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Providence Invests in The Chernin Group and Welcomes Peter Chernin as Senior Advisor

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Mar 05, 2012 | Providence Equity

Providence Announces Sale of Archipelago Learning

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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

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

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

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

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

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

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.

Contacts

Kelsey Markovich/Hayley Cook
Sard Verbinnen & Co
212-687-8080
prov-svc@sardverb.com

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.

Contacts
Kelsey Markovich/Hayley Cook
Sard Verbinnen & Co
212-687-8080
prov-svc@sardverb.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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.

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

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

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

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

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.

Contacts

Media

Sard Verbinnen & Co

Andrew Cole/Kelsey Markovich, 212-687-8080

prov-svc@sardverb.com

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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.

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