News from Summit and Our Portfolio

Human-centered design meets German engineering

‍MUNICH, GERMANY and CHICAGO, ILLINOIS – ProGlove, a leading provider of industrial wearables, today announced a $40 million investment from global growth equity firm Summit Partners. The company plans to leverage this funding to expand its international footprint and support its mission to connect the human workforce with the industrial Internet of Things (IoT).

Founded in 2014, ProGlove offers a scanner glove designed to improve the efficiency and effectiveness of scanning processes used across the manufacturing, logistics, transportation and ecommerce/retail sectors. ProGlove’s products are integrated into the factory and warehouse floor processes at some of the world’s most renowned brands including Audi, BMW, Bosch, Daimler, DHL and Lufthansa Technik. The company’s smart glove provides an ergonomic, hands-free barcode scanning solution that helps workers increase productivity and optimize workflow. While traditional handheld scanners tend to be unwieldy and bulky, the small form factor, lightweight, wearable design of ProGlove’s scanner unit allows users to reduce scanning time by up to 4 seconds per scan. In a warehouse or on a factory floor, this reduction represents an improvement in scanning efficiency of as much as 50 percent for some ProGlove customers. Additionally, the company’s smart glove provides direct feedback to the user via optical, haptic and acoustic signals, helping to eliminate mistakes and improve overall process quality.

“Organizations seeking to maintain a competitive edge in the era of Industry 4.0 must rethink and reinvent the way in which humans and machines interact. Wearable devices acknowledge the importance of enabling a smarter, more effective worker in the industrial IoT environment,” said Andreas Koenig, CEO of ProGlove. “Industrial wearables define the future of assembly, production and logistics processes. Our smart wearables are designed to function as a natural extension of the workers’ tools, strengthening the role of the human in today’s automated world.”

ProGlove got its start after earning recognition in Intel’s 2014 “Make it Wearable” challenge. Following an initial product development phase, ProGlove began commercializing its scanner glove in 2016 and quickly amassed a number of industry accolades and an impressive roster of customers. Today, the company operates on a global scale, serving more than 500 customers around the world from its offices in Munich, Germany and Chicago, Illinois.

“The market for industrial wearables is large and rapidly growing, and we believe ProGlove is well-positioned for continued growth as manufacturing and shipping processes increasingly depend upon smart scanning solutions to optimize productivity,” said Johannes Grefe, a Principal at Summit Partners who has joined the company’s Board of Directors.

“At Summit, we focus on partnering with companies that have the team, technology and vision to define the categories in which they operate. We believe ProGlove’s customer-centric approach to product design presents a significant opportunity to empower the human worker while increasing workplace efficiency,” added Dr. Matthias Allgaier, a Managing Director at Summit Partners who has also joined the ProGlove board.

“Our goal is to recognize and enable the value of human involvement in today’s increasingly automated industrial environment,” added Thomas Kirchner, Co-founder and Vice President Product at ProGlove. “We’re excited to work with Summit to expand our global reach and bring the industrial IoT to the human workforce on an international scale.”

‍About ProGlove‍

ProGlove develops industrial wearables. The smart solutions of the German headquartered company are used by more than 500 renowned organizations in manufacturing, production, logistics and retail. ProGlove was founded in December 2014 after winning the Intel "Make it Wearable" Challenge in Silicon Valley. ProGlove is backed by growth focused investors Summit Partners, DIVC and Bayern Capital. ProGlove employs 160 people from over 40 countries at its two sites in Munich and Chicago. More information is available at www.proglove.com.‍

About Summit Partners‍

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in healthcare, technology, and other growth industries. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Teaching Strategies, an "early childhood technology and services developer best known for its GOLD observation-based assessment system and its Creative Curriculum product lines for infants, preschoolers and kindergartners," has acquired ReadyRosie, a video modeling & mobile technology company that facilitates relationships between families & educators to promote school readiness.

Visit EdSurge to learn more about Teaching Strategies' latest partnership and the role of technology in enabling family engagement in early education.

Source: EdSurge

Summit Managing Director Greg Goldfarb was named to GrowthCap’s Top 25 Software Investors of 2019 list. GrowthCap’s inaugural list includes investment professionals who have demonstrated deep software sector expertise, high corporate strategic acumen, exceptional investment judgement, and consistent professional performance over a sustained period of time. Since joining Summit in 2002, Greg has completed more than twenty investments across the technology sector and beyond, with a particular focus on analytics and big data, cloud computing, enterprise applications, mobility and security, internet and electronic marketplace businesses, and unique consumer models and brands. Greg’s investment and director experience includes Clearwater Analytics, Cloudmark, Gainsight, onX, Jamf, PatSnap, Philz Coffee, Visier, RiskIQ, Rocket Fuel, TSheets, Web Reservations International, Wowza Media Systems and more.

Read more about Greg and his fellow honorees at GrowthCap.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

MINNEAPOLIS – Jamf announced today its acquisition of Digita Security, creators of enterprise-grade, purpose-built endpoint protection solutions designed to protect Mac users from malicious activities and threats, all while preserving the Apple experience users expect and love. With Digita Security, Jamf will complement its Apple management, authentication and account management solutions with a security offering to provide the industry’s most robust suite of capabilities in the Apple enterprise market. Details regarding availability of Jamf’s enterprise endpoint protection solution will be announced in the near future.

“There is undisputable evidence that demand for Mac in the enterprise is at a record high but, at the same time, security and privacy concerns are at a fever pitch,” said Dean Hager, CEO, Jamf. “By extending our existing suite of products with an endpoint protection solution built exclusively for Mac, we know we can further our mission to help organizations succeed with Apple by offering a complete set of capabilities required for Apple in the enterprise. We are excited to welcome the entire Digita Security team to Jamf and plan to aggressively invest in this important solution.”

Founded by a team of industry experts who are regarded as top researchers and developers in macOS security and malware analysis, Digita Security quickly realized there was a unique opportunity to provide a new enterprise endpoint protection solution built exclusively for Mac that works with and extends an organization’s existing security framework. With this laser focus, Digita Security’s approach is to fully leverage and extend the complete and latest native security capabilities for macOS to deliver the most robust and relevant solution for Mac on the market. Digita Security’s Apple-first and Apple-only approach will help ensure day-zero support for new macOS releases, so IT has insight into security vulnerabilities and can take advantage of new operating system security features. End users are also empowered with the latest macOS capabilities.

“There are many great security solutions in the market, but none of them focus on the unique security capabilities and threats for Mac, and the expectations of both enterprise IT/security and Mac users,” said Patrick Wardle, Chief Research Officer, Digita Security. “We knew early on there was a need for a purpose-built solution that provides the depth of security and peace of mind required by enterprise organizations, and to do so in a way that delivers a user experience that Mac users love. That’s why we started Digita Security and why we are thrilled to join Jamf and fully realize this shared vision.”

“Our employees use Mac because they make them more productive and collaborative, and with Jamf, are easier for our IT team to manage,” said David McIntyre, Ph.D., Chief Information Technology Officer, Build America Mutual. “We knew we needed an endpoint protection solution that preserved the Apple user experience while upholding our data security and privacy. Through Digita Security’s streaming insights, we have unprecedented visibility into our macOS fleet so we can maintain continuous compliance, detect advanced threats, and hunt suspicious behaviors. We’re excited about Jamf’s acquisition of Digita Security because their exclusive focus on helping organizations succeed with Apple ensures continued innovation in endpoint protection for Mac.”

Those interested in being kept up-to-date on future Jamf products can visit: https://www.jamf.com/lp/digita-security/

About Jamf
Jamf is committed to enabling IT to empower end users and bring the legendary Apple experience to businesses, education and government organizations via its product portfolio, and the 85,000 members of Jamf Nation. Today, 30,000 global customers rely on Jamf to manage 15 million Apple devices. To learn more, visit: https://www.jamf.com.

Source: Jamf

Combined Transportation SaaS Solutions Drive Modernization into Transportation Supply Chain

CARY, N.C. –MercuryGate® International, Inc., a leader in Transportation Management System (TMS) solutions, today announced it has acquired TranSolutions, Inc., the leading provider of transportation-centric claims management software.

Founded in 1997, TranSolutions is the world’s premier vendor of freight claim management software revolutionizing the logistics software industry with the introduction of myEZClaim, the world’s first freight claim software. The acquisition instantly enriches MercuryGate’s TMS portfolio with expansion into freight claim management solutions delivered on an integrated platform.

“MercuryGate delivers the most advanced TMS available in the market today because we continuously look for new ways to enhance our solution and deliver more value to our customers,” said MercuryGate President and CEO Joe Juliano. “Claims management is a rapidly growing focus across the industry. Adding TranSolutions’ revolutionary claims software to MercuryGate’s expansive transportation-centric solutions platform, delivers on our mission to continually add value and increase functionality for our customers. We are delighted to welcome TranSolutions to the MercuryGate team and look forward to a seamless transition and an enhanced customer experience for TranSolutions and MercuryGate customers.”

TranSolutions is the leading provider of claim management software to Fortune 1000 companies, leading 3PLs, freight brokers and carriers. The company provides a complete suite of solutions for cargo claims, freight bill overcharge, vendor claims and carrier claims designed to solve back office challenges.

Work management technology continues to change the way companies operate, from data capture, workflow management and automation tools designed to create greater levels of accessibility, transparency, efficiency, accountability and support financial accounting and reporting. As many companies move from manual paperwork and processes, these tools reduce the overall timeframe needed to manage the claim lifecycle and drawbacks from manual entry and limited visibility to provide a unified platform to quickly identify problems and support loss contingency decisions which impact operations and customer service performance.

“MercuryGate is an ideal partner for TranSolutions and a major win for TranSolutions customers,” said TranSolutions CEO Joe Celestina. “MercuryGate’s powerful TMS combined with TranSolutions’ freight claim management software will drive further efficiency within shipper enterprises to reduce labor and administrative costs, increase claim success rates, leverage analytics to drive modernization and improve claim turnaround. This is a win for our combined clients and the industry.”

Terms of the acquisition were not disclosed.

About MercuryGate
MercuryGate provides powerful transportation management solutions proven to be a competitive advantage for today’s most successful shippers, 3PLs, freight forwarders, brokers, and carriers. MercuryGate’s solutions are unique in their native support of all modes of transportation on a single platform including Parcel, LTL, Truckload, Air, Ocean, Rail, and Intermodal. Through the continued release of innovative, results-driven technology and a commitment to making customers successful, MercuryGate delivers exceptional value for TMS users through improved productivity and operational efficiency. MercuryGate offers business intelligence to improve transportation processes, increase customer satisfaction, and reduce costs. Find out why MercuryGate has set the industry standard for the most adaptable, comprehensive transportation solutions suite in the industry at www.mercurygate.com or on Twitter at @MercuryGate.

About TranSolutions, Inc.
TransSolutions is the world’s largest independent provider of claims management solutions with the unique ability to serve all market constituents worldwide, supporting more than 64,000 companies and 5,000+ users through shippers, 3PL’s, freight brokers, freight forwarders and carriers. For more information visit www.transolutionsinc.com.

Source: MercuryGate

FORT WASHINGTON, PA – Patriot Growth Insurance Services, LLC (“Patriot”), a national retail insurance agency, today announced the addition of Worksite Benefit Services, Inc. (“WBS”) to the Patriot platform. The partnership with WBS expands Patriot’s existing capabilities in the voluntary employee benefits space and adds additional enrollment consulting expertise.

Founded in 2002 and based in Alabama, WBS is a full-service voluntary benefits consulting firm specializing in custom outsourced benefit management solutions. The company offers a unique suite of employee benefit communication, engagement, enrollment and technology solutions to a variety of clients. WBS is led by Darell Eidson and Rick Herring, two dynamic executives with nearly 40 years of combined experience.

“Insurance needs and solutions are certainly not one-size-fits-all,” said Darell Eidson, co-founder and President of WBS, “which is why we take a consultative and customized approach to each enrollment and sales process to ensure that employees fully understand and value their various benefit options.”

“We prioritize the strength of our client partnerships above all else,” added Rick Herring, co-founder and CFO of WBS. “Patriot shares our commitment to exceptional customer service, and we are excited to join like-minded insurance leaders as part of the Patriot platform.”

The addition of WBS marks Patriot’s 21st partnership since its formation in early 2019, demonstrating the platform’s relentless pursuit of strategic growth and its ability to identify and seamlessly integrate premier insurance agencies across the U.S.

“WBS checks every box for us, and from the moment we met Rick and Darell we wanted them to be a part of what we are building,” said Matt Gardner, founder and CEO of Patriot. “We are thrilled that they have chosen to continue to grow their business within the Patriot family, and we look forward to leveraging their expertise across our entire organization.”

About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. Patriot’s collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot’s unique equity model creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by growth equity investor Summit Partners. For more information, please visit www.patriotgis.com.

Source: Patriot Growth Insurance Services

Medical Marketing & Media reports that Healthline Media surpassed WebMD in monthly unique visitors for the first time this June, according to Comscore. The company also saw growth outpace its rival, reporting a 35% increase in visitors year-over-year, versus 2% for WebMD. Healthline CEO David Kopp indicated that the company’s "No. 1 ranking reflects the impact we’re making by providing new channels and approaches to connect people to information about health and wellness." Kopp attributed this milestone to "Healthline’s relentless focus on quality that delivers empathy, medical accuracy, meaningful community engagement, and content that communicates what consumers need along their health journeys."

In addition, Comscore has ranked Healthline No. 1 among mobile health information websites and in the health category overall for the past six months.

Summit Partners invested in Healthline Media in 2016. Healthline was acquired by Red Ventures in 2019.

Source: Medical Marketing & Media

Since Summit’s 2016 investment, Healthline has grown to become the #1 online health information publisher in the U.S.

CHARLOTTE, NC – Red Ventures, a portfolio of digital companies headquartered in Charlotte, NC, has acquired Healthline Media (“Healthline”), a publisher of two of the four largest consumer health and wellness information sites in the world, from Summit Partners for an undisclosed amount. Through authoritative health and wellness content, Healthline reaches over 150 million visitors a month globally, more than any other online health publisher.

“The healthcare sector is facing rapid disruption, and Healthline is one of the most trusted and fastest growing sources of information for consumers in their personal healthcare journey,” said Red Ventures CEO, Ric Elias. “We see a tremendous opportunity to combine our digital marketing expertise, tech platform and products with Healthline’s portfolio of digital assets and best-in-class content to help people take their health into their own hands and find the resources and healthcare services they need.”

Through Healthline.com, MedicalNewsToday.com, and Greatist.com, Healthline represents the largest and fastest growing healthcare audience online. Healthline’s flagship site, Healthline.com, delivers consumer content, tools, and experiences to help millions of monthly visitors live their strongest and healthiest lives. Partners and advertisers rely on Healthline to reach health-conscious consumers through engaging content, targeted advertising and branded campaigns.

Healthline employs more than 300 employees across primary offices in San Francisco, New York and Brighton, UK.

“Red Ventures’ ability to meaningfully accelerate our business and our team’s vision of a stronger, healthier world is compelling,” said David Kopp, CEO of Healthline. “We are truly grateful for Summit Partners’ strong support and enablement of our remarkable growth, and we look forward to collaborating with Red Ventures on even larger future opportunities.”

In 2016, Summit Partners invested in Healthline Media to help it realize its mission to be the most trusted ally for millions of health-seekers across demographics and digital devices. Since that time, the company has more than tripled revenue, global reach and employees.

“It has been a great privilege to work alongside the passionate, talented team at Healthline, and we are thrilled that they have found another like-minded partner in Red Ventures,” said Dr. Craig Frances, Managing Director at Summit Partners. “The Healthline and Red Ventures teams understand well the increasing importance of online and mobile channels as a resource for health information, and we are confident that together they will continue to deliver on the mission to motivate and inform healthcare consumers.”

Related coverage: Healthline Tops WebMD in Monthly Visitors

About Red Ventures
Founded in 2000, Red Ventures is a portfolio of growing digital businesses that bring consumers and brands together through integrated e-commerce, strategic partnerships and 17 proprietary brands across the Financial, Home, Health, Education and Digital Services. Headquartered just south of Charlotte, NC, Red Ventures has 3000 employees in offices across the US, as well as London and Sao Paulo. For more information, visit www.redventures.com.

About Healthline Media
As one of the fastest growing consumer health information sites, Healthline.com advances Healthline's mission is to be our users' most trusted ally in their pursuit of health and well-being. Healthline provides socially inspired, medically reviewed and data-driven content to help us all live stronger, healthier lives. Healthline's flagship website Healthline.com takes a whole-person approach to health and wellness information to support the modern health consumer.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

Source: Red Ventures

Investment to fuel further international growth and technology innovation for Signavio’s one-million users

BERLIN, NEW YORK – Signavio, a leading provider of business transformation solutions, today announced a $177 million investment to fuel continued international expansion and further investment in its world-class software suite. The transaction was led by Apax Digital, the growth equity team of Apax Partners, with participation from DTCP. Existing investor Summit Partners will retain an equity stake in the business.

Signavio’s Business Transformation Suite enables its over 1,300 customers to effectively mine, model, monitor, manage and maintain their business processes. Its intelligent decision-making tools address digital transformation, operational excellence and customer centricity, helping place process at the very heart of organizations. Signavio has grown its revenue by more than 70% in the last twelve months. Today the company’s software is used by more than one million users across industries and geographies, including leading companies such as SAP, Deloitte, Liberty Mutual, Bosch, Comcast-NBCUniversal.

This new investment will be used to accelerate international expansion and to further invest in Signavio’s product suite. The company already has 9 offices across the world and is expanding operations in Japan and India, increasing its employee base by over 50% in 2019. Earlier this year, Signavio was recognized as a March 2019 Gartner Peer Insights Customers’ Choice for Enterprise Business Process Analysis Software.

“10 years ago, we set out on a journey to tackle the time-consuming practices that limit business productivity,” said Dr. Gero Decker, CEO and co-founder of Signavio. “This significant new investment further validates our approach to solve business problems faster and more efficiently, unleashing the power of process through our unique Business Transformation Suite. We are thrilled to welcome Apax Digital as our new lead partner, and look forward to building upon our success to date by leveraging our partners’ operating capabilities and global platforms for our international expansion.”

Concurrent with this investment, Daniel O’Keefe, Managing Partner, and Mark Beith, Managing Director, of Apax Digital will join Signavio’s board of directors. Summit Partners Managing Director Matthias Allgaier will retain a seat on the company’s board of directors.

“As businesses have become more global, and workforces more distributed, business processes have proliferated, and become more complex,” noted Mr. O’Keefe and Mr. Beith. “Signavio’s cloud-native suite allows employees across an enterprise to collaborate and transform their businesses by digitizing, optimizing and ultimately automating their processes. We are tremendously excited to partner with the Signavio team and to support their vision.”

“With innovative, intelligent and easy-to-use solutions, Signavio is helping to enable digital transformation across thousands of organizations worldwide, enabling new use cases and extending the reach of BPM software from IT to business users,” said Matthias Allgaier, Managing Director with Summit Partners, which first invested in Signavio in 2015. “It has been a delight to work closely with Gero and the entire team to support the company’s impressive growth thus far. We are thrilled to welcome Apax and to continue our partnership with Signavio.”

The transaction is expected to close later this year, subject to regulatory approvals.

About Signavio
Over 1 million users in more than 1,300 organizations worldwide rely on Signavio’s unique offering to make process part of their DNA. Signavio’s business transformation suite enables mid-size and large organizations to effectively mine, model, monitor, manage and maintain their business processes. Its intelligent decision-making tools address digital transformation, operational excellence and customer centricity, placing them at the heart of the world’s leading organizations. Headquartered in Berlin, with offices in US, UK, France, Netherlands, Switzerland, Singapore and Australia, Signavio is well placed to deliver local services on a global scale. For more information, visit www.signavio.com.

About Apax Digital
The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit http://digital.apax.com.

Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About DTCP
DTCP is an investment management group with c. $1.7 billion assets under management and advisory from Deutsche Telekom and other corporate and institutional investors, and a portfolio of over 60 companies. The group provides venture and growth capital, private equity investments, and advisory services to the technology, media and telecommunication sectors. It operates and invests in Europe, the US, and Israel. To learn more about DTCP, visit www.telekom-capital.com or @TelekomCapital on Twitter.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

Gartner Disclaimers
Gartner Peer Insights Customers’ Choice constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Source: Signavio

In July 2019, Etsy announced that it has signed a definitive agreement to acquire Reverb, a leading online marketplace for new, used and vintage musical instruments. Summit Partners invested in Reverb in 2015, backing CEO and Founder David Kalt for a second time. Below, Andy Collins shares his perspective on the Reverb story and how the powerful combination of product passion and community strength can drive growth.

E-commerce brands go to market differently today than in prior decades. The most successful are led by teams with a true passion for their product and are energized by the community that shares in that passion. Reverb has both of these characteristics – product passion and community strength – in spades.

Founded by David Kalt in 2013, Reverb began with a simple goal: make it easier and more affordable to buy and sell music gear online. A musician himself, David built a team of musicians around him, individuals with a love for and an intimate understanding of the product they were working to create. In just a few short years, the Reverb team has translated this product – and the brand and business that it represents – into so much more. Today, Reverb is “home” to an engaged and authentic community where musicians come to learn, be inspired and connect over the perfect instrument. The Reverb team has worked to create content, add features and deliver services that foster engagement, build trust and, importantly, allow for more seamless transactions on the Reverb marketplace. The success of the platform offers clear evidence of the power of a “product + community” combination.

Across geographies, demographics, end markets and business models, we have witnessed the enormously powerful impact that this combination can have on brand creation. We see it within the Summit Partners portfolio and elsewhere – in software, in healthcare, in B2B and B2C business models. Communities – of professionals with similar purchasing decisions, of patients seeking perspective on personal health, of consumers looking for insight on or validation of a product – will rally around great products, help to foster a deep sense of loyalty and can help drive outsized growth.

Today, we want to celebrate the strength of the Reverb community and the growth story they helped to create. We congratulate David and the Reverb team on the beginning of a new chapter in this great story. We are confident that joining Etsy will further fuel the growth of the Reverb community and that together, they will make the world even more musical.

This post originally appeared on LinkedIn.

Since 1984, Summit Partners has invested in more than 500 companies in technology, healthcare, consumer, financial services and other growth sectors. An alphabetical list of Summit Partners' growth equity portfolio companies can be found here.

‍

‍

_{In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.}

Sophia Popova, a Vice President in Summit’s Boston office, was named to Mergers & Acquisitions ’ 2019 Rising Stars of Private Equity list. Sophia was recognized for her investing acumen in the technology sector, where she has played an active role in four Summit investments since joining the firm in 2017, representing more than $450 million in invested capital. Her recent investment experience includes Klaviyo, a SaaS data and marketing automation platform, and Markforged, a manufacturer of industrial 3D printers and printing systems.

Beyond investing, Sophia was recognized for her active role in recruiting top talent to Summit and for her commitment to furthering an inclusive community at the firm. She serves on Summit’s diversity committee and has helped recruit several women to the investment team.

Mergers & Acquisitions ’ 2019 Rising Stars of Private Equity list recognized 10 emerging leaders who are making an impact within their respective firms and across the industry overall. Read more about Sophia and her fellow honorees at www.themiddlemarket.com.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

FORT WASHINGTON, PA – Patriot Growth Insurance Services, LLC (“Patriot”), a national retail insurance agency, today announced the addition of Schaefer Enterprises, Inc. (“SEI”) to the Patriot platform. The addition of SEI immediately expands the depth and breadth of Patriot’s property and casualty insurance services and will help to advance the platform’s continued national expansion.

Founded in 1999 and based in Manhattan, SEI is a full-service insurance agency specializing in all aspects of business, personal and program insurance. The company offers comprehensive insurance services including general liability, property, professional liability, workers’ compensation and more to businesses of all sizes, ranging from entrepreneurial startups to publicly-traded companies. Founder and President Greg Schaefer leads a dynamic team of professionals dedicated to helping businesses minimize their cost of risk without compromising coverage or customer service.

“Our clients have always come first, and SEI's long-term client relationships and history of growth have been fueled by our exceptional customer service and committed staff,” said Greg Schaefer, founder and President of SEI. “We explored a number of strategic alternatives, and in the end found Patriot’s core values to be in complete alignment with our own.”

SEI serves clients throughout the New York metropolitan area and across a diverse set of industries including construction, healthcare, retail, sports and more. With account specialists dedicated to understanding the specific concerns of even the most niche industries, SEI’s vibrant team has the expertise and industry knowledge necessary to ensure the best possible outcomes for their clients.

“We are beyond thrilled to plant the Patriot flag in the ground in New York City with such a dynamic and rapidly growing firm,” said Matt Gardner, founder and CEO of Patriot. “Greg and the entire SEI team check every box that we look for in an agency partner; we’re looking forward to supporting them as they continue to strategically expand their business.”

About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. Patriot’s collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot’s unique equity model creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by growth equity investor Summit Partners. For more information, please visit www.patriotgis.com.

Source: Patriot Growth Insurance Services

When the opportunity to become an entrepreneur came along, Laura Urquizu didn’t hesitate. Joining Red Points was an opportunity for her to leverage everything she had learned over the years, to build her own category-defining company. Under her lead, Red Points has undergone a significant transformation, expanded its brand protection remit and shifted to a SaaS model. In doing so, the company has gotten closer to becoming a household name in the brand intelligence market.

Today, Red Points removes more than 25,000 incidents of illegal products and content from the web each month. CEO Laura Urquizu spoke to Forbes about the company’s transformation from a startup to global leader in online IP infringement detection and removal. Read more in Forbes.

Source: Forbes

Leading higher education firm will accelerate digital transformation across traditional undergraduate enrollment, graduate programs, online programs, and alumni engagement and fundraising

RNL, the leading provider of higher education enrollment, student success, and fundraising solutions, today announced its strategic acquisition of Converge, the digital marketing firm for higher education.

The acquisition of Converge allows RNL to amplify its solutions for college student recruitment and marketing, especially with graduate, online, and continuing education students. The graduate and online market will become increasingly important for colleges and universities in the future as students choose how to consume content and credentials and skills become more important. Converge’s focus on the graduate and online population is a core piece of its business. Over the past seven years Converge has partnered with graduate and online programs from leading business schools to engineering programs, new certificate programs, and top-ranked brands. Converge brings its extensive experience working with 300+ programs, proving tremendous ROI for graduate and online learners to RNL.

“We are thrilled to become part of RNL and enable colleges and universities to take advantage of our combined expertise. The combination of Converge’s top-notch digital expertise and RNL’s research and follow up post-inquiry is the perfect solution to proving ROI,” said Ann Oleson, founder and CEO of Converge. “The leadership team at RNL is dialed into what is ‘new and next’ and invested in the future of higher education. That includes understanding that graduate, online, and continuing education will only become more important in the future as people look to gain additional certifications and knowledge and employers expect a different level of sophistication.”

The acquisition also enhances RNL’s digital marketing capabilities within its omnichannel solutions for enrollment and fundraising—including AI chat, digital engagement centers, digital advertising, and ultra-personalized experiences for prospective students and donors. With the Converge acquisition, RNL adds the agency’s digital solutions and insights, especially Converge’s ability to curate cross-channel campaigns that power successful enrollment and fundraising strategies.

“The constant state of digital transformation makes it challenging for colleges and universities to provide the online experiences their constituents expect,” said Sumit Nijhawan, president and CEO of RNL. “With this acquisition and subsequent elevation of RNL’s capabilities, we will transform the ability of campuses to engage prospective students and donors on any device, across any channel, at any time. This 24/7, omnichannel, personalized engagement plays an essential role in helping institutions increase their connections with students and alumni, maximize their enrollment and fundraising results, and remain sustainable in an increasingly challenging higher education environment.”

To learn more about RNL’s acquisition of Converge and how it benefits higher education, visit RuffaloNL.com/Converge.

About RNL
RNL is the leading provider of higher education enrollment, student success, and fundraising solutions. More than 1,900 colleges, universities, and nonprofit organizations rely on RNL for advanced analytics, personalized engagement, and industry-leading insights to achieve their missions. The firm is focused on the entire lifecycle of enrollment and fundraising, assuring students find the right college or university, graduate on time, secure their first job in their chosen field, and give back to support the next generation. RNL conferences, research reports, papers, and articles help clients stay on top of current trends. Learn more at www.RuffaloNL.com.

About Converge
Converge is the digital agency for education. They leverage data-driven digital marketing practices to connect the next generation of learners with best-fit institutions and programs, developing sound strategy and translating it into campaigns that deliver ROI. Converge has worked with 100 institutions and more than 300 programs for digital advertising, content and communications, data analytics and reporting, website strategy and optimization, and strategic consulting. They offer experience in education, experience in digital, and experience with inbound. Learn more at www.convergeconsulting.org.

Source: RNL

Investment to accelerate delivery of outcome-focused security operations solutions

Red Canary, a leading provider of security operations solutions, today announced that it has raised $34 million in a funding round led by global growth equity investor Summit Partners and joined by existing investors Access Venture Partners and Noro-Moseley Partners. The company will leverage this funding to scale its team in support of Red Canary’s mission: to create a world where every organization is free to make its greatest impact without fear of damage from cyber attack.

Red Canary is a pioneering provider of managed detection and response ("MDR") solutions. MDR is one of the fastest growing areas of the information security market. Founded in 2014, Red Canary already defends hundreds of organizations around the world – from global Fortune 100s to 100-employee organizations. The company’s proprietary software platform ingests and analyzes over 500 terabytes of telemetry per day and applies proprietary behavioral analytics technology to surface potential threats to an in-house team of expert security analysts.

“We are in the golden age of data in security. Security teams have more telemetry, tools, and budget than ever before but unfortunately, in many cases, this has not resulted in a meaningful improvement in security outcomes,” said Brian Beyer, CEO and co-founder of Red Canary. “We serve as a security ally for our customers, helping their teams get the most out of modern security technology, protect their valuable data and remain focused on the performance of their own business.”

Red Canary provides a unique solution that fully integrates MDR and security orchestration, automation and response (“SOAR”) capabilities to measurably decrease the time required to resolve threats. The company’s cloud-based solution is deployed in minutes and allows security teams to decrease mean time to respond by up to 10x and drive meaningful reduction in realized risk per endpoint over time.

“Across the security landscape, there is increased acknowledgement that a ‘status quo’ approach is inadequate,” said Andy Collins, a Managing Director at Summit Partners who has joined Red Canary’s Board of Directors. “Attackers bypass even the best security technology solutions on a daily basis. We believe Red Canary’s software-driven model delivers a uniquely high-quality, continuously improving service. And the results – an incredibly passionate customer base and year over year ARR growth exceeding 100% – speak for themselves.”

“Our work in the trenches alongside security teams over the last five years has proven time and again that there is a huge need for Red Canary’s solutions. That need is reflected in our consistently rapid growth and off-the-charts customer satisfaction. But it is also readily visible in the incredible engagement from the security community through our blog, webinars, and open source projects like Atomic Red Team,” Beyer added. “We’re ecstatic to work with Summit to expand our reach and help more organizations make meaningful, measurable improvements to their security outcomes. We believe the best is yet to come.”

About Red Canary
Red Canary is a security operations ally to organizations of all sizes. The company delivers outcome-focused solutions that can be deployed in minutes to identify and shut down attacks. Founded in 2014, Red Canary is a pioneer in providing managed detection and response solutions that integrate behavioral analytics and automated response with 24/7/365 investigation by an expert Cyber Incident Response Team. To learn more, visit https://redcanary.com/.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 480 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable security technology companies financed by Summit Partners include Avast, Darktrace, InfoArmor, McAfee, NetWitness, RiskIQ and Safeboot. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

A Cloud Guru is teaching the world to cloud. Its state-of-the-art learning platform helps businesses and individuals rapidly develop cloud skills, prepare for certification exams, and progress through learning paths to become gurus in specialized disciplines.

Austin, TX — A Cloud Guru (“ACG”) today announced that it has closed a growth equity investment led by Summit Partners, alongside AirTree Ventures and existing investor Elephant. The company, a clear leader in online cloud computing training and talent development, will use the funding to accelerate hiring across the globe, expand its content library with specialized courses and labs taught by a growing roster of expert instructors and continue to build out features to help enterprises drive cloud adoption.

Founded in 2015 by brothers Sam and Ryan Kroonenburg, ACG is driven by a straightforward mission— to teach the world to cloud. What began as a single cloud certification course has expanded into a rich content library and hands-on labs covering Amazon Web Services, Google Cloud Platform and Microsoft Azure cloud platforms.

ACG has helped more than 850,000 users across 186 countries acquire the skills and certifications needed to pursue meaningful careers in the cloud. The state-of-the-art learning platform helps businesses and individuals rapidly develop cloud skills, prepare for certification exams, and progress through learning paths to become gurus in specialized disciplines.

“We are humbled by this level of support from our investment partners,” said Sam Kroonenburg, co-founder and CEO of A Cloud Guru. “We are eager to continue building our engineering, content, and go-to-market teams to support our customers and partners. We are now even better positioned to help more businesses and individuals learn to cloud.”

“Enterprise workloads continue to move to the cloud at an enormous pace, requiring a new set of IT skills to design, manage and secure applications,” said Tom Jennings, Managing Director at Summit Partners who has joined the company’s board of directors. “ACG’s platform uniquely enables organizations to develop their existing employees’ cloud skills and provide ongoing training to ensure continued aptitude in cloud architecture. And the results are impressive.”

In May 2018, A Cloud Guru launched ACG for Business, a learning management and talent development platform designed to provide businesses with a scalable, predictable path for building a highly-skilled cloud workforce. ACG’s Accelerator Program and Learning Paths enable enterprises to quickly onboard their teams to the cloud and provide professionals with a step-by-step path from beginner to expert across specific IT domains. ACG for Business helps enterprises meet and exceed their cloud ROI goals and is the cloud training platform of choice for companies including Dow Jones, Capital One DevExchange, and Qualcomm.

“It’s amazing to think how far we’ve come since those early days in 2015,” said co-founder Ryan Kroonenburg. “To all of the awesome Cloud Gurus who have supported us along the way, we want to say thank you. You are the reason we are where we are today. With this round of investment, we have additional resources to do even more in support of the A Cloud Guru community. Keep being awesome, Cloud Gurus.”

About A Cloud Guru
A Cloud Guru is the premier learning and talent development platform for cloud computing, delivering world-class courses by engineers, for engineers. Our state-of-the-art platform provides both businesses and individuals with the ability to stay current, stay relevant, and deliver results with cloud computing. To date, more than 850,000 students across 186 countries have taken our courses, labs, and quizzes. To learn how A Cloud Guru can accelerate your team’s adoption of cloud computing, please visit acloud.guru.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 480 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Market leader announces first major equity transaction and plans to build a technology powerhouse in Boston

BOSTON, MA – Klaviyo, the SaaS company that obsesses about helping its customers grow, today announced a $150 million investment from global growth equity firm Summit Partners. The funding will be used to hire hundreds of engineers, build the corporate development team and expand in other areas, predominantly in the company’s Boston headquarters.

Klaviyo believes that growth-focused companies must leverage email, website and mobile channels – the channels they “own” – to help accelerate sales and build stronger relationships with customers. By facilitating thoughtful, data-driven customer communication, Klaviyo enables its customers to build relationships at scale, unencumbered by ad networks and other intermediaries. The Klaviyo platform stores a complete view of each end customer’s activities paired with flexible and real-time segmentation to deliver on brand experiences with automatic revenue attribution – all at a fraction of the time and cost of traditional enterprise approaches.

“We’re focused on delivering a platform that quickly drives growth for our customers using channels they need to own,” said Andrew Bialecki, CEO and co-founder of Klaviyo. “Klaviyo’s data and marketing automation platform is powerful, intuitive and cost-effective – allowing marketers to measure and immediately understand what matters most, revenue.”

Klaviyo’s extremely fast time-to-revenue allows companies of all sizes to take advantage of the customer relationships and data they already have. On average, Klaviyo’s customers grow revenues 29% more in the first six months after making the switch to the Klaviyo platform. Today, more than 12,000 brands – including ecommerce leaders such as Bonobos, CustomInk, Colourpop, Steve Madden and Untuckit – rely on Klaviyo to drive sales with super-targeted, highly relevant marketing campaigns and other customer experiences.

“Klaviyo continues to change the playing field in commerce, allowing companies of all sizes to harness the power of data-driven customer engagement activity to grow sales – and the results are impressive,” said Michael Medici, a Managing Director at Summit Partners who has joined the Klaviyo Board of Directors. “With a truly unique combination of product vision and technical expertise, Andrew and the Klaviyo team have built a durable business. We look forward to partnering with them during this next phase of growth.”

Klaviyo continues to aggressively work to build the best place to learn and grow for engineers. Benefiting from a belief that companies do not need to burn cash to achieve greatness, Klaviyo continues to challenge its team and unlock customer growth, all while remaining fast-growing and profitable.

“We have built a product- and engineering-led company that we believe gives the world’s best technical talent an opportunity to work on exciting, customer-centric product development,” said Bialecki. “We are incredibly proud to do this here in Boston – a city with access to an enormous and extraordinary pool of talent. Building an enduring, high-growth business in this city is a core part of the Klaviyo mission.”

About Klaviyo
Klaviyo is a data and marketing platform that accelerates growth for companies by enabling them to leverage their owned marketing channels. Klaviyo makes it easy to access, store, analyze, and use transactional and behavioral data to power highly-targeted email and advertising campaigns. And unlike other marketing platforms Klaviyo doesn't force companies to choose between advanced functionality or ease of use - so brands are able to maximize their sales quickly. That's why over 12,000 innovative companies like Steve Madden, Taylor Stitch, and Bonobos sell more with Klaviyo. Learn how they're doing it at www.klaviyo.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable SaaS and retail technology companies financed by Summit Partners include FineLine Technologies, Fuze, Gainsight, Infor, Mi9 Retail, Podium, RELEX, Reverb, Sezane, RightNow, Smartsheet and Unica. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

“We came from families that started small businesses from scratch and ran them for decades. We wanted to try to build something like that. Our mentality is that we’re going to be a self-sustaining business, and we want to be here for decades.”

Andrew Bialecki, CEO and cofounder of Klaviyo, talks to TechCrunch about bootstrapping, building a durable growth business, and why this is the right time to raise capital.

Source: TechCrunch

New Financing Solidifies Company’s Growth Plan and Vision to Protect Brands and Consumers from Online IP Infringements

BARCELONA, SPAIN - Red Points, a global leader in online IP infringement detection and removal, announced today that it has closed $38 million in funding, bringing the company’s total capital raised to $64 million and cementing its global footprint in the online brand protection space. The round was led by Summit Partners, with additional participation from existing investors Northzone, Mangrove, Eight Roads Ventures and Banco Sabadell.

“Brands have never been more vulnerable to the issues of online counterfeiting, piracy and distribution fraud."

“Brands have never been more vulnerable to the issues of online counterfeiting, piracy and distribution fraud,” said Laura Urquizu, CEO and Partner of Red Points. “This growing threat makes it nearly impossible for a company to protect its online assets effectively without full visibility into its brand’s online presence. This investment round from Summit Partners will help to strengthen Red Points’ position as a global leader in addressing the ever-growing, rapidly evolving problem of online brand abuse. With this new funding, we plan to further expand our technology and global footprint with the goal of empowering brands worldwide to seamlessly protect their valuable assets online.”

The continued growth in global ecommerce has driven an acceleration in online counterfeiting, shining a bright light on the need for IP infringement detection. The International Chamber of Commerce estimates that the global economic value of counterfeiting and piracy could reach $4.2 trillion by 2022 and put 5.4 million legitimate jobs at risk over that time period. Red Points’ AI-driven technology takes a holistic approach to brand protection by providing comprehensive visibility into the different types of infringements negatively impacting a company’s reputation across black, grey and white markets, offering a more complete, real time protection for a company’s IP assets.

Red Points’ platform leverages artificial intelligence to continuously connect a targeted web crawler to a rules-based rights management database that learns from each account’s history and improves the level of protection over time. Red Points’ proprietary software currently removes hundreds of thousands incidents of illegal products and content from the web monthly, across over 100 online marketplaces and social networks. Red Points’ solutions are used by over 550 brands worldwide including Bang & Olufsen, MVMT and DOPE. As a result of its successful expansion, the company’s growth rate exceeded 100% for 2018.

"Brands around the world are facing an unprecedented rise in online IP infringement. Red Points is a category-leader, offering an intelligent and robust technology platform that is purpose-built to address this growing pain point."

“Brands around the world are facing an unprecedented rise in online IP infringement. Red Points is a category-leader, offering an intelligent and robust technology platform that is purpose-built to address this growing pain point,” said Steffan Peyer, Principal at Summit Partners. “With differentiated technology and a strong leadership team, we believe that Red Points is well positioned to accelerate its growth and further solidify its leadership in the Brand Intelligence market.”

Red Points expanded the brand protection offering on its platform last year with the launch of a new seller tracking solution to help brands worldwide gain greater visibility into their online partner activities, using state-of-the-art technology. The company also expanded its global footprint by opening their US headquarters in New York.

About Red Points
Red Points is a Barcelona-based company offering the leading all-in-one SaaS solution for detecting and enforcing online IP infringements, including online counterfeiting, piracy and distribution fraud. Red Points’ proprietary software currently removes more than 100,000 incidents of illegal products and content from the web daily. Red Points protects a diverse set of brands from baby products and cosmetics, to software and wind turbine manufacturers. To learn more about Red Points, please visit: www.redpoints.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology and software companies financed by Summit Partners include Avast, Darktrace, FLEETCOR, HelpSystems, Infor, Mi9 Retail, OnRobot, Perforce Software, RELEX Solutions, Smartsheet, Trintech and Uber. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

"The technology we are providing to our clients, to the market, and to companies — it’s very new, very innovative and very different to anything that is out there...we have been able to automate the process from detection to enforcement using machine learning and artificial intelligence.” Laura Urquizu, CEO of Red Points, talks to TechCrunch about the company’s recent fundraise and the increasing threat of online counterfeiting and piracy.

Source: TechCrunch

The acquisition advances Ascentis’ workforce management initiatives and further reinforces its HCM offerings as the HR industry’s preferred solutions

MINNEAPOLIS – Ascentis, a leading provider of cloud-based human capital management solutions, today announced the acquisition of premier time and attendance solutions company, Integrated Time Systems. The acquisition demonstrates Ascentis’ commitment and strategic investment in growing its differentiated workforce management initiatives and advancing its exceptional end-to-end HCM solutions and services available through the family of Ascentis products. This marks the company’s third acquisition in six months.

“We are excited to have the ITS team join the Ascentis family. Our acquisition strategy of joining forces with the industry’s top workforce management solutions, including NOVAtime and Cincinnati Time Systems, who share our passion and commitment for unparalleled customer service, is a key ingredient to our strategy of providing a-la-cart HR technology with the flexibility to integrate and deploy solutions and capabilities as the organization grows,” said Brian Provost, CEO of Ascentis.

Wisconsin-based ITS has been a key part of the southeastern Wisconsin community for more than 70 years. Led by owner and president, Chris Kapenga, who purchased the company in 2008, ITS has a renowned reputation for its dedication and unsurpassed focus on client service since the 1920’s. In 2015, ITS acquired prominent, Texas-based time and attendance company, Accutronics, to expand its geographic presence and build upon existing solution synergies between the two companies.

“We’re thrilled to strengthen and optimize our client offerings within the local economies in which ITS currently serves. We’re also eager to collaborate and utilize ITS’ industry expertise to help build upon and advance Ascentis’ full suite of HR technology that includes a service model that simply doesn’t exist in today’s HCM market,” said Kapenga.

“The addition of Integrated Time Systems is a natural fit for the Ascentis brand and further solidifies our market presence in the Midwest. ITS’ clients will benefit and have the opportunity to expand services within our full-suite of leading-edge HCM technology while continuing to experience the same excellent customer service mentality they’ve come to expect. With access to services such as payroll, HRIS, talent and recruiting technology, ITS’ customers are now able to holistically support their teams and employees,” continued Provost.

Headquartered in Minneapolis, Minnesota and with locations in the Los Angeles area, Sacramento and Cincinnati, Ascentis leverages more than 30 years of human resource experience and workplace management solutions to accelerate growth and strengthen the company’s position in the HCM market.

About Ascentis
Ascentis helps organizations improve their human resources and payroll functions by offering an all-in-one human capital management solutions suite, supported with a first-of-its-kind client-centric service model. Recruiting, HRIS, benefits administration, performance and learning management, payroll and workforce management modules work independently or together to meet the needs of each client, wherever they are in the HCM journey. Ascentis enables mid to large size companies to maximize management of their best asset – their people! For more information, please visit www.ascentis.com.

About Integrated Time Systems
Designed to simplify and satisfy, Integrated Time Systems offers scalable time management solutions to assist organizations in achieving their workforce management goals. With its exceptional, “Disney-like” approach to customer service, ITS’ flexible, easy-to-use time and attendance solutions leverage highly valued, skilled team members offering a customer experience second to none. For more information, please visit www.integratedtime.com.

Source: Ascentis

Acquisition Strengthens and Expands Talent Management Offerings for SMBs

Hopkinton, Mass. – PrismHR, the leading HR software platform for human resource outsourcing (HRO) service providers, today announced it has acquired AgileHR, a leading provider of cloud-based talent management software.

In January, PrismHR announced that AgileHR’s performance management solution was integrated with its HR platform and made available through the PrismHR Marketplace. With today’s announcement, PrismHR has acquired AgileHR and its full suite of talent management solutions. Terms of the deal were not disclosed.

“Our HRO customers consistently report that talent acquisition and performance management are key challenges for their small business clients,” said Gary Noke, president and CEO of PrismHR. “We’re excited to add the full suite of AgileHR solutions to the PrismHR platform and remain committed to offering our customers the ability to choose from a wide range of talent management solutions available from both PrismHR and our Marketplace partners.”

According to PrismHR’s 2019 HRO Trends Report, 51% of SMBs cite hiring qualified employees is a significant business challenge, and 56% of HROs see the issue as a top challenge for their SMB clients. Talent management solutions help employers quickly and efficiently find, hire, onboard and manage employees, enabling SMBs to grow and manage their businesses more effectively. A copy of the 2019 Trends Report can be downloaded here.

The acquisition of AgileHR and addition of its talent management solutions to PrismHR’s portfolio of HR software products demonstrates the company’s commitment to providing its HRO customers with a wide range of best-of-breed solutions for their SMB clients.

“We recently began offering AgileHR’s performance management suite and our customers are already seeing significant value gained by simplifying and automating performance management,” said Carmen Perez, technology solutions lead at EmPower HR, a Milwaukee-based Professional Employer Organization (PEO) and customer of both PrismHR and AgileHR. “We’re looking forward to seeing PrismHR’s expanded suite of talent management offerings and expect our customers will be eager to adopt them as well.”

Eric Carlson, president and CEO of AgileHR commented, “PrismHR is widely regarded as the premier technology platform for HROs. We’re excited to be joining forces with the company and to making our talent management solutions more widely available and tightly integrated with the PrismHR platform.”

For more information about PrismHR’s acquisition of AgileHR please visit our FAQs.

About PrismHR
Backed by Summit Partners and Accel-KKR, PrismHR’s software and services empowers human resource outsourcing service providers such as Professional Employer Organizations (PEOs) and Administrative Service Organizations (ASOs) to deliver world-class payroll, benefits and HR to small and medium sized businesses (SMBs). PrismHR software is used by more than 88,000 organizations and 2.2 million worksite employees, processing greater than $57 billion in payroll each year. For more information, visit www.prismhr.com.

Source: PrismHR

Acquisition Grows Paradigm Complex Care Solutions’ Capabilities and Expands Nationwide Footprint

WALNUT CREEK, CA — Paradigm, the industry leader in solving complex healthcare challenges and improving lives for injured workers, today announced it has acquired Restore Rehabilitation, a leading case management company that provides field coverage in 27 states and nationwide telephonic coverage. The acquisition will strengthen Paradigm’s Complex Care Solutions division, which is focused on achieving outcomes while optimizing costs for cases involving complex injuries.

“Today’s acquisition empowers Paradigm’s Complex Care Solutions team to deliver our industry-leading services across the care continuum for injured workers with unrivaled breadth and depth,” said Marijo Storment, CEO, Paradigm Complex Care Solutions. “Our aim is to set a new standard for managing complex healthcare needs with a service-driven approach that focuses on outcomes. To achieve our goals, we recognized the value of joining forces with a team that is aligned with our vision. Restore Rehabilitation expands our ability to service more clients nationwide with a team of case managers who are the best at what they do.”

Paradigm Complex Care Solutions achieves results for cases involving complex injuries through a broad and unique set of products and services. In addition to case management, our capabilities span nurse triage and telepresence, transitional return to work, physician advisory services, and complex pain management. Last year, the division expanded the scope of its advisory solutions through the acquisition of workers’ compensation assets from Best Doctors, building on the successful foundation established with case management leaders from ALARIS | Encore. The acquisition of Restore Rehabilitation adds 250 employees, who provide field coverage in 27 states and nationwide telephonic coverage. Restore Rehabilitation will be integrated into Complex Care Solutions and will operate under the Paradigm name.

“Restore Rehabilitation has built a strong network of case managers, focused on delivering evidence-based interventions to achieve safe recoveries efficiently and cost effectively,” said Pamela Anthony, president and CEO, Restore Rehabilitation. “Our team shares the same deep commitment to client and patient outcomes that Paradigm does, and I am looking forward to working with John Watts, Marijo Storment and the entire team at Paradigm to bring best-in-class services and support to more injured workers.”

Bailey Southwell & Co. served as the exclusive strategic and financial advisor to Restore Rehabilitation on the transaction.

About Paradigm
For almost 30 years, Paradigm has been the industry leader in solving complex health care challenges and improving lives. With the most connected and experienced team in health care, we define and deliver outcomes that exceed financial and health expectations for our clients, as well as for individuals and their families.

Paradigm delivers its solutions through three divisions: Catastrophic Care Management, Complex Care Solutions and Specialty Networks. The Paradigm divisions are built on expertise from five best-in-class businesses: Paradigm Outcomes, The ALARIS Group, Encore Unlimited, ForeSight Medical and Adva-Net. Founded in 1991, Paradigm is headquartered in Walnut Creek, California with offices across the U.S. For more information, please visit www.paradigmcorp.com.

Source: Paradigm

Series D funding will accelerate product roadmap and global expansion of affordable additive manufacturing

Watertown, MA – Markforged, a leading manufacturer of industrial 3D printers, today announced that it has closed an $82 million Series D round of funding led by Summit Partners with participation from existing strategic and financial partners, including Matrix Partners; M12, Microsoft’s Venture Fund; Next47; and Porsche SE. Markforged will use the additional capital to help accelerate its product roadmap, including the introduction of mass production printers and new materials. The capital will also be used to enhance the company’s global expansion plans, strengthen its massive foothold among global manufacturers, and ultimately help to reshape the $12 trillion manufacturing industry.

“Markforged set out to change the pace of human innovation by enabling engineers, inventors and manufacturers to print industrial-grade parts at a fraction of the time and cost of traditional methods,” said Greg Mark, CEO and co-founder of Markforged. “We’re very excited to have Summit join us as we help accelerate the next industrial revolution with broadly accessible and reliable 3D printing.”

The global manufacturing industry sits on the cusp of its fourth industrial revolution. Additive Manufacturing – a process that combines 3D printers, cloud-based software and newly-available materials – is set to play a meaningful role in powering this revolution, driving measurable cost reductions and reshaping traditional manufacturing processes into a more efficient digital production line.

By enabling the printing of high-strength parts at an affordable price, the founding of Markforged in 2013 helped mark a turning point in additive manufacturing. Before Markforged, businesses were forced to choose between million dollar 3D printing systems; less expensive printers capable only of producing weak plastic parts; or the massive complexities and costs of traditional processes, often just to produce a single part. For the first time in the history of manufacturing, it is more economical to print numerous metal or carbon fiber parts than to produce those parts through legacy means.

“We have been actively monitoring the additive manufacturing market for the last decade and are excited to partner with the Markforged team,” said Michael Medici, a Managing Director at Summit Partners who has joined the company’s Board of Directors. “Markforged has been quietly executing at an incredible pace for the last five years, delivering exceptional products that solve real-world industrial manufacturing needs. Greg and his team are focused on continued product innovation, and we believe the best is yet to come for Markforged and its customers.”

“Markforged has been quietly executing at an incredible pace for the last five years, delivering exceptional products that solve real-world industrial manufacturing needs."

Prior to this round, Deloitte named Markforged the 10th fastest growing technology company in North America, while Forbes named the company to its Next Billion Dollar Startup list. The company has amassed a large installed base among leading manufacturers and other types of businesses that benefit from additive capabilities. Markforged shipped more than 2,500 industrial printers in 2018 alone, making it one of the largest additive manufacturing companies in the industry. Markforged serves customers in more than 50 countries, and has filed for 133 patents with 38 already issued.

About Markforged
Markforged transforms manufacturing with the most affordable 3D printers capable of producing parts tough enough for the factory floor. Engineers, designers, and manufacturing professionals all over the world rely on Markforged metal and composite printers for tooling, fixtures, functional prototyping, and high-value end-use production. Founded in 2013 and based in Watertown, MA, Markforged has over 250 employees globally, with $137 million in both strategic and venture capital. To learn more about Markforged, please visit www.markforged.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology and software companies financed by Summit Partners include Acacia, Avast, FLEETCOR, HelpSystems, Infor, Mi9 Retail, OnRobot, Perforce Software, RELEX Solutions, Smartsheet, Trintech and Uber. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Kira Wampler sets sights on helping fast growing consumer health information site expand its market leadership

NEW YORK -- Healthline Media, Inc. announced today that it has added a new member to its board of directors with a track record of creating blockbuster brands: Kira Wampler. She joins Healthline Chief Executive Officer David Kopp, Summit Partners directors Dr. Craig D. Frances, Peter Rottier and Pete Francis, and independent director Mari Baker, who joined in May 2018. Healthline is one of the fastest growing media properties in the health information category.

"Kira adds valuable dimension to our board with her strong consumer background and her deep brand-building and product experience," said David Kopp, chief executive officer of Healthline Media, Inc. "Our two newest board members have brought both consumer marketing and product experience with the holistic operating experience of a CEO, which has strengthened our quality-driven, profitable business and will enable us to help more people live stronger, healthier lives."

Wampler recently completed the sale of Art.com to Walmart, after leading the company for two years as its CEO. She has held chief marketing officer positions at the ride-sharing platform Lyft and at Trulia, an online marketplace for home buyers, sellers, renters and real estate professionals. At Lyft she was known for positioning the brand as a leader in the sharing economy with much success as the chief architect of brand strategy, consumer engagement, as well as the leader behind the launch of their first-ever national marketing campaign. She brings deep expertise in product experience, marketing and brand strategy to the Healthline board.

"Healthline Media continues to distinguish itself with outstanding medically reviewed content and excellent management," added board member Dr. Frances, Managing Director of Summit Partners. "The appointments of Kira and Mari support its fast-paced growth, ability to serve its customers and continue its market leadership."

The Healthline property, with a total of 77.1 million unique visitors in January 2019, is one of the top 50 digital media properties in the US, according to media measurement firm Comscore⁽¹⁾.

Healthline worked with Athena Alliance, an organization dedicated to accelerating gender diversity in the boardroom and their Executive Director Coco Brown, to bring in directors with proven operating prowess, category and functional expertise and a passion for Healthline's vision of a stronger, healthier world.

About Healthline Media, Inc.
As one of the fastest growing media properties in the health information category among publishers with audiences of 10 million unique visitors or more – with 77.1 million monthly visitors in the U.S.⁽²⁾ – Healthline's mission is to be our users' most trusted ally in their pursuit of health and well-being. Healthline provides socially inspired, medically reviewed and data-driven content to help us all live stronger, healthier lives. Healthline's flagship website Healthline.com takes a whole-person approach to health and wellness information to support the modern health consumer.

For more information visit https://www.healthline.com/.

(1) Source: Comscore Media Metrix Multi-Platform, Total Unique Visitors, Total Digital Population, Top 100 Properties, January 2019, U.S.

(2) Source: Comscore Media Metrix Multi-Platform, Percent Change, Total Unique Visitors, Total Digital Population, Health-Information Category, Jan. 2018 vs. Jan. 2019, U.S.

Source: PR Newswire

FORT WASHINGTON, PA – Patriot Growth Insurance Services, LLC (“Patriot”), a national retail insurance agency, today announced that Amber Clouse has joined the company as Vice President of Human Resources. Amber brings nearly 20 years of human resources experience to Patriot, having spent most of her career managing high performance teams in the professional services sector. The addition reinforces Patriot’s growth-oriented model and further supports the company’s national expansion.

Most recently, Amber served as Director of Human Resources at Mazars USA LLP, a leading accounting, tax and consulting firm. In this role, Amber was responsible for the overall human resources strategy of the company’s Pennsylvania, Chicago and Mid-Atlantic locations, as well as the firm’s national Consulting Service Line. During her time at Mazars, Amber oversaw all aspects of the employee lifecycle from onboarding to alumni management, and implemented several culture initiatives that resulted in higher employee engagement and satisfaction. As a member of Mazars’ mergers and acquisitions team, Amber focused on understanding the business model and culture of acquired companies to determine the best integration plan to achieve goals and enhance synergies. She designed and implemented a customized people strategy from due diligence through integration with the goal of facilitating a thoughtful transition for employees.

“Patriot’s growth-focused insurance platform fosters a unique culture where collaboration is at the core of every business decision. I’m thrilled to join the Patriot team during a period of impressive growth, and I look forward to developing an innovative HR strategy that will help to fuel the continued expansion of the Patriot platform,” said Clouse.

As Vice President of Human Resources at Patriot, Amber is responsible for building and implementing people strategies and programs that support the company’s ambitious growth while preserving and enhancing its core culture. As a seasoned human resources executive with years of organizational leadership experience, Amber is well-positioned to accelerate the growth and development of Patriot’s culture through the acquisition and retention of top industry talent.

"Anyone with capital can buy insurance agencies," said Matt Gardner, Founder and CEO of Patriot. "In the long run, we believe the winners will be those companies that invest in their people and design thoughtful strategies for their continued growth and development. Amber gets the connection between engaged employees and delighted customers. She has spent her impressive career designing talent acquisition and career management strategies, innovative compensation and benefit plans, and overall human capital management strategies that make firms an employer of choice. We are thrilled that she has brought her considerable talents to Patriot."

About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. Patriot’s collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot’s unique equity model creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by growth equity investor Summit Partners. For more information, please visit www.patriotgis.com.

Source: Patriot Growth Insurance Services

CARY, N.C. – MercuryGate International, Inc., a leader in Transportation Management System (TMS) solutions, announced today the appointment of Léo Apotheker as the first independent member of the MercuryGate board of directors since the company was acquired by Summit Partners in August of 2018.

Mr. Apotheker spent more than 20 years at German software maker SAP and served as the company’s Chief Executive Officer from 2007 through 2010. From 2010 to 2011, he served as the CEO and President of Hewlett-Packard Inc. Currently, Mr. Apotheker is the independent Lead Director of the Board of Schneider Electric SE, a French corporation listed on the Euro Stoxx 50 and Chairman of the board of Signavio GmbH, a leading provider for process and decision management software.

“We are super excited to welcome Léo to the board,” said Joe Juliano, President and CEO of MercuryGate International. “His extensive enterprise software and international growth experience will be invaluable to us as we continue to rapidly grow our business. Léo shares our passion for TMS and understands how to grow internationally. He will be a great mentor to the MercuryGate senior leadership team.”

In August of 2018, MercuryGate was acquired by global growth equity investor Summit Partners to support the company’s next phase of growth. Mr. Apotheker will help MercuryGate to refine its strategy, build strong alliance partnerships, and help secure strategic accounts around the world.

“MercuryGate has an impressive track record of industry leadership and growth already,” commented Léo Apotheker. “I believe the company has the potential to expand their footprint into new markets leveraging their TMS domain leadership. I am pleased to have the opportunity to help Joe and his team in achieving that goal.”

Mr. Apotheker is the first person joining MercuryGate as an independent board member. MercuryGate expects to further fill out its board with additional, strategic expertise in the TMS and software market.

Find out why MercuryGate has set the industry standard for the most adaptable, comprehensive transportation solutions suite in the industry at www.mercurygate.com or on Twitter at MercuryGate.

About MercuryGate International
MercuryGate provides powerful transportation management solutions proven to be a competitive advantage for today’s most successful shippers, 3PLs, freight forwarders, brokers, and carriers. MercuryGate’s solutions are unique in their native support of all modes of transportation on a single platform including Parcel, LTL, Truckload, Air, Ocean, Rail, and Intermodal. Through the continued release of innovative, results-driven technology and a commitment to making customers successful, MercuryGate delivers exceptional value for TMS users through improved productivity and operational efficiency. MercuryGate offers business intelligence to improve transportation processes, increase customer satisfaction, and reduce costs with its adaptable, comprehensive transportation solutions suite.

Source: MercuryGate

BOSTON, MA; MENLO PARK, CA – Summit Partners, a global alternative investment firm, today announced the first and final closing of its latest flagship U.S. growth equity fund, Summit Partners Growth Equity Fund X. The oversubscribed fund, which was launched in the fourth quarter of 2018, closed at its hard cap with total commitments of $4.9 billion. The general partner has committed $400 million of this total and will be the single largest investor in the fund.

“We are deeply grateful for the longstanding trust and support of our limited partners,” said Peter Chung, Managing Director and Chief Executive Officer of Summit Partners. “With our latest U.S. growth equity fund, our strategy remains focused on serving as the partner of choice for best-in-class growth companies identified through our unique idea generation process and deep sector expertise. We intend to continue serving founders and executives teams with our industry experience and our platform of value enhancement services built specifically to support the needs of growth companies.”

Summit Partners Growth Equity Fund X will target minority and majority investments of $75 to $300 million in category-leading growth companies, pursuing the growth equity strategy the firm pioneered in 1984. Summit seeks to partner with exceptional entrepreneurs and management teams and deliver post-investment support to accelerate growth and enhance value.

Summit’s global team of more than 100 investment professionals works collaboratively and cohesively across offices in the U.S. and Europe to partner with growth companies in key industry sectors including technology, healthcare, financial technology and services, consumer products and industrial technology. The Summit team provides active board-level support, as well as specialized in-house resources dedicated to serving the needs of growth companies. Summit’s Peak Performance Group, Capital Markets Team and Talent & Recruiting Team offer on-demand services to Summit’s portfolio companies to support and accelerate their growth initiatives.

With Growth Equity Fund X, Summit is currently managing more than $19 billion in capital across its growth equity, fixed income and public equity strategies. Since its inception in 1984, Summit Partners has raised more than $27 billion.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

LONDON, UK – Astorg, a leading European private equity firm, has signed an agreement to acquire a minority shareholding in Acturis Group, a leading supplier of insurance software. Under the terms of the transaction, existing investor Summit Partners will exit its position. Acturis employees will continue to own the majority of the company.

The Acturis Group was founded in 2001 and today comprises some 700 colleagues across five countries and four divisions. The four divisions include: Acturis SaaS, a leading multi-tenant SaaS platform for the general insurance industry; Acturis Deutschland, the market-leading broker software platform and comparison engine in the German broker market; ICE InsureTech, a cutting-edge platform for forward-thinking insurers, MGAs and claims managers; and NIS, the leading technology platform in the travel insurance, assistance and benefits market. Astorg will support Acturis’ future organic growth and acquisition growth opportunities in the insurance software market.

Theo Duchen, Co-CEO and co-founder of Acturis says: “We are very proud of what we have achieved over the last 18 years since our founding, and we are all excited by what the future now holds. Looking ahead there is a great deal of opportunity for Acturis to grow as the insurance market becomes more digital and connected.”

David McDonald, Co-CEO and co-founder of Acturis adds: “We will continue to focus on the values which are dear to us: Integrity, Innovation and Client Service. Astorg is a partner who shares these values and brings a wealth of experience to the table. We are excited to partner with them for the journey ahead.”

Benoit Ficheur, Partner at Astorg says: “Acturis is an outstanding business of rare quality that we have admired for a long time. We are extremely excited to partner with the Acturis team and look forward to helping the team expand on their already strong market positions by entering new markets and segments of the industry. This investment highlights our commitment to backing innovative software leaders.”

Scott Collins and Han Sikkens, Managing Directors at Summit Partners add: “It has been a great privilege to have worked in partnership with the Acturis team during a period of impressive growth. Since our investment in 2010, the company has expanded its international presence and been recognised as a leader in the insurance technology sector. We look forward to seeing Acturis build upon this strength in the future.”

The transaction is subject to the satisfaction of certain regulatory closing conditions. Acturis was advised by Jefferies International (Financial) and Dickson Minto (Legal). Astorg was advised by Paul Hastings (Legal). Summit was advised by Kirkland & Ellis (Legal).

About Acturis
Acturis is the leading, award winning Software as a Service provider to the insurance industry. The Acturis SaaS Platform is an administration, distribution and underwriting platform used by insurance brokers and underwriters in the general insurance market, supporting both personal and commercial insurance. The company has recently won the Insurance Times Business Partner of the year for 2018 award, in addition to a host of industry and national awards. In 2016 Acturis won the Tech Growth Company of the Year at the prestigious UK Tech Awards.

The Acturis Group also includes NIS, Acturis Deutschland and ICE InsureTech. NIS is a leading provider of software solutions to the travel insurance, assistance and health insurance markets with customers in more than 40 countries. Acturis Deutschland is the leading provider of insurance price and terms information to the German insurance market and the largest provider of broker administration and trading software in Germany. ICE InsureTech is a cutting edge software platform for insurers, managing general agents and claims administrators having won several awards for its leading edge technology.

www.acturis.com

About Astorg
Astorg is an independent private equity firm with over €8 billion of assets under management. Astorg seeks to partner with entrepreneurial management teams to acquire global companies and create value through the provision of strategic guidance, experienced governance and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body enhancing its reactivity. Though not specialized, Astorg has gathered valuable industry expertise in software, healthcare, business-to-business professional services and technology-based industrial companies. Astorg has offices in London, Paris, Luxembourg, Frankfurt and Milan.

For further information about Astorg: www.astorg.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Summit has backed numerous financial technology companies across Europe and North America. . Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Source: Acturis

LEHI, Utah -- Podium, the leading interaction management platform for local businesses, has been named to Fast Company's prestigious annual list of the World's Most Innovative Companies for 2019.

The list honors the businesses making the most profound impact on both industry and culture, showcasing a variety of ways to thrive in today's volatile world. Half of the companies on this year's MIC 50 list are appearing for the first time.

"The economy has grown and evolved in a way that requires local businesses to modernize the way they interact," said Eric Rea, CEO of Podium. "This award is confirmation that Podium is providing real innovation to modernize these businesses that we work with everyday, and we're excited to share what else we have in store for 2019 in the coming months."

Founded in 2014 and now working with 30,000+ businesses to create over 4 million customer interactions a month, Podium has quickly become one of the fastest-growing SaaS companies in the U.S. As the leading interaction platform helping local businesses cross the offline-to-online chasm, one in seven U.S. cell phone owners have connected with a local business via its platform.

The award is the latest in a series of recognitions and milestones for Podium over the last year. In the fall, the company was named to Forbes' Next Billion-Dollar Startups List for 2018, a list of the 25 companies the media giant predicts have the best chance of reaching $1 billion valuation or more in the near future. Podium was also named to the Forbes 2018 Cloud 100. In addition, Podium ranked No. 9 on the 2018 Deloitte Technology Fast 500, as well as No. 13 on the Inc. 5000—both honors the company got with its three-year growth margin of over 13,000 percent. In August, Podium cut the ribbon on its new 125,000 square foot headquarters in Lehi to house the company's 430 existing employees, as well as the 375 more it plans to hire through the end of 2019.

This year, Fast Company's editors and writers sought out groundbreaking businesses across 35 industries and every region. They also judged nominations received through their application process.

The World's Most Innovative Companies is Fast Company's signature franchise and one of its most highly anticipated editorial efforts of the year. It provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy.

"Established players are showing the same kind of nimbleness that we've generally associated with startups," said Fast Company deputy editor David Lidsky, who oversaw the issue with senior editor Amy Farley.

Fast Company's Most Innovative Companies issue (March-April 2019) is now available online at https://www.fastcompany.com/MIC, as well as in app form via iTunes and on newsstands beginning February 27th. The hashtag is #fcmostinnovative.

About Podium
Podium is an interaction management platform that enables companies with a a local presence to conveniently connect with their customers at critical touchpoints to help them strengthen their business. By conveniently facilitating millions of customer interactions, such as driving customer-generated online reviews and providing improved customer messaging tools, Podium serves more than 30,000 local businesses to create over 4 million interactions with their customers a month. Headquartered in Lehi, Utah, and founded in 2014, Podium is currently backed by IVP, Accel, Summit Partners, GV (formerly Google Ventures), and Y Combinator. To learn more, visit www.podium.com.

About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies and thinkers on the future of business. Since 2011, Fast Company has received some of the most prestigious editorial and design accolades, including the American Society of Magazine Editors (ASME) National Magazine Award for "Magazine Of The Year," Adweek's Hot List for "Hottest Business Publication," and six gold medals and 10 silver medals from the Society of Publication Designers. The editor-in-chief is Stephanie Mehta and the publisher is Amanda Smith. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.

Source: Podium

PLANO, TX – U.S. Renal Care, Inc., a leading provider of dialysis services for patients suffering from end stage renal disease, today announced that it has entered into a definitive agreement to be acquired by a private investor group led by Chris Brengard and the U.S. Renal management team, along with Bain Capital Private Equity, Summit Partners, Revelstoke Capital Partners, and Mark Caputo (collectively the “Investor Group”). U.S. Renal Care will continue to operate under its current management team, who will remain significant investors in the company. Financial terms of the private transaction were not disclosed.

Founded in 2000 by Chris Brengard and an experienced team of healthcare executives, U.S. Renal Care partners with nephrologists and hospitals to develop, acquire, and operate outpatient treatment centers for patients suffering from kidney failure, also known as end stage renal disease. The company provides patients with their choice of a full range of quality in-center and at-home dialysis. Today, U.S. Renal Care serves approximately 25,000 patients in 335 dialysis facilities across 32 states and the Territory of Guam.

“We are pleased to be partnering with an Investor Group that shares our commitment to serving patients and continuing to be the highest care provider by enhancing the quality of life for people living with chronic renal disease,” said Chris Brengard, Chief Executive Officer of U.S. Renal Care. “With additional support and resources, we and our physician partners look forward to embarking on our next phase of growth while continuing to deliver excellent patient outcomes and the best service available in our communities.”

“We have been impressed with U.S. Renal Care’s focus on strong physician partnerships that allows the company to deliver high-quality care for patients,” said Chris Gordon, a Managing Director at Bain Capital Private Equity. “We look forward to supporting the company’s experienced management team and our partner physicians in continued growth, while remaining focused on the company’s coordinated and compassionate approach to patient care,” said Devin O’Reilly, a Managing Director at Bain Capital Private Equity.

“We have enjoyed a productive partnership with U.S. Renal Care, working closely with Chris Brengard and the management team in supporting their efforts to provide expanded access and care to patients,” said John Baumer, a Senior Partner at Leonard Green & Partners, a current investor in U.S. Renal Care alongside Frazier Healthcare Partners, New Enterprise Associates, Inc., and Cressey & Company. “We are thankful to have had the opportunity to grow the business over the past seven years and we wish Chris and the new ownership group continued success.”

The transaction is subject to customary closing conditions, including requisite regulatory approvals.

Goldman Sachs and Barclays are serving as financial advisors, and Latham & Watkins is serving as legal counsel to U.S. Renal Care. Ropes & Gray is serving as legal counsel, and PwC is acting as accounting advisor, to the Investor Group. Weil, Gotshal & Manges are serving as legal counsel to the management team.

About U.S. Renal Care, Inc.
Founded in Jonesboro, Arkansas, in 2000 by an experienced team of healthcare executives, U.S. Renal Care, Inc. works in partnership with nephrologists to develop, acquire, and operate outpatient treatment centers for persons suffering from chronic kidney failure, also known as End Stage Renal Disease (ESRD). The company provides patients with their choice of a full range of quality in-center and at-home hemodialysis, as well as at-home peritoneal dialysis services. Headquartered in Plano, Texas, U.S. Renal Care serves approximately 25,000 patients in 335 dialysis facilities across 32 states and the Territory of Guam. For more information on U.S. Renal Care, Inc., please visit www.usrenalcare.com.

Source: U.S. Renal Care

FORT WASHINGTON, PA – Patriot Growth Insurance Services, LLC ("Patriot") a national retail insurance agency, today announced that Turner Insurance & Bonding Company ("Turner") has joined the Patriot platform. The addition of Turner deepens Patriot’s property and casualty insurance capabilities and further supports Patriot’s national expansion.

Founded in 1934 and based in Alabama, Turner is well known for its long history of servicing the construction industry. Turner provides surety, insurance, and risk management products to a highly diverse construction client base. Led by CEO David Durden, Turner has extensive knowledge and experience throughout the United States and abroad in various construction sectors including infrastructure, governmental, and institutional.

“We were not actively pursuing a change to our business model when we were first introduced to Patriot,” said David Durden, CEO of Turner. “However, as we explored the opportunity, we were deeply impressed with Patriot’s differentiated approach – an approach predicated exclusively on building a great company with committed partners. That’s the environment we wanted for our employees and our clients.”

This partnership comes just weeks after Patriot announced the formation of its growth-focused national insurance services platform in collaboration with 17 independent insurance agencies and with TRUE Network Advisors. Patriot is already a top-60 U.S. privately held insurance services firm.

“Agency owners today are inundated with offers to buy their companies, often before the parties even get to know one another,” said Matt Gardner, Founder and CEO of Patriot. “David Durden took the time to assess Turner’s strategic and cultural fit with Patriot, and made the decision to pursue this partnership in the interest of Turner’s employees and clients. We are thrilled that they have joined our rapidly growing team.”

About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. Patriot’s collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot’s unique equity model creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by growth equity investor Summit Partners. For more information, please visit www.patriotgis.com.

Source: Patriot Growth Insurance Services

Helsinki, Finland; Menlo Park, California – RELEX Solutions, a leading provider of unified retail planning solutions, today announced that TCV has made a $200 million minority investment in the company. TCV is one of the largest providers of capital to growth-stage private and public companies in the technology industry and has backed industry-leading companies, including Airbnb, Facebook, Netflix, Splunk, Spotify, WorldRemit, and Zillow.

RELEX provides an end-to-end retail planning solution enabling companies to improve their competitiveness through accurate forecasting and replenishment, localized assortments, profitable use of space and optimized workforce planning. RELEX has consistently achieved 50 percent year on year growth and attracted leading brands across the globe including Coop Denmark, Franprix, MediaMarkt, Morrisons, PartyCity, Rossmann, and WHSmith.

RELEX will use the funding to continue to fuel its successful growth. The company’s three founders, Mikko Kärkkäinen, Johanna Småros and Michael Falck, see the additional funding as a means of fulfilling their vision of changing the world of retail planning. The founders will stay in their senior management roles, remain significant shareholders and will continue to set the strategy and direction for the Company. RELEX’s existing investor Summit Partners will retain an equity stake in the business and will continue to hold a seat on the RELEX board of directors.

“The development of retail and supply chain planning has been held back by siloed organizations and limitations in how technologies integrate,” comments RELEX’s CEO Mikko Kärkkäinen. “Our vision is to change how the field works by driving a more responsive unified planning process. We are already off to a good start — now we will increase our speed by accelerating our product development ambitions, hiring more tech talent and investing further into the development of our organization as well as further expanding our retail-specific machine learning and AI capabilities that complement our core data processing platform.”

TCV’s General Partner John Doran says: “We seek to partner with businesses and management teams that are poised to grow to dominate global markets in their sectors. We are impressed by RELEX’s modern, highly flexible and cloud-based software, as well as its exceptional data processing performance. RELEX has very high customer satisfaction with customers benefiting from inventory and waste reduction, improved stock availability, more efficient goods handling and less time spent on ordering. We are aligned with the founders’ vision for RELEX and look forward to supporting the management team.”

“With a robust product and a keen focus on delivering ROI to customers, RELEX has built a significant customer base across numerous retail segments and geographies. We are thrilled to continue our partnership with RELEX and delighted to welcome TCV,” adds Han Sikkens, a Managing Director with Summit Partners.

For additional perspective on RELEX, please visit: ”RELEX: Vision and Innovation in the Retail Supply Chain”

About RELEX
RELEX Solutions is dedicated to helping retail businesses improve their competitiveness through localized assortments, profitable use of retail space, accurate forecasting and replenishment, and optimized workforce planning. Our SaaS solutions deliver quick return on investment and can be used independently or jointly for unified retail planning, enabling cross-functional optimization of retail’s core processes: merchandising, supply chain and store operations. RELEX Solutions is trusted by leading brands including WHSmith, Morrisons, AO.com, Coop Denmark and Rossmann, and has offices across North America and Europe. For more information go to: www.relexsolutions.com.

About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $10 billion in leading technology companies and has helped guide CEOs through more than 115 IPOs and strategic acquisitions. TCV’s investments include Airbnb, Altiris, AxiomSL, Believe, Dollar Shave Club, EmbanetCompass, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Netflix, OSIsoft, Rent the Runway, Sitecore, Splunk, Sportradar, Spotify, TourRadar, Varsity Tutors, WorldRemit, and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit h https://www.tcv.com/.

Source: RELEX

Today’s retail landscape is incredibly complex and increasingly competitive. Retailers and suppliers face a massive challenge of managing increasing numbers of physical SKUs in multiple locations with differing seasonal sales patterns, physical sizes, profitability and roles in assortment – all while ecommerce challengers continue to take market share. We believe an optimized supply chain can make all the difference between success and failure.

At Summit, we’ve been watching the evolution of retail, supply chain and related technologies for more than three decades. When we first met RELEX – a pioneer in unified online and offline retail planning – we quickly recognized three key qualities that positioned the company to effectively and successfully address retailers’ pain points:

Talented leadership with deep subject matter expertise
RELEX founders Mikko Kärkkäinen, Johanna Småros and Michael Falck met at the Helsinki University of Technology where their research focused on SCM theory and included groundbreaking work in planning and forecasting collaboration and supply chain efficacy. In 2005, the three founded RELEX with a vision to offer a more integrated, automated approach to managing retail supply chains. The team is passionate about putting this extensive background to use – and serving as a true partner in solving retailers’ most complex challenges.

Differentiated technology that delivers meaningful customer ROI
At the time of Summit’s 2015 investment, RELEX was one of the very few disruptive vendors leveraging leading-edge technologies to quickly process huge volumes of data to drive better real-time outcomes, enabling retailers to plan better, sell more and waste less. RELEX has continued to innovate, expanding its machine learning and AI capabilities to complement the core data processing platform. RELEX has consistently maintained a focus on delivering customer value. RELEX solutions are cloud-based and easy to implement, helping customers to achieve a clear and demonstrable ROI very quickly.

Customer-centric, dynamic culture
Helsinki, Finland boasts a vibrant start-up ecosystem and a “can-do” culture where entrepreneurs share a mutual respect for each other and their customers. Many of these attributes helped form the foundation for RELEX’s customer-centric culture. While RELEX has grown to more than 500 employees worldwide, the team has remained true to a set of articulated core values that treat customers and colleagues as friends and focuses the entire organization on providing measurable value.

RELEX’s expertise, innovative technology and customer-centric culture have made the company a trusted partner to retailers, wholesalers and suppliers worldwide. We were proud to be RELEX’s first institutional investor in 2015, and we have enjoyed working closely with the entire team during a period of impressive growth and expansion. RELEX now operates on the ground in the U.S., U.K., Germany, Norway, Sweden, France, Spain, Denmark and Italy, and has established channel partnerships in Asia and South Africa.

Today, RELEX announced a significant new milestone: $200 million in new financing that will continue to fuel the company’s mission of helping retailers achieve a more accurate and responsive unified planning process. We congratulate Mikko, Johanna, Michael and the entire RELEX team on this news, and we are thrilled to continue our partnership through the next stage of growth.

This article originally appeared on LinkedIn

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in healthcare & life sciences, technology and other growth industries. For more information, including a complete list of companies, visit www.summitpartners.com

‍

‍

_{In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.}

supply chain

Club Champion – one of the largest premium custom golf club fitting retailers in the world – provides the latest example of Summit’s experience in scaling specialty consumer/retail businesses. Summit invested in Club Champion in 2017, and since then, the company has nearly tripled its store count across the United States, using highly trained fitters and the latest in ball flight measuring technology to deliver a Tour-quality fitting experience.

Today, Club Champion announced its next milestone: the acquisition by Levine Leichtman Capital Partners. Summit will continue to hold an equity stake in the business, and we are thrilled to continue our partnership with the Club Champion team. We look forward to the company’s next phase of growth.

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in healthcare & life sciences, technology and other growth industries. For more information, including a complete list of companies, visit www.summitpartners.com.

Acquisition Expands FLIR’s Unmanned Systems Solutions with Advanced Airframes, Sensors, and Flight Management Software for Government and Defense Customers

WILSONVILLE, Ore. -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has acquired Aeryon Labs Inc., a leading developer of high-performance unmanned aerial systems (UAS) for the global military, public safety, and critical infrastructure markets for $200 million. Aeryon’s vertical takeoff and landing quad-copter airframes integrate multiple sensors, including FLIR thermal technology, to provide users with immediate high-resolution intelligence, surveillance, and reconnaissance (ISR) capability.

Based in Waterloo, Canada, and with offices in Denver and Salt Lake City, Aeryon Labs was founded in 2007 and is a leading designer and manufacturer of mission-focused Group 1 UAS solutions built around aircraft under 20 pounds. Aeryon’s family of UAS are deployed by 20 militaries in over 30 countries around the world, including the United States Department of Defense. Aeryon develops UAS solutions that includes hardware, embedded software, ground control stations, sensors, software for flight operations, as well as supporting services for its global customers.

“The acquisition of Aeryon Labs reinforces our long-term strategy to move beyond providing sensors to the development of complete solutions that save lives and livelihoods,” said Jim Cannon, President and CEO of FLIR Systems. “This acquisition, coupled with our acquisition of Prox Dynamics in 2016, greatly increases our unmanned systems solutions capabilities, expanding beyond nano-UAS into Group 1 UAS solutions for military. We intend to continue to invest and build this area of our business and broaden our capabilities as we view unmanned and autonomous solutions to be a significant opportunity for organic growth in the coming years.”

Rugged, reliable, and field-proven, Aeryon’s SkyRanger UAS are rucksack portable and can be deployed in minutes by a single operator. SkyRanger UAS are renowned for operating in demanding environments and inclement weather, including at high altitudes, gusting winds, and rain and snow. The latest additions to the SkyRanger family of aircraft establish a new benchmark for small UAS performance and reliability. Now with a modular and open architecture, end users and third party developers can create tightly integrated payloads and software systems for the SkyRanger platform, enabling rapid solution development, onboard artificial intelligence, and autonomous operations.

“We’re thrilled to join the FLIR family and to have a large, growth-oriented technology company as our new home,” said Dave Kroetsch, Co-founder and CTO of Aeryon Labs. “As drone technology and its markets evolve, customers are seeking UAS as just one component of a broader solution. While Aeryon has been evolving in that direction for the past few years, being part of FLIR Systems brings a path to include our hardware and software technologies in much bigger solutions than would have ever been possible on our own.”

Aeryon Labs is now part of the FLIR Government and Defense Business Unit’s Unmanned Systems and Integrated Solutions division. The transaction is expected to be $0.02 dilutive to FLIR Systems’ 2019 earnings due to anticipated product development investments, and accretive thereafter. FLIR Systems’ management will discuss this strategic acquisition during its 2018 Q4 earnings call scheduled for February 13 at 9 a.m. Eastern Standard Time.

About FLIR Systems
Founded in 1978 and headquartered in Wilsonville, Oregon, FLIR Systems is a world-leading maker of sensor systems that enhance perception and heighten awareness, helping to save lives, improve productivity, and protect the environment. Through its nearly 3,700 employees, FLIR Systems’ vision is to be “The World’s Sixth Sense” by leveraging thermal imaging and adjacent technologies to provide innovative, intelligent solutions for security and surveillance, environmental and condition monitoring, outdoor recreation, machine vision, navigation, and advanced threat detection. For more information, please visit www.flir.com and follow @flir.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may contain words such as “anticipates,” “estimates,” “expects,” “intends,” and “believes” and similar words and expressions and include the assumptions that underlie such statements. Such statements are based on current expectations, estimates, and projections based, in part, on potentially inaccurate assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors. Such forward-looking statements speak only as of the date on which they are made and FLIR Systems does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes made to this document by wire services or Internet service providers.

Source: FLIR Systems and Aeryon Labs

Summit Partners provides funding to fuel continued platform growth

FT. WASHINGTON, PA – Patriot Growth Insurance Services, LLC (“Patriot”) today announced the formation of a new national retail insurance agency in collaboration with 17 independent insurance agencies and TRUE Network Advisors (“TRUE”). With financial backing from growth equity investor Summit Partners, the newly formed Patriot platform offers a collaborative, growth-oriented model that allows partner agencies to operate autonomously while benefiting from the combined resources, strength and experience of a national organization.

Founded and led by CEO Matt Gardner, a 30-year insurance distribution industry veteran, Patriot selectively partners with forward-thinking employee benefits and property & casualty agencies seeking to expand their services as part of a larger network. With 21 offices in 7 states, Patriot is a top-60 U.S. privately held insurance agency that also ranks in the top-20 amongst privately held employee benefits agencies.

“We are building the company that I’ve always wanted to work for. Patriot is committed to partnering with like-minded entrepreneurs that share our vision of creating a world-class agency focused on operational excellence and a relentless pursuit of growth – both organically and through thoughtful, highly selective acquisitions,” said Matt Gardner, Founder and CEO of Patriot. “We’ve created an environment in which our partner agencies maintain meaningful ownership in the equity, culture and direction of the organization, and can leverage the Patriot platform to focus on delivering the highest quality service to their customers.”

In addition to Matt Gardner, Patriot’s national leadership team includes Senior Vice President of Mergers & Acquisitions Steve Carroll, who brings a unique blend of transactional and operational experience in the insurance industry.

Patriot’s founding partner firms include TRUE Network Advisors, one of the fastest-growing insurance agency membership organizations in the United States. Together with TRUE, Patriot offers current and future partners unique capabilities, solutions and strategic perspective focused on further accelerating growth.

Scott Smith, Founder and CEO of TRUE Network Advisors, will continue to lead TRUE as well as join the leadership team at Patriot. Scott added, “We are excited to partner with Matt and the entire Patriot team. Patriot’s mission presents a fantastic opportunity for TRUE as we look to expand our impact in the insurance and employee benefits markets. Our ability to help support the growth of independent agencies is now stronger than ever.” TRUE Network Advisors has grown to over 30 member agencies since its inception three years ago and is poised for continued success as part of the Patriot platform.

Patriot’s founding insurance agencies include:

• Advantage Benefit Solutions (Houston, TX)
• Alliance Insurance Group (Montgomery, AL)
• Arrow Benefits Group (Petaluma, CA)
• Benefits Alliance Insurance Services (5 agencies throughout CA and NV)
• BenefitsTexas (Dallas, TX)
• California Corporate Benefits Insurance Services (Poway, CA)
• Campbell Petrie Inc. (Livingston, NJ)
• Creative Group Benefits (Jackson, MS)
• Innovative Cost Management Services (San Jose, CA)
• Intrepid (Atlanta, GA)
• Intrepid California (Newport Beach, CA)
• Intrepid (Denver, CO)
• Maniaci Insurance Services (Rancho Palos Verdes, CA)

Patriot was formed with financial backing from Summit Partners, a global growth equity firm with extensive experience supporting acquisition-based growth businesses in the insurance and financial services sector. “We believe the Patriot platform offers a tremendous opportunity for agency owners seeking to accelerate their growth,” said Matt Hamilton, a Managing Director of Summit Partners. “Matt Gardner and his team bring decades of combined experience in the insurance sector, formulating a vision for a thoughtfully integrated, growth-focused national operation. We are excited to partner with Matt and look forward to the opportunity ahead.”

Patriot management was advised by Jamieson Corporate Finance. MarshBerry served as financial advisor to the founding agencies.

About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. Patriot’s collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot’s unique equity model creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. For more information, please visit www.patriotgis.com

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable insurance and financial services companies financed by Summit Partners include Acturis, Dorn Technology Group, Employee Benefit Plans, FLEETCOR, Fortegra Financial, Galtney Group, Invoice Cloud, Progressive Finance, SeaBright Insurance Holdings and Trewit. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Acquisition will also drive the creation of Smartsheet Accelerators for marketing workflows​

BELLEVUE, Wash., – Smartsheet (NYSE: SMAR), a leading cloud-based platform for work execution, today announced that it has acquired Seattle-based TernPro, Inc., makers of Slope, an application that makes it easy for teams to collaborate on and manage creative work. With the integration of Slope, Smartsheet will enable users to review, proof and comment on content in the core application, in addition to offering standalone solutions to solve complex marketing and creative workflows.

“The acquisition of Slope will strengthen our leadership position in the collaborative work management category by adding the ability to collaborate on everything from videos to documents directly in Smartsheet,” said Mark Mader, CEO of Smartsheet. “This is relevant to workflows in a wide range of use cases and industries, including marketing and creative work, and supports our vision to empower everyone to more effectively plan, track, automate, and report on work, regardless of technical skill level.”

Launched in 2016, Slope combines robust project management with capabilities like proofing, version control, and real-time collaboration, enabling people and organizations to increase efficiency, improve communication, and produce higher quality content. Slope has over 100 customers across marketing, finance, retail and other industries.

In the coming months, the integration of Slope technology will enhance the Smartsheet platform in a few key ways. Most notably, Slope’s intuitive content review and proofing functionality will let Smartsheet users provide feedback on images, videos, documents and other content, enabling a broad set of powerful use cases that drive collaboration and fit seamlessly into existing workflows.

Slope will also drive the creation of a set of Smartsheet Accelerators built specifically to solve mission critical marketing and creative development workflows. Accelerators are packaged solutions designed to help customers execute faster and be more successful with high-impact, repeatable use cases.

The Slope team, including co-founders Dan Bloom and Brian Boschè, have joined Smartsheet.

“We created Slope to solve the slow, inefficient process of planning creative projects, tracking progress, collecting feedback, and getting approvals from the right stakeholders,” said Bloom. “We realized in talking to Smartsheet that they are uniquely able to expose what we’ve built to more people, across more use cases, in more geographies around the world. We’re excited to get started.”

About Smartsheet
Smartsheet is a leading cloud-based platform for work execution, empowering organizations to plan, capture, track, automate, and report on work at scale, resulting in more efficient processes and better business outcomes. Smartsheet empowers collaboration, drives better decision making, and accelerates innovation for over 77,000 customers in 190 countries. Smartsheet complements existing enterprise investments by deeply integrating with applications from Microsoft, Google, Salesforce, Atlassian, and many others. Smartsheet has been recognized by 451 Research for exceptional technology innovation and positioned as a leader in the Forrester Wave™ evaluation of Collaborative Work Management Tools for the Enterprise.

Forward-Looking Statements
This press release contains “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, statements about Smartsheet’s acquisition of TernPro, Inc. and the expectations about integrating Slope into Smartsheet and its product portfolio, Smartsheet’s merger and acquisition strategy, growth and growth plans, anticipated expansion, expectations regarding possible or assumed business strategies, potential growth and innovation opportunities, new products, and potential market opportunities.

Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “plans,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: realizing the benefit of acquisitions, our ability to achieve future growth and sustain our growth rate, our ability to attract and retain employees, our ability to attract and retain customers and increase sales to our customers, our ability to develop and release new products and services and to scale our platform, our ability to increase adoption of our platform through our self-service model, our ability to maintain and grow our relationships with strategic partners, the highly competitive and rapidly evolving market in which we participate, our ability to identify targets for, execute on or realize the benefits of potential acquisitions, and our international expansion strategies. Further information on risks that could cause actual results to differ materially from forecasted results is included in our filings with the SEC, including our Quarterly Report on Form 10-Q for the period ended October 31, 2018. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Source: Smartsheet

Rowley, Massachusetts and Meridian, Idaho – Harvey Performance Company (“Harvey Performance” or the “company”), a leading provider of specialized cutting tools for precision machining applications through industry leading brands Harvey Tool and Helical Solutions, today announced the acquisition of Micro 100. Based in Meridian, Idaho, Micro 100 is a leading innovator in turning tools, specializing in internal boring, grooving and threading tools and milling tools.

Micro 100’s position as a manufacturer of outstanding products in both the turning and milling categories makes it an ideal addition to the Harvey Performance portfolio of brands. Its products provide a strong complement to Harvey Tool’s miniature and specialty profile tooling and Helical Solutions’ high performance end mill selection. Because of this, the addition of Micro 100 significantly increases the company’s market opportunity.

“We are on a journey to assemble and build a world-class company made up of outstanding brands and product lines supported by incredible people,” said Pete Jenkins, CEO of Harvey Performance Company. “The addition of Micro 100 products to the Harvey Performance portfolio will help accelerate our ability to do just that. Micro 100 has a demonstrated dedication to quality products, excellent reputation and outstanding service – all traits that are consistent with the Harvey Performance way of doing business.”“The Harvey Tool and Helical Solutions Brands serve some of the most advanced and demanding end users in the industry,” said Jerry Gleisner, Senior Vice President of Sales for Harvey Performance Company. “Micro 100’s product line, particularly their strong focus in turning tooling, will allow us to offer additional capabilities and value to our distributors and end users.”

Moving forward, the Harvey Performance team will focus on scaling and growing each of the company’s three brands. “We will continue to manufacture Helical Solutions product in our Gorham, Maine facility and Micro 100 product in the Meridian, Idaho location,” said Brian McKahan, Vice President of Operations of the Harvey Performance Company. “We have plans for significant investment and growth across all of our brands.”

The acquisition of Micro 100 better positions Harvey Performance and its brands to compete and grow. “One thing that is a constant in our business is change, with regular consolidation amongst our competitors, our distributors and our end users,” said Jenkins. “We will continue to look to expand our product portfolio through acquisition. Scale matters, and we believe that – through thoughtful assembly of brands and products – we can enhance the end users’ productivity and increasingly earn their business.”

Harvey Performance Company is backed by global growth investor Summit Partners. Jay Pauley, Summit Partners Managing Director and member of the Harvey Performance board, reiterated the strategic importance of this acquisition. “Micro 100 is a growth business with products that complement the Harvey Performance suite extremely well. We are excited to welcome the Micro 100 team to the Harvey Performance Company Family.”

About Harvey Performance Company
Harvey Performance Company strives to offer unique and innovative products to solve industries’ most challenging machining requirements. Its distinct brands, Harvey Tool, Helical Solutions, and Micro 100, serve specialty needs and markets with a shared commitment to delivering high quality products and superior service. The brands offer a broad range of products and services that help support machinists, engineers, and CNC programmers while giving their shops a competitive advantage. Harvey Performance has a proud history of doing business the right way – offering fast friendly service, providing comprehensive product support, and treating customers, suppliers, and shareholders in a way that builds strategic, strong, and enduring relationships. For more information visit www.harveyperformance.com.

Source: Harvey Performance Company

Braintree, Massachusetts – Invoice Cloud, Inc. (“Invoice Cloud”), a leading Software as a Service (“SaaS”) provider of vertical software, billing, and payments solutions, today announced a strategic partnership with General Atlantic, a global growth equity firm. General Atlantic, which will become the majority shareholder, will invest in Invoice Cloud alongside existing shareholder Summit Partners and Invoice Cloud management to help fuel the company’s next stage of growth.

Founded in 2009, Invoice Cloud provides cloud-based customer engagement and electronic payment processing capabilities to more than 25,000 clients in the government, utilities, health & wellness, non-profit, and financial services sectors. Invoice Cloud’s leading vertically focused software solutions help clients save on administrative costs, improve customer engagement, and streamline the billing and collections processes.

“We are proud of what our team has accomplished to date and the significant growth we have experienced across a number of key verticals. We are thrilled to partner with General Atlantic in this next phase given their extensive experience in payments and software and their long track record of helping high-growth businesses achieve their long-term goals,” said Bob Bennett, Chief Executive Officer of Invoice Cloud. “Together with the continued support of Summit Partners, our new partnership will position Invoice Cloud to better serve our customers, employees, partners, and achieve even greater success.”

“It has been a pleasure to work alongside Bob and the entire Invoice Cloud team during a period of incredible expansion,” said Matt Hamilton, Managing Director at Summit Partners. “Since Summit’s initial investment, Invoice Cloud has consistently delivered on its mission to improve customer experience through innovative, self-service software. We look forward to continuing our partnership as they embark on this next phase of growth.”

“Invoice Cloud has proven itself as a clear leader in vertical payments and billing automation by providing an innovative product suite that helps its customers improve client engagement and automate business processes. The company has experienced substantial growth to date and is poised to achieve significant scale by leveraging its strong team and world-class technology,” said Jon Korngold, Managing Director and Global Head of General Atlantic's Financial Services Sector.

“We have been extraordinarily impressed with the company’s vision, customer satisfaction, and market opportunity ahead,” added Paul Stamas, Managing Director at General Atlantic. “We are very pleased to partner with Invoice Cloud and look forward to working with Bob and the entire team to help drive continued rapid growth both organically and inorganically.”

Drawing from 38 years of experience investing in over 300 global growth companies, General Atlantic partners with entrepreneurs and management teams who are building leading, high-growth businesses. The firm has approximately $28 billion assets under management as of June 30, 2018. General Atlantic focuses on investments across four sectors, including Consumer, Financial Services, Healthcare, and Technology, with support from the firm’s global team of experts.

General Atlantic has deep expertise in the software and payments sector, with investments including Adyen, Benevity, BillDesk, Clip, Insurity, Klarna, Network International, and Slack.

Raymond James & Associates served as financial advisor to Invoice Cloud on the transaction.

About Invoice Cloud
Founded in 2009, Invoice Cloud™ improves customer and client experiences through industry focused innovation in software, billing, collections, and integrated e-payments at over 25,000 clients in all 50 of the United States of America. Invoice Cloud owns and operates a number of brands including Invoice Cloud, SimplePractice, Donor Drive, HealthPay24, and IVR Technology Group. www.invoicecloud.net.

About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 130 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable financial technology and services companies financed by Summit Partners include 360T Group, Acturis, Clearwater Analytics, FLEETCOR Technologies, Flow Traders, Focus Financial Partners, Ogone, optionsXpress and Progressive Finance. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

All eyes were on Apple as the company unveiled a new lineup of products at its October 2018 launch event at the Brooklyn Academy of Music. While introducing the new Mac mini, Tom Boger, Head of Mac Product Marketing, recognized MacStadium as "the very definition of mission critical." MacStadium, a leading provider of enterprise-class Apple Mac infrastructure, operates nearly 8,000 Mac minis running 24x7 in data centers around the world. Read more about the secret world of Mac mini and MacStadium's unique capabilities at apple.com.

Investment supports Syncron’s vision to empower manufacturers to shift from reactive, break-fix after-sales service to a new paradigm focused on maximized product uptime

STOCKHOLM and ATLANTA – Syncron™, a provider of cloud-based after-sales service solutions focused on empowering the world’s leading manufacturers to maximize product uptime and deliver exceptional customer experiences, today announced a $67 million minority investment from global growth equity firm Summit Partners. The partnership with Summit Partners will support Syncron’s continued development of its category-leading enterprise SaaS solutions and further expansion of its global operations.

Servitization – where organizations transition from selling one-off products to selling the output or value that products deliver – is leading manufacturers to evolve their after-sales service operations from reactive, break-fix models focused on repair execution, to a new paradigm focused on dynamic repair prevention and maximizing product uptime.

Syncron offers a fully integrated SaaS platform to optimize the performance of the after-sales service supply chain and enable global manufacturers to evolve to subscription-based uptime service models, which is critical on the journey to servitization. The Syncron Service Cloud applies machine learning to multi-echelon logistics and IoT data designed to deliver predictive insights and drive enhanced customer experiences, greater efficiency and brand loyalty. Headquartered in Stockholm, Sweden, Syncron powers the after-sales service organizations of many of the world’s leading manufacturers, including Electrolux, Hitachi, JCB, Mazda, Siemens and Toyota. Syncron has more than 330 employees across 10 global offices and is a recipient of the Great Place to Work® award.

“We are delighted to partner with Summit Partners to support Syncron’s next chapter of expansion and our path to IPO readiness,” said Anders Grudén, CEO of Syncron. “Summit’s deep experience collaborating with high-growth, enterprise SaaS companies will add valuable support to our vision of leading the transition from reactive, break-fix after-sales service to intelligently maximizing product uptime and customer loyalty.”

“We believe Syncron is uniquely positioned to support global OEMs on their journey towards servitization,” said Antony Clavel, a Principal at Summit Partners who will join the Syncron Board of Directors. “Across automotive, industrial machinery, high-tech, aerospace and many other industries, sophisticated manufacturers are working with Syncron to drive after-sales service excellence.”

“Syncron is an impressive technology company serving some of the world’s most respected manufacturing brands,” added Han Sikkens, a Managing Director with Summit Partners who will also join the company’s Board of Directors. “The Syncron team has delivered strong, profitable growth on a global scale and we look forward to supporting the company’s continued market leadership.”

Summit Partners manages over $14 billion in capital and has invested over $2 billion in European-headquartered growth companies. Syncron represents Summit Partners’ first investment in Sweden.

About Syncron
Syncron empowers the world’s leading manufacturers to maximize product uptime and deliver exceptional after-sales service experiences, while driving significant revenue and profit improvements. From industry leading investments in research and development, to providing the fastest time-to-value, Syncron’s award-winning, cloud-based service parts inventory, price and uptime management solutions are designed to continually exceed customer expectations. Top brands from around the world trust Syncron to transform their after-sales service operations into competitive differentiators. For more information, visit syncron.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology and industrial technology companies financed by Summit Partners include Avast, Darktrace, Elatec, Flow Traders, McAfee, OnRobot, SmartSheet, Trintech, WebEx and Welltec. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Congratulations to John Schreiber, Drew Smith, Emily Snell and the entire InfoArmor team on today’s $525 million acquisition by Allstate Corporation (NYSE: ALL). We believe this acquisition underscores the enormous and escalating impact of high-profile data breaches and identity theft in an evolving threat landscape. But as importantly, it highlights the incredible vision and tireless execution of the InfoArmor team. A founder-owned and bootstrapped business, InfoArmor developed a differentiated and highly scalable go-to-market strategy and became a leader in identity protection and advanced threat intelligence for employers all over the United States.

For more than three decades, Summit has sought out category leading, bootstrapped growth companies. When we first met the InfoArmor team, we quickly recognized the rare combination of great product-market fit, relentless focus on customer satisfaction, rapid growth and capital efficiency that we see and appreciate in many of the most successful growth companies. Prior to our partnership, the Scottsdale, Arizona-based company had raised no outside growth capital – and as a result, by necessity, the team had to be creative and disciplined in building the product, approaching the market and driving revenue growth.

We believed InfoArmor was doing something different in the enterprise security sector – both in product and in execution. Summit’s experience in cybersecurity spans nearly three decades and includes investments in a dozen companies that provide endpoint, network or application protection. InfoArmor addresses many of the same themes as these companies but targets a different and increasingly vulnerable vector of an enterprises’ attack surface: the employee.

InfoArmor’s solution is comprehensive and proactive. Through a combination of credit and financial transaction monitoring, social media review and proprietary dark web surveillance, InfoArmor surfaces compromised usernames, passwords and other personally identifiable information to help stop identity theft at its first sign.

But InfoArmor’s success goes beyond great products and services. Recognizing that enterprises have a very real stake in protecting their employees, InfoArmor developed a differentiated go-to-market approach, partnering with employers, benefit brokers, consultants and benefits exchanges to deliver identity protection solutions alongside existing employee benefits. The InfoArmor team built its product, organization and processes on a foundation of obsessive customer satisfaction. This drove strong referral business through InfoArmor’s benefits broker partners, resulting in exceptionally high market share, best-of-breed account expansion and retention rates, and profitable customer economics. Together, these attributes helped drive very rapid, high margin growth at scale. And the team’s execution has been stellar; since Summit’s investment in 2016, InfoArmor has more than tripled its customer base and today serves over 1400 businesses, protecting more than 2 million employees all over the U.S.

Joining forces with Allstate Corporation, InfoArmor now has the opportunity and the distribution network to bring their unique solutions – and unparalleled customer service – to more employees and enterprises. We are grateful for our partnership, and we wish the InfoArmor team the very best in their next phase of growth.

Since 1984, Summit Partners has invested in more than 475 companies in technology, healthcare and other growth industries. An alphabetical list of Summit Partners' growth equity portfolio companies can be found here.

This post originally appeared on LinkedIn

‍

‍

_{In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.}

New York – OMERS Private Equity announced today a definitive agreement to acquire Paradigm Outcomes (“Paradigm” or the “Company”). Summit Partners (“Summit”), Paradigm’s existing majority owner, will continue to be a shareholder in Paradigm. Terms of the transaction were not disclosed.

OMERS Private Equity invests on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. Its investment in Paradigm is the latest in a series of healthcare investments that includes Premise Health, Forefront Dermatology, CBI Health Group, Great Expressions, and Accelerated Rehabilitation Centers.

Based in Walnut Creek, California, Paradigm is a market leading provider of complex and catastrophic medical management to the U.S. workers’ compensation industry. Paradigm places the injured worker at the center of a dedicated team solely focused on achieving better medical outcomes while lowering overall costs. Specifically, over the past 25 years, Paradigm has leveraged nationally recognized doctors, expert clinical staff, a national facility network, and its specialty network footprint and capabilities, as well as clinical data from thousands of prior cases to guide decisions and outcomes.

John Watts, CEO of Paradigm, said, “We are excited to partner with OMERS and look forward to working together as we expand Paradigm’s services while we continue to focus on delivering best-in-class services to our clients. Our organizations are aligned in cultural values and in our shared vision for growth. With OMERS and Summit behind us, we will continue to raise the bar for managing complex healthcare needs.”

“It has been a pleasure to partner with John and the entire Paradigm team through a period of impressive growth. We are grateful for their hard work and strategic vision, and we look forward to continuing to work with them and to develop our partnership with OMERS in this next chapter,” said Darren Black, a Managing Director with Summit.

“Paradigm has consistently demonstrated an ability to provide great outcomes for patients and customers alike, and we are eager to partner with John Watts and the team,” said Geoff Bird, Managing Director, OMERS Private Equity.

“Our investment in Paradigm is consistent with OMERS Private Equity’s strategy of acquiring industry leading companies with world class management teams. The Company is a strong addition to our growing portfolio,” said Eric Haley, Managing Director, OMERS Private Equity.

Weil Gotshal & Manges LLP acted as legal counsel for OMERS Private Equity. JMP Securities LLC acted as exclusive financial advisor to OMERS Private Equity. Credit Suisse and SunTrust Robinson Humphrey, Inc. will act as joint lead arrangers for the credit facilities in support of the transaction.

About OMERS and OMERS Private Equity
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with more than $95 billion in net assets, as at December 31, 2017. OMERS invests and administers pensions for more than 482,000 members through originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.

OMERS had private equity net investment asset exposure of $11.5 billion as at December 31, 2017. OMERS Private Equity, the private equity investment arm of OMERS with a team of investment professionals in Toronto, London, New York and Singapore, seeks to use its permanent and agile capital base to partner with management teams of industry leading businesses. For more information, please visit www.omersprivatemarkets.com.

About Paradigm Outcomes
Paradigm is the market leader in managing catastrophic and complex cases for the workers’ compensation industry. For more than 25 years, Paradigm has provided management services to improve health outcomes and lower medical spend for high-cost, complex cases. The Paradigm Outcomes business provides clinically-driven comprehensive care management programs for people with catastrophic injuries, achieving 5x better medical outcomes and lowering total costs by 40% compared to industry benchmarks. Together with its wholly owned subsidiaries ALARIS Encore, ForeSight Medical and Adva-Net, Paradigm works to improve health outcomes and lower medical spend for high-cost, complex cases.

Source: OMERS Private Equity

MINNEAPOLIS — Ascentis, a leading provider of cloud-based human capital management (HCM) solutions and integrated payroll services, today announced the acquisition of privately held time-and-attendance solution NOVAtime. NOVAtime is well-known for its innovation, intuitive features, and comprehensive workforce management tools. The acquisition positions Ascentis as one of the largest all-in-one HCM solutions in the industry.

“By joining forces with NOVAtime, Ascentis will provide the unmatched combination of world class service and innovative technology that HCM buyers crave,” said Brian Provost, CEO of Ascentis. “This acquisition represents a key strategic milestone in the company’s vision to become the premiere HCM partner of choice for growing organizations. Together, Ascentis and NOVAtime are able to offer HR leaders a self-driven path to adopt a complete set of end-to-end HR tools from a single supplier over time.”

Ascentis and NOVAtime have worked in partnership since 2012, providing complementary offerings with unsurpassed service and tech innovation leadership, respectively. Together, the combined business will offer a truly unique all-in-one solution that is unified, easy to use, and delivers actionable workforce insights.

Headquartered in Minneapolis, Minnesota, the two businesses will have a combined workforce of over 400 employees and a roster of nearly 5,000 clients across a variety of industries, including the public sector. Collectively, the businesses have seen impressive recurring revenue growth over the past year, and in 2017, Ascentis received growth financing from global growth equity investor, Summit Partners.

“Our team is excited about being able to offer our partner network a unified solution that will cover their clients’ needs from hire to retire,” said Frank Su, Founder of NOVAtime. “For our existing partners who rely on other HCM solutions, we’ll continue to take an open approach to integrating with those solutions, allowing them to add what they need at their own pace, creating a win-win for everyone.”

Ascentis has established itself as one of the few providers to give clients the option to deploy feature-level capabilities in the order important to an individual organization, and with the flexibility to meet that organization’s deployment needs. Now, the company is even better positioned to deliver an all-in-one HCM solution that comprehensively addresses clients’ needs.

About Ascentis
Ascentis helps organizations improve their human resources and payroll functions by offering an all-in-one Human Capital Management solutions suite, supported with a first-of-its-kind client centric service model. Recruiting, HRIS, Benefits Administration, Performance and Learning Management, Payroll and Workforce Management modules work independently or together to meet the needs of each client, wherever they are in the HCM journey. Ascentis enables companies to maximize management of their best asset – their people!

About NOVAtime
NOVAtime, with offices in Rancho Cucamonga, California, and has become the leader in integrating Workforce Management solutions with Human Resource and Payroll systems. Known for its scalable and leading-edge software and hardware technology, NOVAtime has been selected as the preferred Workforce Management / Time and Attendance solution provider by many of the best-managed companies in the world.

Source: Ascentis

Acquisition Advances Paradigm's Specialty Care Management Leadership, Further Builds Specialty Network Footprint and Capabilities

WALNUT CREEK, Calif. -- Paradigm Outcomes, the market leader in managing catastrophic and complex cases for the workers' compensation industry, today announced it has acquired Adva-Net, a leading ancillary network for high-acuity workers' compensation claims, providing services for comprehensive pain management, post-acute care management and addiction recovery. The acquisition will strengthen Paradigm's specialty network footprint and capabilities, accelerate new product development, and complement our core catastrophic and complex care management offerings.

"Our aim at Paradigm is to improve more lives and set a new standard for managing complex healthcare needs," said John Watts, CEO, Paradigm Outcomes. "To grow to the next level, we recognized the strategic value of joining forces with another market leader who shares our vision. Adva-Net diversifies our solutions while deepening our focus on clinically driven, network-based and outcomes-focused offerings for individuals with catastrophic injuries and complex medical issues. With today's acquisition of Adva-Net, and our prior acquisition of ForeSight Medical, Paradigm is in a strong position to become the nation's leading specialty network platform, supported by the industry's foremost clinical and business leadership team."

"Adva-Net has built a solid platform for specialty networks," said Dr. Kenneth (Ken) Hannigan, CEO of Adva-Net. I am looking forward to working with John and the team at Paradigm to create the next generation of solutions for complex care management."

About Paradigm Outcomes
Paradigm is the market leader in managing catastrophic and complex cases for the workers' compensation industry. The Paradigm Outcomes business provides clinically-driven comprehensive care management programs for people with catastrophic injuries, achieving 5x better medical outcomes and lowering total costs by 40% compared to industry benchmarks. Together with its wholly owned subsidiaries ALARIS Encore, ForeSight Medical and Adva-Net, Paradigm works to improve health outcomes and lower medical spend for high-cost, complex cases.

Source: PR Newswire

Leading SaaS-based TMS provider poised for accelerated growth

CARY, NC and MENLO PARK, CA – Summit Partners, a global growth equity investor, today announced the acquisition of MercuryGate International, Inc., a leading independent provider of SaaS-based transportation management system (TMS) solutions.

Co-founded in 2000 by CEO Monica Wooden and President Steve Blough, MercuryGate began with a mission to solve the most complex, high-volume transportation management challenges at an affordable price. Since those early days, the company has grown immensely. Last year alone, the MercuryGate TMS managed more than $70 billion of annual freight spend and supported over 300,000 daily logins from 80 countries. At the forefront of logistics technology innovation for the past 18 years, MercuryGate today is one of the most comprehensive SaaS-based TMS solutions in the market uniquely addressing all customer segments, including shippers, 3PLs, freight forwarders, freight brokers, and carriers.

“We selected Summit Partners amongst many other suitors because Summit shares our vision and commitment to extend the foundation we have built into a platform for accelerated innovation, global ecosystem enablement, and customer scale,” said Monica Wooden. “I was looking for an investment partner that had the growth-oriented strategic and operational resources to take us to the next level, and I found that formula in Summit Partners.”

As part of this transaction, Monica Wooden will transition into a customer-facing role at the company as Chief Revenue Officer, while Co-founder and President Steve Blough will continue on as Chief Product Officer. Joe Juliano, an Executive-in-Residence (“EIR”) with Summit Partners and software industry leader, will join MercuryGate as President and CEO and will work closely with Monica and Steve to drive growth and scale initiatives.

Mr. Juliano brings a deep background in both supply chain and SaaS software, as well as a demonstrated expertise in optimizing go-to-market strategies, achieving high levels of customer satisfaction and accelerating revenue growth. Prior to joining Summit’s EIR program, Mr. Juliano served as President and CEO of IQNavigator, a provider of SaaS solutions that enables businesses to source, manage, and pay contingent workforces. Previously, he was President of RedPrairie, a provider of supply chain, transportation management, and workforce management software, which merged with JDA Software, and he served as President and CEO of PrimeRevenue, a SaaS supply chain financing company. Prior to PrimeRevenue, Mr. Juliano led all commercial efforts of two publicly-traded companies: Ariba and FreeMarkets.

“Joe’s strategic vision, supply chain and transportation expertise, and track record of growing and scaling software businesses and delivering excellent customer service make him the natural choice to lead MercuryGate in our next chapter of our growth,” said Ms. Wooden. “I look forward to working closely with Joe to drive continued product innovation and deepen our commitment to our customers.”

“MercuryGate is a world-class company dedicated to serving the needs of a highly complex market with an extremely configurable and scalable SaaS solution,” said Mr. Juliano. “I’m excited to collaborate with Monica, Steve, and the MercuryGate team and to leverage Summit’s growth-oriented strategic and operational resources to build upon MercuryGate’s strong foundation and expand its global footprint.”

“With the addition of Joe’s significant experience in customer-centric growth, we believe MercuryGate has the right combination of vision, product and leadership to drive continued growth in the TMS sector, and we are excited to continue building on the momentum they have achieved to-date,” added Peter Rottier, a Managing Director with Summit who will join the MercuryGate Board of Directors.

“MercuryGate offers a strong product with incredibly rich functionality,” said C.J. Fitzgerald, a Managing Director with Summit Partners, who will also join the MercuryGate Board of Directors. “We believe the company is strongly positioned for continued growth as organizations large and small seek SaaS solutions to manage their transportation and logistics operations for improved productivity and operational efficiency.”

“We have been pleased to partner with MercuryGate’s management team and support the company through an impressive growth period,” said Alex Berzofsky, Managing Director, Warburg Pincus, which previously invested in MercuryGate. “MercuryGate is a clear leader in TMS software solutions and we are confident they will enjoy continued success.”

About MercuryGate International
MercuryGate provides powerful transportation management solutions proven to be a competitive advantage for today’s most successful shippers, 3PLs, freight forwarders, brokers, and carriers. MercuryGate’s solutions are unique in their native support of all modes of transportation on a single platform including Parcel, LTL, Truckload, Air, Ocean, Rail, and Intermodal. Through the continued release of innovative, results-driven technology and a commitment to making customers successful, MercuryGate delivers exceptional value for TMS users through improved productivity and operational efficiency. MercuryGate offers business intelligence to improve transportation processes, increase customer satisfaction, and reduce costs.

Find out why MercuryGate has set the industry standard for the most adaptable, comprehensive transportation solutions suite in the industry at www.mercurygate.com or on Twitter at @MercuryGate.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology and software companies financed by Summit Partners include Fineline Technologies, FleetCor, Hiperos, HelpSystems, Infor, Mi9 Retail, Navis, Perforce Software, RELEX Solutions, SmartSheet, Trintech and Uber. Summit maintains offices in North America and Europe, and invests in companies around the world. Summit’s Executive-in-Residence (“EIR”) program facilitates collaboration between seasoned industry executives and Summit’s sector teams who work together to identify investment opportunities, conduct due diligence, and create and support value creation plans for the companies with which Summit has partnered.

For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

SACRAMENTO, Calif. -- Surgical Affiliates, a leading surgical hospitalist company, today announced that Dr. Leon J. Owens, M.D., FACS, founder will transition from Chief Executive Officer (CEO) to Executive Chairman of the Board. Dr. Lynette Scherer, M.D., FACS, Chief Medical Officer will step into the role of CEO. Dr. Owens will continue to focus on sustainable growth and the company culture of Surgical Affiliates. Surgical Affiliates also announced the recent hire of Scott Flacks as the Chief Operating Officer (COO).

"Since Dr. Scherer joined Surgical Affiliates in 2013, we have put our heart and soul into the mission of making a positive impact on delivering the highest quality surgical care by compassionate and talented providers and by providing growth opportunities for our people," Dr. Owens said. "We have a relentless focus on finding the right people, playing to their strengths, and empowering them to Own their Outcomes. As leaders, we've watched the company grow in ways we couldn't imagine by enabling others to step into new roles with an eye toward delivering the best outcomes in the business. Having Dr. Scherer by my side has been instrumental in my journey as CEO, and that formula doesn't change as I transition to Chairman with me by hers."

Dr. Scherer received her medical degree from Tufts University School of Medicine in Boston where she graduated with honors. She completed her general surgery residency and trauma/critical care fellowship at the University of California, Davis Medical Center. In addition to being board certified by the American Board of Surgery, Dr. Scherer is a fellow of the American College of Surgeons and is an active member in the largest national trauma society, the American Association for the Surgery of Trauma. Through her leadership, the company has become a recognized and trusted partner for delivering Surgical Hospitalist programs. She is responsible for scaling an entrepreneurial outfit into a large and reliable organization, while keeping the innovative spirit of the original culture.

"People are the secret sauce at Surgical Affiliates," said Dr. Scherer. "We give leaders from within an opportunity to grow and we recognize those responsible for our success. Dr. Owens and I have had this succession plan in place for many years and will continue to grow our teams and the business with the same vigor and passion as the day we started Surgical Affiliates.

"Having an exceptional Executive and Field Management team has expedited the need for us to make this transition and open up new opportunities for those in the company as well as new employees looking for a rewarding career path. This philosophy was supported and bolstered by our recent hire of Scott Flacks.

"Scott Flacks brings more than 20 years of experience in global operations, strategic planning, marketing, contact center management, and customer support experience to Surgical Affiliates. He is responsible for a broad variety of practice operations including recruitment and credentialing, and hospital and third-party payer relationships."

Prior to joining Surgical Affiliates, Scott was an influential force in healthcare technology helping drive double digit growth in users and revenues as Chief Operating Officer for IDEAL LIFE. He has extensive experience in building strategic partnerships with healthcare organizations and implementing processes that improve quality while simultaneously improving user experience.

About Surgical Affiliates Management Group, Inc.
Surgical Affiliates Management Group is the first surgical hospitalist company with published, proven results that its programs improve patient care, lower costs, reduce readmissions, and enhance hospital throughput. Surgical Affiliates' System of Care© is a permanent solution to the challenge of providing integrated, 24/7 hospital-based surgical teams and one that raises the level of hospital performance across the board, preparing these facilities for the world of pay-for-performance and accountable care models. Surgical Affiliates provides trauma, orthopedic, neurosurgical and acute care surgery programs in hospitals ranging from rural facilities to large community hospitals to multi-hospital systems.

Source: SAMGI

ADDISON, Ill.-- Parts Town, the leading parts distributor in the commercial foodservice equipment market, has acquired PartsXpress, the commercial foodservice equipment parts business division of Smart Care Equipment Solutions. Financial terms were not disclosed.

As part of this acquisition, Parts Town will become the primary supplier of genuine OEM parts to Smart Care Equipment Solutions’ technicians. The acquisition will further expand Parts Town’s leadership in supporting field service companies across the globe with the genuine OEM parts they need to deliver field service excellence. Smart Care Equipment Solutions will retain and build on its growing national field service capability, not acquired by Parts Town.

“PartsXpress is an exciting addition to the Parts Town family and will further strengthen the value Parts Town brings to both manufacturers and customers,” said Steve Snower, CEO of PT Holdings, parent company of Parts Town. “This acquisition moves us one step closer to our vision of making it easier, faster and even kinda fun for customers to find and buy foodservice equipment parts. The PartsXpress team brings a strong and diverse customer base and demonstrated expertise and passion for servicing customers, and we look forward to welcoming a new group of accomplished team members to Parts Town’s dynamic culture.”

The acquisition of PartsXpress further strengthens Parts Town’s global market leadership in the industry. In addition to its growth from acquisitions, Parts Town continues to sustain high organic growth rates, with 2018 on pace to deliver over 30 percent growth, building on its streak of 15 consecutive years with more than 20 percent organic growth. The company’s consistent growth is driven by a differentiated inventory, unique technology and partnerships with the industry’s leading manufacturers.

Bill Emory, CEO of Smart Care Equipment Solutions adds, “The sale of PartsXpress is another key step in our strategic plan to build Smart Care Equipment Solutions into the nation’s premier foodservice equipment care company. It allows us to focus on growth by doing what we do best: delivering great service for our customers through the strongest and largest team of commercial kitchen equipment technicians. ”

About Parts Town
Parts Town is the market-leading distributor of genuine OEM (original equipment manufacturer) foodservice equipment parts. When there’s a hiccup in any commercial kitchen, Parts Town is ready to jump in and help with the most in-stock parts on the planet, innovative technology, and an unmatched customer experience. Customized solutions benefit food equipment service companies, chain restaurants, institutions and independent restaurants.

Our 360-degree imaging technology, PartSPIN®, valuable interactive diagrams, convenient Smart Manuals, and the industry’s first mobile app allow customers to easily and conveniently find and view equipment manuals and parts in the field, where that info is needed most. These innovations, paired with same day shipping and extended hours of operation, ensure the correct part is ordered and delivered every time.

Partnering with the top manufacturers of commercial cooking, refrigeration, ice and beverage equipment and more, Parts Town improves the supply chain, increases sales of genuine OEM parts and keeps every customer’s business running like clockwork.

Parts Town makes finding and buying foodservice equipment parts easy, fast and kinda fun.

Source: Business Wire

New funding allows Podium to double its engineering team and expand product offerings to better serve mid-market and enterprise clients

LEHI, Utah — Podium, the leading customer communication platform for local businesses, today announced that it has raised a $60 million Series B growth round of funding led by IVP with participation from Accel, Summit Partners, GV (formerly Google Ventures), and Y Combinator.

Podium launched in 2014 as a product to help local businesses get honest and timely online reviews. Since then, the company has developed additional products to create a communication platform facilitating convenient interactions for any company that interacts with its customers through a physical location. Podium's platform now supports customer messaging, reviews, webchat and customer feedback using channels that customers actually use and trust. In less than four years, the Podium platform has been adopted by nearly 20,000 businesses that drive over 4 million customer interactions per month.

"This investment marks a big milestone in Podium's growth," said Eric Rea, co-founder and CEO of Podium. "Local businesses and service providers comprise roughly a third of the entire non-farm GDP. The vast majority of these companies aren't directly competing with online retailers for their services or products, but they are competing against their convenience. This investment will allow Podium to continue providing new tools to bridge that level of convenience and modernize the way these businesses communicate on a local level."

Podium will be using the funding to further develop existing and future products. Due to increased demand from mid-market and enterprise clients, Podium will also be developing products and features to better serve these customers as well as expanding into more international markets.

"Podium has become one of the most promising tools a local business could use," said Sandy Miller, general partner at IVP. "This market is absolutely immense. By addressing an overlooked area where local businesses and services have been woefully underserved, Podium's technology allows for these companies to easily adapt and conveniently communicate with their customers."

Podium started 2015 with an employee count of five. By the beginning of 2018, that number has grown to more than 300. Podium plans to add another 100 employees by the end of the year, using the resources from this round to double its engineering staff.

"The growth Podium has experienced in just four years puts them on track to be one of the most elite SaaS companies we've seen," added Tom Loverro, principal at IVP. "As a firm, we have been able to work with some of the largest and most successful SaaS companies in the world. We could not be happier to add Podium to that list and being a partner in their growth story."

Read more about Podium's funding announcement at https://blog.podium.com/series-b/.

About Podium
Podium modernizes the way business happens locally with products designed to help businesses be found, chosen, and gain insight into their customers' experience. By conveniently facilitating millions of customer interactions, such as driving customer-generated online reviews and providing improved customer communication tools, Podium serves 150,000+ users across nearly 20,000 local businesses. Headquartered in Lehi, Utah, and founded in 2014, Podium is currently backed by IVP, Accel, Summit Partners, GV (formerly Google Ventures), and Y Combinator. To learn more, visit www.podium.com or contact us at press@podium.com.

Source: Podium

BARCELONA, SPAIN; WESTWOOD, MA; AND LONDON, UK – Global growth equity investor Summit Partners today announced that Advance Medical, a leading global provider of telehealth services, has been acquired by Teladoc (NYSE: TDOC), the international leader in virtual care. Summit made a minority investment in Advance Medical in January 2018.

Founded in 1999 by Marc Subirats and Carlos Nueno, Advance Medical is a worldwide leader in telemedicine and expert medical opinion services. The acquisition of Advance Medical expands Teladoc’s international footprint, broadens its breadth of medical services and its physician network, and extends the company’s market leadership.

“From the early days of our relationship, Summit distinguished itself as a productive and knowledgeable partner,” said Marc Subirats, Co-founder and Co-CEO of Advance Medical. “With a deep understanding of the global healthcare landscape and extensive, growth-focused operational expertise, Summit was able to deliver immediate, tangible value to our business.”

“Over the three years preceding their investment, Summit took the time to truly understand our business and provided valuable perspective as Advance Medical navigated a period of strong growth and expansion,” added Carlos Nueno, Co-founder and Co-CEO of Advance Medical. “We are excited for this next stage of the company’s development and the opportunity to further extend the reach of our services as part of Teladoc.”

“Carlos, Marc and the rest of the Advance Medical team have built an impressive, patient-centric business dedicated to improving access to high-quality healthcare regardless of geography,” said Thomas Tarnowski, a Managing Director with Summit Partners. “It has been a great pleasure building a strong relationship with this team over the past few years, watching the business evolve and supporting their vision of delivering a comprehensive virtual care solution to patients and companies around the world.”

Teladoc completed its acquisition of Advance Medical on May 31, 2018. The purchase price consists of approximately $292 million in cash and $60 million of Teladoc common stock.

About Advance Medical
Founded in 1999, Advance Medical is a worldwide leader in telemedicine and expert medical opinion services, employing more than 800 dedicated health professionals worldwide, including over 400 medical doctors and nurses, who collaborate with a network of more than 50,000 leading experts around the world to improve patient care. Partnered with more than 300 large, multinational employers and insurers across Europe, Asia, Latin America and the U.S., Advance Medical has built an integrated portfolio of high quality telehealth and expert medical opinion solutions, including Global Care on Demand, and the Virtual Medical Home.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in healthcare & life sciences, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable healthcare & life sciences investments include DentalPro, HealthSun Health Plans, HealthCare Partners, Independent Vetcare, MDVIP, Modernizing Medicine, Nighthawk Radiology and Wellcentive. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Winshuttle, the leading SAP-centric robotic process automation and data management platform provider, announces it has been acquired by Symphony Technology Group (STG).

Winshuttle Holdings, LLC (Winshuttle), the leading SAP-centric robotic process automation and data management platform provider, announced today that it has been acquired by Symphony Technology Group (STG) based in Palo Alto, CA. STG is a strategic private equity firm with $2 billion in assets under management focused on transforming high-potential companies into definitive market leaders. The firm’s long-term outlook allows its portfolio of software, data and analytics companies to develop innovative product offerings that will appeal to high-growth markets.

“This is an exciting step for Winshuttle that will allow us to leverage the tremendous expertise of STG to accelerate and scale our offering in the application data management space,” said John Pierson, CEO of Winshuttle. “This partnership will allow us to deepen and broaden the value we deliver to our very satisfied customer base comprised of many of the world’s largest brands.”

Winshuttle is a leading provider of data automation and data process management software for the enterprise, typically in SAP environments. The company offers software that improves data accuracy and maximizes the productivity of business users who interface directly with SAP (e.g., Finance, HR, Supply Chain, IT) by automating workflows and data movement. Winshuttle has a total global headcount of approximately 300 people with headquarters in Bothell, Washington, offices in North America, UK, France, Germany, and India, and remote employees around the world.

“Winshuttle is an established leader in the data management and robotic process automation industry with an excellent track record of providing innovative solutions that serve the needs of more than 1,800 of the world’s largest corporations,” said William Chisholm, STG Managing Partner. “We are thrilled to partner with John and the Winshuttle team to help accelerate the growth of the company’s next generation of application data management solutions. We look forward to embarking together on the journey ahead.”

Spurrier Capital Partners acted as financial advisor to Winshuttle and Paul Hastings LLP acted as legal advisor to STG for this transaction.

About Winshuttle
Winshuttle software empowers business teams to make an impact through solutions that make it quick and easy to exchange data with SAP using Excel, streamline SAP business processes using forms and workflows, and improvedata quality using data stewardship capabilities.

Its business led, IT-enabled solutions enable users to automate processes and solve problems without compromising security or governance. Business teams can author solutions across lines of business and the SAPlandscape, speeding product launches and financial accounting processes, streamlining customer and vendor onboarding, improving plant maintenance efficiency, and tackling data migration projects.

Learn more about Winshuttle’s SAP data management solutions by visiting www.winshuttle.com

About Symphony Technology Group
Symphony Technology Group (STG) is the private equity partner for market-leading data, software and analytics companies. The firm brings expertise, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market winning portfolio companies, STG creates sustainable foundations for growth that bring value to all existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world-class management teams. STG’s expansive portfolio has consisted of more than 30 global companies. For more information, please visit www.stgpartners.com.

Source: Winshuttle

BELLEVUE, Wash., April 26, 2018 – Smartsheet Inc. (NYSE: SMAR), a leading provider of a cloud-based platform for work execution, today announced the pricing of its initial public offering of 11,633,920 shares of its Class A common stock at a price to the public of $15.00 per share. Smartsheet is offering 10,000,000 shares and certain selling shareholders are offering 1,633,920 shares. In addition, Smartsheet has granted the underwriters a 30-day option to purchase up to an additional 1,745,088 shares of Class A common stock. The shares of Class A common stock are expected to begin trading on the New York Stock Exchange under the symbol “SMAR” on April 27, 2018.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, and Jefferies LLC are acting as lead book-running managers for the offering. RBC Capital Markets LLC is acting as joint bookrunner. Canaccord Genuity LLC, William Blair & Company, L.L.C., and SunTrust Robinson Humphrey, Inc. are acting as co-managers.

The offering is being made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204, or by email at prospectus-eqfi@jpmchase.com; or from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by email at ProspectusDepartment@Jefferies.com.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Source: Smartsheet

Munich, Germany and London, United Kingdom – Summit Partners, DPE Deutsche Private Equity (“DPE”) and their co-investors have closed the previously announced majority recapitalization of Elatec, a leading global provider of multi-standard RFID readers. As part of this transaction, DPE and its co-investors will remain minority shareholders in the company.

Joseph Grillo appointed Chairman of the Board of Directors
In conjunction with the closing of the investment, Joseph Grillo has been appointed as Chairman of the Board of Directors of Elatec. Joseph is a 30-year veteran of the electronic security and identification industries with a track record of successfully growing, acquiring and restructuring businesses. In 2012, Joseph founded ACRE, LLC as a platform to consolidate acquisitions in the electronic security industry. Over the past 6 years, ACRE has expanded its portfolio significantly and recently sold its Mercury Security business to HID Global.

Joseph is known for his long-term association with HID where he participated in the management buyout of HID from Hughes Aircraft/General Motors in 1995. During his 12 years with HID, Joseph served in various leadership roles ranging from VP of Sales and Marketing to Chief Operating Officer to Chief Executive Officer and President. Under Joseph’s leadership, HID grew from a $15M card and reader company in 1995 to a dominant $100M+ industry leader in radio-frequency technology for security applications by 2000. Joe also led the successful sale of HID to Assa Abloy in 2001 and, until his retirement in 2007, continued to run Assa Abloy’s $750M Global Technology Division.

“We are very pleased to have Joe join our board,” said Dr. Matthias Allgaier, a Managing Director at Summit Partners, who has also joined the Elatec Board. “Joe’s track record in the secure electronic identification industry is unrivalled and we look forward to collaborating with him and the Elatec team to help accelerate the company’s growth into new geographies and industry verticals.”

About Elatec
Elatec, based in Puchheim near Munich, is specialized in the development and global sales of contactless (RFID, NFC, Bluetooth) and contact (SmartCard) readers/writers. Elatec modules enable the clear identification of individual users on end devices and are used across a broad range of numerous applications and solutions, such as secure printing, elevator systems, fitness devices, industrial production, kiosk, physical access, and point-of-sale systems. The readers/writers developed by Elatec support all common RFID standards worldwide, which allows the greatest possible degree of flexibility in integrating new peripheral devices into existing RFID-based security environments. Elatec is therefore the world's leading manufacturer of multi-standard RFID readers for high- and low-frequency RFID coverage. For more information, please see www.elatec.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology and technology-enabled business services companies financed by Summit Partners include Fineline Technologies, FleetCor, Hiperos, HelpSystems, Infor, Mi9 Retail, Navis, Parts Town, PSC Info Group and RELEX Solutions. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

About DPE Deutsche Private Equity
DPE is a partnership headquartered in Munich and founded ten years ago with the aim of supporting the growth of medium-sized companies. We view ourselves as entrepreneurs and pursue long-term strategies in the sustainable development of market leaders. Based in Munich, we focus exclusively on medium-sized companies in the German-speaking region. Since its founding, DPE has successfully launched three funds. DPE has EUR 1.2 billion assets under management, EUR 600 million of which in DPE’s third fund. Since 2007, we have invested in 22 platform companies and made 50 follow-up investments together with these portfolio companies. For more information, please see www.dpe.de.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

BERLIN -- Signavio, a multi-award-winning regular on Deloitte’s Technology Fast 50 list, has received a €15.5 million investment following the company’s 90% growth in 2017. The Series B funding round, led by global growth equity investor Summit Partners, will help Signavio continue to expand its international presence.

In the past two years, Signavio has extended its geographical footprint from three to eight office locations and grown its staff from 75 to 230, fueled by booming demand for Business Process Management (BPM) services worldwide. With the global BPM market predicted to grow 12% annually over between 2017- 2023, Signavio has also significantly expanded their management team, adding seasoned leaders from companies such as Hybris/SAP, Box, Gartner, OpenText, and Salesforce.

"The introduction of the Signavio Business Transformation Suite was very well received in the market place," says Gero Decker, CEO and co-founder of the company. “Signavio’s Business Transformation Suite strength lies in its dynamic management system, enabling businesses to pivot their strategy using real-time data which can be translated into actionable insights. Our products for modelling, analysis, and business optimization allow our clients to deliver process improvements significantly faster than traditional approaches.”

"In addition to Signavio’s core strength of collaborative process design, this also enables Process Mining, giving businesses the ability to turn digital traces of transactions into actionable process insights. With this move, Signavio now addresses a growing list of blue chip customers on the path to improved customer experience and process excellence.”

Matthias Allgaier, Managing Director at Summit Partners, said: "We are impressed by Signavio’s dynamic growth and by the incredibly positive feedback from customers. A customer churn rate of less than 2% is impressive for a SaaS business and we believe illustrates the value that Signavio’s solutions deliver.”

Allgaier added: “Signavio has already established itself as one of the largest European specialist SaaS companies, and we believe it has the potential to become one of the champions of international software in the coming years."

About Signavio
With over 1 million users in over 1,000 companies worldwide, Signavio has rapidly established itself as the leading provider of cloud-based process modeling and management systems. Signavio’s innovative Business Transformation Suite, including the Stevie Award-winning Signavio Process Manager, is recognized for its ease of use and rapid return on investment. Signavio Process Intelligence is also the price-performance leader in automated business process discovery, and process performance management. For more information, visit www.signavio.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Washington, D.C. - Danaher Corporation (NYSE: DHR) (the “Company”) and Integrated DNA Technologies (“IDT”) announced today that Danaher has entered into a definitive agreement to acquire IDT, a privately-held provider of high-value consumables for genomics applications in molecular biology, qPCR, next generation sequencing, synthetic biology, gene editing and molecular diagnostics.

IDT’s primary business is the manufacturing of high-quality, custom DNA and RNA oligonucleotides serving customers in the academic and biopharmaceutical research, biotechnology, agriculture, clinical diagnostics, and pharmaceutical development end markets. Founded in 1987 by Joseph Walder, MD, PhD, IDT has grown to become a leader in its served markets with more than 1,200 employees and over 100,000 customers worldwide. IDT will operate as a standalone operating company and brand within Danaher’s Life Sciences platform.

Rainer Blair, Executive Vice President of Danaher’s Life Sciences platform, said, "We are thrilled to have IDT join Danaher's Life Sciences platform. IDT expands our presence into the highly attractive genomics market and will help play a central role in accelerating our customers’ research and time to market as they develop critical diagnostic tests and potential life-saving therapies. IDT’s historical double-digit core revenue growth and strong margins are a testament to the team’s commitment to the highest standards of quality, service, and technical expertise.”

Thomas P. Joyce, Jr., Danaher President and Chief Executive Officer, stated, “Danaher is a proven steward of founder-led businesses, such as Hach and Phenomenex. We recognize the extraordinary contributions Dr. Walder and IDT have made to the advancement of genomics research and applications over the past 30 years. We look forward to supporting the IDT team and helping them leverage the tools of the Danaher Business System (DBS) to further enhance their growth profile and continue to create long-term customer value.”

“For more than 30 years, IDT's innovative tools and solutions for genomics applications have helped scientists advance their research and contribute to solving some of the world’s most vexing diseases and other challenges addressed by the life sciences community,” said Joseph Walder, CEO and Chairman of IDT. “Joining Danaher will allow us to accelerate the high pace of innovation and superior service our customers have come to expect from us, as well as help expand our global reach. I’m excited to watch IDT further grow and innovate in this expanding area of genomics with the help of DBS.”

The transaction, which is expected to close mid-year 2018, is subject to customary closing conditions and regulatory approvals.

About Danaher
Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands has leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. With more than 20 operating companies, Danaher's globally diverse team of approximately 67,000 associates is united by a common culture and operating system, the Danaher Business System. For more information, please visit www.danaher.com.

About IDT
Integrated DNA Technologies, Inc. (IDT) develops, manufactures, and markets nucleic acid products for the life sciences industry in the areas of academic research, biotechnology, agriculture, medical diagnostics, and pharmaceutical development. The company's primary business is the production of custom oligonucleotides for molecular biology applications. IDT has developed proprietary technologies for genomics applications such as next generation sequencing, CRISPR genome editing, qPCR, and RNA interference. Through its GMP services, IDT manufactures products used in diagnostic tests for many forms of cancer and most inherited and infectious diseases. Serving over 100,000 life sciences researchers and producing over 65,000 nucleic acids daily, IDT is widely recognized as the industry leader in custom nucleic acid manufacture. The company serves its customers through direct sales in many countries and a network of international distributors. IDT’s corporate headquarters is in Skokie, Illinois, USA. Its manufacturing headquarters is in Coralville, Iowa, USA, with additional manufacturing facilities in San Diego, California, USA; Leuven, Belgium; and Singapore.

Source: IDT

Combination Creates A Vertically Integrated Leader In Cloud-Based Enablement Of Data-Driven, Value-Based Care

Accretive Transaction Accelerates Growth And Enhances Profitability

BOWIE, MD – Inovalon (Nasdaq:INOV), a leading technology company providing advanced, cloud-based platforms empowering a data-driven transformation from volume-based to value-based models across the healthcare ecosystem, today announced it has entered into a definitive agreement to acquire ABILITY Network (“ABILITY”) for aggregate consideration of $1.2 billion in cash and restricted stock, creating a vertically-integrated leader in cloud-based enablement of data-driven, value-based care. The transaction is expected to close in April 2018, subject to customary closing conditions and regulatory approvals and is expected to be accretive to Inovalon’s Non-GAAP diluted net income per share in 2018.

ABILITY is a leading cloud-based Software-as-a-service (SaaS) technology company helping to simplify the administrative and clinical complexities of healthcare. Through the myABILITY® software platform, an integrated set of cloud-based applications for providers, ABILITY provides core connectivity, administrative, clinical, and quality analysis, management, and performance improvement capabilities to more than 44,000 acute, post-acute and ambulatory point-of-care provider facilities.

The extensive datasets, on-demand compute capability, advanced analytics, and broad healthcare ecosystem connectivity enabled by the Inovalon ONE™ Platform will provide a significant expansion of application offerings within the myABILITY® software platform while also expanding the nature and reach of high-value solutions for Inovalon’s existing payer, pharma, and device client-base.

Upon closing, the combination of Inovalon and ABILITY creates a vertically integrated cloud-based platform empowering the achievement of real-time, value-based care from payers, manufacturers, and diagnostics all the way to the patient’s point of care.

Read the full press release here.

Source: Inovalon Holdings, Inc.

By Greg Goldfarb and Colin Mistele, Summit Partners

For nearly 34 years, Summit Partners has sought out the world’s great, bootstrapped growth companies. Today, we are pleased to announce our new minority growth investment in onXmaps (onX). onX is a special company based in Missoula and Bozeman, Montana. Eric Siegfried founded and bootstrapped onX to address a major gap in the outdoor recreation market – putting rich, interactive map-based information in the hands of hunters and outdoor enthusiasts so they can plan and navigate their journeys. onX is combining the power of the nearly ubiquitous global positioning receivers that are now in every smart phone with layers of mapping information to help users get the most from their time in the wild.

One of our core beliefs at Summit is that many great companies start with an entrepreneur’s deep, often personal understanding that there is some meaningful hole in the world – an opportunity missed or a problem left unsolved. The entrepreneur then put his or her head down to build the right solution. Often, they avoid outside capital, preferring to build their way and fearing that traditional capital sources could be disruptive to their culture or approach. Other times, outside capital avoids them, skeptical about whether the problem is important or the solution viable.

Having a bootstrapper’s mindset can be very hard in the early days. There is no capital to cushion air pockets. But, we believe it guarantees two things will be true if the company succeeds through these formative days:

1) The company will find product-market fit. By definition, customers will not fund a business via revenues if there is no market need or if the product fails to meet the need where one exists. Bootstrappers don’t have the luxury of venture capital funding with which to over-market or over-sell a solution that lacks market fit.

2) Founders and their team will control their destiny and timing when it comes to outside financing. Knowing their culture, business needs, values system, and personal and company objectives, they will have full self-awareness and control over when, with whom, and in what form they partner with investors and board members.

When we were introduced to Eric Siegfried and the onX team by our former partners at RightNow Technologies – Susan Carstensen, Jason Mittelstaedt, and David Vap, now at Yellowstone Growth Partners – we immediately recognized a special combination of culture, product-market fit, performance, and the rare blend of self-awareness and ambition that we find in many of the world’s great bootstrapped growth companies. Some might inquire skeptically whether it is possible to build a great growth company in Missoula and Bozeman, Montana. We had to look no further than who introduced us to onX – key team members at a Summit-backed company built almost entirely in Bozeman that went public in 2004 and was later acquired by Oracle for $1.5 billion in 2011. RightNow serves as a great reminder that world-class companies can be built in cities with populations less than 100,000, just as they can be built in cities of 10 million.

As we learned more about onX, three attributes stood out:

Serving a Market with Deep Passion and Affinity.
The onX team is comprised of outdoor enthusiasts and hunters who had all repeatedly experienced the same problem: although navigation and mapping are essential to both planning and the journey itself, the only available solutions were cumbersome and expensive. Most excluded critical information needed to plan and navigate an off-pavement adventure. onX’s team built the product they wished they had for their own use. As more hunters started using onX, word spread. For a tiny fraction of what many hunters spend each year, onX can transform the experience – allowing them to plan their routes, scout locations, observe precise property boundaries and land use, navigate and track their route, and utilize countless other capabilities to make their off-pavement adventure as rewarding as possible. And once they start using onX, they discover its value for fishing, camping, backpacking, motor sports, search and rescue, and many other outdoor applications.

Inputs and Outputs that Match.
It’s one thing to have a good idea, even a product that works. It’s another thing to build a business that works. Can it market and sell its products profitably? Can it retain its customers? Can it sustain its pace of innovation? Can it attract and retain talented team members? Can it achieve both top-line growth and bottom-line profitability? onX has the outputs that match the inputs.

The Mountain West Mindset.
Since 1999, Summit has partnered with more than a dozen companies in the five states traditionally considered to comprise the Mountain West of the United States. Since we work with entrepreneurs throughout North America, Europe, and Asia, why is it that a meaningful portion of our investments go to companies in a region that represents a tiny fraction of the total population? Maybe it’s the toughness and self-sufficiency that comes from time spent exploring the surrounding wilderness – climbing, hiking, hunting and camping. Maybe it’s that the region and people self-select, creating communities of individuals who don’t readily follow the herd. Maybe it’s because the region offers an attractive combination of challenging and rewarding jobs, with desirable work-life balance, cost of living, and recreational access. Whatever the reason, we see companies that are built to last – self-sufficient, disciplined, deeply customer-focused.

(Our apologies to the Mountain West conference, which apparently considers Hawaii and the Bay Area part of the Mountain West.)

We are constantly amazed and inspired by the courage, vision and tenacity it takes to bootstrap and build a company. We are grateful to the entire onX team for inviting us to be part of this special company. We look forward to navigating this next stage together.

Since 1984, Summit Partners has invested in more than 475 companies in technology, healthcare and other growth industries. An alphabetical list of Summit Partners' growth equity portfolio companies can be found here.

This post originally appeared on LinkedIn

MISSOULA, Mont. and Menlo Park, Calif. – onXmaps, Inc., provider of the onX HUNT mobile app and industry leader in mobile mapping technology for outdoor adventurers, today announced it has raised $20.3 million in a funding round led by global growth equity investor Summit Partners. Additional investors include Bessemer Venture Partners, Millennium Technology Value Partners, Next Frontier Capital and Steve Burke (CEO NBCUniversal). This event marks the largest growth equity investment in a mobile and consumer-focused business in Montana’s history.

“The onX team is incredibly passionate about empowering our customers’ outdoor pursuits by providing the best mobile experience and most relevant data,” said Eric Siegfried, CEO of onX. “This investment enables us to take our solutions and our team to the next level. Whether our customers are hunting big game, looking for the best spot to camp, fishing new water, or walking land ownership boundaries, onX has them covered – now and in the future.”

The capital will be used to expand the teams at onX’s Missoula and Bozeman, Montana, offices, to continue building all aspects of the company’s mapping solutions, and to assemble the definitive off-pavement mapping data set.

“In many ways, the onX story represents the quintessential entrepreneurial journey. Eric founded onX to address a major gap in the outdoor recreation market and bootstrapped the business to an impressive scale,” said Greg Goldfarb, Managing Director at Summit Partners and onX board member. “onX HUNT combines the power of the nearly ubiquitous global positioning receivers that are now in every smart phone with layers of mapping information to help users get the most from their time in the wild. We are excited to partner with the onX team for this next phase of growth.”

For additional perspective on Summit’s investment, visit: “Backing Bootstrapped Companies in the Mountain West – Our Investment in onX”.

OnX was founded in 2009 with the promise of providing confidence to always ‘know where you stand’ at the center of its mission. This still rings true today as the company’s flagship product, onX Hunt, helps hundreds of thousands of outdoorspeople successfully navigate public and private lands. Fueled by a deeply held passion for successful outdoor experiences, onX now employs nearly 70 people and plans to continue building its extraordinary team.

“A growth equity financing of this caliber, by a Montana company, is testament to onX’s vision and resolve to build best-in-class products for customers,” said Jason Mittelstaedt, Founding Partner at Yellowstone Growth Partners and onX Board Member. “It’s been an incredible experience partnering with Eric and the team for the past 2½ years to transform the business into a world-class mobile technology company. The growth of the company, team, technology and brand is amazing. And we believe they are just getting started.”

About onX
onX delivers the most relevant and rich geospatial data to any device, anywhere. The company aggregates nationwide data on property ownership, trails, permitted land use, and many other parameters. World-class GPS and mapping technologies present customized information to users, tailored to their off-pavement activities and locations. Founder and CEO Eric Siegfried initially launched onX products to hunters, a highly discerning mapping community. Since the Company’s 2009 founding, onX has used hunters’ backcountry experience and feedback to deliver products with ever wider appeal. Hundreds of thousands of customers trust onX to “know where they stand” and to open the off-pavement world to new, successful experiences. Whether they are finding a new hiking destination, a backcountry hunting spot, or an undiscovered fishing hole, onX helps customers create new outdoor experiences. Where the pavement ends, onX begins. www.onxmaps.com or Instagram @onXHunt.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology investments in the U.S. Mountain West region include, Clearwater, RightNow Technology, TSheets, Nighthawk Radiology, Podium, Vivint, Progressive Finance, ProClarity, Solutionreach and Wowza Media Systems.Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

About Yellowstone Growth Partners
Yellowstone Growth Partners works with innovative, big aspiration companies via board-level growth acceleration partnerships to build disruptive, high-value technology businesses. YGP leverages its transformative Growth Acceleration Program to bridge the gap between great ideas and products, to great businesses. With deep expertise across all C-level and Board roles for public and private SaaS companies, IPOs, M&A and capital sourcing, the YGP team is uniquely equipped to help transform early and mid-stage technology companies into built-to-last industry leaders. www.yellowstonegrowthpartners.com

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

‍

• DPE to sell majority stake in leading global provider of multi-standard RFID readers to Summit Partners
• Elatec will seek to accelerate growth through internationalization and expansion into new end markets
• DPE will remain a minority shareholder

Munich, Germany and London, United Kingdom – DPE Deutsche Private Equity (“DPE”) and its co-investors reached a definitive agreement to sell their majority holding in Elatec, a leading global provider of multi-standard RFID readers, through a majority recapitalization by global growth equity investor Summit Partners. DPE and its co-investors will retain a minority stake in the company. The transaction is subject to investment review by the German Federal Ministry for Economic Affairs and Energy and is expected to close in the first half of 2018.

DPE and Elatec: Improved market position and strong growth
Elatec is one of the world’s leading suppliers of multi-standard RFID readers. Since DPE’s investment in Elatec in January 2016, the company, headed by CEO and co-owner Stefan Haertel, has nearly doubled its revenues and headcount. “With DPE’s expertise in growth, we have successfully accelerated the development of our core business, strengthened our market leadership in Europe, expanded our U.S. presence, established an Asian footprint in both China and Japan, and diversified the industries served by Elatec‘s market-leading products,” said CEO Stefan Haertel. “DPE’s support has been instrumental in this growth, and we are now excited to welcome Summit Partners to the Elatec team. We look forward to leveraging Summit Partners’ deep expertise in supporting the global expansion of high-growth technology companies.”

Summit Partners and Elatec: A partnership for continued growth
DPE partner Dr. Frank Müller added: “We are delighted by Elatec’s growth during our partnership. The company has achieved its goals faster than planned, and we look forward to participating in the company’s continued development as a minority shareholder. We believe Summit Partners will be an ideal partner for Elatec’s next stage of growth.”

“Elatec’s multi-protocol solutions uniquely address a market need, supporting more than sixty different transmission standards and enabling the use of RFID applications across myriad end-markets,” said Dr. Matthias Allgaier , a Managing Director at Summit Partners who will join the Elatec Board of Directors. “We believe the company is well-positioned for continued, accelerated growth, bringing Elatec’s solutions to new customers, new verticals and new geographies.”

About Elatec
Elatec, based in Puchheim near Munich, is specialized in the development and global sales of contactless (RFID, NFC, Bluetooth) and contact (SmartCard) readers/writers. Elatec modules enable the clear identification of individual users on end devices and are used across a broad range of numerous applications and solutions, such as secure printing, elevator systems, fitness devices, industrial production, kiosk, physical access, and point-of-sale systems. The readers/writers developed by Elatec support all common RFID standards worldwide, which allows the greatest possible degree of flexibility in integrating new peripheral devices into existing RFID-based security environments. Elatec is therefore the world's leading manufacturer of multi-standard RFID readers for high- and low-frequency RFID coverage. For more information, please see www.elatec.com.

About DPE Deutsche Private Equity
DPE is a partnership headquartered in Munich and founded ten years ago with the aim of supporting the growth of medium-sized companies. We view ourselves as entrepreneurs and pursue long-term strategies in the sustainable development of market leaders. Based in Munich, we focus exclusively on medium-sized companies in the German-speaking region. Since its founding, DPE has successfully launched three funds. DPE has EUR 1.2 billion assets under management, EUR 600 million of which in DPE’s third fund. Since 2007, we have invested in 22 platform companies and made 50 follow-up investments together with these portfolio companies. For more information, please see www.dpe.de.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology and technology-enabled business services companies financed by Summit Partners include Fineline Technologies, FleetCor, Hiperos, HelpSystems, Infor, Mi9 Retail, Navis, Parts Town, PSC Info Group and RELEX Solutions. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

BOSTON, MA; MENLO PARK, CA and LONDON, UK – Summit Partners, a leading alternative investment firm, today announced the promotion of nine professionals globally. Matt Hamilton was promoted to Managing Director; Johannes Grefe, Colin Mistele, Mark Nordstrom, Steffan Peyer and Ross Stern were promoted to Principal; Ian Rothkopf was promoted to Vice President; and Harry Fackelmayer and Bobby Humen were promoted to Senior Associate.

“We are very pleased to recognize the achievements of these talented colleagues,” said Peter Chung, Managing Director and Chief Executive Officer of Summit Partners. “We are proud of their accomplishments and their dedication to the Summit organization. In addition to their distinguished performance, they are all professionals of great character and integrity who are deeply committed to our portfolio companies and our limited partners.”

Matt Hamilton has been promoted to Managing Director. Matt joined Summit’s Boston office as an Associate in 2005. He was promoted to Senior Associate in 2008, Vice President in 2009, and he has served as a Principal since 2014. Matt is a member of Summit’s growth products & services team, where he focuses primarily on the consumer, retail, financial services and financial technology sectors. His investment and board experience includes Flow Traders (Euronext: FLOW), Focus Financial Partners (acquired by KKR and Stone Point Capital), Invoice Cloud, Progressive Finance (acquired by Aaron's), Salient Partners, Telerik (acquired by Progress Software) and Vestmark. Prior to Summit, Matt worked for Senator Olympia Snowe in the United States Senate. He holds a BA in economics, summa cum laude, from Colby College.

Johannes Grefe has been promoted to Principal. Johannes joined Summit’s London office as a Vice President in 2012. He is a member of Summit’s growth products & services team. Johannes’ board and investment experience includes Normec, Peak Well Systems (acquired by Schlumberger) and Sipartech. Prior to Summit, Johannes worked for Vitruvian Partners, TA Associates and Lazard. Johannes received an MSc in industrial engineering from University of Karlsruhe in Germany with highest distinction and an MS in engineering management from Portland State University.

Colin Mistele has been promoted to Principal. Colin joined Summit’s Menlo Park office as an Associate in 2011. He was promoted to Senior Associate in 2013 and Vice President in 2015. Focusing primarily on the technology sector, Colin’s investment experience includes Advanced Cell Diagnostics (acquired by Bio-Techne Corporation), Delphix, Gainsight, InfoArmor, Jamf, Podium, Reverb.com, RiskIQ, Rocket Fuel (NASDAQ: FUEL), TeleSign (acquired by BICS), TSheets (acquired by Intuit), Uber and Wowza Media Systems. Prior to Summit, Colin worked for Union Square Advisors, Accenture and Electronic Arts. He holds a BS in finance and marketing from Lehigh University.

Mark Nordstrom has been promoted to Principal. Mark joined Summit’s Boston office as a Vice President in 2010. He is a member of Summit’s Capital Markets team and works on the firm’s capital markets activities, both for existing portfolio companies and for new acquisitions. In addition, he helps Summit manage its commercial and investment banking relationships. Prior to Summit, Mark worked for Bank of America Merrill Lynch, Merrill Lynch & Co. and State Street Corporation. Mark holds a BA in economics from Wesleyan University.

Steffan Peyer has been promoted to Principal. Steffan first joined Summit’s London office as an Associate in 2007 and rejoined the firm in 2013 as a Vice President. Today, he focuses on the technology sector in Europe. His investment experience includes 360T Group (acquired by Deutsche Börse), Market Logic, PatSnap, RELEX Solutions and Signavio. Prior to rejoining Summit, Steffan was a member of the management team of Turbulenz Limited, an internet technology company responsible for developing the technology and platform that enables the revolutionary online game network, turbulenz.com. Steffan holds a BS in finance and accounting, magna cum laude, from Boston College.

Ross Stern has been promoted to Principal. Ross joined Summit’s Boston office as an Associate in 2009, and has been serving as Vice President since 2014. He is a member of Summit’s healthcare & life sciences team, and his investment and board experience includes DMG Practice Management Solutions (acquired by Ares Management), My Dentist (acquired by Heartland Dental) and Paradigm Outcomes. Previously, Ross worked at the Center for Medicare and Medicaid Innovation and in Cowen and Company’s Health Care Investment Banking Group, where he focused on M&A transactions as well as public and private offerings. Ross holds a BA in economics and history from Bowdoin College and an MBA from the Wharton School at the University of Pennsylvania.

Ian Rothkopf has been promoted to Vice President. Ian joined Summit’s Boston office in 2017 as a Senior Associate. He is a member of Summit’s Peak Performance Group and works with management teams to identify and execute growth strategies that build long-term value. Prior to Summit, Ian was a Principal at The Parthenon Group where he led strategic consulting projects with growth-stage, corporate and private equity clients. Ian holds a BA, cum laude, from Amherst College and an MBA with distinction from Harvard Business School.

Harry Fackelmayer has been promoted to Senior Associate. Harry joined Summit’s Menlo Park office as an Associate in 2015. He focuses primarily on the healthcare & life sciences sciences sector and his investment experience includes Healthline Media. Prior to Summit, Harry worked for Goldman Sachs in New York, where he was a member of both the Healthcare M&A Group and the Global Equities desk within the Securities Division. He holds a BA in economics from Union College.

Bobby Humen has been promoted to Senior Associate. Bobby joined Summit’s Boston office as an Associate in 2015. He focuses primarily on the healthcare & life sciences sector, and his investment experience includes DMG Practice Management Solutions and Paradigm Outcomes. Prior to Summit, Bobby worked for Lazard on the Middle Market Healthcare Mergers & Acquisitions team. He holds a BS in business administration, with distinction, from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

BARCELONA, SPAIN; WESTWOOD, MA; AND LONDON, UK – Advance Medical, a leading global provider of telehealth services, today announced a minority investment from Summit Partners. The funding will be used to support Advance Medical’s continued growth and international expansion.

Founded in 1999, Advance Medical is a worldwide leader in telemedicine and expert medical opinion services, employing more than 800 dedicated health professionals worldwide, including over 400 medical doctors and nurses, who collaborate with a network of more than 50,000 leading experts around the world to improve patient care. Advance Medical’s life-changing benefit programs cover more than 35 million people in over 125 countries through partnerships with large employers, leading insurers, and other groups.

“Advance Medical was founded with a mission to improve patient access to leading medical experts regardless of distance or borders,” said Marc Subirats, Co-founder and Co-CEO of Advance Medical. “Our platform allows us to deliver the highest quality medical advice and support to improve patient outcomes. We are excited to partner with Summit in our next stage of growth as we continue to expand our platform and global network.”

Carlos Nueno, Co-founder and Co-CEO of Advance Medical added, “Summit has significant experience partnering with high growth companies in both healthcare and technology and offers tremendous resources focused on accelerating expansion. We look forward to collaborating with the Summit team to build on the momentum we have achieved and to further establish our position as a global leader in the telehealth market.”

“With a best-in-class clinical platform, Advance Medical efficiently delivers high-quality remote care and expertise to patients across more than 125 countries in over 20 languages,” said Thomas Tarnowski, a Managing Director with Summit Partners. “We are proud to partner with the Advance Medical team. They have built a truly global business that aims to effectively leverage technology to improve patient outcomes while lowering healthcare costs. We are delighted to work with the team to help further expand the company’s services throughout the world.”

About Advance Medical
Advance Medical is one of the largest, physician-based telemedicine providers, offering employers and insurers the ability to provide top-quality, concierge-level medical advice and support to patients around the globe via offices in the U.S., Europe, Asia, and South America. Founded in 1999, Advance Medical has emerged as the global leader in expert medical opinions because of its programs executed exclusively by board-certified physicians – doctors who speak by phone or video consultation with every patient, no matter what the issue or concern and for as much time as necessary, to provide best-in-class medical expertise. For more information, visit www.advance-medical.net.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in healthcare & life sciences, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Notable healthcare & life sciences investments include DentalPro, HealthSun Health Plans, HealthCare Partners,Independent Vetcare,MDVIP, Modernizing Medicine,NightHawk Radiology,and Wellcentive. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

New buy and build platform investment in leading software solution for enterprise scale DevOps teams

SANTA MONICA, CA and MINNEAPOLIS, MN – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced that it has acquired Perforce Software (“Perforce” or the “Company”), developer of the industry’s most flexible, scalable and secure version control and collaboration platform, from growth equity investor Summit Partners. The Company will continue to be led by Janet Dryer, CEO, and Mark Ties, COO, who will both join the Board of Directors alongside Clearlake. Financial terms were not disclosed.

Perforce is a leading provider of enterprise scale software solutions to technology developers and development operations (“DevOps”) teams requiring productivity, visibility and scale during all phases of the development lifecycle. Enterprises across the globe rely on its agile project management, developer collaboration, version control and repository management solutions as the foundation for successful DevOps. Perforce is trusted by the world's most innovative brands, including NVIDIA, Pixar, Scania, Ubisoft, and VMware. Headquartered in Minneapolis, MN, with over 225 employees, the Company serves more than 3,000 customers worldwide.

“Today’s announcement represents another major milestone in our transformation of Perforce,” said Dryer. “Two years ago, we began this journey, and since then we have completed three acquisitions, returned the company to growth, and created a robust portfolio of DevOps-focused solutions adopted by the largest and most demanding enterprise development teams in the world. We thank Summit Partners for this outstanding partnership, and we look forward to working with the Clearlake team as we accelerate into our next phase of growth.”

“The Perforce team should be proud that all their hard work helped attract this new investment, and we are excited to partner with Clearlake,” said Ties. “We expect Clearlake’s deep software experience and their proven ability to help companies grow will provide invaluable support as we continue to broaden our DevOps solutions, expand internationally, and pursue our acquisition strategy.”

“We are impressed by the momentum at Perforce under Janet and Mark’s leadership, and we share their excitement that Perforce will serve as an excellent platform for growth, both organically and through acquisition,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake. “We look forward to leveraging our O.P.S.® approach to support the management team and its many talented employees in continuing to provide best-in-class DevOps solutions to its global customer base.”

“High performance, enterprise scale software development teams are faced with stringent security and compliance requirements in addition to increasing complexity, with today’s continuous delivery environments,” added Paul Huber of Clearlake. “We believe Perforce’s technology and its proven security, performance, and scale uniquely position the Company to address these market trends and accelerate its growth trajectory.”

Harris Williams served as financial advisors to Clearlake. Shea & Company served as financial advisor to Perforce and Summit Partners. Antares Capital, AllianceBernstein Private Credit and Vista Credit provided a fully underwritten facility to help finance the transaction.

About Clearlake Capital Group, L.P.
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake has managed approximately $6 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.

About Perforce
Enterprises across the globe rely on Perforce to build and deliver digital products faster and with higher quality. Perforce offers complete developer collaboration and agile project management tools to accelerate delivery cycles — from agile planning tools to requirements, issues and test management, which then link to all source code, binary assets and artifacts for full build and release tracking and visibility. The company's version control solutions are well known for securely managing change across all digital content — source code, art files, video files, images, libraries — while supporting the developer and build tools your teams need to be productive, such as Git, Visual Studio, Jenkins, Adobe, Maya and many others. Perforce is trusted by the world's most innovative brands, including NVIDIA, Pixar, Scania, Ubisoft, and VMware. The company has offices in Minneapolis, MN, Alameda, CA, Mason, OH, the United Kingdom, Finland, Sweden, Germany, and Australia, and sales partners around the globe. For more information, please visit www.perforce.com.

Source: Perforce

ADDISON, TEXAS and MENLO PARK, CALIFORNIA — Trintech, a leading global provider of integrated, cloud-based Record to Report (R2R) software solutions for the office of finance, today announced a majority recapitalization by global growth equity investor Summit Partners. After a period of remarkable growth, existing investor Vista Equity Partners and Trintech management will continue to retain a minority stake in the company.

Trintech’s cloud-based software optimizes the Record to Report process for companies across a variety of industries including retail, technology, restaurants, manufacturing, hospitality, finance, healthcare and more. Trintech’s clients rely on its integrated, end-to-end solutions to increase efficiency, reduce costs, and improve governance and transparency throughout the financial close process.

This funding comes during a period of strategic organic and inorganic growth, innovation and expansion for Trintech. Over the past two years, Trintech has more than tripled its customer base and today serves over 3,100 clients in more than 100 countries – including the majority of the Fortune 100. Recent acquisitions of Adra Software and Chesapeake System Solutions have broadened the company’s portfolio of best-in-class financial solutions to better meet the needs of its existing and prospective customers around the world. The Silicon Review named Trintech as one of the “50 Best Companies to Watch 2017” and CIO Applications Magazine recognized it as one of the “Top 25 Governance, Risk and Compliance Technology Providers of 2017.”

“We are excited to welcome Summit Partners to the Trintech team to help us seize the momentum that we built in partnership with Vista and Spectrum,” said Teresa Mackintosh, Chief Executive Officer of Trintech. “Summit brings tremendous experience in rapid-growth, enterprise-class SaaS businesses, along with a deep and demonstrated expertise in application software.”

“With innovative, end-to-end solutions, we believe Trintech is truly transforming the finance and accounting operations of enterprises around the world,” said C.J. Fitzgerald, Managing Director at Summit Partners. “Trintech is a clear leader in a large addressable market, and we believe there is significant opportunity for continued and accelerated growth – both organically and through opportunistic acquisitions.”

Peter Rottier, Managing Director at Summit Partners, added, “Teresa and her team have done an incredible job in driving organic growth and product innovation at Trintech, and they are committed to their customers’ success. We are looking forward to working together to build on the momentum they have established, and we’re thrilled for the opportunity ahead.”

“We are delighted by Trintech’s growth under Teresa’s leadership, as well as the strong management team she has built,” said Rob Rogers, Principal at Vista Equity Partners and Co-Head of the Vista Foundation Fund. “With Summit joining as a partner, we are confident that Trintech’s best-in-class technology and extraordinary team will continue to lead the market.”

Adam Margolin, board member from Spectrum Equity, which has been an investor in Trintech since 2011 and will be selling its ownership stake noted, “We are extremely grateful to the Trintech team for all of the value created through product innovation, market share gains and revenue growth over the past seven years. We wish the Trintech management team and shareholders well in this next stage of growth at the company.”

William Blair acted as exclusive financial advisor to Trintech in the transaction. Financing was provided by Golub Capital.

About Trintech
Trintech, Inc. pioneered the development of Financial Corporate Performance Management (FCPM) software to optimize the Record to Report process. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, journal entries, bank fee analysis, reporting, governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency®, Trintech Disclosure Management®, ReconNET™ and T-Recs®, help manage all aspects of the financial close process. Over 3,100 clients worldwide – including the majority of the Fortune 100 – rely on our cloud-based software to increase efficiency, reduce costs, and improve governance and transparency across global financial organizations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, France, Ireland, Norway, Sweden, Denmark, and the Netherlands, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Notable software companies financed by Summit include Ascentis, Avast, Clearwater Analytics, Calypso Software, Jamf, Gainsight, HelpSystems, Hyperion Solutions, Infor, Perforce Software, SmartSheet and WebEx. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

About Vista Equity Partners
Vista Equity Partners, a U.S.-based investment firm with offices in Austin, San Francisco, Chicago, and Oakland with more than $30 billion in cumulative capital commitments, currently invests in software, data and technology-enabled organizations led by world-class management teams with long-term perspectives. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies’ realization of their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.

About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For more than 20 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. Representative investments include Ancestry, Bats Global Markets, GoodRx, Grubhub, Lynda.com, SurveyMonkey, Teachers Pay Teachers, Verafin and World-Check. For more information, visit www.spectrumequity.com.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

ANDOVER, MASSACHUSETTS — Casa Systems, Inc. (NASDAQ:CASA), a provider of software-centric solutions for next-generation distributed and virtualized architectures in cable operator, fixed telecom and wireless networks, today announced the closing of its initial public offering of 6,900,000 shares of its common stock at a public offering price of $13.00 per share, including 900,000 additional shares of common stock issued upon the exercise in full by the underwriters of their over-allotment option. The gross proceeds to Casa from the offering were $89.7 million, before deducting underwriting discounts and commissions and offering expenses. All of the shares sold in the offering were offered by Casa. Casa’s shares began trading on The Nasdaq Global Select Market on December 15, 2017.

Morgan Stanley & Co. LLC and Barclays Capital Inc. acted as joint book-running managers for the offering, with Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated, Macquarie Capital (USA) Inc., Northland Securities, Inc. and William Blair & Company, L.L.C. acting as co-managers.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission. Copies of the registration statement can be accessed by visiting the Securities and Exchange Commission website at www.sec.gov.

This offering was made only by means of a prospectus. A copy of the final prospectus relating to the offering was filed with the Securities and Exchange Commission and may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 888-603-5847 or by email at barclaysprospectus@broadridge.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

About Casa Systems
Casa Systems provides software solutions that enable cable, wireless and wireline broadband providers to meet the growing demand for gigabit bandwidth and services. We provide a suite of software-centric infrastructure solutions that allow cable service providers to deliver voice, video and data services over a single platform at multi-gigabit speeds. In addition, we offer solutions for next-generation distributed and virtualized architectures in cable operator, fixed telecom and wireless networks. Our solutions are commercially deployed in over 70 countries serving more than 400 customers, including regional service providers as well as some of the world’s largest Tier 1 broadband service providers.

Source: Casa Systems

SOUTH SAN FRANCISCO, CALIFORNIA and BOSTON, MASSACHUSETTS — LakePharma, a leading U.S. biologics company specializing in antibody and protein engineering, cell line development and protein production, announced today that it has raised $30 million in growth financing led by global growth equity investor Summit Partners with participation from existing investor Ampersand Capital Partners. The funding will be used to enhance LakePharma’s existing service offering and grow the company’s biomanufacturing capabilities.

Founded in 2009, LakePharma provides a full range of biologics services and technology, which enables clients to accelerate product development from lead discovery to Phase 1 clinical trials.

LakePharma currently operates three laboratory centers in the Bay Area in Northern California and one in Worcester, Massachusetts. The company has plans to open additional centers in California and Massachusetts.

“Expanding our capabilities in biologics manufacturing is the next logical step in the growth of LakePharma,” commented Hua Tu, Chairman and CEO of LakePharma. “This investment will allow us to grow our service offerings to meet the needs of our customers, while we continue to add capacity and become a fully-integrated CDMO.”

“LakePharma is led by an impressive and highly regarded management team, with a demonstrated record of excellence in serving its pharmaceutical and biotechnology clients worldwide,” said Jesse Lane, a Principal with Summit Partners who will join the LakePharma Board of Directors. “We are excited to partner with Hua and the entire LakePharma team to support the company in its next phase of growth.”

Eric Lev, a Partner at Ampersand Capital Partners and existing LakePharma Board member added, “We see the opportunity for LakePharma to build upon its leading position in outsourced biologics development. This financing will assist the company as it continues to add capabilities and maintain its strong growth trajectory.”

About LakePharma
LakePharma is the leading US-based biologics company specializing in antibody engineering, antibody discovery, molecular engineering, protein chemistry, bioexpression, biofunction, bioprocessing, and bioanalytics. LakePharma focuses on integrated platforms to support projects throughout the drug discovery process. LakePharma offers dedicated client services and sophisticated software to provide real-time access to project data via a secure cloud-based portal. For more information, please visit www.lakepharma.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $15 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in healthcare & life sciences, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Notable healthcare & life sciences investments include Advanced Cell Diagnostics, Clontech, Diagnostic Hybrids, Integrated DNA Technologies, HealthCare Partners, MDVIP, Modernizing Medicine and Wellcentive. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

About Ampersand Capital Partners
Ampersand is a middle market private equity firm with a focus on growth equity investments in the healthcare sector. Over the past two decades, Ampersand has managed more than $1 billion in private equity partnerships. Ampersand leverages its unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Additional information about Ampersand is available at www.ampersandcapital.com.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

BOCA RATON, FLORIDA – MDVIP, the national leader in affordable personalized healthcare, today announced that Leonard Green & Partners, a leading private equity investment firm, has acquired a majority interest in the company from global growth equity investor Summit Partners. Summit Partners, which initially invested in MDVIP in 2004 and later acquired it from Procter & Gamble in 2014, will remain a minority investor in the company. Terms of the transaction were not disclosed.

Founded in 2000 in Boca Raton, Florida, MDVIP leads the market in membership-based medicine with a growing network of over 850 affiliated primary care physicians currently serving more than 280,000 members across the country. Under the MDVIP model, physicians maintain smaller practices, allowing them to spend more time with patients than in a traditional practice model, and to provide highly individualized care with an emphasis on prevention and wellness. The company's patient satisfaction and annual membership renewals consistently exceed 90 percent.

"Leonard Green is an ideal partner for MDVIP, and their investment is a testament to the strength of our business model," said MDVIP Chairman and CEO Bret Jorgensen, who will continue to lead the company. "The core engine of MDVIP's network growth is as strong as it's ever been, and we look forward to working with the Leonard Green team on continuing to build on our success and pursuing new opportunities that deliver greater value to our physician affiliates and members."

Mr. Jorgensen added, "MDVIP has benefited greatly from the resources and expertise of Summit Partners, and we appreciate their longtime support as we embark on our next phase of growth."

"MDVIP has built an unrivaled network and proven model in consumer-directed healthcare that provides both physicians and patients an alternative to traditional, high-volume practices," said Alyse Wagner, Partner at Leonard Green & Partners. "With its market-leading position and strong management team, MDVIP is well-poised for ongoing and long-term success in a dynamic healthcare environment. We are pleased about this new partnership, which expands our portfolio in the healthcare services sector."

Leonard Green & Partners is a leading private equity investment firm with more than $25 billion of assets currently under management. Since its founding in 1989, the firm has invested in over 80 companies primarily in the consumer, business services, healthcare services and retail sectors.

"We are proud of the growth MDVIP has achieved throughout our partnership," said Mark deLaar, Managing Director at Summit Partners. "We're delighted to remain involved with the company as it continues to execute on its strategy to innovate and improve the delivery of primary care."

About MDVIP
MDVIP leads the market in membership-based healthcare that goes far beyond concierge medicine services. With a national network of more than 850 primary care physicians serving over 280,000 members, MDVIP is at the forefront of consumer-directed care. MDVIP-affiliated physicians limit the size of their practices, which affords them the time needed to provide patients with highly individualized service and attention, including a comprehensive annual preventive care program and customized wellness plan. Published research shows that the MDVIP model saves the healthcare system millions of dollars through lower hospitalizations and readmissions. For more information, visit www.mdvip.com.

About Leonard Green & Partners, L.P.
Leonard Green & Partners, L.P. ("LGP") is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 80 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail. For more information, please visit www.leonardgreen.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $15 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in healthcare, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Notable healthcare investments include ABILITY Network, CareCentrix, DuPage Medical Group, HealthCare Partners, HealthSun Health Plans and Modernizing Medicine. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

With investments in more than a dozen growth-stage businesses in the Minneapolis-St. Paul area, Summit has invested in excess of $700 million in Minnesota over the last decade. Summit Managing Directors Greg Goldfarb and Peter Rottier discuss the appeal of the Twin Cities region with Lee Schafer of the Minnesota Star Tribune and describe how they believe the regional business culture has created a pool of talented managers and entrepreneurs with a durable growth mind-set.

Read the full article at the Minnesota Star Tribune.

ROWLEY, MA and MENLO PARK, CA – Harvey Performance Company (“Harvey”), a leading provider of specialized cutting tools for precision machining applications, today announced a majority investment from global growth equity investor Summit Partners. CEO Pete Jenkins and the Harvey management team remain significant shareholders in the company. The funding will be used to fuel ongoing product development and drive new growth initiatives. Additional terms of the investment were not disclosed.

Founded in 1985, Harvey Performance Company is dedicated to providing world-class products, services and solutions that increase productivity for customers in the manufacturing and metalworking industries, including the aerospace and defense, medical, automotive, industrial motors and telecommunications sectors. The company consists of two complementary brands: Harvey Tool – a broad, one-stop offering for hard-to-find micro-cutting tools – and Helical Solutions – a manufacturer of high-performance custom and standard end mills. The company is recognized as a market leader because of unsurpassed technical expertise and engineering know-how.

This funding comes as Harvey continues on a trajectory of rapid growth, with plans to further accelerate growth through its new partnership with Summit. In 2016, Harvey Tool earned a position on the Inc. 5000 list of America’s fastest-growing private companies, and both Harvey Tool and Helical Solutions were recognized in the 2016 CNC Cookbook End Mill Survey, an industry survey focused on highlighting machinists’ most preferred brands.

“Harvey Performance prides itself on providing best-in-class products and technical service to a diverse and demanding customer base,” said Pete Jenkins, Harvey Performance Company CEO. “We’ve known the Summit team for years, and we appreciate their shared vision for growth. This funding will support our ongoing product innovation efforts and will enable us to maintain our high standards of engineering quality and customer service.”

“We are impressed with Harvey’s innovative, customer-centric culture and remarkable growth. We are thrilled to partner with Pete and the Harvey Performance Company team,” said Jay Pauley, a Managing Director with Summit Partners who has joined the Board of Directors. “The company’s end-market is enormous, and we believe Harvey’s product breadth, differentiated go-to-market strategy and premium technical support model will continue to position the business well for long term success.”

“We have followed Harvey’s expansion closely over the past several years,” said John Carroll, a Managing Director with Summit Partners who has also joined the Harvey Board of Directors. “We admire the company’s uncompromising commitment to its customers and their unrelenting focus on quality.”

Summit was advised by Kirkland & Ellis LLP and Ernst & Young LLP. Harvey Performance Company was advised by Piper Jaffray.

About Harvey Performance Company
Harvey Performance Company strives to offer unique and innovative products to solve the industries’ most challenging machining requirements. Its distinct brands, Harvey Tool and Helical Solutions, serve specialty needs and markets with a shared commitment to delivering high quality products and superior service. The brands offer a broad range of products and services that help support machinists, engineers, and CNC programmers while giving their shops a competitive advantage. Harvey Performance has a proud history of doing business the right way – offering fast and friendly service, providing comprehensive product support, and treating customers, suppliers, and shareholders in a way that builds strategic, strong, and enduring relationships. For more information, visit www.harveyperformance.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $15 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in healthcare, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Notable industrial technology investments include FineLine Technologies, Parts Town, Grand Design and Welltec. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

By Chris Dean, Summit Partners

We are seeing the same pattern across so many sectors: disruptive new entrants delivering a superior customer experience, taking market share and upending incumbent players. It’s a theme we have seen at scale in media (Netflix challenging cable TV), transportation (Uber reinventing the taxi industry), commerce, (Amazon knocking off Walmart) – the list goes on. The question on my mind – as an investor in and advisor to financial technology and services companies – is this: Why has this trend not taken hold in financial services?

Some may argue that it has. Over the last several years, many new players have entered the financial market. Online lending. Payment processing. Digital advice. New forms of currency. Innovators and entrepreneurs are clearly focused on the sector – and significant amounts of capital have been raised to support these efforts – but these new entrants aren’t achieving the massive success in financial services that we have seen in other industries. While businesses with disruptive technologies in other sectors have been rapidly rewarded by both consumers and investors with valuations that exceed those of the legacy players, we have not seen the same level of success in financial services. You can’t point to ten start-ups that have each grown to a market capitalization in excess of the leading banks or payment processors.

So what’s different? Where is the disruption in financial services? To me, the key differentiator – what makes disruption in this sector more challenging – is the enormous power of brand. Our financial infrastructure is built on a fiat system. 70 or 80 years ago we moved off the gold standard to a system that is predicated on the “full faith and credit” of the government. As a result, consumers need to have a great deal of faith that the financial services company they are working with is capable of safeguarding their savings. The importance of brand is therefore slowing the shift in market share away from – and extending the life of – big incumbent players.

Is this an insurmountable challenge for innovators? I don’t think so. Although consumers “trust” the established brands across the industry, they are not satisfied. Financial services companies have long been ranked among the lowest across the economy on a net promoter score basis. Consumers are looking for the same experience they have in other industries – improved user interfaces, more efficient systems, increased automation, more self-service. They want an alternative to sitting through a two-hour wealth planning session or waiting in line at a bank for thirty minutes to speak with a loan officer about a mortgage. Customers need both a better experience and an implicit level of trust in stability and financial credibility of the business with which they transact. The winners of tomorrow, therefore, are just as likely to be companies that are enabling incumbent players as they are to be businesses who are working to displace them.

At Summit, we are looking for entrepreneurs and management teams that can see both opportunities. Our investment experience includes wealth management businesses, payment solutions and trading platforms – companies like Vestmark, FleetCor, Focus Financial, InvoiceCloud and optionsXpress. We have supported innovation across the sector, committing more than $2 billion in capital to companies in the financial technology and services market. Over the last several years, this sector has emerged as one of the most interesting “battlefields” for innovation, and I look forward to seeing how these battles play out in the coming years. Their work is hard, but I believe we are still in the early innings.

Chris recently spoke to fintech and services experts at Vestigo Ventures about the industry landscape. For more perspective, read the full interview here.

For more information on Summit Partners’ financial technology and services experience see Summit Partners Financial Technology and Summit Partners Financial Services.

Investment Will Accelerate Growth and Innovation for Apple Device Management Leader

MINNEAPOLIS – Jamf, the leader in Apple device management, today announced that it has entered into a definitive agreement to receive a majority investment by Vista Equity Partners (“Vista”), a leading investment firm focused on software, data and technology-enabled businesses. The transaction will allow Jamf to accelerate its growth and innovation through focused investment and strategic acquisitions that drive its mission to help organizations manage Apple devices.

“For fifteen years, Jamf has focused on delivering solutions that empower users with Apple products for businesses, schools and government. This investment by Vista validates what we’ve built: the management standard for the Apple ecosystem,” said Dean Hager, CEO, Jamf. “Enterprises and educators require a solution that provides their IT leaders with confidence and efficiency while preserving and improving upon the legendary Apple experience that users love.”

Jamf joins Vista with strong customer growth and business momentum. The company’s annual recurring revenue (ARR) grew by more than 40 percent in both 2016 and through the first three fiscal quarters of 2017. Nearly doubling its number of customers since the beginning of 2016, Jamf is serving more than 13,000 organizations today, including 8 of the top 10 technology companies and 15 of the top 25 Fortune 500 companies.

“Jamf has played an important role in facilitating Apple’s growth in enterprises and education by providing a powerful solution with an unmatched focus on the customer community,” said Vista Co-Founder and President Brian Sheth. “We are delighted to welcome Jamf into the Vista family and look forward to working with the Jamf leadership team to support their growth.”

The transaction is expected to close in the fourth quarter of 2017. Financial terms have not been disclosed. Goldman Sachs & Co. LLC served as financial advisor to Jamf. Morgan Stanley & Co. LLC and Piper Jaffray & Co. served as financial advisors to Vista. For more information about the partnership, visit www.jamf.it/vista.

About Jamf
Since 2002, Jamf has been focused on helping organizations succeed with Apple. Jamf is committed to enabling IT to empower end users and bring the legendary Apple experience to businesses, education and government organizations via its Jamf Pro and Jamf Now solutions, and the 50,000+ member Jamf Nation community. Today, more than 13,000 global customers rely on Jamf to manage over eight million Apple devices. To learn more, visit www.jamf.com.

About Vista Equity Partners
Vista Equity Partners, a U.S.-based investment firm with offices in Austin, San Francisco, Chicago, and Oakland with more than $30 billion in cumulative capital commitments, currently invests in software, data and technology-enabled organizations led by world-class management teams with long-term perspectives. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies’ realization of their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.

Source: Jamf

INDIANAPOLIS — Anthem, Inc. (NYSE:ANTM) today announced that the company has entered into an agreement to acquire HealthSun, one of the fastest-growing integrated Medicare Advantage health plans and healthcare delivery networks in Florida.

“Anthem is committed to identifying opportunities for growth that will enable us to advance our goal of increasing access to healthcare for all consumers, including those who are most vulnerable,” said Joseph R. Swedish, Chairman, President and Chief Executive Officer, Anthem. “The acquisition of HealthSun, which offers a unique integrated care delivery model serving mainly dual-eligible (Medicare and Medicaid) members, fits well with our plans for continued growth in the Medicare Advantage and dual-eligible populations. In addition, the HealthSun acquisition will further the industry leading commitment of Anthem’s affiliated health plans in offering a wide variety of value based care models that benefit our members through high quality care and improved outcomes.”

Founded in 2005, HealthSun has grown rapidly in Florida by offering an integrated Medicare Advantage health plan and healthcare delivery system. HealthSun currently serves approximately 40,000 members through its Medicare Advantage plans in Miami-Dade and Broward counties. HealthSun’s members receive primary care and related services through its integrated network of 19 wholly owned Pasteur and WellMax primary care and specialty centers as well as a complementary network of unaffiliated medical centers, all of which focus on providing the highest quality care. HealthSun was rated by the Centers for Medicare and Medicaid (CMS) as a 4.5 in their Star Ratings for the 2017 and 2018 reimbursement years.

“HealthSun has been recognized for providing superior care coordination and better health outcomes through a network of primary care clinics, pharmacy support, and transportation services; as well as a narrow network of physician specialists and integrated medical cost management,” said Peter D. Haytaian, Executive Vice President, President, Government Business Division, Anthem. “We are excited about the addition of HealthSun as we believe their unique integrated delivery system will be an important asset that drives our continued success in Florida. In addition, this acquisition is consistent with our goal to build industry leading capabilities to serve this country’s most vulnerable citizens. With the addition of HealthSun, Anthem’s affiliated Medicare and Medicaid plans will now serve more than 650,000 members in Florida.”

Anthem is acquiring HealthSun from a consortium of investors led by Summit Partners, a global alternative investment firm. Financial terms of the transaction were not disclosed. The acquisition is expected to close by the end of 2017 and is subject to approvals from state and federal regulatory authorities, standard closing conditions and customary approvals required under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to be slightly accretive to earnings in 2018.

Anthem’s financial advisor is UBS Investment Bank and its legal advisor is White & Case LLP. Centerview Partners LLC and Credit Suisse are acting as financial advisors for HealthSun, Summit Partners and the investor consortium, with Kirkland & Ellis LLP and Epstein Becker and Green, P.C. acting as legal advisors.

About Anthem, Inc.
Anthem is working to transform health care with trusted and caring solutions. Our health plan companies deliver quality products and services that give their members access to the care they need. With over 74 million people served by its affiliated companies, including more than 40 million within its family of health plans, Anthem is one of the nation’s leading health benefits companies.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 440 companies in healthcare, technology, and other growth industries. These companies have completed more than 140 public equity offerings, and more than 165 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

Source: Anthem

Increased investment recognizes the value of RELEX’s bold vision to unify retail’s core operational processes and supports the company’s commitment to 100% customer satisfaction

ATLANTA, GA and HELSINKI, FINLAND — RELEX Solutions, provider of unified retail planning solutions, spanning forecasting, replenishment, space and assortment, and workforce optimization, recently closed a second round of funding from global growth equity investor Summit Partners to support the company’s continued growth. RELEX founders continue to serve in a senior leadership capacity and remain majority owners of the company.

In September 2015, Summit Partners made an initial investment in RELEX, committing capital to support the global expansion of the rapidly growing supply chain solutions provider. In the last two years, RELEX has nearly tripled its revenues, entering the North American market and adding over 90 new customers worldwide including Rossmann, WHSmith, Morrisons, Coop Denmark and AO.com. During this period, the company completed the acquisition of Galleria RTS, a space and optimization software provider, and invested in Zenopt, an advanced workforce optimization solution provider. Each of these products complement RELEX’s existing solutions and position the company well to execute on its vision of delivering unified retail planning solutions that optimize core retail operations.

“Operational excellence – in merchandising, supply chain and store operations – is required for retailers to survive in today’s extremely competitive market,” said Mikko Kärkkäinen, Group CEO of RELEX Solutions. ”Unifying these core operational processes enables retailers to really step up their game. We have, for example, seen our customers reduce out-of-stocks by up to 80% and significantly decrease labor cost in stores by optimizing planograms to enable straight-to-shelf deliveries, minimizing the need for backroom storage.”

“We remain impressed by the company’s continued commitment to customer success during this period of rapid growth,” said Summit Partners Managing Director and RELEX board member, Han Sikkens. “RELEX Solutions delivers rapid, measurable ROI to customers, and we are delighted to continue our partnership with Mikko and his team for this next phase of growth.”

“We are very pleased that Summit Partners has deepened their partnership with us,” said Kärkkäinen. “Together we are working to realize our shared vision: to establish RELEX as the clear leader in the unified retail planning category.”

About RELEX Solutions
RELEX Solutions provides an integrated retail and supply chain planning system that delivers impressive results for customers around the world.

Through precise demand forecasting, automated replenishment, revolutionary space planning and assortment optimization, RELEX helps businesses plan better, sell more and waste less however fast the market changes.

Through our retail expertise and technology, we build strong, enduring, award-winning partnerships with our customers. RELEX’s success is inseparable from theirs.

RELEX Solutions is trusted by leading brands including WHSmith, Morrisons, AO.com, Coop Denmark and Rossmann, and has offices across North America and Europe.

More information: www.relexsolutions.com

About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit has invested in more than 440 companies in technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit Partners include Avast, Belkin, Flow Traders, Hyperion Solutions, Infor, McAfee, NetWitness, Postini, RiskIQ, SafeBoot, Sybari Software, Uber and WebEx. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

Source: RELEX Solutions

MENLO PARK, CALIFORNIA — Global growth equity investor Summit Partners today announced the addition of Joe Juliano to the firm’s Executive-in-Residence (“EIR”) program. In this role, Juliano will work closely with Summit’s Technology team to identify new investment opportunities in high-growth enterprise application software companies.

Mr. Juliano joins Summit’s EIR program from IQNavigator, a provider of SaaS technology and services that enable businesses to better source, manage and pay their non-employee and flexible workforces. Juliano joined IQNavigator as President and CEO in 2013 and led the company through a phase of rapid growth and margin expansion. In 2016, Mr. Juliano facilitated the merger of IQNavigator with its largest competitor. Previously, Mr. Juliano was the President of RedPrairie, a provider of supply chain and workforce management software. During his three-year tenure, the company completed six acquisitions, optimized its go-to-market model, and ultimately accelerated organic revenue growth. Prior to RedPrairie, Juliano served as President and CEO of PrimeRevenue and held several sales and operations leadership positions with various application software companies.

“We have been following Joe’s career for several years and have been continually impressed by his collaborative approach to management and his capability to drive growth,” said Summit Managing Director Peter Rottier. “His interests and expertise overlap with our team’s focus, and we are thrilled to partner with him as we seek new opportunities within the application software sector.”

“Summit has a phenomenal reputation and almost two decades of experience effectively leveraging their EIR program,” said Juliano. “I’m incredibly excited to work alongside the Summit team in this role – to participate in the sourcing process from the start and to work with a business post-investment to drive growth and build value.”

“We’re thrilled to welcome Joe to our EIR program,” said Summit Managing Director C.J. Fitzgerald. “He brings a wealth of experience to the role, and we look forward to benefiting from his deep expertise in the enterprise software sector.”

Summit has been active in the software sector for more than three decades. Since the firm’s founding in 1984, Summit has partnered with more than 135 software companies in growth-oriented segments including enterprise, mobile, cloud and SaaS, big data and analytics, infrastructure and security.

Summit’s EIR program is an established and successful element of the firm’s growth-oriented investing strategy. Since its inception in 1999, the program has facilitated collaboration between seasoned industry executives and Summit’s sector teams, working to identify investment opportunities, conduct due diligence, and create and support value creation plans for the companies with which Summit has partnered.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 170 have been acquired through strategic mergers and sales. Notable software and SaaS companies financed by Summit include Avast, Clearwater Analytics, Darktrace, Gainsight, HelpSystems, Hyperion Solutions, Infor, McAfee, Perforce, Telerik, TSheets, WebEx and Visier. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

DOWNERS GROVE, Ill. and LOS ANGELES — DuPage Medical Group, one of the nation’s largest independent, multi-specialty physician groups, announced the closing of a strategic partnership with funds managed by the private equity group of Ares Management, L.P. (NYSE: ARES), the global alternative asset management firm. The investment by Ares will enable continued support for growth initiatives across the entire organization, including DMG’s practice management company, DMG Practice Management Solutions, and DMG’s subsidiary, Boncura Health Solutions. The $1.45 billion transaction closed on August 15, 2017.

Under the terms of the transaction, DMG’s physician group, DuPage Medical Group Ltd., will remain 100% physician-owned-and-directed, and DMG physicians will retain a significant ownership stake in the practice management company. As part of its investment, Ares also acquired Summit Partners’ stake in DMG Practice Management Solutions, and Summit will exit as an investment partner.

“As DMG continues to grow in size and scale, it is critically important for our organization to remain independent and physician-led,” said DMG CEO Mike Kasper. “Ares understands and supports our core mission, which is to maintain and enrich our patient-focused, doctor-directed culture. This partnership, which will particularly benefit our subsidiary Boncura, provides unprecedented access to capital and strategic backing for DMG’s growth initiatives, such as population health, expansion into new geographies and additional service offerings. We believe this endeavor will ultimately enhance our ability to reach and treat patients. This is our path forward.”

Mr. Kasper specified that DMG patients should expect to see additional service lines, sites of care and physicians as a result of the partnership. This growth will allow DMG to enhance its integrated outpatient delivery model and further enhance its efforts to provide quality, efficiency and access to patients.

“We are extremely excited to welcome Ares as our partner, as DMG continues to grow to become the best group for all physicians and patients both within the Chicago area as well as nationally,” commented Dr. Paul Merrick, President and Chairman of DMG. "Our partnership with Ares will allow us to maintain our physician-oriented culture and clinical autonomy. More importantly, we are well positioned to expand and enhance our management service offerings and continue providing our patients the highest quality care.”

About DuPage Medical Group
Founded in 1999, DuPage Medical Group is the largest independent, multi-specialty physician group with more than 600 physicians in over 80 suburban Chicago locations. DMG is a patient-centered organization focused on improving access to convenient, quality health care using the latest technology and treatment options. For more information, visit www.dupagemedicalgroup.com.

About Boncura Health Solutions
Since its inception in 2011, Boncura Health Solutions has remained a physician-owned and directed organization aimed at improving patient outcomes, efficiently managing at-risk populations to reduce unnecessary healthcare costs, delivering services in a cost-effective manner, and providing unique and convenient ways for patients, providers, and clients to access key support services. Its expertise allows hospitals and health systems, independent physician groups, and accountable care organizations to provide value-based care through efficient and intelligent administrative and clinical services. Today, Boncura serves more than 5,500 physician providers and partners, managing upwards of 350,000 lives, and processing more than seven million claims annually.

About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $104 billion of assets under management as of June 30, 2017 and more than 15 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com.

Source: DuPage Medical Group

LONDON, UNITED KINGDOM — Summit Partners, a global alternative investment firm, today announced the final closing of its second Europe growth equity fund. The fundraising was launched earlier this year, and the fund exceeded its target and was closed at its hard cap with total commitments of €700 million. Summit Partners Europe Growth Equity Fund II will target equity investments of €20 to €60 million in category-leading companies across Europe, pursuing the growth equity strategy the firm has employed since its inception in 1984. Summit will seek to partner with the exceptional entrepreneurs and management teams who lead these businesses and to deliver post-investment support to accelerate growth and enhance value.

“Over more than three decades as a growth equity investor, Summit has developed deep sector expertise, an extensive global network of relationships, and a track record of supporting the needs of growth companies,” said Peter Y. Chung, Managing Director and Chief Executive Officer of Summit Partners. “With its strong entrepreneurial ecosystem – particularly in the technology, consumer, financial technology and healthcare sectors – Europe has been an integral part of Summit’s global investment strategy since 2000. We are excited to continue our efforts in the region.”

“On behalf of the entire Summit team, we are grateful for the strong support from our existing investors and from those investors who are new to the Firm,” said Han Sikkens, Managing Director and Head of Europe. “We are also appreciative of the trust placed in us by the entrepreneurs and management teams with whom we have partnered over the past 17 years in Europe. We believe this fund is well-suited to support our focus on entrepreneurial growth businesses across Europe.”

Summit’s London-based team of 16 investment professionals works closely and collaboratively with the firm’s 100+ investment professionals worldwide. The team makes both minority and majority investments in growing companies across key industry sectors including technology, healthcare, financial technology and services, consumer and industrial. As board members and through the efforts of the firm’s dedicated portfolio services teams – its Peak Performance Group, Capital Markets Team, Talent & Recruiting Team, and Executive Partner Programs – Summit offers capital, expertise and resources to help category-leading companies accelerate their growth and build businesses of lasting value.

Since its inception in 1984, Summit Partners has managed combined assets of more than $20 billion.

Asante Capital Group LLP acted as exclusive global advisor on the Summit Partners Europe Growth Equity Fund II, and Kirkland & Ellis LLP acted as legal counsel.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm focused on growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 165 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

SAN FRANCISCO, CALIFORNIA and CAMBRIDGE, UNITED KINGDOM — Darktrace, the world’s leading machine learning company for cyber security, announced today that it has climbed new commercial highs as its total contract value hits $200 million, an increase of 140% from last year. Much of this growth was driven by outstanding performance in the U.S., where bookings increased threefold.

The leading cyber security firm has raised a $75 million Series D financing round led by Insight Venture Partners, with participation from existing investors Summit Partners, KKR and TenEleven Ventures.

Darktrace is recognized as the de facto leader in disruptive AI technology for cyber security, tackling the challenge of defending against ever more sophisticated cyber-attacks. Powered by machine learning and AI algorithms, Darktrace’s Enterprise Immune System technology is capable of detecting and responding to cyber-threats that evade legacy security controls, containing incidents before damage is done.

The Enterprise Immune System now has over 3,000 deployments worldwide, across all industry sectors, including global financial companies, telecommunications providers, media firms, retailers, healthcare providers, government agencies and critical national infrastructure facilities. The company’s headcount has doubled over the past 12 months, now standing at 500 employees.

Nicole Eagan, CEO at Darktrace, commented, “Insight Venture Partners has a proven record of partnering with tech-focused firms, and its backing of Darktrace is another strong validation of the fundamental and differentiated technology that the Enterprise Immune System represents. It marks another critical milestone for the company as we experience unprecedented growth in the U.S. market and are rapidly expanding across Latin America and Asia Pacific in particular, as organizations are increasingly turning to our AI approach to enhance their resilience to cyber-attackers.”

Jeff Horing, Managing Director at Insight Venture Partners said, “In just four years, Darktrace has established itself as a world leader in AI-powered security. Insight is proud to partner with Darktrace to continue to drive its strong growth and superior product market fit.”

Han Sikkens, Managing Director at Summit Partners said, “Darktrace’s Enterprise Immune System technology is providing visibility and security to leading organizations in all sectors. We are delighted to continue to support Darktrace in its next phase of expansion.”

Stephen Shanley, Principal at KKR, said, “It’s been a tremendous year for Darktrace and we feel privileged to work with such an innovative, talented and driven team building a remarkable company. We are excited to participate in this financing round and look forward to continuing to support Darktrace in the years to come.”

About Darktrace
Darktrace is the world’s leading machine learning company for cyber security. Created by mathematicians from the University of Cambridge, the Enterprise Immune System uses AI algorithms to automatically detect and take action against cyber-threats within all types of networks, including physical, cloud and virtualized networks, as well as IoT and industrial control systems. A self-configuring platform, Darktrace requires no prior set-up, identifying advanced threats in real time, including zero-days, insiders and stealthy, silent attackers. Headquartered in San Francisco and Cambridge, UK, Darktrace has 24 offices worldwide.

Source: Darktrace

MIAMI and NEW YORK – Mi9 Retail, a global supplier of omni-channel retail software, announced today that General Atlantic, a leading global growth equity firm, has made a strategic investment in the company.

General Atlantic will be adding capital to the Mi9 Retail balance sheet to support new initiatives and growth opportunities aimed at better-serving Mi9 Retail customers and their evolving needs. Financial terms of the transaction were not disclosed.

Mi9 Retail is passionate about helping retailers create great experiences for its customers – online, in-store, and on any device. The Company offers an integrated platform that helps retailers across the globe seamlessly manage merchandising, store operations, customer engagement, e-commerce, and business analytics. Mi9 Retail also collaborates with a broad array of third-party service providers that have demonstrated expertise in strategic areas that complement the Company’s solutions and suite of products.

With seven offices around the world and over 300 global customers, the Mi9 Retail platform is used by major retailers and e-commerce providers including Barney’s New York, Christian Dior, Jardiland, Levi Strauss & Co., Little Tikes, London Jewelers, Orchard Supply Hardware, Spencer Gifts, Talbots, and Tea Collection.

“Mi9 Retail is committed to providing innovative technology that drives better business performance and creates great shopping experiences for consumers,” said Neil Moses, Chief Executive Officer of Mi9 Retail. “General Atlantic is joining us as a strategic investor with deep operational expertise in both the software and retail sectors. As we begin our next phase of growth, I believe that our partnership will enable Mi9 Retail to better serve our customers and achieve even greater success.”

“We are excited to work together with Neil Moses, CEO, and Jason Williams, President and CFO, and the entire management team during this exciting and transformative time for Mi9 Retail,” said Preston McKenzie of General Atlantic, who will be joining the company’s Board of Directors. “As retailers continue to deepen their use of technology and data analytics to help manage their operations and growth, Mi9 Retail software has become mission-critical for its customers, delivering a measurable ROI.”

Mi9 Retail has experienced rapid growth as it has successfully built out its modern, comprehensive solution offerings. The Company intends to continue driving its next phase of growth through strategic acquisitions that benefit both current and potential customers.

“The Company’s track-record and explosive growth is a testament to the talented Mi9 Retail leadership team and market-leading omni-channel software,” added David George of General Atlantic, who will also join the Mi9 Retail Board of Directors. “We are excited to support the Mi9 team, their strategic business initiatives, and the Company’s continued expansion into new markets.”

General Atlantic has deep expertise in the Internet & Technology and Retail & Consumer sectors and is currently invested in leading retailers including Grupo Axo, Tory Burch, and Zimmermann, and high growth software companies such as Box, Seismic, SessionM, and Turbonomic.

About Mi9 Retail
Mi9 Retail is passionate about helping retailers create great experiences for our customers—online, in-store, and on any device. We know that great retail experiences happen when optimized inventory management intersects perfectly with well-executed customer engagement strategies to deliver higher customer loyalty, better margins, and a more engaged workforce. Our solutions for merchandise management, digital commerce, and store operations are used by leading retailers across the globe. Mi9 Retail is headquartered in Miami, FL, with operations in North America, Europe and Asia. www.mi9retail.com.

About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 100 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, and Singapore. www.generalatlantic.com.

Source: Mi9 Retail

BOSTON and SAN FRANCISCO – Thoma Bravo LLC, a leading private equity investment firm, today announced that it has acquired Continuum, a premier global IT management platform for Managed IT Service Providers (MSPs), from Summit Partners. Financial details of the deal were not disclosed.

Continuum, headquartered in Boston, is an international firm that provides MSPs with the platform, services and processes needed to simplify IT management and deliver high quality Remote Monitoring and Management (RMM), backup and disaster recovery and security offerings to small- and medium-sized businesses (SMBs). Its vertically integrated service delivery model combines a SaaS-based technology suite with a best-in-class Network Operations Center (NOC) and Help Desk, and allows MSPs to remotely administer, backup and secure their clients' IT environments from a single screen and to scale quickly and cost-effectively. Continuum employs more than 1,400 professionals worldwide and monitors more than 1 million endpoints for its 5,800 partners, including MSPs servicing more than 60,000 SMB customers.

"Continuum sets the industry standard with its turn-key approach in the Remote Monitoring and Management market for MSPs," said A.J. Rohde, a Partner at Thoma Bravo. "We know this market well, and have followed the company for a long time. What Michael George and his team have delivered on in terms of an innovative product suite and full software and services model has been very impressive, and we can't wait to work with them to accelerate the world-class offering they deliver to MSPs, both organically and through add-on acquisitions."

"The company has a smart and proven business model which solves a well-understood skills gap in the MSP market," added AJ Jangalapalli, a Vice President at Thoma Bravo. "With its strong growth and high customer retention, Continuum is a great fit with the Thoma Bravo portfolio."

"Thoma Bravo is the perfect financial and strategic partner for us at this important stage of our company's growth," said Michael George, CEO at Continuum. "This investment will enable us to continue to capitalize on our core value propositions and increase critical investments in product development as well as sales and marketing tools for our MSP partners to help accelerate their growth. We are incredibly grateful for the partnership and support we have received from Summit Partners, and are confident that Thoma Bravo's operational expertise, knowledge of the space and strategic support will be invaluable to us as we focus ambitiously on our company's future."

The acquisition of Continuum was made through Thoma Bravo's Discover Fund, which debuted in early 2016, and comes on the heels of its acquisition of Riskonnect, an integrated risk management provider, announced last week. The Discover Fund enables Thoma Bravo to expand its investment reach by focusing on growth-oriented technology companies in the lower middle market. Previous Discover Fund investments include Bomgar, a cybersecurity provider; Elemica, a supply chain operating network; Infogix, an analytics company; and T2 Systems, a parking management software firm.

Kirkland & Ellis is serving as counsel for Thoma Bravo. Goldman Sachs and the Carlyle Group provided the debt financing for this transaction. Lazard acted as financial advisor and Goodwin as legal counsel to Continuum.

About Thoma Bravo, LLC
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $17 billion in capital commitments, Thoma Bravo partners with a company's management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as Blue Coat Systems, Deltek, Digital Insight, Global Healthcare Exchange, Hyland Software, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems and TravelClick. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.

About Continuum
Continuum empowers managed IT service providers, giving them the technology platform, services and processes they need to simplify IT management and deliver exceptional service to their small and medium-sized clients. Continuum's vertically integrated service delivery model combines an unmatched SaaS-based technology suite with a world-class NOC and Help Desk, allowing them to not only remotely monitor, manage, backup and secure their clients' IT environments from a single pane of glass, but scale rapidly and profitably. Continuum employs more than 1,400 professionals worldwide and monitors more than 1 million endpoints for its 5,800 partners, including MSPs servicing more than 60,000 SMB customers and web hosting providers protecting more than 250,000 servers with Continuum's R1Soft product line. For more information, visit www.continuum.net or www.r1soft.com and follow on LinkedIn and Twitter @FollowContinuum.

Source: Thoma Bravo

ATLANTA -- MacStadium, the Mac hosting authority and only provider of Mac Pro private cloud infrastructure-as-a-service ("IaaS") around the world, today announced that Vassil Terziev and Jose Segrera, both technology entrepreneurs and executives with deep experience building cloud-based infrastructure and development tools businesses, have joined its Board of Directors. The addition of these directors follows news of the company's recent growth equity investment led by Summit Partners.

"Both Vassil and Jose bring valuable perspective, a wealth of practical knowledge and highly relevant experience to our team," said Gregory McGraw, CEO of MacStadium. "We are honored to have them join the MacStadium Board, and we are looking forward to their contributions and support as we continue to execute on our strategic goals."

Vassil Terziev is a co-founder and former co-CEO of Telerik AD. After co-founding Bulgaria-based Telerik in 2002, Vassil and his team grew the company into a leading global provider of software development tools, solutions and services with a developer community of 1.4 million strong and a customer base of more than 130,000 worldwide. Summit Partners invested in Telerik in 2008 and supported the company through a period of rapid growth prior to its acquisition by Progress Software Corporation in 2014. Since serving as Chief Innovation Officer at Progress, Vassil has invested in and advised numerous early-stage technology companies and most recently co-founded Telerik Academy, a leading educational initiative for training software engineers in Bulgaria.

"At Telerik, we were fanatically dedicated to our developer community, providing industry standard-setting customer support," said Vassil Terziev. "Like Telerik, MacStadium is focused on arming the iOS development community with the tools, services and infrastructure necessary to drive effective team collaboration and meet the ever-increasing rise of release cycles. I'm truly excited to join the board and help take MacStadium to the next level."

With more than 20 years of operating experience, Jose Segrera is a veteran technology finance executive. For more than a decade, he served as the Chief Financial Officer of Terremark Worldwide, a provider of IT infrastructure and cloud services that was acquired by Verizon Communications in 2011 for an equity value of $1.4 billion. Prior to Terremark, Jose was the Corporate Controller then Chief Financial Officer for FirstCom Corporation until its sale to AT&T Corporation in 2000. Jose is currently an investor and advisor to several high-growth enterprise IT and software businesses.

"With a global audience of more than 10 million iOS developers, MacStadium has a tremendous opportunity ahead as the only provider of Mac Pro private cloud IaaS," said Jose Segrera. "I am thrilled to join the MacStadium team and help scale the company to meet growing global demand as it continues its worldwide expansion."

About MacStadium
MacStadium is a leading provider of on-demand cloud IaaS, offering managed Mac hosting and private cloud solutions for individuals and organizations of all sizes. MacStadium is headquartered in Atlanta, Georgia with growing operations in Las Vegas, Nevada and Dublin, Ireland. Learn more at www.macstadium.com.

Source: MacStadium

BERLIN and LONDON – Market Logic, a leading provider of enterprise SaaS marketing information systems, today announced a €45 million investment from GENUI, Summit Partners and current investor Sycamore. The investment will help to accelerate Market Logic’s growth and further the company’s vision to transform marketing by providing software that delivers the right information at the right time.

Kay Iversen, founder and CEO of Market Logic, welcomed the new investors. “Rapid adoption of our platforms by leading brands confirms that marketing executives are hungry for better ways to ensure market and consumer knowledge is systematically used in innovation and brand building decisions,” Iversen said. “We believe the new partnership with GENUI and Summit and the investment capital they provide will help accelerate Market Logic’s significant advances in the realm of cognitive computing, to ensure that insights are accessible and engaging for marketers to use.”

Iversen added, “Active exchange with outstanding software industry leaders like GENUI’s Bernd-Michael Rumpf – the former CEO of SAP SI – and entrepreneurs and experienced operators from Summit’s global network will help us set the course for our ambitious growth plans.”

“Market Logic’s entrepreneurial management team was a key factor driving GENUI’s decision to invest,” said Bernd-Michael Rumpf. “Kay and his team share a passion for listening to and anticipating customer needs, and delivering cutting edge solutions that delight their user communities. We were impressed with the enthusiastic support Market Logic has nurtured amongst their blue-chip executive community.”

Summit Partners Managing Director Matthias Allgaier agreed. “At Summit, we focus on partnering with innovative, founder-led companies that we believe have the potential to become global leaders in their sectors. Market Logic offers proprietary AI-powered technology that is quick to implement and seeks to drive impressive results for its customers. We are excited to partner with the company for its next phase of growth.”

Bernd-Michael Rumpf and Max Odefey of GENUI will join Matthias Allgaier from Summit to support Market Logic as members of the company’s board of directors.

Sycamore Managing Director Thomas van Aubel added, “Sycamore has actively supported the development of Market Logic since its seed phase. We are thrilled that the additional firepower on Market Logic’s board will help us reach the next stage in our growth story.”

The transaction is subject to official approval by the European Commission.

About Market Logic
Market Logic develops and commercializes marketing information systems, that help the world’s best brands to transform marketing and innovation processes with the right information at the right time. Market Logic platforms are deployed by global brands in consumer packaged goods, retail, healthcare and financial services including Unilever, Coca-Cola, Newell Brands, Colgate, Heineken and American Express. The company has offices in Berlin, Germany and Chicago, Illinois.

About GENUI
GENUI is a private investment firm established by a group of exceptional entrepreneurs and investment experts. GENUI provides long-term investments in medium-sized companies in German-speaking countries. With GENUI, the companies have a shareholder with networks and unique expertise from entrepreneurs.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $8.8 billion into growth equity, fixed income and public equity opportunities. Summit has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 170 strategic mergers and sales. Notable software and SaaS companies financed by Summit include Avast, Clearwater Analytics, Darktrace, Gainsight, HelpSystems, Hyperion Solutions, Infor, McAfee, Perforce, Telerik, TSheets, WebEx and Visier. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

About Sycamore
Sycamore is a private investor based in Berlin, Germany, with a focus on software and sustainability, and a long investment horizon.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

BELLEVUE, WA – Smartsheet, the world’s leading SaaS platform for managing and automating collaborative work, today announced it raised $52.1 million in Series F funding, led by existing investor Insight Venture Partners. Additional Smartsheet investors Madrona Venture Group and Sutter Hill Ventures, and new investor, Summit Partners, also participated in the round. Smartsheet’s last round of funding was more than three years ago. With the additional investment, Smartsheet’s total financing raised to date is more than $120 million.

This latest funding round follows a period of rapid growth in which Smartsheet’s revenue increased by more than 60 percent year-over-year for the past five years, with the company expecting to exceed $100 million in annual recurring revenue this quarter. Building upon an already solid financial position with low cash burn, the new funding will be used to accelerate investments in product, sales & marketing, and infrastructure to support increasing demand for Smartsheet’s platform.

"Enterprises have long invested in cloud-based applications that enable them to author, store, and communicate about work. But the value of intentionally managing and automating collaborative work has largely gone unrealized,” said Mark Mader, CEO of Smartsheet. “This additional funding will enable Smartsheet to further unlock this value for teams, helping people and organizations embrace the volume and velocity of today’s work to drive innovation and build a distinct competitive advantage."

The Rise of Collaborative Work Management

According to IDC Research, the enterprise collaboration market is rapidly accelerating, forecasted to grow 32 percent over four years to reach $25 billion by 2020*. The past several months have marked a steady flow of new entrants and high-profile acquisitions in the collaboration space to meet the shifting market needs of enterprises, which are looking for increased agility and efficiency.

"One of the biggest hurdles to employee efficiency is the growing number of applications required to get work done. This includes a complex web of collaboration, productivity and business applications, which often don't connect to each other,” said Alan Lepofsky, VP and Principal Analyst at Constellation Research. “As the market evolves, an entirely new category of collaboration solutions is needed that organizes work, not just tasks, providing structure and accountability across the vast array of things people have to work on. Collaborative Work Management applications enable organizations to reduce the noise so people can focus on the important work that needs to get done.”

Smartsheet’s collaborative work management platform is used by millions of information workers and 69,000 brands in more than 190 countries, including half of the Fortune 500. Whether it is opening hundreds of stores around the world, building skyscrapers, launching rockets into space, or managing behind-the-scenes logistics for the Super Bowl, Smartsheet enables organizations to centrally manage and automate complex, enterprise-scale projects and processes. Other customers include Netflix, Aramark, NBC Universal, Sony Music, Hilton and Weyerhaeuser.

“Collaborative work management is now recognized as a key component of modern enterprise strategy, as companies look to move beyond the limitations of legacy tools,” said Ryan Hinkle, Managing Director at Insight Venture Partners. “Since our initial investment with Smartsheet, we have seen an incredible amount of development and growth behind their capabilities. We are committed to continuing this acceleration so that more companies can benefit from the unique value of Smartsheet.”

Smartsheet has previously secured $68 million in funding from Insight Venture Partners, Madrona Venture Group, Sutter Hill Ventures, and other investors.

*IDC Worldwide Collaborative Applications Forecast 2016-2020, 2016, IDC Worldwide Project & Portfolio Management Forecast 2016-2020, 2016

About Smartsheet
Smartsheet is the world’s leading SaaS platform for managing and automating collaborative work. Our award-winning solutions deliver value for tens of thousands of paying customers and millions of information workers across more than 190 countries. Recently named to the Forbes Cloud 100 list of the world’s best cloud companies, customers like Netflix, Salesforce, the GSA, Google, and over half of the Fortune 500 use Smartsheet internally, with clients, and partners.

Smartsheet is headquartered in Bellevue, Washington and, as of May 2017, has more than 550 employees in its Bellevue and Boston offices. To learn more, visit www.Smartsheet.com.

About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 280 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on Twitter: @insightpartners.

About Madrona Venture Group
Madrona (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region's most successful technology ventures. The firm invests predominantly in seed and Series A rounds across the information technology spectrum, including cloud, consumer software and services, enterprise software and services, digital media and artificial intelligence. Madrona manages approximately $1.3 billion and was an early investor in companies such as Amazon.com, Apptio, Rover.com, and Redfin.

About Sutter Hill Ventures
Sutter Hill Ventures, headquartered in Palo Alto, California, is a leader in financing technology-based start-ups and assists entrepreneurs in building world-class, market-leading companies. They have significant operating and venture capital experience, strong industry networks, and an understanding of the challenges that early-stage and high-growth companies face. Sutter Hill brings expertise in strategy and business development, building management teams, partnering, financing strategies, public offerings, mergers, and acquisitions. Sutter Hill's investments include Broadvision, Vitria, Legato, Alteon, and Tellabs.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 170 have been acquired through strategic mergers and sales. Notable software and SaaS companies financed by Summit include Acturis, Avast, AvePoint, Ascentis, Clearwater Analytics, Darktrace, Fuze, Gainsight, Hyperion Solutions, Infor, McAfee, Perforce, RiskIQ, Telerik, TSheets, Uber, WebEx and Visier. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Source: Smartsheet

MILAN/LONDON – Funds advised by BC Partners (“BC Partners”), a leading private equity firm, have reached an agreement to acquire DentalPro, Italy’s leading dental services provider, from Summit Partners, VAM Investments and other private investors. The transaction is subject to regulatory approvals.

Founded in 2010 in Milan, DentalPro is the market leader in the Italian dental clinic market, offering high-quality dental care through 112 full-service clinics. Operating across 40 Italian provinces, DentalPro partners with local dentists to provide comprehensive practice management support and training, allowing practitioners to focus on delivering accessible care to their patients.

DentalPro has grown at an impressive pace over recent years, opening more than 50 new clinics since 2012, completing two acquisitions in 2016 to add more than 40 clinics, and delivering revenue and EBITDA growth of over 100% per annum, with best-in-class unit economics.

BC Partners has invested in Italy for almost 30 years, most recently through its investments in the leading Italian casual dining chain Cigierre and Italy’s largest apparel retailer OVS. The firm also has strong expertise in the healthcare sector, having invested in Synlab, Europe’s largest laboratory service provider; Elysium, UK’s leading provider of mental health services; and in leading hospital groups across Europe, such as GHG, Hirslanden and Teknon.

Nikos Stathopoulos, Managing Partner at BC Partners, commented:
“DentalPro is one of the fastest growing companies in Italy, operating in one of the most attractive healthcare segments in Europe. As the market leader, it represents the best platform to consolidate the fragmented dental services market in Italy and expand internationally. We look forward to partnering with the founder and CEO Michel Cohen and his entrepreneurial management team to continue the expansion of DentalPro’s network.”

Michel Cohen, founder and CEO of DentalPro, commented:
“I am particularly proud and honoured that an important investor as BC Partners has decided to partner with DentalPro to further consolidate our high-quality services. In just seven years we have become the leader in Italy, with 112 clinics and 250,000 satisfied patients and believe there is scope to further develop these successful results with BC Partners’ help. The management team look forward to working with our new partners and would like to thank Summit Partners for supporting our development."

Thomas Tarnowski, a Managing Director at Summit Partners, commented:
“It has been an honour to work alongside Michel Cohen and the entire DentalPro team, supporting their vision of offering innovative and accessible high-quality dental care to patients across Italy. We are delighted to transition DentalPro to BC Partners for the next phase of the company´s growth.”

BC Partners was advised by PwC and supported by Chiomenti and Dickson Minto on legal and Facchini, Rossi & Soci on tax matters. White & Case LLP served as legal advisor to Summit Partners and DentalPro. BonelliErede served as legal advisor to management.

About BC Partners
BC Partners is a leading international private equity firm with over €15 billion of assets under management. Established in 1986, BC Partners has played an active role in developing the European buy-out market for nearly three decades. BC Partners executives operate as an integrated team through the firm's offices in Europe and North America, acquiring and developing businesses to create value in partnership with management. Since inception, BC Partners has completed 93 investments in companies with a total enterprise value of €115 billion and is currently investing its tenth private equity fund. For more information, please visit www.bcpartners.com.

About DentalPro
Founded in 2010 and headquartered in Milan, DentalPro (DP Group SpA) owns and operates an Italian network of dental clinics that offer a wide range of high-quality dental services from general dentistry to more sophisticated procedures in convenient and modern settings. DentalPro provides top-tier practice management support to dentists, allowing them to focus on delivering care. For more information, visit www.dentalpro.it.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in healthcare, life sciences, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 170 have been acquired through strategic mergers and sales. Notable healthcare companies financed by Summit Partners include American Dental Partners, AmeriPath, HealthCare Partners, Independent Vetcare, Lincare, National Veterinary Associates, MEDNAX, My Dentist and Solutionreach. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

LEHI, UT – Podium, a SaaS platform that enables local businesses and consumers to more effectively and conveniently interact through messaging tools and online reviews, today announced it has raised $32 million in Series A funding in a round led by Accel, with participation from Summit Partners, GV (formerly Google Ventures), and previous investor Y Combinator.

Prior to Podium’s Series A, the company had raised $4 million over two seed rounds. That $4 million was enough to drive an increase of over 600 percent in year-over-year recurring revenue, taking the company to over $12 million in ARR by the end of 2016. Podium has also grown its headcount over 1000 percent to build a team of 175 full-time employees to-date, and acquired a customer roster that spans across the United States, totalling over 80,000 users. This growth has been entirely based on Podium’s first product that helps local businesses generate and report on reviews and feedback. After starting with SMBs in late 2014, the company is now seeing significant growth with mid-market and enterprise customers.

“We rarely see such efficient growth paired with such a large market opportunity,” said Miles Clements of Accel. “Podium’s growth is on par with some of the most well-known tech companies in the world, and we believe that’s due to the technology, the team, and a unique approach to an often neglected market: local businesses.”

Podium was founded on the principle that local businesses need help building an authentic story online. While reviews are a critical piece of the marketing toolkit for these businesses, Podium’s solution recognizes that they are just one piece of the puzzle. The company’s technology aims to impact the entire customer lifecycle, boosting consumer engagement even further.

“We believe Podium’s vision - to power business to consumer interactions throughout the entire customer journey - is extraordinarily compelling,” said Andy Collins of Summit Partners. “The majority of consumer discovery happens online, but a vast majority of purchases still occur offline. Podium has the potential to meaningfully influence the massive end market of local commerce.”

Podium’s Messenger product is a new addition to the company’s platform that enables businesses to interact with their customers via convenient channels they are already using, such as text message. The goal is to give businesses the power to consolidate customer interactions into a single platform to improve events like scheduling, updates, or general questions.

“Businesses are rapidly learning that online interactions, online reviews, or digital communications, lead to offline, face-to-face interactions and ultimately to purchase decisions,” said Eric Rea, CEO and co-founder of Podium. “That understanding has made us hyperfocused on improving the relationship between local business and consumers. Our goal is to make interactions more convenient for consumers and more productive for businesses. We believe we are the best in the world at helping local businesses tell their story through online reviews, and we will continue to work tirelessly to build on that foundation by providing technology solutions that benefit both the businesses and their end-consumer.”

About Podium
Podium helps businesses drive customer interaction in the form of online reviews to increase visibility, improve business operations, and drive purchase decisions. Podium serves 80,000+ users across nearly 10,000 businesses and is redefining the modern relationship between businesses and customers. Headquartered in Lehi, Utah, and founded in 2014, Podium has received funding from Accel, Summit Partners, GV (formerly Google Ventures), and Y Combinator. To learn more, visit www.podium.com or contact us at press@podium.com.

About Accel
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Braintree, Cloudera, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, Jet, Lookout Security, Qualtrics, Slack, Spotify, Supercell, and Vox Media are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn't have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 170 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit include Acacia Communications, Avast, AvePoint, Gainsight, Hyperion Solutions, Infor, McAfee, Perforce, RiskIQ, Telerik, Uber, Ubiquiti Networks and WebEx. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Financing to Support Growth and Advance Innovation for Surgical and Medical Specialties

BOCA RATON, FL and NEW YORK – Specialty-specific health information technology leader Modernizing Medicine, Inc. today announced that funds affiliated with Warburg Pincus, a global private equity firm focused on growth investing, have made a substantial investment of $231 million into the company to provide liquidity to existing shareholders, fund further expansion and support future strategic endeavors.

Founded in 2010 by Daniel Cane and Dr. Michael Sherling, Modernizing Medicine is at the forefront of providing intelligent, medical technology. The company’s award-winning flagship product EMA™, is a mobile, cloud-based, specialty-specific electronic health record (EHR) system that is used by thousands of specialty practices nationwide.

Modernizing Medicine’s success can be attributed to its development of technology to support the unique needs of physicians in surgical and medical specialties. With the premise that it was easier to teach physicians how to code software rather than for engineers to learn medicine, Modernizing Medicine hired practicing physicians to build EHR software. The results of this model and time-saving features such as adaptive learning and automated outputs supported by structured data collection have been embraced by physicians. The company now offers a full suite of products and services to empower physicians including Practice Management, Revenue Cycle Management, Telehealth for dermatology, Analytics and more.

With the latest round of funding, the company anticipates pursuing certain strategic initiatives, that may include automation of prior authorization workflows, deployment of an eCommerce platform, investment in data exchange and reconciliation to help practices move clinically relevant data effectively throughout the evolving ecosystem of a patient’s healthcare experience and improvement of access to healthcare via telemedicine.

Modernizing Medicine is also pleased to welcome Fred Hassan, Managing Director, Warburg Pincus and the former CEO and Chairman of Schering Plough and Executive Chairman of Bausch & Lomb, and Amr Kronfol, Principal, Warburg Pincus, to its Board of Directors.

“We expect this infusion of capital from Warburg Pincus to be instrumental in advancing our mission to transform how healthcare information is created, consumed and utilized to increase efficiency and improve outcomes,” said Daniel Cane, CEO and co-founder of Modernizing Medicine. “Warburg Pincus brings deep experience in the healthcare technology sector and this investment can help further our growth, bolster innovation and support our clients.”

“Modernizing Medicine’s innovative, market-leading technology is used by thousands of specialty practices and ambulatory surgery centers and is focused on improving both business and treatment outcomes,” said Amr Kronfol, Principal, Warburg Pincus.

Andrew Park, Principal, Warburg Pincus, commented, “We see meaningful opportunities for the company’s continued growth and acceleration of existing products and initiatives, and we look forward to partnering with Dan, Michael and the entire management team.”

Evidence of the company’s success is the announcement that the dermatology, gastroenterology, ophthalmology, otolaryngology, plastic surgery and urology EHR systems were each ranked #1 by Black Book™ on the Physician Practice & Ambulatory Solutions lists. This is the seventh consecutive year that the gGastro™ gastroenterology EHR system ranked first, and the fourth consecutive year that the EMA™ dermatology EHR system earned the top spot.

About Modernizing Medicine
Modernizing Medicine® and its affiliated companies empower physicians with suites of mobile, specialty-specific solutions that transform how healthcare information is created, consumed and utilized to increase efficiency and improve outcomes. Built for value-based healthcare, Modernizing Medicine’s data-driven, touch- and cloud-based products and services are programmed by a team that includes practicing physicians to meet the unique needs of dermatology, gastroenterology, ophthalmology, orthopedics, otolaryngology, pain management, plastic surgery, rheumatology and urology practices, as well as ambulatory surgery centers. Connect with Modernizing Medicine on our Blog, Facebook, LinkedIn and Twitter. Modernizing Medicine is a member of CommonWell Health Alliance. For more information visit www.modmed.com.

About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $44 billion in private equity assets under management. The firm’s active portfolio of more than 140 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 16 private equity funds which have invested more than $60 billion in over 780 companies in more than 40 countries. Warburg Pincus has been an active investor in the health technology sector, with current investments including DocuTAP, Helix, Intelligent Medical Objects (IMO), Specialists On Call, and A Place For Mom.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information, please visit www.warburgpincus.com.

Source: Modernizing Medicine

Summit Partners leads financing round, with participation from Noro-Moseley Partners, to strengthen the company’s position as the leading provider of Mac infrastructure for individuals and enterprises

ATLANTA, GA and BOSTON, MA – MacStadium, the Mac hosting authority and only provider of Mac Pro private cloud infrastructure-as-a-service (“IaaS”) around the world, announced today that it received a growth equity investment led by Summit Partners, with participation from Noro-Moseley Partners. MacStadium will use the funding to continue product and service innovation, expand its leading market position and build brand awareness.

Founded in 2012, MacStadium leverages its proprietary, patented platform and dedicated servers to provide hosted cloud solutions to software developers in over 50 countries around the world. With operations in Atlanta, Georgia, Las Vegas, Nevada and Dublin, Ireland, the company has deployed more than 10,000 Mac Minis and Mac Pros and serves more than 2,500 customers. In 2016, MacStadium was #44 on the Inc. 5000 List and was recognized at #20 on the Deloitte Technology Fast 500 List for North America.

“Summit Partners’ deep experience in the infrastructure and DevOps sectors will help MacStadium capitalize on new market opportunities and accelerate the execution of our long-term business plans,” said Gregory McGraw, CEO of MacStadium. “Together with Summit Partners and Noro-Moseley Partners, we are well equipped to continue MacStadium’s global expansion to more fully address the needs of over 10 million and growing iOS software developers worldwide.”

“MacStadium is a clear leader in the developer-focused cloud infrastructure services market,” said Michael Medici, Managing Director at Summit Partners who has joined the MacStadium Board of Directors. “We believe the company is well positioned for future growth as the adoption of agile, continuous integration/deployment and other DevOps strategies continue to gain traction within enterprises. We are thrilled to partner with Greg McGraw, Jason Michaud and the rest of the management team to support the company’s continued growth.”

Mike Elliott, General Partner with Noro-Moseley Partners who has joined MacStadium’s Board of Directors, added, “Customers rely on MacStadium’s infrastructure to improve the performance of development teams and deliver applications to market more quickly. As release cycles continue to shrink, we believe the solutions that MacStadium provides will only become more critical to its customers.”

“With this additional capital and with the support of our new equity partners, we are focused on further establishing our position as an innovative leader in the IaaS market,” said Jason Michaud, President and Founder of MacStadium. “We are excited about this next phase of growth.”

MacStadium was advised by DH Capital, LLC and Morris, Manning & Martin, LLP. Summit Partners was advised by Choate Hall & Stewart LLP. Noro-Moseley Partners was advised by DLA Piper LLP.

About MacStadium
MacStadium is a leading provider of on-demand cloud IaaS, offering managed Mac hosting and private cloud solutions for individuals and organizations of all sizes. MacStadium is headquartered in Atlanta, Georgia with growing operations in Las Vegas, Nevada and Dublin, Ireland. Learn more at MacStadium.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 170 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit include Acacia Communications, Avast, AvePoint, E-TEK Dynamics, Gainsight, Hyperion Solutions, Infor, McAfee, Perforce, RiskIQ, Telerik, Uber, Ubiquiti Networks and WebEx. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

About Noro-Moseley Partners
Noro-Moseley Partners, based in Atlanta, is a venture capital firm focused on early growth stage companies in the healthcare IT and services sectors and information technology sectors. Since 1983, NMP has been a leader in its market, investing more than $750 million in over 190 companies. The managers of NMP’s current fund, Noro-Moseley Partners VII, have more than 60 years collectively of direct venture investing experience and bring a diverse set of skills to assist entrepreneurs in growing their companies. For more information, visit www.noromoseley.com.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

SOUTHBOROUGH, MA and BOSTON, MA ― PrismHR, the leading provider of software for human resource outsourcing (HRO) service providers, today announced a majority investment from global growth equity investor Summit Partners. This transaction includes new funding that will help propel the delivery of additional software and services to the more than 340 HRO organizations that use PrismHR software today, helping them grow and thrive.

With over 20 years of experience in the field of human resources, PrismHR provides comprehensive software solutions for professional employer organizations (PEOs) and administrative service organizations (ASOs). PrismHR helps those HR organizations save time, improve productivity, mitigate risk and attract, win and retain business more effectively than any other available solution.

“As the human resources function increases in complexity, the demand from small and medium-sized businesses for outsourced HR solutions continues to grow,” said Gary Noke, President and CEO of PrismHR. “PrismHR offers one of the most extensive and flexible platforms available to HROs. Our partnership with Summit will enable us to accelerate the development and expansion of this platform to meet the growing demands of our clients and their end customers.”

PrismHR has realized strong growth since Accel-KKR made an initial equity investment in 2014. The company’s achievements include:

• Increased total revenue and headcount by nearly 3x
• Grew annual revenue 59% in 2016
• Released the next generation of the PrismHR Platform – the HR outsourcing solution for Payroll, Benefits, HR and more
• Expanded the platform with applicant tracking, mobile capabilities, next generation benefits enrollment, integrated time support and enhanced extensibility
• Increased the number of HR Service Providers using PrismHR software by 94%, which led to 50% growth in worksite employees
  
  

Video: Why PrismHR’s Financial Backing Helped Aureon Choose PrismHR

“PrismHR’s recent growth has been remarkable, and we believe the company is well positioned to continue this impressive trend,” said Scott Collins, Managing Director at Summit Partners who will join the PrismHR board of directors. “The company’s cloud-based software allows HROs to service their small and medium-sized customers with a more seamless, sophisticated solution – and positions PrismHR to capitalize on the tremendous opportunity in human resources technology and services.”

“This new capital, combined with Summit Partners’ extensive resources and experience, will help us to execute on our vision faster than ever,” added Noke. “We can now build out the next phase of our corporate strategy and products, allowing our clients to take full advantage of the scale, resources and depth of the PrismHR platform – and to accelerate their own growth in the process.”

In addition to Mr. Collins, Summit Partners Vice President, Zachary Gut will join the PrismHR Board of Directors. Existing investor Accel-KKR invested alongside Summit Partners in the transaction and Greg Williams, Managing Director, will remain on the PrismHR board. PrismHR founder Fred Davison continues to be a significant shareholder in the Company.

About PrismHR
PrismHR creates exceptional software and services, empowering human resource outsourcing service providers such as Professional Employer Organizations (PEOs) and Administrative Service Organizations (ASOs) to deliver world-class HR, benefits and payroll to small and medium-sized businesses. PrismHR powers more than 80,000 organizations, delivering payroll, benefits and HR to greater than 2 million worksite employees and processing over $55 billion in payroll each year.

For more information, visit www.prismhr.com or come see us at the HRO industry’s largest technology conference, PrismHR LIVE, in Nashville in June. PrismHR is currently hiring for a wide range of roles and moving to a new headquarters in Hopkinton, Massachusetts during summer 2017.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 170 have been acquired through strategic mergers and sales. Notable software and SaaS companies financed by Summit include Acturis, Avast, AvePoint, Ascentis, Clearwater Analytics, Darktrace, Fuze, Gainsight, Hyperion Solutions, Infor, McAfee, Perforce, RiskIQ, Telerik, TSheets, Uber, WebEx and Visier. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

About Accel-KKR
Accel-KKR is a technology-focused investment firm with $4.0 billion in capital commitments to its current funds. The firm invests in software and IT enabled businesses well positioned for top line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions from minority-growth investments to buyouts, recapitalizations, divisional carve-outs and going-private transactions. The firm has offices in Menlo Park, Atlanta and London. For more information, please visit www.accel-kkr.com.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

NEW YORK, NY — Focus Financial Partners (‘Focus’), a leading international partnership of independent, fiduciary wealth management firms, announced today that an investor group led by Stone Point Capital (‘Stone Point’) and KKR will acquire a majority stake in the company, which values Focus at approximately $2 billion. Selling shareholders include Focus’ existing private equity investors, Centerbridge Partners, Summit Partners and Polaris Partners, as well as certain wealth management affiliates and employees. This is the third liquidity event for Focus and its wealth management affiliates since 2013. Focus’ senior management team will continue to lead the business and each will remain a significant shareholder.

Rudy Adolf, Founder and CEO of Focus Financial Partners, said, “Stone Point and KKR are highly regarded investors who support entrepreneurs in the financial services industry. A key reason for our partnership is the vision we share for continued growth. We are committed to being the best partner to entrepreneurial wealth management firms throughout the U.S. and across the globe, and we remain committed to creating value for all of our shareholders, including our clients, partner firms and affiliates, and employees.”

"Rudy and his team have built a remarkable business model that provides relentless support to their independent wealth management advisors," said Chuck Davis, CEO of Stone Point Capital. "We are excited to enhance their continued expansion with our sector expertise and deep network of relationships throughout the financial services industry."

"By consistently delivering value to its clients and partner firms, Focus has distinguished itself as the partner-of-choice for leading independent wealth managers in the U.S. and beyond. We look forward to supporting the firm's continued success by leveraging our global network and resources," said Henry Kravis, Co-Founder, Co-Chairman and Co-CEO of KKR.

Founded in 2006, Focus has over 45 partner firms and affiliates across the United States, Australia, Canada and the United Kingdom, with a joint venture in China. In August 2016, Focus was named one of the nation’s fastest-growing companies by Inc. magazine for the fifth time. Focus’ model – which combines entrepreneurship, value-add to partners, and access to capital – has resonated in the marketplace, with over 20 acquisitions completed in 2016 and six already announced in 2017.

Goldman, Sachs & Co., BofA Merrill Lynch and BMO Capital Markets served as financial advisors to Focus, and RBC Capital Markets and SunTrust Robinson Humphrey served as financial advisors to the investor group. RBC Capital Markets and SunTrust Robinson Humphrey also provided committed financing for the transaction. Focus was represented by Vinson & Elkins, and with respect to financing by Weil, Gotshal & Manges. Stone Point was represented by Kramer Levin Naftalis & Frankel, and with respect to the financing by White & Case LLP. KKR was represented by Simpson Thacher & Bartlett LLP; Centerbridge Partners was represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP and Paul Hastings LLP; Summit Partners was represented by Kirkland & Ellis; and Polaris Partners was represented by Goodwin Procter.

The closing of the transaction is subject to customary approvals and expected in mid-2017.

About Focus Financial Partners
Focus Financial Partners is a leading partnership of independent, fiduciary wealth management firms. Focus provides superior access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with wealth management, benefits consulting and investment consulting services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices of a market leader to achieve their business objectives. For more information about Focus Financial Partners, please visit www.focusfinancialpartners.com.

About Stone Point Capital
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed six private equity funds – the Trident Funds – with aggregate committed capital of approximately $13 billion. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For further information about Stone Point, see www.stonepoint.com.

About KKR
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.

Source: Focus Financial Partners

BOSTON, MA and MENLO PARK, CA — Summit Partners, a global alternative investment firm, today announced the final closing of two equity funds with combined commitments of $4.0 billion. Summit Partners Growth Equity Fund IX is a $3.3 billion fund targeting equity investments of more than $50 million. Summit Partners Venture Capital Fund IV is a $730 million fund targeting equity investments of up to $50 million. Both funds will pursue the growth equity strategy the firm has employed since its inception in 1984. Summit seeks to identify category-leading companies, partner with exceptional entrepreneurs and management teams, and deliver post-investment support to accelerate growth and enhance value.

“Over more than three decades as a growth equity investor, Summit has developed deep sector expertise, an extensive global network of relationships, and a track record of supporting the needs of growth companies. We intend to continue to serve as an invaluable partner for entrepreneurs and executive teams with our new growth equity funds,” said Peter Y. Chung, Managing Director and Chief Executive Officer of Summit Partners. “On behalf of the entire Summit team, we are truly grateful for the trust and support of both new and existing investors in these funds.”

With more than 100 investment professionals across offices in Boston, Menlo Park and London, Summit makes both minority and majority investments in growing companies across key industry sectors including technology, healthcare, financial technology and services, consumer and industrial. As board members and through the efforts of the firm’s dedicated portfolio services teams – its Peak Performance Group, Capital Markets Team, Talent & Recruiting Team, and Executive Partner Programs – Summit offers capital, expertise and resources to help category-leading companies accelerate their growth and build businesses of lasting value.

Since its inception in 1984, Summit Partners has managed combined assets of more than $20 billion.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm focused on growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 165 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

SAN MATEO, CA and MENLO PARK, CA – Ascentis Corporation, a market-leading provider of cloud-based, software-as-a-service (SaaS) human capital management (HCM) solutions and integrated payroll services, today announced a majority recapitalization by global growth equity investor Summit Partners. Brian Provost, an Executive-in-Residence with Summit Partners and a software industry leader with more than 20 years of executive experience, will join Ascentis as CEO. The funding will be used to fuel product innovation and drive new growth initiatives.

Ascentis offers a comprehensive, end-to-end suite of human resources, benefits, payroll, timekeeping and talent management products to more than 1,000 customers throughout the U.S. and Canada. The company’s SaaS-based solutions increase productivity by automating HR and payroll processes, reducing costs, providing meaningful insights into organizational trends, and empowering employees in all aspects of the HR and benefits process.

“HR professionals – particularly in the mid-market – face an increasingly complex set of requirements as they grow and manage their workforce. Ascentis offers the technological depth and the broad functionality necessary for our customers to scale from dozens to thousands of employees,” said Mr. Provost. “Ascentis serves a large and growing market with a robust solution. I’m delighted to partner with Summit and lead Ascentis in its next phase of growth.”

With more than two decades of executive leadership experience in rapidly growing SaaS technology companies, Mr. Provost joins Ascentis from Summit Partners’ Executive-in-Residence (EIR) program. Previously Mr. Provost served as President and CEO of Convey Compliance, a tax compliance SaaS company acquired by Sovos Compliance. Prior to Convey, Mr. Provost served as Chief Operating Officer of Gelco Expense Management, a SaaS-based provider of travel expense management solutions acquired by Concur Technologies. In addition, he served in leadership roles at several prominent companies including Wizmo, Inc., Norstan Communications (acquired by BlackBox), and ColorSpan (acquired by Hewlett Packard).

“Over his impressive career, Brian has earned a strong reputation for his distinct understanding of growth stage software businesses,” said Peter Rottier, a Managing Director with Summit Partners, who has joined the Ascentis Board of Directors. “With Brian’s background driving growth at SaaS-based companies focused on HR, compliance, tax and expense management, Ascentis is a perfect fit for his talents. We are thrilled to work with Brian and we are delighted to welcome Ascentis to Summit’s software portfolio.”

“We believe Ascentis is one of the few software providers that delivers a truly integrated HCM solution to mid-market enterprises,” added Len Ferrington, a Managing Director with Summit Partners who has also joined the Ascentis Board of Directors. “As these organizations seek to modernize and optimize their approach to workforce and knowledge management, we believe Ascentis is well positioned to accelerate its already impressive growth trajectory.”

In addition to Mr. Rottier and Mr. Ferrington, Summit Partners Vice President J.P. Sanday has joined the Ascentis Board of Directors, serving alongside current board members Walter Turek, a former Paychex senior executive with significant HCM market expertise, and Bradley Palmer, Palm Ventures’ Chairman and Founder.

In 2007, Palm Ventures acquired a majority interest in Ascentis and structured and funded the company’s acquisition of EBS On-line, a San Mateo, California-based payroll processing company. In 2012, growth equity firm Catalyst Investors invested and became the largest shareholder in the company. Following Summit’s recapitalization, Catalyst will exit its investment and Palm Ventures will continue to hold a minority position in the company.

About Ascentis
Ascentis Corporation offers easy-to-use, SaaS-based recruiting, HRIS, talent management, online payroll, and time and attendance solutions that support greater business efficiency and accuracy. Ascentis automates critical HR and payroll processes such as full-scale benefits management, compliance, online open enrollment, workforce management, real-time payroll processing, tax filing, applicant tracking, employee and manager self-service and reporting. Ascentis’ talent management solutions include learning management, performance management, succession planning, 360° assessment and compensation management. One point of data entry means employee information is accurate, up-to-date and reportable. Electronic submission of information to insurance carriers eliminates errors and supports a paperless open enrollment process. For more information, visit www.ascentis.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $7.2 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 165 have been acquired through strategic mergers and sales. Notable software and SaaS companies financed by Summit include Avast, Clearwater Analytics, Darktrace, Gainsight, HelpSystems, Hyperion Solutions, Infor, McAfee, Perforce, RiskIQ, Telerik, TSheets, WebEx and Visier. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

About Palm Ventures
Palm Ventures is a Greenwich, CT based private investment firm focused on investing long-term patient family capital in partnership with management teams across the full investment spectrum including start-ups, growth capital, restructurings and buyouts. Over a 25 year period, Palm Ventures has invested in more than 60 businesses in numerous industry segments, with a particular focus on businesses which have a positive social impact. For more information, visit www.palmventures.com.

About Catalyst Investors
Catalyst Investors is a growth private equity firm founded in 2000. Catalyst employs a rigorous top-down research focus that seeks to identify investment opportunities in companies and industries that will exhibit strong revenue and margin growth. The firm works in true partnership with talented management teams to build long-term value and is committed to investor transparency. Past and present Catalyst portfolio companies include Ascentis, Catalyst Repository Systems, Clinicient, Conductor, Datavail, Denali Spectrum, InSite Wireless Group, Latisys, MessageLabs, MediaMath, MINDBODY, PresenceLearning and WeddingWire. For more information, visit www.catalyst.com.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Round led by Sorenson Capital with existing Investors Adams Street Partners, Summit Partners, and Foundation Capital participating

VANCOUVER, BC and SAN JOSE, CA – Visier, provider of the leading people strategy platform, today announced it has closed $45 million in Series D financing. Sorenson Capital led the round and is joined by existing investors Foundation Capital, Summit Partners, and Adams Street Partners. This round brings Visier’s total funding to $94.5 million.

Visier is credited with the innovation of applied business analytics -- the next generation of business intelligence that finally delivers on the promise of data-driven decision making by answering business leaders’ questions in real time, from the cloud, with no dependency on technical resources.

Watch the 1-minute video: reinventing business intelligence.

The new capital will help fuel the company’s efforts to meet the ever growing demand for its people strategy platform, as well as to grow its international and partner ecosystems. Visier’s customers include the world’s most widely recognized brands, across a broad range of industries: today more than 100 blue chip enterprises have selected Visier, including many Global 2000 and Fortune 500 leaders.

“Where others are struggling, Visier is thriving,” says John Schwarz, Visier’s CEO and Founder. “We are experiencing a tidal wave of demand because, instead of focusing on data tools and data scientists, Visier has focused on business leaders and on their important and ever changing and probing questions.”

Schwarz continues, “Contrary to prevailing opinion, analytics isn’t about organizing or accessing data. Achieving dramatically improved business results through analytics is about answering the right questions, which then shape the business tactics -- this is what drives better business outcomes. Visier was founded to meet this need. And our customers are realizing incredible results.”

Read the blog post and ebook: Goodbye Tools. Hello Solutions.

Since its last round of financing in June 2014, Visier has:

• Tripled the number of its enterprise customers
• Achieved a “best in class” net promoter score of 58 and annual renewal revenue rate over 100 percent
• Grown its annual recurring revenue by over 525 percent
  
  

With a focus on disruptive technology companies, new investor Sorenson Capital brings to Visier its expertise in helping successful companies accelerate their growth to achieve a lasting market value.

“Visier’s product-centered culture and market position are perfectly aligned with Sorenson Capital’s principled thesis of supporting leaders in transformative industries,’ says Rob Rueckert, Managing Director at Sorenson Capital, who joins Visier’s Board of Directors. “Like very few others, Visier has mastered the combination of profound domain expertise with cutting-edge analytics capabilities in the hands of business users.”

Read Rob Rueckert’s blog post: Applying Domain Expertise to Big Data Analytics.

About Visier
Our curiosity, the desire to understand, is inseparable from what it means to be human. But, in the hype of big data analytics, we’ve forgotten that data does not equal knowledge.

Visier was founded to focus on what matters: answering the right business questions, even the ones a person might not know to ask. Questions that shape business strategy, provide the impetus for taking action, and drive better business results.

Visier is dedicated to transforming business analytics, to providing leaders with clear answers to critical business questions -- out-of-the-box, without the hassle and cost of data management, statements of work, and long and risky development projects.

Visier lets companies say goodbye to data quality problems, to complexity, to costly tools, to endless service fees, and to guesswork. A people strategy platform designed by domain experts for leaders, Visier lets leaders say hello to clarity, to confidence, to meaningful answers -- and to better business performance. Say hello to Visier. Outsmart, outperform.

For more information, visit www.visier.com.

Source: Visier

Financing round signals massive market opportunity as Fuze seizes greater market share of global UCaaS segment; brings total company funding to over $300 million

Fuze, the leading cloud-based communications solution for the modern global enterprise, today announced it has closed $104 million in financing led by Wellington Management Company LLP. This investment brings the company’s total funding to $304 million. The new capital will be used to continue expanding internationally and to fund product innovation for Fuze’s enterprise customer segment. Wellington Management Company LLP is joined by Greenspring Associates and existing investors Summit Partners, Bessemer Venture Partners (BVP), and G20.

A global UCaaS platform, Fuze empowers productivity and collaboration across enterprises with modern cloud-based voice, video, and messaging solutions. By seamlessly integrating voice, video, and messaging into a simple, elegant experience, Fuze is designed to power every conversation at work with the enterprise-grade reliability and security that businesses require.

In 2016, Fuze grew sales by 90 percent, adding 449 new customers, including The National Geographic Society, The Rockport Group, Socotec, and John Paul with 36 percent of business coming from outside of North America. Its top ten deals of 2016 represented a combined $71 million in contract value, solidifying Fuze’s position as the leading UCaaS platform for global enterprises.

“Over 2016, we experienced tremendous growth in deal size among the large enterprise segment, with CIOs and IT leaders adopting Fuze’s unified communications platform as a central part of their strategy to drive digital transformation in their organizations,” said Steve Kokinos, Fuze Founder and CEO. “This latest round of investment advances Fuze’s aggressive pursuit of the market for our cloud-based business communications platform, accelerates geographic expansion to service our large global customers, and fuels product innovation in ways that align with our long-term growth strategy.”

Global Market Insights, Inc., forecasts the unified communications market to reach $96 billion by 2023 and predicts a steady proliferation of hosted products will be one of the key unified communications market trends, eliminating infrastructure cost and offering a centralized management system wherein services are provided by means of the cloud.

Fuze marked 2016 with record growth, international expansion, and market recognition for its industry leading cloud-based communications platform. Forbes named the company one of 2016’s Next Billion-Dollar Startups, and the publication also ranked Fuze 19th on its first-ever Forbes 2016 Cloud 100, the definitive list of the top 100 private cloud companies in the world. The Massachusetts Technology Leadership Council (MassTLC) recognized Fuze as the 2016 “Emerging Company of the Year” and named its platform the “Best Use of Cloud Technology.” Fuze was also positioned by Gartner, Inc. as a Leader in its 2016 Magic Quadrant for Unified Communications as a Service, Worldwide report*.

After rebranding to Fuze in early 2016, the company later unveiled a completely redesigned UX: a best-of-breed, enterprise-grade platform supported by the high degree of quality, reliability, security, and analytics demanded by today’s businesses. To meet global demand, Fuze expanded operations in Asia Pacific with the opening of a new Sydney office and three new data centers in Hong Kong, Singapore, and Sydney. It also grew across Europe, opening new offices in Munich, Zurich, and Madrid, following on the heels of the company’s existing operations in the U.K., the Netherlands, Denmark, Portugal, and France.

“Today’s CIO must lead digital transformation,” continued Kokinos. “We believe that championing the modern, connected workforce, with a cloud-based approach to business communications, is central to that strategy. We remain committed to innovating communications solutions with an elegant, all-in-one app people actually want to use because it is built for how they work.”

*Research Report Source: Gartner, Inc. Magic Quadrant for Unified Communications as a Service, Worldwide, Daniel O’Connell, Bern Elliot, Aug. 23, 2016. Fuze formerly known as Thinking Phones.

About Fuze
Fuze is a global, cloud-based unified communications platform that empowers productivity and delivers insights across the enterprise by enabling simplified business voice communications, flexible video conferencing, and always-on collaboration. Formerly ThinkingPhones, Fuze allows the modern, mobile workforce to seamlessly communicate anytime, anywhere, across any device. Headquartered in Cambridge, MA, Fuze has additional locations including New York, San Francisco, Seattle, Ottawa, London, Amsterdam, Aveiro (Portugal), Paris, Munich, Zurich, Madrid, Copenhagen, and Sydney. For more information, visit www.fuze.com.

Source: Fuze

Executive realignment and growth investment positions company for continued expansion

SCOTTSDALE, AZ and MENLO PARK, CA – InfoArmor, Inc., an industry-leading provider of employee protection solutions and elite cyber intelligence services, today announced the realignment of its executive team, naming current President and CFO John Schreiber to the role of Chief Executive Officer. The company also announced an investment by global growth equity investor Summit Partners. The leadership shift and the funding positions InfoArmor for continued rapid growth.

Schreiber, a board member and CFO since 2008, and President since 2009, helped InfoArmor navigate the 2008-2009 financial crisis and also architected the two acquisitions that became the foundation of the company’s Advanced Threat Intelligence business unit. In his new role, Schreiber’s primary focus will be on optimizing sales, operations and strategy as InfoArmor enters its next phase of growth. InfoArmor Founder and CEO Drew Smith will assume the role of Executive Chairman where he will remain focused on leading product innovation. Smith will also continue his commitment to building the team and strategic partnerships.

“Now is the time for John to take the reins as InfoArmor’s Chief Executive Officer,” Smith said. “His vision, discipline and track record of execution is exactly what InfoArmor needs as we enter our next chapter, which I am confident will be even more exciting than the last. With 100 percent of his energy focused on sales, operations and strategy, I’m eager to see what John will accomplish.”

Founded in 2007, InfoArmor delivers digital identity and financial wellness protection as well as and threat intelligence and investigative services to help businesses fight evolving online threats. Today, more than 600 businesses and government agencies, including 50 of the Fortune 500, use PrivacyArmor®, the industry leading employee identity protection solution, or VigilanteATI, InfoArmor’s award-winning advanced threat intelligence platform to improve their data security posture.

“When I joined InfoArmor we had a small team that overcame some early obstacles and together, we built a durable, high-growth information security business,” Schreiber said. “Today, I am excited to lead an increasingly talented group forward into our next wave of growth. Drew and I have been partners from even before day one when I helped him source the funding to create InfoArmor. That partnership has spanned almost 10 years and I am pleased it will continue with Drew as Executive Chairman.”

Summit Partners, a leading global growth equity investor, made a meaningful investment in InfoArmor in May 2016. The funding positions InfoArmor to pursue future acquisition opportunities and other expansion efforts.

“Summit brings considerable expertise in channel relationship building, technology, talent sourcing and business development – all of which will benefit InfoArmor as we move forward,” added Schreiber. “We are excited to leverage the resources Summit offers, as well as the firm’s deep experience in the security sector.”

“InfoArmor offers a differentiated solution that helps organizations protect their employees in a constantly evolving and growing threat landscape,” said Andrew Collins, a Managing Director with Summit Partners who joined the InfoArmor Board of Directors. “John brings tremendous experience as an operator and we are excited to have him at the helm. We are grateful for Drew’s ongoing commitment to building the InfoArmor team and his continued role in developing innovative products and services to strengthen the company’s leadership position.”

About InfoArmor, Inc.
InfoArmor provides industry-leading solutions for employee identity protection and advanced threat intelligence to help organizations protect their most valuable assets. We combine an unparalleled global research network with big data analysis, actionable intelligence and customized service to meet clients’ dynamic security needs. From employee to enterprise, InfoArmor is redefining how organizations fight fraud and combat an ever-changing cyber threat landscape to mitigate risk on multiple levels. Today, more than 600 businesses and government agencies, including 50 of the Fortune 500, use PrivacyArmor, the industry leading employee identity protection solution, or VigilanteATI, our award-winning advanced threat intelligence platform to improve their data security posture. For more information, visit InfoArmor.com or follow on Twitter at @InfoArmor.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $7.2 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 165 have been acquired through strategic mergers and sales. Notable security companies financed by Summit include Avast, Darktrace, McAfee, NetWitness, RiskIQ, SafeBoot and TeleSign. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

BOSTON, MASSACHUSETTS; MENLO PARK, CALIFORNIA and LONDON, UNITED KINGDOM – Summit Partners, a leading alternative investment firm, today announced four promotions on its global team. Jay Pauley and Thomas Tarnowski were promoted to Managing Director; and Antony Clavel and Peter Francis were promoted to Principal.

“We are proud to recognize the achievements of Jay, Thomas, Antony and Peter with these well-deserved promotions,” said Peter Chung, Managing Director and Chief Executive Officer of Summit Partners. “Each of these professionals has made a meaningful impact on the firm, working alongside our portfolio companies and serving our investors with dedication and integrity.”

Jay Pauley has been promoted to Managing Director. Jay joined Summit’s Boston office as a Vice President in 2010, moved to the Menlo Park office in 2013, and has served as a Principal since 2014. Jay is a member of Summit’s growth products & services team, where he focuses primarily on the technology-enabled business services, industrial technology, distribution and consumer sectors. Jay’s board and investment experience includes Central Security Group, FineLine Technologies, Grand Design RV (acquired by Winnebago Industries, NYSE: WGO), Parts Town, Vivint and Vivint Solar (NYSE: VSLR). Prior to Summit, Jay worked for GTCR, Apax Partners and GE Capital. Jay holds a BS, magna cum laude, from the Honors Business Program at The Ohio State University and an MBA from the Wharton School at the University of Pennsylvania.

Thomas Tarnowski has been promoted to Managing Director. Thomas joined Summit’s London office as a Principal in 2013 and leads Summit’s healthcare and life sciences team in Europe. His board and investment experience includes DentalPro and Independent Vetcare. Prior to Summit, Thomas worked for Triton, where he led the Nordic healthcare team with a focus on healthcare services and medical technology investments. Before that, he worked for Credit Suisse First Boston and Citigroup. Thomas is a Danish national, and he holds a BBA from Valdosta State University and an MBA from Harvard Business School.

Antony Clavel has been promoted to Principal. Antony joined Summit’s London office as a Vice President in 2013. Focusing primarily on the technology sector, Antony’s board and investment experience includes Calypso Technology, Darktrace, Masternaut, Siteimprove and RELEX Solutions. Prior to Summit, Antony worked for Allen & Company where he advised US and European technology entrepreneurs on M&A and raising capital. Antony is a Swiss national, and he holds a BA in mathematics from Oxford University with First Class Honors and an SM in computer science from Harvard University.

Peter Francis has been promoted to Principal. Peter joined Summit’s Boston office as a Senior Associate in 2011, moved to the firm’s Menlo Park office in 2012 and has served as a Vice President since 2015. Focusing primarily on the healthcare & life sciences sector, Peter’s board and investment experience includes BluePearl Veterinary Services (acquired by Mars Petcare), Healthline Media, HealthSun and Solutionreach. Prior to Summit, Peter worked for Jefferies & Company and UBS Investment Bank on the global healthcare team. He holds a BA in economics from Cornell University.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $7.2 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in technology, healthcare, life sciences and other growth industries. These companies have completed more than 140 public equity offerings, and more than 165 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world.For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

BOSTON, MASSACHUSETTS – Summit Partners announced today that David Schiller has joined the company as Chief Investor Relations Officer. Dave joins the Summit Partners team at the firm’s Boston headquarters, and is focused on building and maintaining relationships with the firm’s global limited partner investor base.

Prior to Summit, Dave was a Managing Director at Renaissance Institutional Management, where he was responsible for business development and investor relations efforts for the company’s hedge fund products. Previously, Dave co-led North American institutional distribution for BlackRock Alternative Investors, the business unit responsible for BlackRock’s investments in hedge funds, hedge fund of funds, private equity, real estate, infrastructure and specialized alternative products. In the past, he has also held business development and institutional relationship management roles with Barclays Global Investors and Goldman Sachs & Co.

“Dave brings invaluable experience and great enthusiasm to this important role,” said Summit Managing Director and Chief Investment Officer, Marty Mannion. “His efforts will be instrumental in helping us to serve the needs of current and future limited partners, and we are thrilled to welcome him to the Summit team.”

“This is a passionate group of investors and a firm with more than three decades of experience investing in growth sectors across the globe,” said Dave Schiller. “I am excited to join Summit’s investor relations team, and I look forward to getting to know our limited partners and helping them meet their investment needs.”

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $7.2 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the global economy and has invested in more than 440 companies in healthcare, life sciences, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 165 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Peak’s advanced flow control products and well intervention solutions expand Production Services portfolio

HOUSTON, TEXAS — Schlumberger today announced the acquisition of Peak Well Systems (Peak), a leading specialist in the design and development of advanced downhole tools for flow control, well intervention and well integrity.

The addition of Peak’s mechanical and remedial solutions for cased-hole well intervention strengthens the Schlumberger Production Services portfolio with a broader offering of mechanical services to its global customers.

“In the past few years, Peak has developed a portfolio of flow control technologies that are recognized as some of the leading products in the industry largely due to their simplicity, performance, reliability and ease of retrievability,” said Hinda Gharbi, president, Wireline, Schlumberger. “Bringing Peak technologies into our existing Production Services portfolio will give us the opportunity to offer our customers fully integrated well intervention solutions on electric line, mechanical slickline or digital slickline.”

Nigel Avern, chief executive officer, Peak Well Systems, added, “Schlumberger’s acquisition of Peak is extremely positive news for both companies and for the industry in general. We have been working closely with Schlumberger on several collaborations and initiatives during the past year and what has become clearly apparent is our compatibility. This is a natural fit for both companies and one which will ultimately benefit our customers.”

Peak Well Systems designs and manufactures advanced downhole tools that isolate, extend well life, restore well integrity and enhance well performance with SIM retrievable bridge plugs and disruptive technologies such as the SIM ULTRA plug, which is a high performance retrievable bridge plug capable of providing HPHT and gas tight (ISO 14310:2008 – Grade V0) zonal isolation, even in sour gas conditions.

Existing Peak customers will continue to have access to the full range of Peak’s well intervention products, and will now benefit from a wider distribution network and world-class service delivery platform offered by Schlumberger, in all global markets.

Schlumberger acquired Peak from growth equity investor Summit Partners and the company's founders and management team.

About Schlumberger
Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.

Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $35.47 billion in 2015. For more information, visit www.slb.com.

Source: Schlumberger

EQT VI has signed an agreement to acquire Independent Vetcare Limited (IVC), the third largest vet services provider in the UK, from Summit Partners

EQT VI will support IVC through both organic and acquisitive growth opportunities under the leadership of CEO David Hillier

Run by and for vets, IVC was founded in 2011 through the merger of three veterinary groups, and has since grown rapidly through organic growth as well as a large number of add-on acquisitions. Today, IVC is the largest privately owned vet services platform in the UK with more than 290 sites and an online pet pharmacy. The company is primarily focused on first opinion care, complemented by referral hospitals, and operates a decentralized model promoting clinical freedom balanced with integrated support functions such as procurement, veterinary advisors and clinical boards. With its vet-friendly culture and reputation for clinical excellence, IVC has quickly grown into an organization of approximately 2,700 people, including 800 veterinarians.

David Hillier, CEO of IVC says: “I am very proud of what we have achieved so far in IVC and we are all excited by what the future now holds. IVC has benefitted greatly from Summit´s deep experience in healthcare services and in scaling dynamic organizations like ours. EQT will enable us to continue to develop the group, to increase investment in our people and facilities and empower us to build the premium veterinary group in Europe. We will continue to focus on the values which are dear to us: Teamwork, transparency, client satisfaction and clinical excellence. In EQT we have a partner who shares these values and brings a wealth of experience in veterinary care and associated fields. We are excited to partner with EQT for the journey ahead.”

Thomas Tarnowski, a Principal based in Summit Partners’ London office, who has served on the IVC Board of Directors since the firm’s investment in 2014, comments: “It has been an honour to work alongside David Hillier and the entire IVC team as they carried out their vision of creating a vet-friendly culture that enables practice owners to maintain clinical autonomy, while gaining the benefits of joining a larger organization. We are delighted to transition IVC to EQT for the next phase of the company's growth.”

Per Franzén, Partner at EQT Partners, Investment Advisor to EQT VI, says: “We are very impressed by IVC and the leading position that management has built in the UK market thanks to its passion for veterinary care. EQT’s strong expertise and deep vet services sector experience from Evidensia, alongside EQT’s industrial network, will support IVC’s further growth and development of a veterinary group which keeps decision-making in the hands of the clinician.”

The transaction is expected to close in early 2017. The parties have agreed not to disclose the transaction value.

About EQT
EQT is a leading alternative investments firm with approximately EUR 31 billion in raised capital. EQT Funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 15 billion and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.More info: www.eqtpartners.com

About IVC
IVC is the largest privately owned vet services platform in the UK with more than 290 sites and an online pet pharmacy. IVC employs approximately 2,700 FTEs, including 800+ FTE veterinarians.More info: www.independentvetcare.co.uk

About Summit Partners
Summit Partners is a global growth equity firm that is currently investing more than USD 7.2 billion into equity and fixed income opportunities. Summit has invested in more than 440 companies in healthcare, life sciences, technology and other growth sectors. These companies have completed more than 140 public offerings, and more than 165 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world.More info: www.summitpartners.com

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

Provides Growth Capital for Cloud Software Leader to Drive Digital Transformation across Industries

NEW YORK – Infor, a leading provider of beautiful business applications specialized by industry and built for the cloud, today announced it has reached a definitive agreement in which Koch Equity Development LLC ("KED"), the investment and acquisition subsidiary of Koch Industries, Inc., has agreed to make an investment of more than $2 billion in the company. The investment will provide Infor access to additional growth capital to accelerate innovation, expand distribution, and continue disrupting the enterprise applications industry.

KED's investment is strong validation of Infor's strategy and growth - a journey fueled by product investment, innovation, and an entrepreneurial culture. Koch Industries is an American multinational corporation that employs 100,000 people globally and is estimated by Forbes to be the second largest privately-held company in the United States with annual revenue of approximately $100 billion. The investment by KED significantly strengthens Infor's capital base and provides an entrée into a large ecosystem of businesses contemplating digital transformation.

Infor became the first company to move mission critical industry applications to the cloud, and now counts more than 66 million users of its cloud applications. The company's double digit revenue growth in its most recent quarter was fueled by a 130% annual increase in SaaS revenue; more than half of Infor's software revenues are now derived from cloud applications.

Infor's unique cloud strategy uses Amazon Web Services, enabling the company to invest in deep industry functionality with capital that would otherwise be needed to maintain its own data center infrastructure. Infor's broad set of applications running on a hyper-scale cloud with cutting-edge data science and design provide a foundation for modernizing companies in healthcare, fashion, retail, distribution, public sector, and discrete and process manufacturing.

The Infor management team is headed by Chief Executive Officer Charles Phillips, who is leading the company into a new phase of growth, investment, and innovation.

"Koch is one of the largest private companies in the world with diversified holdings and immense resources to support the next exciting phase of growth at Infor and we are thrilled to have their support," said Charles Phillips, CEO of Infor. "Some of the largest companies in the world have approached Infor looking for a modern alternative to the legacy options available for mission critical business applications. Infor has the scale and capital to provide a digital platform for the Global 5000."

Under Phillips' leadership, Infor invested approximately $2 billion in product design and development over the last five years and delivered more than 400 new products, 1,700 integrations, and 16,000 industry features in its CloudSuite product line. Infor now has 15,000 employees and operates in more than 170 countries. Key milestones include:

• First Industry Cloud Company - By building deep industry features directly into its applications instead of leaving that critical content to third party consultants, Infor became the first company to run mission critical applications in the cloud for healthcare, manufacturing, retail, and public sector organizations. Companies no longer want the expensive consulting engagements that were historically required to add industry enhancements to generic software products. By putting thousands of micro-vertical industry features into the applications, all customers in that specific industry can share those features in a multitenant cloud environment. Applications rich in industry domain lower the cost and time of deployment and make future enhancements and upgrades far easier. By enabling mission critical processes to be managed and integrated with applications for CRM, HCM, Marketing, and more in the cloud, Infor delivers a complete CloudSuite for its target industries, which has led to significant growth and larger deal sizes.
• Dynamic Science Labs - Just off the campus of M.I.T. in Kendall Square, Infor built a data science team with more than 70 PhDs and former professors to deliver predictive analytics, machine learning, and optimization for use-cases specific to select industries. Recent innovations around retail assortments, inventory optimization, and pricing segmentation were made possible because of Infor Dynamic Science Labs and access to data on a hyper-scale cloud with unlimited compute power.
• Creative Agency - Infor was the first enterprise applications company to build a captive creative agency in New York. The agency, dubbed Hook & Loop, focuses on user experience and design, a historical weakness for enterprise applications. By leveraging the vast pool of design talent in Manhattan, Hook & Loop has re-defined user experience in the business application category. Infor recently launched H&L Digital, customer-facing consultancy for digital transformation projects.
• Global Commerce Network - Infor ION, a next generation middleware platform that is far simpler and more open than traditional middleware, leverages the open source Apache ESB and a simple XML-based publish-and-subscribe model using OAGIS standards. The ability to quickly integrate Infor and non-Infor applications led to ION becoming one of Infor's fastest growing products ever. Infor is the only business applications provider with a direct commerce network. The company's GT Nexus network connects over 28,000 businesses, banks, logistics providers, brokers, and carriers to process transactions and enable collaboration and visibility among these trading partners.

Leadership Quotes
"Over the last 15 years, Infor has grown from a small company to one of the most significant enterprise software companies in the world and it's been an amazing thing to be a part of," said Infor Board member Jim Schaper.

"The support we are providing to Infor marks one of the largest investments KED has ever made and demonstrates the confidence we have in Infor's technology, team and business model," said Matt Flamini, KED's President.

"Infor's demonstrated capability to help companies across a wide spectrum of industries automate and improve efficiency is relevant to our broad portfolio of invested companies and we look forward to exploring co-innovation opportunities," said Brett Watson, Senior Managing Director of KED.

"We are extremely pleased with the progress the Infor team has made in scaling and executing into the massive opportunity in enterprise technology applications," said David Dominik, Managing Director of Golden Gate Capital, which made its first investment in Infor in 2002. "KED's investment is a tremendous endorsement and we look forward to working together with them and supporting management as they continue delivering industry-leading software applications to a growing list of world class customers."

"We remain a meaningful investor in Infor and will continue to support the company in the years ahead," said Rishi Chandna, Managing Director at Golden Gate Capital.

Transaction Overview
This transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in early 2017. The KED investment will be a combination of preferred and common equity.

Infor's existing shareholders, including Golden Gate Capital, Summit Partners, and Management will maintain control of the company. KED will have the right to appoint four of nine directors on the board of Infor's parent company.

Morgan Stanley and Bank of America Merrill Lynch are serving as Infor's lead financial advisors, and Gibson Dunn is serving as outside legal counsel. Credit Suisse also provided financial advice to the company. Kirkland & Ellis LLP is serving as outside legal advisor to Golden Gate and Summit Partners. Rothschild, Inc. is serving as exclusive financial advisor to KED, and Jones Day is serving as outside legal counsel.

About Infor
Infor builds business software for specific industries in the cloud. With 15,000 employees and over 90,000 customers in more than 170 countries, Infor software is designed for progress. To learn more about Infor, please visit www.infor.com.

About Koch Equity Development LLC
With offices in Wichita and London, KED focuses its efforts on strategic acquisitions for the Koch companies and industry agnostic principal investments. Significant principal investments completed over the last year include Solera Holdings Inc., The ADT Corporation, Transaction Network Services, and Truck-Lite.

Since 2003, Koch companies have invested about $80 billion in acquisitions and other capital expenditures. With a presence in more than 60 countries, Koch companies employ more than 100,000 people worldwide, with about 60,000 of those in the United States. From January 2009 to present, Koch companies have earned more than 1,000 awards for safety, environmental excellence, community stewardship, innovation, and customer service.

To learn more about Koch Equity Development LLC or Koch Industries, please visit www.kochequity.com or www.kochind.com.

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. Golden Gate Capital is one of the most active software investors in the world. Other notable software investments sponsored by Golden Gate Capital include BMC Software, Ex Libris, Micro Focus and LiveVox. For more information, visit www.goldengatecap.com.

About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that is currently investing more than $7.2 billion into equity and fixed income opportunities. Summit has invested in more than 440 companies in technology, healthcare and other growth sectors. These companies have completed more than 140 public offerings, and more than 165 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit Partners include Avast, Calypso Technology, Flow Traders, HelpSystems, Hyperion Solutions, McAfee, NetWitness, RightNow, SafeBoot, Unica, Uber and WebEx. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

Source: Infor

New Funding to Accelerate Expansion of Data and RFID Solutions Across the Global Retail Supply Chain

BOSTON, MASSACHUSETTS and NORCROSS, GEORGIA – FineLine Technologies, a leading provider of data and RFID solutions to retailers, consumer brands and manufacturers worldwide, today announced a majority recapitalization from global growth equity investor Summit Partners. The new funding will support FineLine’s efforts to further expand its leadership position in the data and RFID solutions market globally.

Founded in 1998 and headquartered in Norcross, Georgia, FineLine provides data and RFID solutions that automate complex retail supply chains. FineLine’s FastTrak – a cloud-based, end-to-end client-facing technology platform – streamlines retail logistics between suppliers and retailers, providing speed and accuracy on complex orders with a fully integrated ordering, production and tracking experience. FineLine’s solutions are used by more than 220 global retailers and consumer brands and 30,000 manufacturers worldwide.

“In retail environments, speed and accuracy matter – and we’ve built our business to ensure that we’re providing both to our customers every day,” said George Hoffman, CEO and Chairman of the Board of FineLine Technologies. “This funding will allow us to continue to execute on that mission and – with Summit’s support – continue to expand the solutions we offer to our retailers and suppliers around the world. We are excited by our new partnership with Summit.”

“FineLine’s data and RFID solutions are built to address the shifting needs of today’s retail supply chain,” said Jay Pauley, a Principal at Summit Partners who has joined the FineLine Board of Directors. “By automating and integrating production, logistics and data analytics, FineLine’s FastTrak platform streamlines the relationships between suppliers and retailers and helps retailers execute the just-in-time pricing strategies that are critical to compete in today’s market.”

“The FineLine team has done a tremendous job in building a technology-enabled business that provides best-in-class service, speed and accuracy to retailers and suppliers,” said John Carroll, Managing Director at Summit Partners who will also join the FineLine Board of Directors. “We are thrilled to support the company’s continued innovation and expansion.”

FineLine employs more than 360 employees in eight locations across the United States, Canada, the Netherlands, China, Hong Kong and India.

About FineLine Technologies
FineLine Technologies provides customizable branded, barcoded and RFID integrated labels, tags and badges for supply chain, omni-channel fulfillment, POS, access control and consumer engagement needs. FineLine produces billions of tickets annually, processing data quickly and securely, printing high-quality graphics and scannable barcodes, encoding UHF and HF RFID, with global delivery within six business days, and online tracking, order detail, and analytics to help our customers manage their business. Learn more at: www.finelinetech.com

About Summit Partners
Founded in 1984, Summit Partners is a global growth equity firm that is currently investing more than $7.2 billion into equity and fixed income opportunities. Summit has invested in more than 440 companies in technology, healthcare, life sciences and other growth sectors. These companies have completed more than 140 public offerings, and more than 165 have been acquired through strategic mergers and sales. Notable technology and technology-enabled business services companies financed by Summit Partners include FleetCor, Hiperos, HelpSystems, Infor, Mi9 Retail, Navis, Parts Town, PSC Info Group and RELEX Solutions. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners or LinkedIn.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

New Capital Infusion to Expand Platform Ecosystem, Sales and Digital Risk Applications

SAN FRANCISCO, CALIFORNIA – RiskIQ, the leader in digital risk management, today announced that it closed $30.5 million in Series C funding led by Georgian Partners. Existing investors Summit Partners, Battery Ventures, and MassMutual Ventures also participated in the round, further validating the company’s leadership position and market opportunity. This financing will enable the company to expand its ecosystem, global sales, and platform applications within the disruptive Digital Risk Management market.

Threats outside the firewall are vast and dynamic. RiskIQ provides organizations access to the widest range of security intelligence and applications necessary to understand exposures and take action – all without leaving the platform. Similar to Google, RiskIQ applies machine learning and data science to continuously improve platform intelligence and broaden functionality by leveraging big data, customer usage and attack activity. With RiskIQ, enterprises can efficiently defend their digital attack surface, pinpoint exposures across their business, and dynamically mitigate cyber threats across web, mobile, and social.

Since 2009, RiskIQ has enabled security staff to reduce the time needed to understand new threats, speed up investigations, and more effectively prevent and remediate incidents. The company helps protect some of the largest and most trusted names in financial services, technology, retail, government, healthcare, media and manufacturing around the world, including Facebook, DocuSign, UnderArmour, Lagardere, and Publishers Clearing House. RiskIQ was recently named a leader for Digital Risk Monitoring and received the highest score for the current offering category in The Forrester Wave™: Digital Risk Monitoring, Q3 2016. In the first half of 2016, the company reported year-over-year bookings growth of 80 percent, growing bookings and new customer acquisition for every product in its platform. Through RiskIQ’s revamped channel program, the company has successfully penetrated European and Asian markets. Today, RiskIQ has more than 200 enterprise customers, over 13,000 security analysts using the RiskIQ platform, and hundreds of users subscribing to the RiskIQ PassiveTotal digital threat investigation tool each week.

“We are pleased to have Georgian Partners as part of our strong investment and advisory team. Georgian, like RiskIQ, was founded by entrepreneurs. We share similar business values and philosophies,” said Lou Manousos, CEO and co-founder of RiskIQ. “They know what it takes to develop a business into a customer-focused, long-lasting, and profitable company – values that our entire board of directors shares.”

“RiskIQ has already designed the platform to dominate the Digital Risk Management market, and we are excited to contribute to their success,” said Steve Leightell of Georgian Partners, who will join the Board as part of the transaction. “Our team of experts in applied analytics, applied artificial intelligence and security first could not be better suited to partner with RiskIQ on their next phase of growth,” said Justin LaFayette, managing director at Georgian Partners.

Greg Goldfarb, managing director at Summit Partners, added: “The future of security is connecting the inside and the outside of the enterprise boundary. Threats start outside the firewall, move inside, and exfiltrate data back outside – and all the while malicious actors can compromise a company’s digital assets, vendors, and customers across web, mobile, and social environments. RiskIQ lights up the entire digital world outside of the controlled perimeter and connects that activity to a company’s internal security regime for 360-degree security.”

Michael Brown, general partner at Battery Ventures, added: “You only need to read the headlines to see that cyberattacks are taking their toll on organizations who fail to extend security controls beyond the firewall. While the majority of data breaches are from external sources, addressing the problem with traditional security tools is inefficient. RiskIQ has built the right commercial platform to manage a broad range of digital threats in an agile way that can address future attack vectors. We believe the company is well-positioned to capitalize on this tremendous market opportunity.”

About RiskIQ
RiskIQ is a cybersecurity company that helps organizations discover and protect their external-facing known, unknown, and third-party web, mobile, and social assets. The company’s External Threat Management platform combines a worldwide proxy and sensor network with synthetic clients that emulate users to monitor, detect, and take actions against threats. RiskIQ is used by thousands of security analysts including many from the Fortune 500 and leading financial institutions to protect their digital assets, users, and customers from external security threats. The company is headquartered in San Francisco, California, and backed by Summit Partners, Battery Ventures, Georgian Partners and MassMutual Ventures. Information security professionals can sign up for a fully functioning trial version of PassiveTotal for free by visiting www.riskiq.com/whats-new-passivetotal.

Source: Risk IQ