOVIL’s existing debt will provide important benefits to the Company and its shareholders: *Reduction of the dilution of current shareholders by 16%.
*MASMOVIL estimates the transaction will result in EPS accretion of 6% in 2019, 11% in 2020, and 14% in 2021, based on broker consensus forecast EPS.
*The Repurchase has been achieved at an attractive price, which is 12% below the convertible’s theoretical nominal value of €1,005M and 7% below the fair value provided by EY in their “fairness opinion”.
*The weighted average maturity of the debt structure will double to 7 years, which will allow MASMOVIL to continue leading its growth in the spanish market and investing in the deployment of its own networks.
*The transaction results in a significant reduction in MASMOVIL’s overall cost of capital by replacing the high cost convertible with largely low-cost term loan. Goldman Sachs and BNP Paribas are the global coordinators of the transaction. Freshfield, Evergreen, Fried Frank and Castañeda Abogados have acted as legal advisors.
About MASMOVIL Group
MASMOVIL Group is the fourth telecommunications operator in Spain, offering services for fixed line telephone, mobile phone services, and internet broadband for home use, companies and operators under its principle brands: Yoigo, Pepephone, MASMOVIL, Lebara y Llamaya.
The Group holds a fixed infrastructure of Fibra/ADSL and mobile 3G and 4G. At present it is capable to serve more than 15.2 million of homes with optic fiber and 18 million more with ADSL. Its 4G mobile network covers 98.5% of the Spanish population. The Group has more than 8 million customers in Spain. MASMOVIL Group has received the 2018 award ADSL as the ”Best Fiber Operator” from the Grupo Informatico. In addition, it has been nominated for the award as the “Revelation Company of the year” within the Business Awards of the Grupo Vocento.
Additionally, it is the operator with the fastest fiber network in Spain during 2018 according to a study by the company, nPerf, and the operator with the fastest 3G+4G aggregated mobile network in Spain, according to a study by the company, Tutela. It also has obtained the highest rating for Spanish mobile operators from its customers satisfaction according to the “2017 Index of Client Experience”, prepared by the consultor Stiga.
About Providence Equity Partners
Providence is a premier global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Follow us:
Web MASMOVIL Group: https://grupomasmovil.com
Twitter: https://twitter.com/grupomasmovil
For more information.
Fernando Castro +34.656.160.378
fernando.castro@masmovil.com
Conrad Harrington +44.7912.647.473
charrington@sardverb.com
Providence Equity Partners Agrees to Invest in TAIT
February 25, 2019
TAIT Announces Growth Equity Investment from Providence Equity Partners
LITITZ, Pa. & PROVIDENCE, R.I.--Feb 25, 2019-- TAIT (formerly known as TAIT Towers), the market leader in designing, developing, and operating live event solutions for the entertainment industry, announced today an investment from funds advised by Providence Equity Partners (“Providence”), a premier private equity firm that specializes in the media, communications, education and information industries. TAIT CEO & President James “Winky” Fairorth and Chief Creative Officer Adam Davis will remain significant shareholders alongside Providence. Financial terms of the transaction were not disclosed.
Since 1978, TAIT has been a leading provider of advanced creative and engineering solutions to the live entertainment industry. TAIT is one of the only companies of scale that provides an end-to-end solution to design, construct, manufacture and operate custom-built concert touring and permanent installation experiences. TAIT has worked on 17 of the top 20 highest grossing concert tours of all time and has a diverse and iconic client base including The Rolling Stones, U2, Taylor Swift, Justin Timberlake, Disney, Universal, Cirque du Soleil and Nike.
TAIT also has a robust IP portfolio with more than 80 patents in technology and design. The company utilizes TAIT Navigator, a proprietary automation and show control platform that provides critical functionality to live productions and powers the majority of the company’s projects. The platform’s hardware and software products control machinery, lighting, audio, pyro, fountains and other special effects.
James “Winky” Fairorth, President & CEO of TAIT, said: “We are thrilled to partner with Providence to help take us through our next phase of growth. The firm has an impressive track record of investing in businesses that deliver world-class events and experiences. This growth equity investment is a testament to the breadth and depth of TAIT’s talented team and unique culture of excellence, which have advanced industry standards and exceeded client expectations for over 40 years.”
Adam Davis, Chief Creative Officer at TAIT, said: “Providence is the ideal partner to help us accelerate our growth initiatives and strengthen our market position. We are proud to be a part of the Providence family and look forward to working with them to expand our offering for artists, entertainment companies and corporate brands that consistently turn to TAIT for spectacular live experiences.”
Scott Marimow, Managing Director at Providence, said: “TAIT is regarded as the gold standard in the industry for its differentiated capabilities, global presence, client relationships and track record of delivering the finest live event solutions in the world. The company is also well positioned for sustainable growth from strong, secular trends, as artists, entertainment concepts and brands are spending more on live events and production quality to create memorable experiences that drive heightened consumer engagement and sharing across social media. We are excited to partner with such a passionate management team and look forward to working together.”
Providence has over two decades of experience investing in and creating lasting value at a wide range of live event-based companies. Current and previous investments consist of Ambassador Theatre Group, Learfield, Major League Soccer, Superstruct, Topgolf, Yankees Entertainment and Sports Network, European Media Partnership and World Triathlon Corporation (Ironman).
Michael Dominguez, Managing Director at Providence, said: “Over the past four decades, TAIT has grown to become an industry leader. We feel fortunate to have the opportunity to partner with an outstanding team in order to accelerate the company’s growth and further invest in its vast IP portfolio and technological capabilities, which are applicable across multiple client types and end markets. Our investment in TAIT is a great fit with Providence’s growing portfolio of category-leading businesses focused on live, out-of-home events and experiences that are highly valued in an increasingly digital world, and that continue to benefit from attractive underlying consumer trends.”
Evercore served as TAIT’s financial advisor and Pepper Hamilton LLP served as legal advisor to TAIT. Lazard served as Providence’s financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Providence.
About TAIT
TAIT is the World Market Leader in designing, constructing and delivering the finest live event solutions in the world. Whether it’s creating awe-inspiring spectaculars, complex touring stages, theatre engineering solutions, brand activations or cruise ship installations, TAIT delivers world-class solutions for live experiences. With its proprietary entertainment automation platform, custom-made products, and creative engineering, TAIT’s cutting-edge offerings continue to advance industry standards and exceed client expectations. As a global network of over 600 employees in 12 office locations, TAIT has worked on projects in over 30 countries, all 7 continents and even outer space. TAIT’s diverse group of clients include Taylor Swift, Cirque Du Soleil, The Metropolitan Opera House, NASA, National Geographic, Beyoncé and The Olympics.
About Providence Equity Partners
Providence is a premier global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Media Contacts
TAIT
Mia C. Tinari
Global Head of Marketing & Communications
marketing@taittowers.com
Providence Equity Partners
Andrew Cole / Hayley Cook
Sard Verbinnen & Co
212-687-8080
Prov-SVC@sardverb.com
Ardian Agrees to Acquire Study Group
February 21, 2019
ARDIAN ACQUIRES A MAJORITY STAKE IN STUDY GROUP, THE LEADING INTERNATIONAL EDUCATION PROVIDER IN THE UK, AUSTRALIA AND NORTH AMERICA
London, February 21, 2019– Ardian, a world-leading private investment house, announces it has reached an agreement to acquire a majority stake in Study Group, the leading provider of international education in the UK and Europe, Australia, New Zealand and North America, from Providence Equity Partners, a premier global asset management firm.
Each year, Study Group supports around 30,000 students from 142 countries on campuses spread across three continents. Study Group prepares international students, who wish to enter leading English-speaking universities, through educational courses that provide them with the academic, language and learning skills needed to succeed. Study Group is a market leader in the UK and in Australia, and partners with 48 prestigious universities.
A world leader, Study Group has the highest number of partner universities which fall within the Global Top 200 university ranking of the market. The International Education pathway market has grown by 15% p.a. in volume historically and is forecast to continue to grow double-digit in the years to come.
David Leigh, the Chairman of Study Group, commented: “It has been a great privilege to lead the excellent team at Study Group over the past six years. Led by CEO Emma Lancaster, the organisation is poised to continue its strong growth under new ownership, providing excellent outcomes for students via close partnerships with many of the world’s best universities.”
Olivier Personnaz, Managing Director in Ardian Buyout team added: “We are proud to invest in Study Group for the next phase of its development. The ambition of the management team, the quality of their long-term university partner relationships and the strength of its growth serve as proof of Study Group’s excellence. Alongside the management team, we will work to drive further growth and build on the Group’s presence in key geographies through strategic acquisitions. Through our investment, more students will be able to realize their academic potential at leading international universities.”
Dany Rammal, Managing Director at Providence Equity, said: “We are pleased to have partnered with Study Group’s strong management team to improve academic outcomes for students around the world, grow the number of University Partners from 16 in 2010 to 48 today, and execute a number of strategic and operational efforts that position the Company well for its next phase of growth. We wish the team every success going forward.”
This acquisition remains subject to the authorization from FIRB in Australia.
ABOUT STUDY GROUP
Study Group is a leading provider of international education. With 48 university partners around the world, it enables students to succeed at degree level, by helping them develop the necessary study and language skills to which they may not have had access in their local education systems. Last year, around 30,000 students from 142 countries chose Study Group to provide them with life-changing learning experiences.
ABOUT ARDIAN
Ardian is a world-leading private investment house with assets of US$90bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 550 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 800 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt. www.ardian.com
ABOUT PROVIDENCE EQUITY PARTNERS
Providence is a premier global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
LIST OF PARTICIPANTS
Ardian: Olivier Personnaz, Bruno Ladrière, Edward Little, Benjamin Witcher, Michael Van Cauwenberge
Commercial Due Diligence: OC&C - Pedro Sanches, Zeeshan Ashraf
Financial Due Diligence: EY - Matt Harvey, Mark Griffiths
Tax: EY - Karen Kirkwood, Michael Atkinson, Sachika Yamawaki
Corporate: Allen & Overy - Karan Dinamani, Hayley Elsley, William Hayward
Financing: Allen & Overy - Robin Harvey, Sarbajeet Nag, Alex Bond
PRESS CONTACTS
ARDIAN
Headland
TOM JAMES
Tel: +44 207 3675 240
tjames@headlandconsultancy.com
STUDY GROUP
Topline
Katie Shuff
Tel: +44 (0)7958 441840
katie@toplinecomms.com
PROVIDENCE EQUITY PARTNERS
Sard Verbinnen & Co
Conrad Harrington
Tel: +44 207 4671 050
Prov-SVC@SARDVERB.com
Providence Strategic Growth Sells YourCause
January 02, 2019
Leading Corporate Social Responsibility Provider, YourCause, Acquired by Blackbaud
Acquisition will provide YourCause customers with unmatched innovation and scale offered by Blackbaud’s sector-leading R&D
Plano, Texas (Jan. 2, 2019) — YourCause, a market leader in enterprise philanthropy, corporate social responsibility and employee engagement technology, announced today that it has been acquired by Blackbaud (NASDAQ: BLKB), the world’s leading cloud software company powering social good.
Blackbaud purchased YourCause for approximately $157 million and the acquisition closed Wednesday, January 2, 2019.
YourCause stands out as an innovative, flexible, and scalable software provider with a diverse customer portfolio, including Fortune 500 companies and small businesses alike. Eight million people can engage with YourCause’s solution, which processes more than $245,000 in donations every business hour and has coordinated, tracked and rewarded more than 30 million volunteer hours.
YourCause’s Plano, Texas-based team of 155 employees will join Blackbaud. “The inspiration for YourCause began in 2007 with the story of a boy in war-torn Uganda who had suffered unimaginable tragedy, my desire to help and my realization that the tools to connect individuals like myself to the causes and organizations needing support across the globe were lacking,” YourCause CEO Matthew Combs said. “Joining Blackbaud, the leader in the social good software space, will enable us to connect enterprises, individuals, and nonprofits to more efficiently support social causes of every size, anywhere in the world.”
After implementing YourCause solutions, customers show growth as high as triple-digit percentages in volunteers, donations, engagement and more. These reported successes demonstrate a larger trend: overall ability to attract employees and customers alike by strengthening a company’s reputation.
“We understand that business success today is more than finances; it’s also critical to engage on social issues,” said Mike Gianoni, president and CEO of Blackbaud. “In a time where 84 percent1 of Americans believe businesses shoulder a responsibility to bring social change, providing those businesses with the right tools not only helps attract and retain customers and employees – but it helps to build a better world.”
The acquisition of YourCause positions Blackbaud as the industry leader in providing solutions to both nonprofit organizations and for-profit companies committed to social issues. “Together, we have a unique opportunity to innovate for the social good space at a larger scale and with greater velocity,” said Kevin McDearis, chief products officer at Blackbaud. “Combining YourCause’s comprehensive solutions for maximizing global social impact with Blackbaud’s unparalleled leadership in delivering cloud solutions for social good will enable companies around the world to create a culture that engages and inspires employees and customers, while driving business success and powering measurable outcomes.”
In the near term, YourCause customers will benefit from Blackbaud’s longstanding connections to the nonprofit community and deep investments in research and development to accelerate innovation of the YourCause solutions they use today. Blackbaud customers will benefit from a marked expansion and acceleration of workplace giving and volunteering while building a source of new donors, volunteers and advocates. In the future, Blackbaud is eager to combine YourCause’s product vision with its own, align YourCause’s capabilities to Blackbaud’s technical standards, and introduce expanded innovation to the market.
“YourCause is an extraordinary company whose leading SaaS platform has brought together the best product and service offerings to support corporate philanthropy,” said Marco Ferrari, managing director at Providence Strategic Growth (PSG), YourCause’s majority shareholder and the growth equity affiliate of Providence Equity Partners. “We are thrilled to have had the opportunity to partner with the YourCause leadership team to help scale the business over the course of our investment. Under Blackbaud’s ownership, the team is well-positioned to innovate even faster and to continue to make a positive impact on the world.”
Blackbaud is headquartered in Charleston, South Carolina, with operations around the globe. YourCause is headquartered in Plano, Texas.
Shea & Company, LLC and Weil, Gotshal & Manges LLP acted as financial and legal advisors to the YourCause shareholders in connection with the transaction.
For more information, visit www.YourCause.com.
1. Global Strategy Group’s ‘Business & Politics: Do They Mix?’ report
About YourCause
YourCause is a Plano, Texas-based Software as a Service (“SaaS”) provider of the CSRconnect Employee Engagement Platform (“CSRconnect”) and the GrantsConnect Corporate and Foundation Grants Management Platform (“GrantsConnect”), an integrated, fully hosted solution for corporations to more effectively deploy and manage their employee giving, volunteering, disaster relief, grant management, fundraising, and overall corporate social responsibility and philanthropy programs. Ranked on the Inc. 5000 list for four consecutive years, and named a best place to work in Dallas, YourCause is rapidly expanding its operations through the ongoing deployment of end-to-end solutions for enterprises, nonprofits, and do-gooders. YourCause’s Transparent Giving model allows the company to maximize impact across its Global Good Network benefitting millions of nonprofits around the world. For more information, visit www.YourCause.com, or email info@YourCause.com.
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the world's leading cloud software company powering social good. Serving the entire social good community—-nonprofits, foundations, companies, education institutions, healthcare organizations and individual change agents—Blackbaud connects and empowers organizations to increase their impact through cloud software, services, expertise, and data intelligence. The Blackbaud portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility, school management, ticketing, grantmaking, financial management, payment processing, and analytics. Serving the industry for more than three decades, Blackbaud is headquartered in Charleston, South Carolina and has operations in the United States, Australia, Canada and the United Kingdom. For more information, visit www.Blackbaud.com, or follow us on Twitter, LinkedIn, and Facebook.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Forward-looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties. Although YourCause attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: general economic risks; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; management of integration of acquired companies and other risks associated with acquisitions; risks associated with successful implementation of multiple integrated software products; the ability to attract and retain key personnel; risks related to our dividend policy and share repurchase program, including potential limitations on our ability to grow and the possibility that we might discontinue payment of dividends; risks relating to restrictions imposed by the credit facility; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organization; technological changes that make our products and services less competitive; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from Blackbaud’s investor relations department. All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
Providence Equity Partners Invests in CloserStill Media
December 20, 2018
CloserStill Media Announces Growth Investment from Providence Equity Partners
LONDON – December 20, 2018 – Funds advised by Providence Equity Partners (“Providence”) have signed an agreement to invest in CloserStill Media (“CloserStill”), one of the world’s leading independent organisers of trade shows and events. Providence agreed to acquire a majority stake from Inflexion Private Equity (“Inflexion”), NVM Private Equity (“NVM”) and management. Phil Soar and Phil Nelson, co-founders of CloserStill, as well as the broader management team, will remain major shareholders alongside Providence. Financial terms of the transaction were not disclosed.
CloserStill is a fast-growing exhibitions business, operating an award-winning portfolio of global brands in the technology, learning and healthcare sectors. Flagship events include the London Vet Show, Cloud Expo Asia, Data Centre World, The Pharmacy Show, Learning Technologies and The Dentistry Show. The company has achieved significant organic and inorganic growth, with eleven acquisitions completed in the last three years. Today, CloserStill has a team of over 270 employees across a global network of offices in London, Paris, New York, California, Berlin, Singapore and Hong Kong.
Philip Soar, Chairman & CEO of CloserStill, said: “Over the past ten years we have worked diligently to develop a best-in-class team that has driven our remarkable growth. Our business has also benefited from the expertise provided by Inflexion and NVM and we appreciate their significant contributions in the last three years. CloserStill now has a roster of the best attended and largest events focused on the high-value technology and healthcare sectors globally. We are excited to partner with Providence, who we have known for some time, and who have extensive experience in our industry and a superb track record in supporting growth businesses.”
Phil Nelson, Commercial Director and co-founder of CloserStill, said: “Since founding the business in 2008, we have been fortunate to expand within our attractive sector verticals and I am thrilled with the results made possible by the dedication and creativity of our colleagues. I really look forward to the next chapter of our growth.”
Andrew Tisdale, Managing Director at Providence, said: “CloserStill is an exceptional business led by a strong management team with a proven track record of developing and acquiring successful events around the world. With a compelling global portfolio and diverse customer base across the technology, learning and healthcare sectors, CloserStill is well-positioned to accelerate the momentum the business has generated to date. We are excited to partner with such a fantastic team and look forward to working together.”
CloserStill was advised by Addleshaw Goddard LLP and DC Advisory on the legal and financial aspects, respectively. Weil, Gotshal & Manges LLP served as legal advisor to Providence and LionTree Advisors as financial advisor.
About CloserStill
CloserStill is a leading business trade show operator focusing on the healthcare, learning and technology sectors. Founded in 2008, CloserStill operates a portfolio of some of the fastest-growing, award-winning events, including: the London Vet Show, Cloud Expo Europe, Data Centre World, The Pharmacy Show, Learning Technologies and The Dentistry Show. CloserStill featured in the Sunday Times “100 Best Companies to Work For” in 2018 and ranked in the top 100 of the Sunday Times International Track 200 in 2016, 2017 and 2018. In 2017, CloserStill was listed in the Financial Times FT1000 Index as the fastest growing exhibitions organiser and one of the fastest growing companies in Europe. In 2018 Industry Awards, CloserStill won “Best Trade Show”, “Best Trade Show Launch”, “Best Trade Show Rising Star”, “Best Salesperson in the Industry”, “Best Operations Team in the Industry” and “Best Marketing Team in the Industry”.
About Providence Equity Partners
Providence is a premier global asset management firm with approximately $30 billion in assets under management across complementary private equity businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Media Contacts:
CloserStill
Philip Soar, Chairman & CEO
+44 779 533 6751
Providence Equity
Conrad Harrington
+44 20 7467 1050
Prov-SVC@sardverb.com
Providence Equity Partners Agrees to Acquire Tes Global
December 17, 2018
Tes Announces New Owners
LONDON – December 17, 2018 – We are delighted to announce the sale of Tes Global Group Limited (“Tes Global”) from TPG to Providence Equity Partners L.L.C. (“Providence”).
The management and staff of Tes Global are pleased to welcome Providence as owners. The Executive team is looking forward to working together with Providence to build the business and help achieve its long-term success.
Rob Grimshaw, CEO of Tes Global said: “We are delighted to be joining Providence at this exciting time in Tes Global’s journey. Our mission is to support and connect teachers and schools worldwide, helping them improve children’s lives through education. Over the next few years and backed by the strength of Providence’s expertise in the education sector, we look forward to taking that vision further. In particular, we aim to build on our already strong credentials as a software services provider, bringing smart digital solutions to schools both in the UK and worldwide. On behalf of everyone at Tes, I’d also like to thank TPG for their guidance as owners of the business in recent years and their unwavering support for our successful strategic transformation.”
Dany Rammal, Managing Director at Providence, said: “By partnering with Tes Global, we can combine their leading education platform with our expertise developing innovative education businesses around the world to build an even stronger operator in this exciting sector. Providence has over 150,000 students across our existing portfolio of education-focused groups that includes NACE Schools, Galileo Global Education and Study Group International, which make us particularly well-positioned to help Rob and his team propel Tes Global’s world-leading community of teachers and school leaders towards its next phase of growth.”
Antonio Capo, Partner at TPG Capital, said: “Since investing in Tes Global in 2013, we have worked closely with management to transform Tes from a predominantly print-based teacher classified business into a global digital education company. A number of strategic acquisitions have enabled Tes to expand into teacher training and education technology, whilst heavy investment in systems and digital capabilities have resulted in disruptive product innovations for schools and teachers the world over. We are proud of what the company has achieved under our ownership, and wish Rob, his team and their new sponsor Providence continued success.”
Tes Global was advised by Jefferies International Limited, Cleary Gottlieb Steen & Hamilton LLP, and Travers Smith LLP and Providence was advised by Weil, Gotshal & Manges LLP and Arma Partners.
In preparation for this transaction, the ‘THE WUR’ (Times Higher Education World University Rankings) business was separated from Tes Global and will remain under the ownership of TPG pending a sale in the New Year. Upon closing of this transaction, Tes Global and ‘THE WUR’ will be discrete businesses with different owners.
EDITORS NOTES
Overview of Tes Global Ltd:
We believe in the power of great teaching. Tes supports and connects teachers and schools worldwide, helping them improve children’s lives through education.
Building on our heritage of writing news for teachers for over a century, Tes is at the heart of the global teaching profession. We host a digital community of 11.6m educators, who create and share-teaching resources downloaded up to a million times a day. Through sophisticated digital tools and services, we help schools attract candidates to fill vacancies, as well as qualify and train their own teachers.
Tes at a glance:
- 11.6m registered users on tes.com, growing at 45K per week
- 20% growth year on year on tes.com, including 2.1m average weekly unique users
- 1m classroom resources downloaded on peak days and 230m last year (over 1 billion downloads since Tes launched a resource sharing platform)
- 500K teachers clicked to apply for jobs in the past 12 months
- 5th largest ITT (initial teacher training) organisation in the UK
- 1st largest library of Continuous Professional Development content in the English-speaking world
About Providence Equity Partners Providence is a premier global asset management firm with approximately $30 billion in assets under management across complementary private equity businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
For more information, please contact:
Providence Equity Partners
Conrad Harrington
Office: +44 20 7467 1050
Prov-SVC@sardverb.com
TPG
Luke Barrett
Office: +1 212 601 4752
lbarrett@tpg.com
Andrew Honnor / Alex Jones
Greenbrook Communications
Office: +44 20 7952 2000
tpg@greenbrookpr.com
Tes Global
Lord Jim Knight
Office: +44 (0) 20 3194 3265
jim@tes.com
Katy Gandon
Office: +44 203 194 3004
katy.gandon@tesglobal.com
Or visit www.tes.com/tesglobal
Providence Strategic Growth Invests in ShootProof
December 12, 2018
ShootProof Announces Strategic Investment by Providence Equity
ATLANTA, GA – December 12, 2018 – ShootProof (the “Company”), a leading global provider of online gallery software and related services for professional and semi-professional photographers, today announced a significant growth investment by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, a premier global asset management firm focused on the media, communications, education and information industries. Terms of the transaction were not disclosed.
Founded in 2010, ShootProof is a user-friendly, technology-enabled platform that allows photographers to share and sell their work commission-free. ShootProof is a one-stop shop for photographers around the world, offering a suite of professional tools to address all of their business needs, including online photo proofing, customizable password-protected galleries and mobile apps, invoicing, contracts and printing through its extensive network of partner labs. The Company also provides tools that help photographers manage their ongoing businesses, including email marketing and a dashboard for monitoring sales activity. Tens of thousands of photographers in 38 countries use ShootProof’s galleries and services, which are available in 18 languages.
“PSG has deep experience and an impressive track record of partnering with founder-led software and technology-enabled services businesses, making them the ideal partner for ShootProof as we look to scale our platform and capitalize on market opportunities that we believe will accelerate our growth,” said Colin Breece, Co-Founder of ShootProof.
Robert Swarthout, Co-Founder of ShootProof, added, “We are passionate about providing photographers with the tools they need to run successful and sustainable businesses. PSG shares our vision for technology innovation, and their strategic and operational expertise in building vertical SaaS companies will be invaluable as we expand our platform with new services that enhance the user-experience and help photographers focus on what matters most.”
“ShootProof has built an exceptional brand and strong reputation in a large, highly fragmented vertical market combining software and payments,” said Matthew Stone, Principal at PSG. “Colin and Robert have built an excellent technology platform, and we have been impressed with the company’s growing offering and deep customer relationships. We are very excited to partner with this talented team to build on ShootProof’s success.”
GrowthPoint Technology Partners served as financial advisor to ShootProof. Weil, Gotshal & Manges LLP served as legal advisor to PSG, and Nelson Mullins Riley & Scarborough, LLP served as legal advisor to ShootProof.
About ShootProof
ShootProof is a leading provider of online gallery software and sales tools for professional and semi-professional photographers around the world. The user-friendly platform enables photographers to share and sell their photos commission-free in customizable galleries and apps, and deliver a better client experience with digital downloads, proofing, printing, and more. Founded in 2010, ShootProof serves tens of thousands of photographers in 38 countries, offering 18 different languages for galleries. ShootProof is headquartered in Atlanta, GA. For more information, please visit www.shootproof.com.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Contacts
Providence Equity
Andrew Cole / Kelsey Markovich
Sard Verbinnen & Co
212-687-8080
Prov-SVC@sardverb.com
Providence Equity Partners Agrees to Sell Vector Solutions
November 05, 2018
GOLDEN GATE CAPITAL TO ACQUIRE VECTOR SOLUTIONS
SAN FRANCISCO, CA and TAMPA, FL – November 5, 2018 – Golden Gate Capital, a leading private equity investment firm, today announced that it has signed a definitive agreement to acquire Vector Solutions (“Vector”) from Providence Equity Partners (“Providence”), a premier global private equity firm. CEO Jeff Gordon and the current management team will continue to lead Vector, which will remain headquartered in Tampa, FL. Financial terms of the transaction were not disclosed.
Founded in 1999, Vector is the leader in industry-focused eLearning and SaaS performance support solutions. The Company serves a broad range of industries with award-winning online education, safety, compliance and performance-optimization solutions. With an extensive and growing library of more than 8,000 courses written by over 250 subject matter experts, Vector uses the latest innovations in learning and technology to create safer, more capable and compliant organizations across the commercial, education and public sectors.
“Vector Solutions has built a strong portfolio of industry-leading training technology and SaaS solutions that provide its customers with mission-critical tools,” said Rishi Chandna, a Managing Director at Golden Gate Capital. “Vector Solutions is successfully executing against its strategy – including expanding from eLearning solutions into a performance optimization company – and driving impressive growth. We look forward to partnering with Jeff and the terrific team to support the Company’s continued growth, both organically and through targeted acquisitions.”
“We are pleased to work with Golden Gate Capital, which has a demonstrated track record of building long-term value for its portfolio companies,” said Mr. Gordon. “Given Golden Gate Capital’s significant software industry expertise and operational experience, as well as the financial resources to accelerate our growth strategy, we are confident that this partnership will support our next phase of growth. We thank Providence for their partnership over the past four years and are excited to build on our momentum as we embark on the next chapter of our success.”
“We have enjoyed a successful partnership with Vector over the last several years,” said Peter Wilde, a Managing Director at Providence. “Under Jeff’s leadership, the Company has experienced tremendous organic and inorganic growth, significantly expanded its geographic footprint, course library and customer base, and more than doubled its size. We are proud to have helped add lasting value at Vector and advance the Company’s mission, and we are confident Vector has a bright future.”
Kirkland & Ellis LLP served as legal advisor to Golden Gate Capital. Robert W. Baird & Co. served as financial advisor to Providence and Weil, Gotshal & Manges LLP served as legal advisor.
About Vector Solutions
Vector Solutions, a leader in eLearning and performance support, provides award-winning SaaS solutions for the architecture, engineering, construction, industrial, facilities management, public safety, IT and education industries. Its brands, RedVector, TargetSolutions, and SafeSchools, deliver continuing education, training, technology and performance management solutions using the latest innovations in learning and technology to create safer, more capable, more compliant organizations. Its extensive online and mobile learning library exceeds more than 8,000 courses written by over 250 subject matter experts and reaches almost 6 million professionals worldwide. The company was founded in 1999 and is headquartered in Tampa, Florida. For more information, visit www.vectorsolutions.com. Follow us on twitter @VectorPerform and on Facebook at www.facebook.com/VectorPerformance.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Other notable software investments sponsored by Golden Gate Capital include Infor, BMC Software, LiveVox, and 2020 Technologies. For more information, visit www.goldengatecap.com.
About Providence Equity Partners (“Providence”)
Providence is a premier global asset management firm with approximately $60 billion in assets under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Contacts
Vector Solutions
Victoria Zambito
(813) 864-2593
victoria.zambito@vectorsolutions.com
Golden Gate Capital
Jenny Gore / David Isaacs
Sard Verbinnen & Co
(312) 895-4700 / (415) 618-8750
Providence
Andrew Cole / Kelsey Markovich
Sard Verbinnen & Co
(212) 687-8080
Prov-SVC@sardverb.com
Franklin Templeton to Acquire Benefit Street Partners
Globe Newswire
October 25, 2018
Franklin Templeton Investments Announces Acquisition of Alternative Credit Manager Benefit Street Partners
SAN MATEO, Calif., Oct. 25, 2018 (GLOBE NEWSWIRE) -- Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments (“Franklin Templeton”), today announced that it has entered into an agreement to acquire Benefit Street Partners L.L.C. (“BSP”), a leading alternative credit manager with approximately $26 billion in assets under management as of September 30, 2018. The acquisition will bolster Franklin Templeton’s alternative offerings and expand its robust fixed income capabilities to include an array of alternative credit strategies, at a time when investors are increasingly allocating capital to less liquid and higher yielding credit opportunities.
“We’re pleased to announce the acquisition of Benefit Street Partners and to welcome its seasoned and talented team,” said Greg Johnson, chairman and CEO of Franklin Templeton. “BSP’s differentiated approach to investing within the alternative credit space has resulted in a thriving business over the course of the last decade. The percentage of institutional investors expected to allocate to alternative credit for the long term is substantial, and this acquisition positions us well in a growing market. We are confident that BSP’s experience and capabilities, combined with Franklin Templeton’s global scale and extensive resources in more liquid credit investing, will enhance origination capabilities and increase our breadth and depth of expertise across the leveraged finance market.”
Established in 2008, BSP is based in New York, with five additional offices across the US. BSP offers a broad spectrum of investment capabilities to its investors, covering corporate performing and distressed private credit, structured credit and commercial real estate credit. The alternative credit asset class is seeing strong demand in a rising rate environment, with BSP generally focusing on high quality, primarily senior secured, floating rate debt. BSP’s senior management team has worked together for over two decades, at BSP and at another organization, and is supported by a deep bench of strategy leaders, portfolio managers and investment professionals with significant experience building institutional-quality businesses that have delivered strong results through multiple market cycles.
Tom Gahan, founder, CEO and CIO of BSP, said, “We believe Franklin Templeton is the perfect long-term partner for our business. Franklin Templeton’s pedigree, global reach and extensive investment capabilities will provide BSP with increased resources and investment opportunities. We look forward to collaborating with Franklin Templeton’s experienced team to continue to deliver market-leading risk-adjusted returns to our investors. We are grateful to our partners at Providence, who helped launch and support BSP over the past decade.”
Jenny Johnson, president and COO of Franklin Templeton, added, “Expanding our alternatives capabilities has been a strategic focus area for Franklin Templeton, and this acquisition will position us to capitalize on the growing and sought after alternative credit segment. We’re consistently seeing investors augment their traditional fixed income portfolios with alternative credit to enhance their risk/reward characteristics. BSP brings new alternative solutions within private credit that complement Franklin Templeton’s existing alternatives and fixed income capabilities to meet the evolving needs of our clients.”
Jonathan Nelson, founder and CEO of Providence, said, “BSP’s combination with Franklin Templeton makes strategic and economic sense for all stakeholders. We couldn’t be more proud of Tom and the team’s success in building a world-class credit business. This has been a great 10-year partnership, and we wish them continued success.”
This transaction is subject to customary closing conditions and we anticipate the transaction will close in Franklin Templeton’s second quarter of fiscal 2019. Following the acquisition, Franklin Templeton’s alternative offerings will represent more than $40 billion in assets under management.
Morgan Stanley & Co. LLC served as financial advisor to Franklin Templeton, and its legal counsel was Willkie Farr & Gallagher LLP. BofA Merrill Lynch served as BSP’s financial advisor on the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP was its legal advisor.
Conference Call
Franklin Templeton will hold a conference call today at 11am ET to discuss its fourth quarter and fiscal year results, as well as the acquisition. Additional information on the acquisition can be found in the written earnings commentary at investors.franklinresources.com. The conference call will be led by Greg Johnson and Ken Lewis, CFO and executive vice president of Franklin Templeton, who will be joined by Tom Gahan and Richard Byrne, president of BSP.
About Benefit Street Partners
Benefit Street Partners L.L.C. is a leading credit-focused alternative asset management firm with approximately $26 billion in assets under management. BSP manages assets across a broad range of complementary credit strategies, including private/opportunistic debt, structured credit, high yield, special situations, long-short liquid credit and commercial real estate debt. Based in New York, the BSP platform was established in 2008 in partnership with Providence Equity Partners. For further information, please visit www.benefitstreetpartners.com.
About Franklin Templeton Investments
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the company has expertise across all asset classes—including equity, fixed income, alternative and custom solutions. The company’s alternatives capabilities include private equity, hedge, commodities, real estate, infrastructure and venture capital strategies from Darby Overseas Investments, Franklin Real Asset Advisors, Franklin Venture Partners, K2 Advisors, Pelagos Capital Management, Templeton Global Macro and Templeton Private Equity Partners.
Franklin Templeton Investments’ more than 650 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in over 30 countries, the California-based company has more than 70 years of investment experience and over $717 billion in assets under management as of September 30, 2018. For more information, please visit investors.franklinresources.com.
About Providence Equity Partners
Providence is a premier global asset management firm with approximately $60 billion in assets under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Forward-looking statements
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Any forward-looking statements herein are made only as of the date of this press release, and the company assumes no obligation to update any information or forward-looking statement contained herein, except as required to be disclosed by law.
Bill Aliber and Brian Shin Join Providence Strategic Growth as Managing Directors
October 15, 2018
Providence, R.I. – October 15, 2018 – Providence Strategic Growth Capital Partners L.L.C. (“PSG”), an affiliate of Providence Equity Partners L.L.C., a premier global asset management firm with approximately $60 billion in assets under management, today announced that Bill Aliber and Brian Shin have joined the firm as managing directors.
“Bill and Brian’s considerable experience with software and technology-enabled service companies make them an ideal fit for PSG,” said Mark Hastings, Chief Executive Officer of PSG. “With his strong financial acumen and track record of driving significant revenue growth through organic and inorganic strategies, we expect Bill will provide valuable insights to enhance our portfolio companies’ financial activities. As a founder, CEO, advisor and investor in numerous technology companies over the past two decades, Brian has proven to be adept at identifying and building businesses that are disrupting traditional industries. He will be a great asset to PSG as we continue to work with founders and entrepreneurs to rapidly build scale and value through our platform ‘buy and build’ strategy.”
“I am delighted to welcome Bill and Brian to the growing PSG team,” said Peter Wilde, Chairman of PSG. “Having witnessed Bill’s capabilities firsthand at Ascend Learning for nearly a decade, I am confident he will add tremendous value at PSG’s portfolio companies. Brian is a talented investor with proven operational and leadership expertise that will help us capitalize on opportunities in our target markets. We look forward to Brian and Bill’s contributions as we continue support the growth of our portfolio companies and pursue new investment opportunities.”
About Bill Aliber
Mr. Aliber has over 20 years of experience as a CFO. Prior to joining Providence in 2018, Mr. Aliber was the CFO of Ascend Learning, a leading provider of educational content, software and analytics. Ascend Learning was a Providence Equity Partners portfolio company for ten years, and Mr. Aliber was the CFO for nearly nine of those years, during which time revenue increased from less than $200 million to over $450 million and the company completed numerous acquisitions. Prior to Ascend Learning, Mr. Aliber was the CFO of Hallmark Card’s various entertainment-related businesses.
Mr. Aliber received a Master of Business Administration from the University of Chicago and a Bachelor of Arts from Brown University.
About Brian Shin
Mr. Shin has 20 years of experience building high-growth technology companies. For more than a decade, he has been an angel investor or early shareholder in over 40 technology startup companies including HubSpot, Drift, Vesper, Misfit, Kayak, Sirtris Pharma, Frequency Therapeutics and Atrium. Most recently, Mr. Shin was a Partner with In-Q-Tel, a strategic investment firm supporting the missions of the United States Intelligence Community, where he led investments in areas including advanced analytics, AI hardware and integrated devices. Prior to In-Q-Tel, Mr. Shin was the Founder and CEO of Visible Measures, a venture-backed video analytics company that was acquired in 2017, as well as the Founder and Chairman of Mustbin, a venture-backed mobile security company that was also acquired in 2017.
Mr. Shin received a Masters of Business Administration from the MIT Sloan School of Management and a Bachelor of Arts from Tufts University.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm with approximately $60 billion in capital under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Media Contacts
Andrew Cole/Kelsey Markovich
Sard Verbinnen & Co
212-687-8080
prov-svc@sardverb.com
Jim Moran Named Senior Advisor to Providence Strategic Growth
Business Wire
October 05, 2018
PROVIDENCE, R.I.--(BUSINESS WIRE)--Providence Strategic Growth Capital Partners L.L.C. (“PSG”), an affiliate of Providence Equity Partners L.L.C., a premier global asset management firm with approximately $60 billion in assets under management, today announced that Jim Moran has been named as a Senior Advisor to PSG. Mr. Moran will work closely with PSG on new investment opportunities and certain of the firm’s existing investments.
Mr. Moran has over 23 years of experience as an investor and executive of technology startups across a variety of markets, including enterprise SaaS and cloud, open source, payments, mobile commerce and communications & infrastructure. Most recently, he was a managing director at North Bridge Venture & Growth Equity Partners, where he invested in and advised early-stage and growth-oriented companies, including mobile wallet provider Paydiant (acquired by PayPal) and endpoint security solution Confer Technologies (acquired by Carbon Black). Prior to North Bridge, Mr. Moran held key leadership roles at several successful startups, including serving as the CEO of Convergence Networks (acquired by ACME Packet), the COO of Virtusa, the co-founder and CRO of edocs (acquired by Siebel/Oracle) and the GM and SVP of Sales at CheckFree Corporation.
“Jim is an industry veteran with decades of experience building technology companies to scale, many of which have resulted in significant value creation for all stakeholders,” said Mark Hastings, CEO of PSG. “He has a keen eye for identifying markets that are ripe for disruption, and considerable expertise in sourcing and vetting growth equity deals. We believe he will provide valuable insights and support as we continue to grow the PSG platform.”
“Jim’s proven financial and operational leadership will help create additional value at our portfolio companies, and his extensive network and growth investing acumen will help us identify and pursue new investment opportunities in our target sectors,” said Peter Wilde, Chairman of PSG. About Providence Strategic Growth Capital Partners L.L.C.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners and is investing out of its third fund, with $1.3 billion of total capital. Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence Equity Partners is a premier global asset management firm with approximately $60 billion in capital under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 160 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence Equity, please visit www.provequity.com.
Contacts
Media
Sard Verbinnen & Co
Andrew Cole/Kelsey Markovich, 212-687-8080
prov-svc@sardverb.com
Anju Software Harnesses the Power of Life Sciences Data Through Acquisition of Zephyr Health
October 02, 2018
NEW YORK – October 2, 2018 – Anju Software Inc., a life sciences software platform backed by Providence Equity Partners, today announced that it has acquired San Francisco-based Zephyr Health, a company that provides comprehensive physician, institution and treatment data for every major disease area. Zephyr uses proprietary algorithms to link disparate data sources delivering actionable insights.
With this acquisition, Anju continues to execute on combining robust software with actionable data to create tremendous value to its customers, which include pharmaceutical companies, clinical research organizations (CRO), [full service] agencies and medical device companies. The acquisition of Zephyr also expands Anju's geographical footprint to San Francisco, London, U.K. and Pune, India.
“Zephyr Health, MDC and Open Q, when combined. offer the most comprehensive data solution currently available to provide focused data for site and investigator optimization for clinical trials, provide key opinion leader (KOL) optimization for medical affairs and for commercializing a drug,” said Mr. Kurien Jacob, CEO of Anju Software.
“We are pleased to combine Zephyr with Anju and have been encouraged by Anju's vision for creating the next generation platform for the life sciences industry,” added Brook Byers, an early investor in Zephyr and co-founder of Kleiner Perkins Caufield & Byers.
“Zephyr’s big data analytics solution enables Anju’s pharmaceutical customers to improve research efficacy and significantly reduce the time it takes to bring life-saving therapies to market,” said Gopi Vaddi, Providence Strategic Growth Managing Director and a member of the Anju Board. “Zephyr is an ideal fit with Kurien’s vision for Anju as the Company continues to execute on its strong growth strategy.”
“Providence is excited about the platform that is being built by the Anju team,” said Alexis Egan, a Providence Strategic Growth Senior Advisor. Mr. Byers and Joe Horowitz, managing general partner of Icon Ventures and an investor in Zephyr, will serve in an advisory capacity to Anju.
About Anju Software
Anju Software (“Anju”) is a leading provider of comprehensive software and data solutions to the life sciences industry. Anju provides an integrated platform spanning clinical, medical affairs and commercial operations. Anju has combined deep industry and software domain expertise to build a next generation platform for the life sciences sector that can scale to provide solutions that meet customers' needs from “molecule to retirement”. Anju solutions are used by large and small pharmaceutical companies, clinical research organizations, full service agencies and medical device companies. Data flow between functional areas, seamless communication with third party systems and AI-based data mining solutions provide a unique way for Anju customers to leverage critical information throughout their ecosystem. For more information, please visit www.anjusoftware.com.
About Zephyr Health
Founded in 2011, Zephyr Health is the leading insights-as-a-service company harnessing the power of global healthcare data for precise and confident product lifecycle performance for biopharmaceutical and medical device companies, focused on commercial and medical affairs areas of Pharma and Medical Devises Zephyr Health is venture backed by Kleiner Perkins Caufield & Byers, Icon Ventures, and Google Ventures. For more information, please visit: www.zephyrhealth.com.
About Providence Equity
Providence Equity Partners (“Providence”) is a premier, global asset management firm with approximately $60 billion in assets under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity, investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
Contacts:
Anju Software: Kurien Jacob
Kurien.MA@anjusoftware.com ; (630) 981-5868
Providence Equity: Andrew Cole / Kelsey Markovich
Sard Verbinnen & Co
Prov-SVC@SARDVERB.COM ; 212-687-8080
Arcoro Acquires InfinityHR to Further Expand HCM Offering
October 01, 2018
InfinityHR Adds Core HR, Benefits Management and Payroll to Arcoro’s End-to-End solution
DES MOINES, Iowa--October 1, 2018 --Arcoro, a proven provider of human capital management (“HCM”) solutions for high consequence industries, announced today that it has acquired InfinityHR, an innovative leader in Human Capital Management. InfinityHR joins the existing Arcoro HCM platform companies of BirdDogHR and ExakTime and marks the third human resource (“HR”) software acquisition by Arcoro this year. Arcoro, which is backed by Providence Strategic Growth Capital Partners L.L.C. (“PSG”), continues to fulfill its commitment to delivering integrated, easy-to-use HCM solutions for high consequence industries.
With the U.S. unemployment rate hovering at 3.9% according to the Bureau of Labor Statistics, hiring, managing and retaining great employees is a competitive endeavor that continues to be critical to business longevity and success. Arcoro understands that high consequence industries, including construction, engineering, manufacturing and healthcare, face these challenges in addition to their rigorous reporting requirements for compliance. Accordingly, the acquisition of InfinityHR brings core HR features, benefits management, payroll, Affordable Care Act reporting and other features that can be integrated seamlessly into the Arcoro solution.
“We are very excited to join Arcoro,” said Jeff Torczon, president and CEO of InfinityHR. “Arcoro has assembled a strong HR solution offering. We look forward to introducing our solution across the Arcoro family of companies and sharing the Arcoro solutions with our customers and strong partner network.”
“InfinityHR’s product suite is highly complementary to the current Arcoro product suite, and will further empower Arcoro’s customers with a highly integrated HCM solution with the breadth of capabilities they are looking for,” said PSG Managing Director Gopi Vaddi. “Their strong core HR software solution, support structure and partner network reinforces our go-to market strategy. We are very happy to have InfinityHR join our team, and very excited about the great cultural fit.”
“We are pleased to see InfinityHR joining the suite of Arcoro products,” said Todd Skokan, CEO of BirdDogHR. “We think the expanded core HR functionality will make Arcoro’s strong array of offerings even stronger.”
“We are looking forward to the expanded offering available through the Arcoro platform of products in the HCM space,” said Tony Bowden from Payroll Systems, an InfinityHR partner. “InfinityHR continues to be a leading partner for our customers, providing best in class core HR functionality, benefits management, ACA reporting and payroll functionality. Integrated talent management provided by BirdDogHR combined with ExakTime’s time and attendance platform will give us an opportunity to increase our HCM offerings all under the Arcoro brand.”
About Arcoro
Arcoro combines proven human capital management (HCM) software solutions designed to help high compliance and high consequence companies improve efficiencies, limit risk and build high-performing teams. With over 8,000 customers and 360,000 daily users in 20 countries around the world, Arcoro provides easy-to-use, cloud-based HCM software and services that are designed to give organizations the competitive edge needed to scale and grow effectively and efficiently. Visit us online at www.arcoro.com.
About BirdDogHR
BirdDogHR offers comprehensive talent management software and managed services — everything you need to guide the entire employee lifecycle. The cloud-based talent management system is straightforward and easy to use, so you can safely focus on implementing strategy — not learning new software or worrying it won’t keep up with changing regulations. Managed services operate as an extension of your HR department and deliver the expertise and focus you need. Organizations can see ROI in effective growth management, bottom line results and compliance peace of mind. BirdDogHR specializes in high-consequence and government contracting industries because they have unique needs. Companies from other industries can use the BirdDogHR talent management solution — and they do — but the solution is built with the most rigorous compliance needs in mind. BirdDogHR is a platform company for leading HCM provider, Arcoro. Visit us online at www.birddoghr.com.
About ExakTime
Founded in 1999, ExakTime is a 20-year leader in time and attendance tracking for construction and field services and the #1-selling system in North America. ExakTime’s cloud-based wireless, mobile, and rugged timekeeping solutions are easy to implement and use for any size company. Accurate digital time tracking and convenient payroll syncing streamlines operations, saving businesses time and money and ensuring they remain compliant. Easy access from any location and powerful reporting provide the insights businesses need to effectively manage their growing workforces. ExakTime is used daily by more than a quarter million workers in dozens of industries, in more than 20 countries. For more information, visit www.exaktime.com.
About InfinityHR
InfinityHR is an innovative leader in Human Capital Management. We cater to businesses of all sizes, providing solutions to help them manage, maintain, communicate, and automate employee and company-wide human capital management processes. With a proven track record, our powerful HR software solution provides comprehensive Human Capital Management, Benefits Management, Payroll, Compliance, Extensions, and an innovative Mobile App, in one completely integrated and secure system. This includes interfacing capability for both Payroll and Insurance Carrier systems, and links with hundreds of major partners. InfinityHR brings together the most essential HR tasks in one place, simplifying processes and allowing teams to get back to the work that matters most. For more information, please visit www.infinity-ss.com.
About Providence Strategic Growth
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm with approximately $60 billion in capital under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 160 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Contacts
BirdDogHR
Ann Torry, 515-473-9219
VP of Marketing
atorry@birddoghr.com
Mark Emkjer and Ben Kaplan Named as Senior Advisors to Providence Strategic Growth
Business Wire
September 26, 2018
PROVIDENCE, R.I.--(BUSINESS WIRE)--Providence Strategic Growth Capital Partners L.L.C. (“PSG”), an affiliate of Providence Equity Partners L.L.C., a premier global asset management firm with approximately $60 billion in assets under management, today announced that Mark J. Emkjer and Ben Kaplan have been named as Senior Advisors to PSG. Mr. Emkjer and Mr. Kaplan will work closely with the PSG team to identify and pursue new investment opportunities and support certain of the firm’s existing investments.
“Mark and Ben are two seasoned executives with strong track records of developing and executing growth strategies in their respective sectors,” said Mark Hastings, Chief Executive Officer of PSG. “We look forward to leveraging their tremendous operational expertise and deep experience in the healthcare technology and financial technology industries as we continue to grow the PSG platform and strive to build profitable and high-growth software businesses.”
Peter Wilde, Chairman of PSG, added, “We are pleased to welcome Mark and Ben to the PSG team. Their breadth of experience, extensive network of relationships and proven ability to drive growth through both organic and inorganic strategies are an ideal fit for PSG’s platform. I am confident they will provide valuable strategic and insightful perspective and look forward to their contributions in the years ahead.”
About Mark J. Emkjer
Mr. Emkjer has 35 years of experience in the healthcare technology industry, and has served as the Chief Executive Officer of five public and private companies in the provider, health plan and life sciences sectors. Most recently, Mr. Emkjer served as CEO of WebMD Health Services, where he led a turnaround of the business that included a rewrite of strategy, assembly of an executive team and the execution of various operating tactics that led to significant growth and numerous high profile sales. Prior to WebMD, Mr. Emkjer served as CEO and a member of the board of Accelrys, a scientific informatics software and services company for life sciences, chemical and materials research and development, where he led the company’s spinoff from Pharmacopeia. Prior to Accelrys, he was the President and COO of Sunquest, a leading provider of clinical data management, where he helped significantly bolster the company’s profit and shareholder equity over the course of three years, culminating in the sale of the company to MISYS PLC for $404 million. Previously, Mr. Emkjer served as the CEO of Pace Health Management Systems, a clinical decision support provider that was sold to 3M Corporation under his leadership, and HCC, a leading international provider of financial solutions to the healthcare industry.
Mr. Emkjer currently serves on the board of directors at Care Payment, The Rancho Santa Fe Foundation and Anju Software Inc. – a PSG portfolio company. He was recently on the board of inContact, where he served on the committee that negotiated the sale of the company for over $1 billion, as well as the board of Hooper Holmes, which has now merged with Provant Health. He has also been a lecturer at the University of California’s Rady School of Management addressing MBA candidates on various topics including turnarounds, leadership and the healthcare industry. Mr. Emkjer received a Master of Business Administration from the University of Miami and a Bachelor of Science in Finance from Florida Atlantic University.
About Ben Kaplan
Mr. Kaplan has more than two decades of experience building high-growth SaaS and fintech companies, driving both innovation and operational excellence. Most recently, Mr. Kaplan was President and CEO of CashStar, a leading provider of mobile prepaid and digital gift card solutions. Over the course of his leadership, he drove revenue growth by over 400% and significantly increased profitability, culminating in its sale to Blackhawk Network in 2017. Prior to CashStar, Mr. Kaplan served as Chief Operating Officer at Cartera Commerce, a leading provider of card-linked marketing and affiliate advertising solutions. Previously, he held leadership positions at KNOVA Software, which was acquired by Consona Corporation, North Systems, Broadbase Software and Commerce One. Mr. Kaplan received a Bachelor of Arts from Harvard College.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners and is investing out of its third fund, with $1.3 billion of total capital. Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence Equity Partners is a premier global asset management firm with approximately $60 billion in capital under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 160 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence Equity, please visit www.provequity.com.
Contacts
Media
Sard Verbinnen & Co
Andrew Cole/Kelsey Markovich, 212-687-8080
prov-svc@sardverb.com
Two Providence Strategic Growth Portfolio Company CEOs Named to SaaS Report's Top 50 SaaS CEOs of 2018
SaaS Report
August 27, 2018
Congratulations to Alex Terry, Chief Executive Officer of Conversica, and Todd Skokan, Chief Executive Officer of BirdDogHR, on being named to SaaS Report’s Top 50 SaaS CEO’s of 2018 list. CEOs are selected based on reviews by their employees and industry colleagues, and this year, nearly 5,000 nominations were submitted. The individuals were also evaluated on key areas including integrity, intelligence, energy, company culture and company growth.
Alex Terry – CEO of Conversica
Conversica is a provider of SaaS-based automated sales assistant software for engaging inbound leads in the sales process in the Automotive, Technology, Education and Finance industry verticals. Alex has over 20 years of Management experience in high-growth SaaS, artificial intelligence and machine learning companies. Before joining Conversica, Alex was CEO at Become, Inc. and prior to that, he was EVP and General Manager at Zoomerang.com. As a technology and business innovator, Alex holds multiple patents for his work in internet services, integrated communications and interactive billing systems.
Todd Skokan – CEO of BirdDogHR
BirdDogHR is a leader in talent management solutions for construction, engineering and skilled trades industries. Todd has more than 23 years of experience in SaaS and e-learning and is a proven leader in Human Capital Management. Since becoming BirdDogHR’s CEO in 2013, he has grown the company from 12 employees to over 60, earning BirdDogHR a spot on the Inc. 5000’s fastest-growing businesses list for the fourth consecutive year. Previously, Todd held leadership positions at Intelledon, GeoLearning, Vital Learning, Learn2, Skillsoft and ITC Learning.
To read the full article and learn more about Alex and Todd, click here.
Six Providence Strategic Growth Portfolio Companies Named to Inc. Magazine’s 2018 Ranking of Fastest-Growing Private Companies in America
Inc. Magazine
August 27, 2018
Congratulations to six Providence Strategic Growth portfolio companies AbacusNext, BirdDogHR, Conversica, Formstack, Patron Technology and YourCause for making the Inc. 5000 list– Inc. Magazine’s 2018 ranking of the fastest-growing private companies in America. PSG is proud to partner with these companies’ management teams to help support and facilitate their accelerated growth.
AbacusNext is a vertically focused provider of practice management software and hosted private cloud solutions to small- and medium-sized law firms and other compliance-related verticals.
BirdDogHR is a leader in talent management solutions for construction, engineering and skilled trades industries.
Conversica is a provider of SaaS-based automated sales assistant software for engaging inbound leads in the sales process in the Automotive, Technology, Education and Finance industry verticals.
Formstack is a versatile online form solution and automation technology platform that enables users to capture and manage data.
Patron Technology is a growing ticketing and CRM software provider for Arts and Culture organizations.
YourCause is a provider of a SaaS-based platform that corporations use to manage philanthropic efforts such as employee giving, volunteering and corporate grants. The company also offers a donor management platform to nonprofit organizations.
To see the full list and learn more about the companies, click here.
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Overseas Persons
The information contained herein is not for publication or distribution, directly or indirectly, in or into any jurisdiction where to do so would violate the law of that jurisdiction (a "Restricted Jurisdiction"), and the availability of the Information (and any related offer) to shareholders of Chime who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable regulatory and legal requirements.
If you are not permitted to view the Information on this website, or viewing the Information would result in a breach of the above, or you are in any doubt as to whether you are permitted to view the Information, please exit this web page.
Additional US information
The Offer relates to the shares of a UK company and will be subject to UK procedural and disclosure requirements that are different from those of the United States. Any financial statements or other financial information included in this section of the website may have been prepared in accordance with non-US accounting standards that may not be comparable to the financial statements of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States. It may be difficult for US holders of shares in Chime to enforce their rights and any claims they may have arising under the US federal securities laws in connection with the Offer, since each of Chime and Bidco is located in a country other than the United States, and some or all of their officers and directors may be residents of countries other than the United States. US holders of shares in Chime may not be able to sue Chime, Bidco or their respective officers or directors in a non-US court for violations of US securities laws. Further, it may be difficult to compel Chime, Bidco and their respective affiliates to subject themselves to the jurisdiction or judgment of a US court.
Forward-looking statements
The information (including information incorporated by reference) and documents in this section of the website may contain forward-looking statements regarding Chime's and/or Bidco's financial position, business strategy, plans and objectives of management for future operations. All statements other than statements of historical facts included in any document may be forward looking statements. Forward-looking statements also often use words such as "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, and readers are cautioned not to place undue reliance on such statements. The important factors that could cause Chime's and/or Bidco's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, the satisfaction of the conditions to the Offer, regulatory approvals that may require acceptance of conditions with potential adverse impacts and general economic conditions.
These forward-looking statements speak only as of the date of the respective documents. Chime and Bidco each expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).
Unless expressly stated otherwise, no statement contained or referred to in this section of the website is intended to be a profit forecast.
Responsibility for information
Robey Warshaw LLP (“Robey Warshaw”) is authorised and regulated by the Financial Conduct Authority in the UK. Robey Warshaw is acting exclusively as financial adviser to Bidco and no one else in connection with the Offer and will not be responsible to anyone other than Bidco for providing the protections afforded to clients of Robey Warshaw nor for providing advice in connection with the Offer or any matter referred to herein. Moelis & Company UK LLP ("Moelis"), which is authorised and regulated in the UK by the Financial Conduct Authority, is acting exclusively for Chime and no one else in connection with the Transaction, and will not be responsible to anyone other than Chime for providing the protections afforded to clients of Moelis nor for providing advice in connection with the Transaction. HSBC Bank Plc ("HSBC"), which is authorised by the PRA and regulated in the UK by the FCA and the PRA, is acting exclusively for Chime and no one else in connection with the Transaction, and will not be responsible to anyone other than Chime for providing the protections afforded to clients of HSBC nor for providing advice in connection with the Transaction.
THE DOCUMENTS IN THIS AREA OF THE WEBSITE MAY NOT BE DOWNLOADED, FORWARDED, TRANSMITTED OR SHARED WITH ANY OTHER PERSON EITHER IN WHOLE OR IN PART WHERE TO DO SO WOULD OR MAY CONSTITUTE A BREACH OF ANY APPLICABLE LOCAL LAWS OR REGULATIONS.
Confirmation of understanding and acceptance of disclaimer
- I confirm that I am permitted to proceed to this part of the website and that I am not (nor do I act on behalf of someone who is) resident in any country that renders the accessing of this area of the website or parts thereof illegal.
- I agree that I will not forward, transfer or distribute (by any means including by electronic transmission) any documents included in this area of the website either in whole or in part to any person in any jurisdiction where such distribution may be restricted by applicable law or regulation.
- I represent and warrant to Chime and Bidco that I intend to access this area of the website for information purposes only, that I have read and understood this notice and that I understand that it may affect my rights or responsibilities.
- I agree to be bound by the terms of the notice set out above and I confirm that I am permitted to proceed to this part of the site.