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February 21, 2024
2024

BluWave Recognizes Summit Partners as a 2024 Top PE Innovator Award

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BluWave, the Business Builders’ Network that connects the private equity industry with specialized service providers, independent consultants and executive talent, today announced Summit Partners as a 2024 Top PE Innovator Award winner*.

BluWave’s third annual Top Private Equity Innovator Awards recognize the top 2% of private equity firms that differentially embrace proactive due diligence, value creation, modern private equity firm operations and corporate citizenship practices.

The Top Private Equity Innovator awardees were selected by a cross-functional committee that assessed candidates in consultation with a broad universe of limited partners, investment bankers, industry thought leaders and service providers in the private equity ecosystem. As part of their selection process, the committee evaluated more than 5,000 private equity firms and utilized more than 75 different factors, incorporating more than 400,000 data points.

The Top Private Equity Innovator Awards are distinctive in that they involve no financial obligations from any participants and the selection process is independent of any customer relationships. For further information on the BluWave 2024 Top Private Equity Innovator Awards, including the selection process, selection criteria and recipients, please visit bluwave.net/awards.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm with capital dedicated to growth equity, fixed income, and public equity opportunities. The Summit Partners’ strategy is grounded in a foundational believe that profitable growth is the most reliable path to building a durable business and creating long-term value. For four decades, the Summit team has focused on partnering with and powering the growth of great people and great companies. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare, and other growth industries. Summit maintains offices in North America and Europe and invests in companies around the world.

About BluWave
BluWave is the Business Builders’ Network for private equity-grade service provider needs. The company’s platform combines AI, technology and data with concierge-like consultative support to expertly connect businesses with proven providers across due diligence, value creation and prep for sale. The BluWave Vetted™ network is an invite-only ecosystem of top-tier service-providing groups and individuals. Based in Nashville, Tenn., BluWave ranks as one of America’s fastest-growing companies and today serves hundreds of leading private equity firms and their thousands of portfolio companies.

Visit BluWave.net to learn more.

*BluWave, LP has not received investment capital from and holds no ownership interest in the PE firms evaluated or recognized under the PE Innovator awards program. BluWave received no compensation from any of the PE firms in connection with this awards program. BluWave, however, may otherwise provide services to the PE firms and/or portfolio companies, but BluWave confirms that its assessment of the PE firms was independent of any such service arrangements. Top 2% in the PE industry is based on BluWave’s review of the more than 5,000 PE firms in the U.S. and Canada, from which the 82 private equity firms were selected as award recipients.

Award selections are determined based on BluWave, LP’s evaluation of each nominee’s due diligence, value creation, firm operations and corporate citizenship practices. To view the full list of honorees and read more about the selection methodology, visit BluWave’s website.  Summit Partners did not have a role in the nomination/submission process for this award. This award is the opinion of the party conferring the award and not of Summit Partners. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing.

February 15, 2024
2024

Bob Thornton Joins Summit Partners as Executive-in-Residence

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Growth Products & Services

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Summit Partners is delighted to welcome Bob Thornton as the newest addition to the firm’s Executive-in-Residence (“EIR”) program. In this role, Bob will work closely with Summit’s Growth Products & Services team to identify new investment opportunities with a specific focus on building a comprehensive wealth management platform in collaboration with leading wirehouse teams serving the high-net-worth customer.

For more on Bob’s background and this partnership with Summit, please listen to his conversation with the Diamond Podcast for Financial Advisors here.

Previously, Bob served as President of the Private Wealth Management business of First Republic Bank, where he led the growth of that business from approximately $10 billion in assets to more than $250 billion.  In his role with First Republic, Bob placed a premium on supporting the investment advisor as “wealth manager” to meet clients’ full wealth management needs. Along with his team, Bob developed a series of high-value programs including integrated planning resources, a white glove insurance product and an internal referral construct that contributed to significant growth in the client and asset base of the wealth managers at First Republic. During his tenure, he and his colleagues were able to recruit over 150 high caliber financial advisors from across the industry.

Prior to joining First Republic, Bob had a successful twenty-year career in investment banking, principally focused on mergers & acquisitions and financings. He began his career at Goldman Sachs, followed by leadership roles at both Credit Suisse and Deutsche Bank.

Bob holds a B.A. in Political Science from Duke University and a J.D. from Columbia Law School.

Summit has been active in the payments, financial technology and business services sectors for nearly four decades. Since the firm’s founding in 1984, Summit has partnered with more than 125 companies across the financial technology and services, and business and information services sectors.

Summit’s EIR program is an established element of the firm’s growth-oriented investing strategy. Since its inception, the program has facilitated collaboration between seasoned industry executives and Summit’s investment professionals, working to identify sector-specific opportunities in which EIRs may support companies in an ongoing capacity through board or executive leadership roles.

For more on Bob’s background and this partnership with Summit, please listen to his conversation with the Diamond Podcast for Financial Advisors here.

February 7, 2024
2024

Blended Health enters behavioral health space through multi-company acquisition and merger in Texas and Tennessee

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Newly formed company looks to close significant gaps in intermediate mental health care services across the Southern half of the United States.

DALLAS — Connections Wellness Group (CWG), a growing provider of behavioral and mental health services in Dallas/Fort Worth metroplex, announced today that it has merged with Integrated Addiction Care and Vertava Health of Tennessee. The newly formed platform company, Blended Health, is focused on expanding access to care for adolescents and adults struggling with acute mental health challenges with primary emphasis on group services consisting of partial hospitalization programs (PHP) and intensive outpatient programs (IOP).

As of its launch, Blended Health is operating eighteen clinics across Texas and Tennessee with plans to add more locations in 2024. Blended Health employs over 400 team members, including more than 300 medical psychiatrists, psychiatric physician assistants, advanced psychiatric nurse practitioners, as well as licensed clinical therapists offering onsite and virtual treatment options in medication management, group and individual therapy. Blended Health will continue to operate in Texas under the consumer-facing brand, Connections Wellness Group, and will begin converting all of its Tennessee locations to the Connections Wellness Group brand in February.

Blended Health is founded and led by CEO Matt Morgan and sponsored by Summit Partners, a growth equity investor with extensive and long-standing experience in the healthcare sector. As part of the merger, CWG founder and former CEO Awstin Gregg has transitioned out of this role and begins serving as an advisor. Morgan will lead a newly formed executive team to support the growth of Blended Health.

“It is an exciting time to launch our company and continue increasing access to expert care and high-quality outcomes provided by our medical and clinical providers,” said Morgan. “We are focused on connecting people to what matters in mental health by providing PHP and IOP services to adolescents and adults in a unique and profound way. Our vision is to create a healthy society empowered through positive mental health. The care Blended Health provides will change lives. The impact we have on their lives today will shape the health of our communities tomorrow.”

Blended Health strives to be a leader in the outpatient behavioral and mental health provider space. The company is committed to expanding access and care, primarily through their partial hospitalization programs (PHP) and intensive outpatient programs (IOP), while providing a strong continuity of care through their employed medical and therapy providers.

CWG specializes in creating continuous care for individuals experiencing mental challenges. The localized IOP and PHP programs provide access for people in need and can help avoid and prevent crisis situations as well as reduce the medical costs incurred by local hospital emergency rooms. This will allow for a more intensive therapy option from traditional mental health care and a local step down from inpatient care. Programs are offered during both the day and evening to accommodate schedules.

There is a growing behavioral health crisis in the U.S., exasperated by a shortage of mental health providers relative to growing demand. Currently, many Americans experiencing mental health challenges seeking treatment wait up to three months to receive treatment, and fewer than 50% of adults and 70% of adolescents experiencing mental challenges receive treatment.

Blended Health’s mission is to expand access to outpatient behavioral healthcare services for adolescents and adults struggling with acute mental health challenges by providing a strong continuity of care that includes convenient, innovative, and high touch individual and group services.

About Blended Health
Blended Health is a behavioral healthcare company backed by Summit Partners, growth-focused alternative investment firm managing more than $36 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Blended Health operates eighteen outpatient clinics across Texas and Tennessee, with the mission of expanding access to outpatient behavioral healthcare services for adolescents and adults struggling with acute mental health challenges by providing a strong continuity of care that includes convenient, innovative, and high touch individual and group services.

February 1, 2024
2024

Hallmark Health Care Solutions Appoints Bruce Cerullo as Chief Executive Officer

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Healthcare & Life Sciences

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HAUPPAUGE, NEW YORK - Hallmark Health Care Solutions (“Hallmark” or “the Company”), a healthcare technology company specializing in workforce management solutions, today announced that Bruce Cerullo has been named Chief Executive Officer. Co-Founder Isaac Ullatil, who has served as Chief Executive Officer for the past 13 years, will transition to the role of Strategic Advisor.

Mr. Cerullo brings more than 35 years as an investor and operator in the healthcare industry, having served in multiple executive leadership and board positions throughout his career, including serving as Chairman and CEO at both Nordic Global and Vitalize Consulting Solutions (VCS). He was most recently an Advisory Partner at Summit Partners and previously spent nearly two decades as an Operating Partner at SV Health Investors.

“I am honored to join the Hallmark team at this exciting moment in our growth journey,” said Mr. Cerullo. “I look forward to helping to build on the Company’s momentum as we continue to help healthcare organizations nationwide address their most critical workforce challenges with innovative solutions that pair smart technology with highly effective strategies delivered by a deeply experienced team.”

“We are thrilled to welcome Bruce as Hallmark’s next CEO,” said Ross Stern, Summit Managing Director and Board Director at Hallmark. “Bruce is a high caliber leader with deep healthcare workforce experience and an impressive track record building category-leading healthcare companies. We are excited to have him lead the next phase of Hallmark’s growth.”

Hallmark provides innovative workforce management solutions designed to bring transparency, efficiency and savings to healthcare organizations. The company’s SaaS platform is the industry’s only vendor neutral enterprise solution and today is used by more than 85 healthcare organizations and more than 750 staffing agency partners across the United States. Mr. Cerullo joins Hallmark at an exciting time, following a <a href= https://www.summitpartners.com/news/hallmark-health-care-solutions-announces-significant-growth-investment-led-by-summit-partners target="blank"> significant growth investment from Summit Partners</a>, as the Company deepens its commitment to product innovation and customer success.

“It has been a true honor to lead and build Hallmark,“ said Mr. Ullatil. “Today, I am as confident as I have ever been about Hallmark’s ability to deliver tangible value for our customers while empowering them to focus more on their core purpose of lifesaving patient care. I’m excited to transition to my new role where I can focus my attention on supporting key strategic initiatives and developing new solutions to serve our clients. I believe Bruce is the right CEO to lead Hallmark through this next phase of growth.”

About Hallmark Health Care Solutions
Hallmark Health Care Solutions offers a fully integrated SaaS platform for healthcare workforce management.  Our platform streamlines the sourcing and deployment of contingent clinical labor and automates the provider lifecycle from contracting to compensation – all with exceptional effectiveness, transparency, and cost savings.  Partnered with our advanced strategies and deep expertise, Hallmark’s leading-edge technology solutions empower healthcare organizations to thrive. For more information visit: www.hallmarkhcs.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $36 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 550 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  Follow on LinkedIn.

About Enhanced Healthcare Partners
Enhanced Healthcare Partners (EHP) is a leading private equity firm that specializes in partnering with transformative, middle-market healthcare businesses. EHP provides the flexible capital, operational support, and strategic guidance necessary to support the continued success of growth-oriented businesses. Representative investments include Hallmark Health Care Solutions, Vytalize Health, PAI, SCA Pharma, and West Dermatology. For more information, visit: www.enhancedhealthcare.com.

January 30, 2024
2024

CollisionRight Announces Investment from Growth Equity Firm Summit Partners

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Dublin, OH – CollisionRight (“the Company”), a leading consolidator of automotive collision repair shops in the United States, today announced a majority investment from Summit Partners, a leading growth equity investment firm. The new capital will help support CollisionRight’s growth plan, which is focused on acquiring and operating high-quality, customer-friendly collision repair shops across the Central United States and Mid-Atlantic regions. CollisionRight Founder and CEO Rich Harrison will retain significant equity ownership in the business by investing alongside Summit, as will several other members of the Company’s senior management team.  

Founded in 2020, CollisionRight has acquired 89 collision repair shops in the past three and a half years, establishing the Company as one of the leading consolidators and providers of collision repair services in the United States. The Company and its skilled repair technicians aim to provide high-quality, reliable repairs for consumers, using modern technology, paint, and parts, and to be an equally reliable partner to the Company’s insurance carrier partners who pay for the overwhelming majority of repairs undertaken by CollisionRight.

“Partnering with Summit will help CollisionRight enter a new and expanded era of growth,” said CEO Rich Harrison. “Summit’s growth focus and commitment to operational excellence align with our desire to continue to partner with the country’s best shop operators and provide the driving public with timely and high-quality repairs. Our goal is to create an industry leader that will set the standard for growth, excellence and customer service. We are confident that partnering with Summit will help us to achieve that goal,” he added.

“CollisionRight has quickly established itself as a market leader in the collision repair industry, and we are excited to help Rich and his team extend this leadership position,” said John Carroll, a Managing Director at Summit Partners who will join Rich Harrison on the Company’s Board of Directors.

“The collision repair industry remains highly fragmented, large and, in our view, very attractive,” added Robert Grady, an Advisory Partner at Summit who will also join the Company’s Board of Directors. “We look forward to working closely with the CollisionRight team to capitalize on this opportunity and enhance the Company’s position as a growing, high-quality, customer-focused company.”

The terms of the transaction were not disclosed.

About CollisionRight
CollisionRight is a leading provider of automotive collision repair services through a network of 89 facilities across nine states including Illinois, Indiana, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, Tennessee and West Virginia. CollisionRight differentiates itself through a passion for quality repair work, backed by heavy investment in state-of-the-art equipment, facilities, technician training and auto manufacturer certifications. CollisionRight shops repair over 90,000 cars per year and maintain over 100 direct repair programs with insurance carriers.  The Company maintains strong relationships with insurance carriers, who generate approximately 90% of the Company’s sales. The Company is based in Dublin, Ohio.  For more information, please visit www.CollisionRight.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm with 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 550 companies in technology, healthcare, and growth products and services. Summit maintains offices Boston, Menlo Park, London, New York, and Luxembourg, and invests in companies around the world. For more information, please see www.summitpartners.com or Follow on LinkedIn.

January 26, 2024
2024

Vista Equity Partners Completes Acquisition of EngageSmart

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BOSTON – EngageSmart, Inc. (“EngageSmart” or “the Company”), a leading provider of vertically tailored customer engagement software and integrated payments solutions, today announced the completion of its acquisition by an affiliate of Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, for $23.00 per share in cash, valuing the Company at approximately $4.0 billion. With the completion of the acquisition, EngageSmart’s common stock ceased trading and the company is no longer listed on the New York Stock Exchange.

“Completing our transaction with Vista marks the beginning of an exciting new chapter for EngageSmart as a privately held company,” said Bob Bennett, EngageSmart CEO. “I’m confident that our customers and EngageSmart will benefit from the deep expertise of Vista and continued partnership with General Atlantic, two software and technology investors that are eager to help us build on our momentum to provide even more powerful, innovative and seamless solutions. I’d like to recognize the dedication and focus of our employees throughout this process. Our team delivers for customers every day and there is no doubt that they will continue to help customers provide the highest adopting digital engagement software, with integrated payments, to their clients.”

“EngageSmart’s success is based upon the Company’s demonstrated track record of innovation and product leadership,” said Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director. “With our transaction now complete, we are eager to leverage our resources and value creation expertise to support the Company’s next phase of growth. We look forward to partnering with their team to build on EngageSmart’s strong momentum and bolster its position as a leader in the vertical software and payments space.”

“Vista seeks to partner with innovative founders and executives leading exceptional enterprise software companies,” said Jeff Wilson, Managing Director at Vista. “We share Bob’s vision and the EngageSmart team’s commitment to their customers who provide critical services for our communities.”

EngageSmart stockholders voted to approve the transaction at the Company’s Special Meeting of Stockholders on January 23, 2024.

Advisors

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

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

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

BofA Securities and J.P. Morgan Securities LLC are serving as financial advisors to Vista, and Kirkland & Ellis LLP is acting as legal counsel to Vista.

About EngageSmart

EngageSmart is a leading provider of vertically tailored customer engagement software and integrated payments solutions. At EngageSmart, our mission is to simplify customer and client engagement to allow our customers to focus resources on initiatives that improve their businesses and better serve their communities. EngageSmart offers single instance, multi-tenant, true Software-as-a-Service (“SaaS”) vertical solutions, including SimplePractice, InvoiceCloud, and DonorDrive, that are designed to simplify our customers’ engagement with their clients by driving digital adoption and self-service. As of September 30, 2023, EngageSmart serves 116,200 customers in the SMB Solutions segment and 3,400 customers in the Enterprise Solutions segment across several core verticals: Health & Wellness, Government, Utilities, Financial Services, and Giving. For more information, visit www.engagesmart.com and follow us on LinkedIn.

Source: EngageSmart

January 22, 2024
2024

Later and Mavrck Unite to Help Brands and Influencers Drive Predictable Performance Through Social

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The two industry-leading tech companies will now operate as a singular brand, named Later, with a shared mission to build the world’s first Social Revenue Platform™

BOSTON — Today marks a significant milestone in the social marketing space as two industry leaders, Later and Mavrck, officially become one brand, with a new logo and mission.

Mavrck, an award-winning influencer marketing solution, acquired Later, a leading social media management platform and link in bio tool, in April 2022.

Under the united banner of Later, their three flagship products are:

● Later Social™: a social media scheduling and management tool for all major social platforms.

● Later Influence™: an enterprise-level influencer marketing solution.

● Later Link in Bio: a fully customizable link in bio tool that helps drive traffic and revenue from Instagram & TikTok.

“Together, we now serve more than eight million users and enterprise clients,” said Lyle Stevens, CEO, Later. “And the two companies are united by a shared passion: to enable people to make a living with their creativity through our first-ever Social Revenue Platform.” The unified platform is actively in development with a vision to seamlessly integrate the finest features of social media management, influencer marketing, and link in bio tools onto a singular platform. This all-in-one destination aims to empower brands, marketers, and creators to effortlessly reach new audiences, drive engagement, and generate predictable ROI.

“Innovation is core to our ethos, and our team is committed to pioneering the next wave of solutions in the social marketing era. As we unify our product lines, we'll release a series of new integrated experiences, tools, and services that maximize how brands and influencers drive predictable performance through social,” said Justin Withers, Chief Product Officer, Later.

As part of the brand unification, Later also unveils new branding that signifies a step forward in our journey to enrich the experiences of our customers.

"Our rebrand is more than a visual change; it reaffirms our dedication to nurturing and empowering our community and customers," said Sarah Bugeja, VP of Marketing, Later. "We aim for Later to be your success partner, providing innovative solutions for marketers and creators to achieve their social marketing and revenue goals effectively."

Now unified under the Later banner, all employees will continue to operate remotely and from hub cities in Boston, MA, Toronto, ON, and Vancouver, BC.

"Uniting under the Later brand gives us a clear focus on delivering value to our customers and the creators we collaborate with. We're thrilled to collaboratively shape the future of social media marketing with them,” added Lyle Stevens, CEO, Later.

To learn more about Later, go to www.later.com

About Later
Later Later is the world’s first Social Revenue Platform. With over 8M users and enterprise clients, Later helps marketers create high-performing social content and collaborate with creators to reach new audiences, drive engagement, and generate predictable ROI.

As a trusted partner and go-to resource for social media advice, Later will help you create an engaged community for reliable performance and repeatable growth.

Learn more: www.later.com

Please visit our Later Newsroom for shareable assets, logos and more.

January 16, 2024
2024

DocuSketch Announces a Significant Growth Investment From Summit Partners

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Lakeland, FL - DocuSketch, a leading provider of process optimization solutions for the North American property restoration industry, proudly announces a minority growth investment from Summit Partners. The new capital will help DocuSketch support customers and partners, and accelerate R&D investments including integrating advanced AI applications into its product portfolio. DocuSketch management will retain majority ownership in the business.

Launched in 2019, DocuSketch offers a comprehensive, all-in-one solution purpose-built for the property restoration industry, featuring 360° documentation, automated scoping, sketching solutions, and estimating services. Today, the company’s solutions are used by over 20,000 restoration professionals and insurance adjusters in North America. Current customers include North America's largest restoration contractors like ATI Restoration, Paul Davis Restoration and ServiceMaster; insurance carriers; as well as a large base of independent restoration companies.

Ralf von Grafenstein, Founder & CEO of DocuSketch, expressed his enthusiasm for the transformative impact he believes the funding will have on the restoration industry: "We are on a mission to radically transform restoration businesses with the most efficient and easy-to-use process optimization software. At a time when we are experiencing a higher frequency and severity of extreme weather events, DocuSketch aims to streamline the claims process and shortens response times, benefiting the businesses and homeowners impacted by these catastrophic events."

Martin Merta, Managing Partner with DocuSketch added, "When a loss event occurs, speed and accuracy of damage assessment are paramount. DocuSketch’s solutions are designed to deliver on both of those needs, helping automate time-consuming and error-prone documentation processes and serving as a gateway to engage with reliable, expert services wherever and whenever needed. Our solutions have resonated with the market, and we believe Summit Partners’ investment and deep resources will help us execute on our extensive product roadmap to further empower restoration professionals."

DocuSketch currently processes more than 40,000 insurance claims each month, and, to-date, has helped streamline more than 750,000 restoration projects. Recently, the company introduced an innovative subscription service for insurance-compliant estimates, and with this funding, DocuSketch is poised to unveil further digital solutions aimed at increasing transparency, eliminating bureaucracy, and promoting trust in the claims process.

“Digital transformation in the home and commercial real estate markets has been a key focus area for Summit for several years, and we are thrilled to partner with the DocuSketch team as they work to modernize and automate critical processes in the property restoration industry,” added Colin Mistele, Managing Director at Summit Partners who has joined the DocuSketch Board of Directors. “With a deeply experienced team who understands the challenges and nuances of the customer and solutions that are designed specifically to meet those needs, we believe DocuSketch is truly driving impact in the market.”

About DocuSketch
Having successfully streamlined and processed over 750,000 insurance claims within the restoration industry, DocuSketch stands as one of the industry's largest and most rapidly expanding software vendors. We take immense pride in serving a user base exceeding 20,000 restoration professionals, which includes the trust of 8 out of 10 of the largest restoration businesses. They confidently rely on our intuitive all-in-one product suite including advanced features such as 3D imagery, technology-enhanced sketching and scoping, and a proven service to generate insurance-compliant claims. DocuSketch’s investors including Liquid Partners will continue to support DocuSketch in the company's next phase of growth.

Join us at DocuSketch as we continue to lead the way in transforming the restoration industry through innovation and efficiency. Find more information or book a product demo here: https://docusketch.com

Explore a career opportunity with DocuSketch by viewing our open job positions: https://docusketch.com/careers

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm with 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 550 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 Follow on LinkedIn.

January 10, 2024
2024

Sophia Popova Named to GrowthCap's Top 40 Under 40 Growth Investors of 2023 List

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Summit’s Sophia Popova was named to GrowthCap's list of “Top 40 Under 40 Growth Investors of 2023.” Awardees were selected based on the depth of their deal experience, ability to help the companies they invest in, collaborative work style, and progression towards firm and industry leadership roles, among other attributes.

Sophia Popova is a Partner on our Technology Team. She joined the firm in 2017 as a Vice President and was promoted to Partner in January 2023. Over the course of her tenure, Sophia has distinguished herself as a smart and thoughtful technology investor. She has played an active role in eight Summit investments, representing more than $1.6 billion in invested capital. Her current board and investment experience includes Invicti Security, Klaviyo (completed IPO in 2023, NYSE: KVYO), Markforged (completed IPO in 2021, NYSE: MKFG), Mavrck, Vensure Employer Services (formerly PrismHR), Sifted, StackAdapt and Ylopo.

Read more about Sophia and her fellow honorees at GrowthCap.

Award selections are determined based on GrowthCap’s evaluation of the nominee’s deal experience, ability to help the companies they invest in, collaborative work style, and progression towards firm and industry leadership roles, among other attributes. Information on each nominee was received through nomination application forms, GrowthCap’s online submission portal, direction communication with portfolio company executives and/or others in the industry.

To view the full list of honorees and read more about the selection methodology, visit GrowthCap's website.

This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

December 31, 2023
2023

Summit Partners 2023 Year In Review

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As 2023 comes to a close, we are proud to share the milestones and moments that defined the year for the companies and teams with whom we partner. We look forward to continuing to work alongside the strong leaders across our portfolio and supporting the growth of these businesses in the year ahead.


View Summit's 2023 Year in Review.

December 13, 2023
2023

NinjaOne Welcomes Business Visionary Gerhard Watzinger and Marketing Legend Hila Nir to its Board of Directors

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Watzinger, CrowdStrike Chairman, and Nir, Former ZoomInfo Chief Marketing and Product Officer, also invest in NinjaOne

Austin, TX — NinjaOne, a leading IT management platform for IT departments and managed services providers, today announced the appointments of Hila Nir and Gerhard Watzinger to its Board of Directors. Nir is a marketing and product legend who took ZoomInfo public and made it a household name for every B2B marketer as the company went from $10 million to $1+ billion in revenue under her leadership. Watzinger has decades of enterprise software and cybersecurity leadership, including steering CrowdStrike through its IPO and architecting one of the largest security acquisitions in history at McAfee. Nir and Watzinger also invested in NinjaOne, underscoring the trust, commitment, and belief they have in the company.

“NinjaOne is a remarkable growth company with a disruptive product that delivers business value from the CIO to the system administrator,” said Watzinger. “The company is more than just a product platform; it embodies a vision for how IT departments should be evolving. Work faster and easier. Reduce risk simply. And do it with customer success being the only goal that matters.”

“NinjaOne is relentlessly focused on making its customers and partners successful, and this is why they may have the best growth story of any SaaS company I’ve been part of,” said Nir. “The passion, integrity, and opportunity at NinjaOne are an ideal fit for my experience, and I’m excited to be working with the leadership, marketing, and product teams to fuel the next wave of customer success, innovation, and growth.”

Modern organizations are run on endpoints, but there is a meteoric rise in the complexity and number of endpoints on the market. In order to manage endpoints in an efficient manner that reduces security risks, IT teams are forced to rely on a dizzying number of legacy point solutions that put the business at risk. The NinjaOne Platform was built to help IT and MSP teams efficiently manage, patch, and support all endpoints. More than 15,000 customers in more than 80 countries work with NinjaOne to:

• Automate IT: 95% of customers save time automating manual tasks

• Cut Costs: Nine out of every 10 customers replace two or more tools with NinjaOne (and seven of the nine replace more than four tools)

• Reduce Risk: 95% of customers improve patch compliance*.

“Gerhard and Hila are superb additions to the NinjaOne Board of Directors. They are both seasoned senior executives who have extensive experience with and an intimate understanding of IT buyers, go-to-market best practices, and building scalable growth businesses,” said Andy Collins, a Managing Director at Summit Partners who has served on the NinjaOne Board of Directors since 2018.

Watzinger is Chairman of the Board of Directors at CrowdStrike and member of the Board of Directors for Invicti Security. Watzinger has led several companies as CEO throughout his career and served as the Chief Strategy Officer and Executive Vice President at McAfee. During his time at McAfee, he was responsible for record revenue growth and market share expansion, and he was the architect of the Intel acquisition of McAfee for $7.7 billion in 2011. Watzinger has a bachelor’s degree in computer science from the University of Applied Sciences in Munich, Germany.

Nir was Chief Marketing and Product Officer at ZoomInfo from 2015 to 2023, previously serving as Vice President of Marketing from 2011 to 2015. At ZoomInfo, Nir built and led the marketing and product strategy which took the company from $10 million to $1+ billion in revenue and through the first major technology IPO of the 2020s. Nir has a master’s degree in economics from Bar-Ilan University and a bachelor’s degree in accounting and economics from The Hebrew University of Jerusalem.

“Hila is a modern marketing leader who built one of the most lasting B2B brands of all time, and she is an invaluable advisor from go-to-market strategy to day-to-day execution. Gerhard is a business and software visionary, and his guidance and mentorship are helping us to further improve customer success and accelerate growth as we redefine endpoint management,” said Sal Sferlazza, CEO and Founder of NinjaOne. “We are fortunate and grateful to have leaders like this to back us and to help guide our growth with a customer-first focus.”

Learn more about the NinjaOne leadership team at www.ninjaone.com/leadership.

Leading IT Trends for 2024: Embracing Automation, Security, and Consolidation. Omdia.

About NinjaOne
NinjaOne is a leading unified IT management solution that simplifies the way IT teams work. With NinjaOne, IT teams can automate, manage, and remediate all their endpoint management tasks within one fast, modern, intuitive platform, improving technician efficiency and user satisfaction. NinjaOne is consistently ranked #1 for its world-class customer support and has been recognized as the best-rated software in its category on G2 and Gartner Digital Markets2 for the past three years. For more information, visit www.ninjaone.comp.

November 6, 2023
2023

Adviser Investments Rebrands as RWA Wealth Partners Following Transformative Merger

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New identity reflects integrated offering of wealth management, tax advisory and planning services for high-net-worth and ultra-high-net-worth clients

Highlights expanded capabilities and continuing dedication to exceptional client experience

BOSTON - Adviser Investments, a leading independent wealth management firm, today announced its rebranding as RWA Wealth Partners. The rebrand follows the successful merger with Ropes Wealth Advisors earlier this year. With nearly 200 employees, RWA Wealth Partners has more than $15 billion in total client assets under management and assets under advisement as of September 30, 2023, of which approximately $14.7 billion is regulatory assets under management.

Mario Ramos, CEO of RWA Wealth Partners, said, "Our new brand reflects our deep commitment to integrated client service and to providing a comprehensive, coordinated experience delivered with the highest standards of care. The RWA Wealth Partners team is focused on being the only wealth advisor our clients need."

A fast-growing firm with a national footprint and broad resources, RWA Wealth Partners is built to meet the surging demand among high-net-worth and ultra-high-net-worth individuals and families for wealth management services. The firm provides clients with a one-stop, high-touch service experience that addresses all key aspects of their financial lives, including tax, estate and family office services.

RWA Wealth Partners offers sophisticated financial planning and an open architecture investment management platform as part of a comprehensive wealth management solution. The firm's clients have access to broad trust and estate legal services through an exclusive relationship with Hall & Diana LLC, a law firm founded by two attorneys with extensive experience working with members of the RWA Wealth Partners team and serving the estate planning needs of high-net-worth and ultra-high-net-worth families. And, through RWA Wealth Partners' wholly owned subsidiary, RWA Tax Solutions, LLC, the firm provides tax services including preparation, planning and strategies that integrate into clients' financial and estate plans.

Michelle Knight, President of the firm's Ropes Wealth Advisors division, added: "We believe high-net-worth and ultra-high-net-worth individuals are increasingly seeking service providers who can address their wealth management, tax and estate needs comprehensively. The RWA Wealth Partners platform is incredibly well positioned to benefit from this trend, providing clients with a broad suite of solutions, alleviating the need to manage multiple relationships or stitch together services themselves."

Extensive Experience Paired With Human Touch, Innovative Service

Reflecting the rich heritage and shared values of its predecessor firms, the new brand also underscores the enhanced capabilities of RWA Wealth Partners' expanded organization. Building on more than 150 years of stewardship, the combined firm pairs innovative thinking with a total focus on helping clients as they seek to secure a rewarding lifestyle, realize individual and family goals, and establish legacies that last for generations.

Mr. Ramos said, "Our professionals serve as trusted advisors to individuals and families across the country. We believe in wealth building and wealth preservation that help people connect their past with the present and create their legacy. The RWA Wealth Partners brand stands for our commitment to that mission."

About RWA Wealth Partners
With approximately $14.7 billion in regulatory assets under management, RWA Wealth Partners provides wealth management solutions integrated seamlessly with tax, estate and family office services. The firm has a deep bench of advisors with the expertise and technology to tackle the most complex financial problems for high-net-worth and ultra-high-net-worth individuals and families across the country. To learn more about RWA Wealth Partners, please visit www.RWAWealth.com or call 833-RWA-PLAN.

Source: RWA Wealth Partners

October 31, 2023
2023

Summit Partners Named to Inc.’s 2023 List of Founder-Friendly Investors

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We’re honored to be named to Inc.’s 2023 List of Founder-Friendly Investors. The list recognizes firms with demonstrated experience collaborating with founder-led companies and providing the financial support and resources needed to help accelerate growth.

Over nearly four decades, we’ve had the opportunity to collaborate with hundreds of entrepreneurs and management teams, partnering with more than 90 founder-led companies in the last five years alone. This experience has fostered a deep appreciation for and understanding of the courage, vision and tenacity required to start and scale a business. We are proud to support these growth journeys and we look forward to many more.

Read more about a few of the founders we’ve supported and the companies they’ve built in Stories from the Climb, a series dedicated to celebrating and sharing the challenges of building a growth company.

Award selections are determined based on Inc.’s evaluation of the firm’s ability to remain actively involved with the businesses they invest in and earn the trust of the entrepreneurs they support to help drive growth. To compile the list, Inc. spoke directly with entrepreneurs who have sold to private equity and venture capital firms. Founders filled out a questionnaire about their experiences partnering with private equity, venture capital, and debt firms and shared data on how their portfolio companies have grown during these partnerships.

To view the full list of honorees and read more about the selection methodology, visit Inc.’s website.

This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners paid a fee to submit a nomination to Inc. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

October 25, 2023
2023

Len Ferrington and Michael Medici Named to GrowthCap’s Top 25 Software Investors of 2023 List

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Summit Managing Directors Len Ferrington Michael Medici were named to GrowthCap’s “Top 25 Software Investors 2023” list. In determining this year’s list, GrowthCap evaluated each investor based on capital allocation, investment judgement, strategic, tactical and operational expertise and more.

Len Ferrington joined Summit in 2006 and has since led or played a significant role in investing more than $1.8 billion across 14 Summit portfolio companies. Over the course of his career, Len has partnered with numerous high-growth companies across the technology sector building deep expertise across a variety of subsectors including cybersecurity, B2B software, collaboration and human capital software, tech-enabled education and communications technology.

Len’s current board directorships include Keeper Security, Ruffalo Noel Levitz, StackAdapt and Ylopo, and he is active in the firm’s investment in QAD. His prior board and investment experience includes Access Information Management (acquired by Berkshire Partners), Aeryon Labs (acquired by FLIR Systems), Ascentis (acquired by UKG), Heald College (acquired by Corinthian Colleges), Redzone Software (acquired by QAD), Smartsheet (NYSE: SMAR), Teaching Strategies (acquired by KKR), Trident University International (acquired by Perdoceo Education Corporation) and Ubiquiti (NYSE: UI, formerly Ubiquiti Networks).

Michael Medici joined Summit in 2005 and has since led or played a significant role in 19 Summit investments, representing more than $1.0 billion in invested capital. He has invested in and partnered with numerous high-growth companies across the technology landscape, building deep sector expertise within several software subsectors, including e-commerce enablement, marketing automation, infrastructure and DevOps, industrial technology and supply chain.

Michael’s current board directorships include Klaviyo (NYSE: KVYO), MacStadium, Markforged (NYSE: MKFG), Mavrck and Sifted. His prior investments and directorships include Acacia Communications (NASDAQ: ACIA, later acquired by Cisco), Accedian Networks (recapitalized by Bridge Growth Partners and later acquired by Cisco), Anesthetix (acquired by TeamHealth), Clarabridge (acquired by Qualtrics), Diagnostic Hybrids (acquired by Quidel Corporation), Fermentas International (acquired by Thermo Fisher Scientific), Hiperos (acquired by Opus Global), Logi Analytics (acquired by Marlin Equity Partners), Mi9 Retail (acquired by General Atlantic), and Telerik (acquired by Progress Software).

Read more about Len, Michael and their fellow honorees at GrowthCap.

Award selections are determined based on GrowthCap’s evaluation of the nominee’s demonstrated success in his specific role, including capital allocation, investment judgement, and strategic, tactical and operational expertise, among other factors. Information on each nominee was received through nomination application forms, GrowthCap’s online submission portal, direction communication with portfolio company executives and/or others in the industry.

To view the full list of honorees and read more about the selection methodology, visit GrowthCap’s website.

This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

October 23, 2023
2023

EngageSmart Agrees to Be Acquired by Vista Equity Partners

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SOURCE: EngageSmart.

October 20, 2023
2023

Klaviyo: From Bootstrapped Beginnings to IPO

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Klaviyo – the company that powers smarter digital relationships and makes it easy for businesses to capture, store, analyze, and predictively use their own data to drive measurable, high-value outcomes – began trading on the New York Stock Exchange under the ticker symbol KVYO on September 20, 2023. This represents a significant milestone in a growth journey that began over a decade ago – a journey that Summit has supported since leading Klaviyo's Series B financing in 2019.

Recognizing the growing importance of data-driven solutions to help businesses of all sizes understand consumer behavior and connect with customers and prospects, Summit identified Klaviyo as a leader in a rapidly evolving landscape of marketing technology and commerce enablement solutions. We believed the company shared the attributes we see in many of the most successful growth businesses – an uncompromising commitment to the customer, a strong product-market fit, and a relentless focus on cash-efficient growth.

October 17, 2023
2023

Hallmark Health Care Solutions Announces Significant Growth Investment led by Summit Partners

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New funding allows the Company to maintain its vendor neutral position and to support continued expansion of innovative workforce management solutions that bring transparency, efficiency and savings to healthcare organizations.

HAUPPAUGE, NEW YORK - Hallmark Health Care Solutions (“Hallmark” or “the Company”), a healthcare technology company specializing in workforce management solutions, today announced a significant investment led by global growth equity investor Summit Partners, with participation from existing investor Enhanced Healthcare Partners and Hallmark management. The new funding will be used to accelerate Hallmark’s continued growth and further deepen the Company’s commitment to product innovation and customer success.

Hallmark Health Care Solutions partners with health systems, hospitals, physician groups and other healthcare organizations to overcome some of their biggest labor-related challenges. The Company’s SaaS-based platform combines tools addressing talent sourcing and deployment with provider compensation and contracting to create an end-to-end healthcare workforce management solution. With Hallmark, customers can unlock essential workforce data, improve access to talent, drive operational efficiency and achieve substantial cost savings.

“We believe this investment is a testament to the strength and tremendous future potential of our business,” said Isaac Ullatil, Co-Founder and CEO of Hallmark Health Care Solutions. “There is a healthcare workforce crisis in this country – one that is impacting both quality and cost of care. This new capital will enable Hallmark to further our commitment to our customers, helping the healthcare organizations with whom we partner save time and money, allowing them to focus on the lifesaving work they are called to do.”

U.S. hospital labor costs grew at a CAGR of 37% from 2019 to early 2022 , and clinical labor shortages, which have long plagued the healthcare industry, are expected to persist. McKinsey & Company projects a shortage of between 200,000 to 450,000 nurses by 2025 and the Association of American Medical Colleges estimates the need for as many as 100,000 additional physicians to support healthcare demand by 2030. Against this backdrop, Hallmark continues to experience significant growth. The Company’s SaaS platform is the industry’s only vendor neutral solution and today is used by more than 85 healthcare organizations and more than 750 staffing agency partners across the United States.

“Hallmark is helping healthcare organizations address their most critical workforce related challenges. The Company’s solution is designed to drive efficiency, transparency and cost savings in one of the most problematic areas of healthcare spend,” said Ross Stern, a Managing Director of Summit Partners, who has joined Hallmark’s Board of Directors. “This deeply experienced team has built a scalable, modern SaaS platform with broad applicability and a compelling ROI for customers. We look forward to collaborating with the Hallmark team to help them achieve their long-term goals.”

“We’ve been fortunate to work with Isaac and team over the last three years during a period of strong growth and innovation at Hallmark,” said Matthew Thompson, General Partner at Enhanced Healthcare Partners. “We’ve been consistently impressed with the team’s dedication to their customers and the true impact the company is making in an increasingly critical area of the healthcare ecosystem. We look forward to our continued partnership.”

TripleTree, LLC served as the financial advisor to Hallmark Health Care Solutions for this transaction. With this investment, Hallmark continues to retain its vendor neutral position in the market, receiving no funding from staffing agencies.

About Hallmark Health Care Solutions
Hallmark Health Care Solutions partners with healthcare organizations to overcome their labor-related challenges. From talent sourcing and deployment to provider compensation and contracting, our workforce management platform unlocks essential data, improves access to talent, drives operational efficiency, and delivers substantial cost savings. Through our unique blend of technology, strategy, service, and partnership, we empower healthcare organizations to focus on their core purpose: lifesaving patient care. For more information visit: www.hallmarkhcs.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $37 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 550 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 Follow on LinkedIn.

About Enhanced Healthcare Partners
Enhanced Healthcare Partners (EHP) is a leading private equity firm that specializes in partnering with transformative, middle-market healthcare businesses. EHP provides the flexible capital, operational support, and strategic guidance necessary to support the continued success of growth-oriented businesses. Representative investments include Hallmark Health Care Solutions, Vytalize Health, PAI, SCA Pharma, and West Dermatology. For more information, visit: www.enhancedhealthcare.com.

October 13, 2023
2023

Summit Partners Recognized as Investor of the Year at the Inaugural GTM Awards

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BOSTON — Summit Partners, a global alternative investment firm, today announced that it has been named Investor of the Year at the inaugural GTM Awards. Sponsored by Pavilion in partnership with G2, the GTM Awards is an esteemed industry-wide recognition program created with the goal of celebrating top go-to-market leaders and companies that have demonstrated excellence, innovation, and success within the B2B SaaS sector.

Summit’s global team works collaboratively to partner with growth companies and provide resources to help drive long-term growth. In addition to serving as active board members, Summit provides on-demand, growth-oriented support to our portfolio companies through our Peak Performance Group (“PPG”), a dedicated purpose-built team offering strategic support across a variety of areas, including revenue optimization, growth marketing and other GTM areas. Summit invests across key industry sectors, including technology, healthcare and life sciences, and growth products and services.

“We are honored to be recognized for the work we do to support the many talented GTM leaders across Summit’s portfolio and beyond,” said Dave Averett, Managing Director and Head of Summit’s Peak Performance Group. “As a firm, we are relentlessly focused on providing strategic and tactical support to our portfolio company leadership teams, working collaboratively to help accelerate growth and build long-term value.”

In addition to supporting GTM strategies, Summit’s PPG offers the firm’s portfolio companies strategic support in talent and recruiting, technology and data science, and capital markets. Summit shares perspectives, frameworks and insights on these and other operational topics with the broader community of growth company leaders through our Growth Company Resource Center and our quarterly newsletter and webinar series The Ascent.

“We are so grateful for the opportunity to honor all of these incredible winners at last night's ceremony in Nashville," said Sam Jacobs, Founder and CEO of Pavilion. “These awards are a testament to our mission at Pavilion to connect GTM leaders through collaborative programming. We’re thrilled with this year's results, and we can’t wait to see what next year brings.”

To view the full list of honorees and more information about the GTM Awards, please visit www.joinpavilion.com/gtm-awards.

More about Pavilion and the GTM Awards

Methodology
The inaugural GTM Awards celebrate and honor top go-to-market leaders and teams who have demonstrated exceptional skills, achievements, and contributions across various sectors within the B2B SaaS space. Winners have been determined by the GTM Awards judging panel, comprised of independent industry experts.

About The GTM Awards
The GTM Awards is an industry-wide recognition program celebrating top go-to-market leaders who have demonstrated excellence, innovation, and success in sales, marketing, customer success, operations, CEO/founder roles, and investing. The program is sponsored by Pavilion and G2, and aims to inspire professionals, foster a sense of community, and honor exceptional contributions in the dynamic B2B SaaS go-to-market landscape. For more information, please visit http://www.joinpavilion.com/gtm-awards.

About Pavilion
Pavilion was founded in 2016 as a support network for revenue leaders. Since then, it has grown into a 10,000+ member international community of go-to-market leaders. Through structured training in Pavilion University; private, moderated peer groups; and in-person events, Pavilion delivers on its mission to help revenue leaders unlock and achieve their full professional potential. For more information about Pavilion or to become a member, please visit http://www.joinpavilion.com.

About G2
G2 is the world's largest and most trusted software marketplace. More than 80 million people annually — including employees at all Fortune 500 companies — use G2 to make smarter software decisions based on authentic peer reviews. Thousands of software and services companies of all sizes partner with G2 to build their reputation and grow their business — including Salesforce, HubSpot, Zoom, and Adobe. To learn more about where you go for software, visit http://www.g2.com and follow us on LinkedIn.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $37 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 550 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 Follow on LinkedIn.

Award selections are determined based on Pavilion and G2’s evaluation of top go-to-market leaders and teams who have demonstrated exceptional skills, achievements, and contributions across various sectors within the B2B SaaS space. Information on each nominee was submitted through Pavilion’s online nomination portal, from members of Pavilion’s community of GTM professionals. Finalists and winners were determined by a panel of independent industry experts. To view the full list of honorees and read more about the selection methodology, visit Pavilion’s website.

This award is the opinion of the party conferring the award and not of Summit Partners. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

September 19, 2023
2023

Summit Partners Named Top Private Equity Firm by GrowthCap

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Summit Partners was named to GrowthCap’s list of the Top Private Equity Firms of 2023. This year’s list is comprised of 30 firms representing various market segments and sectors. GrowthCap evaluated private equity firms on multiple criteria, including reputation among CEOs, LPs and fellow GPs; firm culture; the level of support provided to portfolio companies; overall growth and performance; and commitment to ESG.

For nearly 40 years, Summit Partners has focused on partnering with some of the world’s most disruptive growth stage companies and the exceptional executives who lead them. We are grateful for the partnership of the visionary CEOs, dedicated teams and the dynamic companies we have the privilege to support.

To view the full list visit of winners, visit www.growthcapadvisory.com.

Awardee selections are based on GrowthCap’s evaluation of each firm’s reputation among CEOs, limited partners and other general partners, the degree to which a firm helps its portfolio companies, overall firm growth and performance and commitment to ESG, among other factors.  Information on firms was received through nomination application forms, GrowthCap’s online submissions portal, direct communications as well as through additional research. To view the full list of honorees and read more about the selection methodology, visit GrowthCap’s website.

This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

August 29, 2023
2023

CERTANIA Announces Growth Capital Raise from Summit Partners

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Munich, Germany – CERTANIA Holding GmbH (“CERTANIA” or “the Company”), a provider of Testing, Inspection, and Certification (TIC) services focused on addressing global challenges across health and sustainability, today announced a growth investment from Summit Partners. The funding will be used to further support CERTANIA’s  acquisition strategy and help position the Company as a leading TIC provider in Europe and beyond. Founding investor GREENPEAK Partners will maintain significant equity ownership in the Company. Financial terms of the transaction are not disclosed.

Founded in 2020 and based in Munich, Germany, CERTANIA united leading companies in its field to form a new independent market player with a global footprint serving customers across the whole chain of TIC services.  From the beginning, the Company has focused  serving two key market sectors: health and sustainability, putting human well-being and a functioning environment at the center of its mission. Under the CERTANIA umbrella, partner companies benefit from shared operational infrastructure and improved  customer confidence that may otherwise prove elusive to smaller operators – all while maintaining their unique identity and entrepreneurial spark.

“This investment is a testament to our commitment to drive positive change in the TIC landscape,” said Karsten Xander and Moritz Gruber, co-CEOs at CERTANIA . “We believe that, by fostering collaboration among independent experts and focusing on sustainability and health consciousness, we can create visible value for our partners, clients and the wider community. Summit Partners’ engagement will help boost our global development. We look forward to benefiting from their deep experience in the TIC market and to maintaining the well-established and trustful relationship with GREENPEAK Partners as specialists for entrepreneurial company building."

Today, CERTANIA includes sixteen partner companies and employs more than 1,000 professionals across the globe. The Company offers an extensive portfolio of services, including expertise in the areas of food, environmental and industrial testing, CRO services, ESG analytics and consulting, and a broad range of certification and quality-control services, all with the goal of helping clients ensure the safety and quality of their products and processes.

"CERTANIA has achieved impressive scale in just three years since the Company’s founding, and we believe the platform offers a unique opportunity for independent TIC providers who are looking to expand their reach and impact,” said Johannes Grefe, Managing Director at Summit Partners who will join the CERTANIA Board of Directors. “We are thrilled to partner with this visionary team and look forward to working together with co-CEOs Karsten and Moritz and Daniel Beringer at GREENPEAK to build upon CERTANIA’s impressive momentum and support continued organic and acquisition-driven growth.”

“We are excited and honored to have Summit Partners by our side,” added Daniel Beringer, Founding Partner at GREENPEAK Partners. “Together, we will continue to focus on making our planet more sustainable and healthier by expanding CERTANIA’s reach geographically and by growing its service offerings to its customers.”

The transaction is subject to regulatory approval and is expected to close in Q4 2023.

About CERTANIA

Under the umbrella of CERTANIA Holding GmbH, a new global market player  is created in the field of Testing, Inspection & Certification as well as scientific, laboratory and compliance services. This group offers medium-sized partners a sustainable home for their life’s work. CERTANIA enables entrepreneurs and owners to further develop their companies with like-minded people, while continuing to preserve their entrepreneurial roots, corporate culture, brand and values.

About GREENPEAK

GREENPEAK Partners is a company builder with proven track record and comprehensive expertise in the foundation, development, and expansion of industry leaders. While executing its Buy & Build strategies, GREENPEAK aims to develop industry leaders by virtue of strong partnerships, ESG values, and aligned sustainable interests.

To date, the GREENPEAK Partners team has built over 10 platforms, with annual revenues exceeding €1 billion.

About Summit Partners

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $37 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 550 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 Follow on LinkedIn.

August 29, 2023
2023

Allego Named a Sales Readiness Solutions Leader in Q4 2023 Report

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The leading revenue enablement vendor is the only one of sales readiness leaders that’s also a sales content solutions leader in independent research firm’s latest rankings.

WALTHAM, Mass. — Allego, the leading modern revenue enablement platform provider, today announced its recognition as a leader in The Forrester Wave™: Sales Readiness Solutions, Q4 2023. This follows Allego’s leader status in The Forrester Wave™: Sales Content Solutions, Q4 2022. According to the Sales Readiness report, “Allego delivers with its platform and delights with its service. Allego began in 2013 with its initial sales video coaching application, and has grown from there to make smart, measured investments into the platform. Along with continuous sales readiness innovation, it recently added a strong entry into the sales content solutions market as well. The success of Allego’s strategy is rooted in its deep understanding of the changing buyer landscape…”

“At Allego, our drive is to provide the most innovative and comprehensive sales readiness and enablement solution in the market,” said Yuchun Lee, CEO and co-founder of Allego. “Receiving the highest possible score from Forrester in the innovation and adoption criteria, and now being recognized as a leader across both Sales Readiness, Q4 2023 and Sales Content Solutions, Q4 2022 evaluations, only solidifies for us our position as one of the most forward-thinking Revenue Enablement providers in the market.”

The content and readiness spaces are now converging into comprehensive revenue enablement platforms. In today’s dynamic sales environment, arming sales teams with the right skills, knowledge, and content is paramount. Sales and enablement teams face many challenges: from limited time to coach effectively, to struggles with consistent messaging, to driving knowledge retention and behavior change.

Traditional approaches to these problems fall short. The old training paradigm consisting mainly of formal courses and quizzes often leads to information overload that doesn’t get retained, and what’s worse, the learning content is quickly rendered obsolete.

Allego stands at the forefront of the shift towards modern revenue enablement. With Allego’s GO Platform and EnablementAI, organizations can streamline sales learning and content, drawing from both internal peer-to-peer and external seller-to-buyer interactions. This enables coaches and sellers to collaborate efficiently and sell as a team, ensuring that valuable selling time remains uninterrupted. Sellers can quickly tap into peer knowledge, while managers can pinpoint role-specific skill gaps, providing real-time guidance and mobile reinforcements that sync with sellers’ work rhythm.

The Forrester Sales Readiness report evaluated 11 companies based on 31 criteria across three categories: current offering, strategy, and market presence. Allego received the highest score possible across 19 of the criteria including: adoption, innovation, end-user experience, coaching recommendations, mobile support, and customer success.

“Allego’s modern enablement platform has given our team the flexibility to train sales teams when and where it works for them, through an interface that is extremely intuitive to navigate. Allego’s customer success team has been a critical partner that continues to be by our side every single day. And with Allego’s periodic product enhancements, including use of AI, we know we have the best platform to meet our needs now and in the future” said Guillermo Gonzalez, Director, US Sales Training, Meetings & Events at Abbott.

This recognition by Forrester comes on the heels of Allego’s inclusion as a key vendor in the 2023 Gartner Market Guide for Revenue Enablement Platforms and a notable vendor in Forrester’s Sales Readiness Solutions Landscape, Q2 2023.

To learn more about Allego’s inclusion in The Forrester Wave™: Sales Readiness Solutions, Q4 2023 or to download a copy of the report, visit Allego.com.

About Allego
Allego is the leading provider of modern revenue enablement software. GO, Allego’s Modern Revenue Enablement platform, brings together sales, enablement, and marketing teams to deliver the experience B2B buyers are looking for — in a single, comprehensive platform. With its patented technology, the GO platform ensures revenue teams curate the right content, ready sales teams to win with confidence, and engage with buyers in the right way at the right time for faster sales cycles and greater revenue.

Allego is the trusted choice for one quarter of Dow Jones Industrial Average companies, 5 of the 15 largest U.S. banks, 4 of the 8 largest insurance providers, 4 of the 5 largest global medical device companies, 6 of the 10 largest wealth management firms, 5 of the 5 largest asset management companies, and many other global enterprises. Learn more about revenue enablement that wins sellers and buyers at Allego.com.

August 1, 2023
2023

OTR Solutions Launches OTR Clutch, The First and Only Debit Card and Banking Solution for Truckers

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Atlanta, GA - OTR Solutions has launched OTR Clutch, the first and only debit card and banking solution designed exclusively for owner-operators and small and midsize business (SMB) carriers.

"We are very excited to launch OTR Clutch not only as a benefit to our clients, but to the trucking industry as a whole," said OTR Solutions CEO, Fritz Owens. "We've always believed that financial inclusivity and accessibility are powerful principles we should strive for and OTR Clutch paves the way for this reality."

The introduction of OTR Clutch is a result of the company's continued focus on its mission to deliver exceptional value to carrier clients, regardless of market conditions. OTR delivers a banking solution with unlimited cash back on purchases, as well as an executive-like metal business debit card, fee-free overdraft protection, and interest earnings on account balances. With rising interest rates, higher operating costs, and often increased fees from or lack of access to traditional financial providers, OTR Clutch is a timely solution for truckers now more than ever.

"OTR Clutch offers a variety of benefits to cardholders, foremost among these is the ability to earn unlimited cash back on all debit card purchases," said Owens. "This benefit will allow our customers to stretch their budget further, while participating in a system that is traditionally unavailable in our industry."

OTR Clutch banking customers become part of a specialized financial ecosystem catering to the trucking industry, providing easy access to OTR Solutions' suite of trucking-focused financial solutions. Paired with their well-regarded factoring solutions and fuel card, OTR Clutch offers a comprehensive end-to-end package that empowers trucking businesses with a seamless blend of user-friendly financial and operational services. This holistic approach enables companies to initiate, maintain, and grow their operations efficiently and affordably, ensuring a smooth and prosperous journey in the pursuit of trucking.

"Fundamentally, OTR Clutch represents our continued focus on bringing innovative solutions to the trucking industry," said OTR Solutions EVP & Chief Strategy Officer, Clayton Griffin. "We designed OTR Clutch with a ton of heart, and we are incredibly excited to deliver a premium product that serves our clients where they need it most, ultimately putting valuable time and money back into their pockets."

All cardholders receive a premium, solid metal Visa card and virtual card access compatible with Apple Wallet or Google Pay. The OTR Clutch app, available in the Apple and Google Play Store, features seamless mobile capabilities for cardholders to apply for the card, manage their banking, and receive customer exceptional client support.

"In an era where financial empowerment can impact the success of companies and the livelihood of small business owners, we're making sure the trucking community can take advantage," said Owens.

Truckers can learn more and sign up to take advantage of all OTR Clutch has to offer at www.otrclutch.com.

About OTR Solutions

Founded in 2011, OTR Solutions provides industry-leading technology and financial services, tools, and support to help carriers start and grow a successful operation. As the first debit card designed exclusively for the trucking industry, OTR Clutch is revolutionizing the way truckers spend while on the road. OTR Solutions' mission is to simplify the financial lives of hardworking truckers while delivering exceptional value and convenience. To learn more about OTR Clutch, please visit www.otrclutch.com.

Source: OTR Solutions

July 27, 2023
2023

Sophia Popova and Chelsea Jurman Named to GrowthCap's 2023 List of Top Women Leaders in Growth Investing

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Summit’s Sophia Popova and Chelsea Jurman were both named to GrowthCap’s list of “Top Women Leaders in Growth Investing of 2023”. This award recognizes women who, through their investment acumen, operational capabilities, and work ethic, have had a profound impact on their firms, portfolio companies and others across the industry. In determining this year’s list, GrowthCap evaluated each candidate based on her demonstrated success in her specific roles, breadth of experience, longevity in the field, and consistency in performance.

Sophia Popova joined Summit in 2017 and is a Partner on the Technology team. She has played an active role in eight Summit investments, representing more than $1.3 billion in invested capital. Her current board and investment experience includes Invicti Security, Klaviyo, Markforged (completed IPO in 2021, NYSE: MKFG), Mavrck, Vensure Employer Services (formerly PrismHR), Sifted, StackAdapt and Ylopo.

Chelsea Jurman joined Summit in 2019 and is a Principal on the Growth Products & Services team. She has played an active role in six Summit investments, representing more than $1.3 billion in invested capital, including more than $860 million in the last two years alone. Her current investment and board experience includes Adviser Investments, Brooklinen and ShipMonk.

Read more about Sophia, Chelsea and their fellow honorees at Growth Cap.


Award selections are determined based on GrowthCap’s evaluation of the nominee’s demonstrated success in her specific role, breadth of experience, longevity in the field, and consistency in performance, among other factors. Information on each nominee was received through nomination application forms, GrowthCap’s online submission portal, direction communication with portfolio company executives and/or others in the industry. To view the full list of honorees and read more about the selection methodology, visit Growth Cap's website.

This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

July 25, 2023
2023

Trintech Acquires Financial Reconciliation Business from Fiserv

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Financial close automation leader bolsters capabilities for an additional 400 blue-chip clients to drive ROI for the Office of the CFO.

Dallas, TX – Trintech, a leading global provider of cloud-based financial close solutions for the Office of the CFO, today announced its acquisition of Frontier™ Reconciliation and Accurate™ Reconciliation from Fiserv (NYSE: FI), a leading global provider of fintech and payments solutions. Serving customers across multiple verticals including financial services, telecommunications, retail, insurance and utilities, the acquired reconciliation business will act as a springboard for innovation, expanding Trintech’s accounting automation platform.

Through the acquisition, Trintech gains two leading reconciliation solutions, further enhancing the company’s portfolio of capabilities. Trintech brings over 35 years of global innovation in automation, reconciliations and financial close processes. The addition of Frontier Reconciliation and Accurate Reconciliation, used by more than 400 blue-chip clients across the globe, including eight of the top ten banks and two of the top three insurance companies in the United States, enables these newly acquired clients to benefit from complementary product offerings and differentiated solutions across key U.S. and international markets. Fiserv will continue to deliver solutions and services to many of these clients.

“In this era of intense digital transformation, accounting automation, reconciliations and financial close represent a significant market opportunity. This acquisition positions Trintech to provide even more compelling financial close capabilities, broaden the reach of our partner ecosystem and drive impressive ROI for our customers," said Darren Heffernan, CEO of Trintech. "It's also the latest illustration of our holistic growth strategy – one which places a dual mandate on rapid expansion into key verticals and the prioritization of continuous innovation and talent recruitment. We are thrilled to add this powerful complement to Trintech’s market-leading portfolio."

The acquisition also includes the addition of key employees with technical expertise supporting these solutions across North America, EMEA and APAC, bringing Trintech’s global headcount to nearly 700. New and existing customers benefit not only from expanded technical talent and capabilities but also by gaining access to Trintech’s partner ecosystem of leading technology and service providers. Additionally, as part of an exclusive referral agreement with Fiserv, Trintech expands its global presence and capabilities into new international markets.

“Trintech is well-positioned to guide the Frontier and Accurate reconciliation business through its next chapter, and we are confident they will provide excellent service to our clients and support for their businesses,” said Whitney Stewart Russell, President of Digital Solutions, Fiserv. “We are excited about the partnership we have built with Trintech and look forward to serving clients through our future relationship as a referral partner.”

About Trintech
Trintech, a leading global provider of cloud-based, integrated reconciliation and financial close solutions for Finance & Accounting departments. From high volume transaction matching, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, close management tasks, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including its Cadency® Platform (for large enterprises) and Adra® Suite (for mid-market organizations), help manage all aspects of the reconciliation and financial close processes. Trintech’s excellence in both innovation and client support have been recognized with a variety of awards over the years including most recently “Easiest to Do Business With” and “Fastest Implementation” in G2’s Fall 2022 Report. Over 4,200 clients worldwide – including the majority of the Fortune 100 – rely on Trintech’s solutions to enable their F&A operation to become a strategic partner to the business by optimizing data, controlling risk, driving efficiencies, and providing strategic insights.

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

About Fiserv
Fiserv, Inc. (NYSE: FI) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World’s Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

Source: Trintech

July 5, 2023
2023

Chris Bon Named Rising Star of European Private Equity

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Chris Bon, a Principal in Summit’s London office, was named one of the “2023 Rising Stars of Private Equity” by Financial News and Private Equity News. Over the course of his tenure at Summit, Chris has been actively involved in helping invest more than €213 million in six growth companies across Europe. His board and investment experience includes Energy Aspects, GRESB, Normec (acquired by Astorg), ProGlove (acquired by Nordic Capital) and Sipartech (acquired by Blackstone).

The ”2023 Rising Stars of Private Equity” list from Private Equity News recognizes 25 emerging leaders who stand out for their ability to help shape the future of their firms and the private equity industry in Europe. Read more about Chris and his fellow honorees here.

Award selections are determined based  on Private Equity News’ evaluation of the nominee’s achievements, career landmarks, technical expertise, skills, amongst other factors.  Each nominee had to be based in Europe and under the age of 40 as of June 30, 2023.  Information on each nominee was received through nomination application forms and direction communication with market participants and industry experts. To view the full list of honorees and read more about the selection methodology, visit Private Equity News’ website.

This award is the opinion of the party conferring the award and not of Summit Partners.  Private Equity News Rising Stars of Private Equity, issued by Private Equity News on July 5, 2023, was based on the time period of April 2022 through March 2023. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

July 3, 2023
2023

IK Partners Invests in Cinerius Financial Partners alongside Summit Partners and Management

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Zug, Switzerland – Cinerius Financial Partners (“Cinerius”, “Cinerius Group” or “the Company”), a leading independent wealth management platform, today announced a majority investment from IK Partners (“IK”). IK is investing from its IK IX Fund and existing investor, Summit Partners, as well as the Cinerius management team are reinvesting significantly as part of the transaction. Financial terms of the transaction are not disclosed.

Founded in 2021 and headquartered in Zug, Switzerland, Cinerius is a leading platform for independent wealth managers (“IWMs”) from German-speaking European regions. The platform currently includes seven partner businesses, each of which offers a range of wealth management solutions, including opportunities to invest in proprietary funds and access advisory services. Cinerius partner businesses include: B&K Vermögen; BV & P Vermögen; Entrepreneur Partners; Habbel, Pohlig & Partner Vermögensverwaltung; KSW Vermögensverwaltung; Ringelstein & Partner Vermögensbetreuung; and VM Vermögens-Management.

Through its partner companies, the Cinerius Group manages assets for over 5,500 clients. With 13 locations and more than 140 employees across Germany and Switzerland, Cinerius collectively manages over 10 billion CHF of assets.

In the two years since Cinerius was founded, it has gone from strength-to-strength, seeking to promote the growth of its IWMs by offering strategic advice and access to a range of middle-office and back- office functions. The platform enables the provision of HR-related services as well as support in areas such as hiring, compliance, digital marketing and new customer acquisition. With IK joining as a majority shareholder, the Company aims to solidify its position as a leading wealth management platform by pursuing organic growth initiatives, investing in its people and technology and growing its group of partner businesses through a dedicated M&A strategy.

Christoph Lieber, CEO at Cinerius Financial Partners, said: “We look forward to the next chapter in our journey, drawing on IK’s extensive experience in the financial services sector. We believe that the IK team can help us realise our ambitions to further strengthen our position in the IWM marketplace through both organic and inorganic growth. We are grateful to have had the support of Summit Partners over the last two years and are pleased to see them reinvest in our dynamic company.”

Mirko Jablonsky, Partner at IK Partners and Advisor to the IK IX Fund, said: “We have been impressed with Cinerius’ track record to date and its ability to attract high-performing, complementary partner businesses to the platform. Within a short period of time, Cinerius has developed into the preeminent consolidation platform in a fragmented market in the DACH region, offering both growth support as well as succession solutions to IWMs. With a comprehensive range of services, Cinerius has exciting growth potential, which we aim to unlock during our partnership in the coming years. We look forward to working with Chris and his team, while continuing to draw on the expertise of Summit Partners, to develop the Company further.”

Johannes Grefe, Managing Director at Summit Partners, commented: “We have been fortunate to partner with ambitious and passionate partner businesses and work with an experienced Cinerius team these last few years. The Company has grown meaningfully since our initial investment in 2021 and today is a clear market leader in the DACH wealth management industry. We are inspired by the hard work and commitment of the Cinerius team and our partner businesses and we are confident that with our continued support and the additional experience of our new partners at IK, the Company will continue to deliver on its ambitious growth strategy.”

Completion of the transaction is subject to competition authority approvals.

About Cinerius Financial Partners
Cinerius is a wealth management platform in the German-speaking region of Europe (“DACH”). Headquartered in Zug, Switzerland, the Company employs 140 people across 13 locations in the DACH region. Cinerius seeks to promote a higher growth dynamic by offering resources at scale and strategic support to partner businesses while allowing leaders to maintain operational independence. For more information, visit www.cinerius.com.

About IK Partners
IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $36 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 550 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 Follow on LinkedIn.

June 20, 2023
2023

TradingHub Announces Partnership with Summit Partners to Help Fuel Next Stage of Growth

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London, UK – TradingHub, a leading provider of sophisticated risk-based software solutions for financial markets, today announced a minority investment from global growth equity investor Summit Partners. The investment, which comes in the form of secondary capital, will help TradingHub expand its product offering, deepen its financial market footprint and support the company’s continued growth.

TradingHub was founded in 2010 with a vision to provide financial analytics tools to the world’s leading capital markets participants. The company provides market-leading trade surveillance, anti-money laundering, best execution, and financial analytics software across a broad range of asset classes, including rates, fixed income, FX, commodities, and equities. TradingHub’s risk-based approach to identifying anomalous trading behavior represents a paradigm shift – a move away from traditional, rules-based systems towards sophisticated monitoring of capital markets activity.

“With the introduction and increasing complexity of financial market regulations – such as Dodd-Frank, MAR and MiFID II – financial institutions are under mounting pressure to deliver robust trade surveillance programs to help both ensure regulatory compliance and counter continuously evolving market abuse,” described Neil Walker, CEO and Co-founder of TradingHub. “Leveraging sophisticated financial modeling and deep experience across both exchange-traded and OTC products, TradingHub’s technology is uniquely positioned to accurately detect the most complex forms of financial crime, including cross-asset market manipulation.”

Today, TradingHub monitors 135M+ trades per day across 45+ countries and serves more than 60 clients, including some of the world’s largest investment banks, hedge funds and asset managers.

“As reporting requirements expand and financial crime evolves, we believe TradingHub offers differentiated and powerful trade surveillance solutions that are mission-critical to sell-side and buy-side firms,” said Antony Clavel, Managing Director at Summit Partners who will join the TradingHub Board of Directors. “We have followed TradingHub’s growth for several years and believe they have built an enviable market position with deep relationships with leading financial institutions. We look forward to collaborating with the team to help them achieve their long-term goals.”

Neil Walker, CEO of TradingHub, added: “We are delighted to announce Summit Partners as a new TradingHub shareholder. The firm has a strong reputation for partnering with their portfolio companies and we have already experienced the benefit of their perspective and their collaborative approach. We look forward to working with the Summit team to help further accelerate TradingHub’s growth.”

Financial terms for the transaction were not disclosed. Alantra Partners advised TradingHub and the sellers.

About TradingHub
TradingHub is a finance-focused big data firm that aims to create the world’s leading financial markets analytics platform. Its customer base includes some of the world's leading investment banks, asset managers, hedge funds, commodity houses, and brokerage firms, which collectively represent over $20 trillion in assets under management. TradingHub specializes in building best-in-class tooling for trade surveillance, financial markets anti-money laundering, best execution, and financial markets reporting and analytics. TradingHub is headquartered in London and has additional offices in New York, San Francisco, Toronto, and Singapore. For more information, visit https://tradinghub.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $36 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 550 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 Follow on LinkedIn.

June 7, 2023
2023

FinTech Industry Leader John Coughlin Joins Summit Partners as Executive-in-Residence

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BOSTON, MA — Global growth equity investor Summit Partners today announced the addition of John Coughlin to the firm’s Executive-in-Residence (“EIR”) program. In this role, Mr. Coughlin will work closely with Summit’s growth products & services team to identify new investment opportunities and advise growth-stage companies in the payments, financial technology and business services sectors.

Mr. Coughlin brings deep experience building and managing teams and businesses in the payments industry. He joins Summit’s EIR program after serving as a member of the executive team at Summit-backed FLEETCOR Technologies (NYSE: FLT), a corporate payments solutions company. During his twelve-year tenure, Mr. Coughlin helped lead the company through a period of meaningful growth. Most recently, Mr. Coughlin served as Group President – Corporate Payments where he ran FLEETCOR’s AP automation, corporate and virtual card, and cross-border payments businesses. Prior to that, he served as EVP of Global Corporate Development where his team completed 38 acquisitions and deployed $8.6 billion in capital over a nine-year period. During Mr. Coughlin’s tenure, FLEETCOR experienced a tenfold increase in both revenues and market capitalization and joined the S&P 500 index. Prior to FLEETCOR, Mr. Coughlin was a Managing Director at middle market private equity firm PCG Capital Partners, CEO at dental services company Benevis, and a Senior Partner at strategy consulting firm The Parthenon Group.

"We are thrilled to welcome John to Summit’s Executive in Residence program,” said Matt Hamilton, a Managing Director with Summit Partners. "He is a highly experienced operator and a talented people leader who brings deep expertise in the fintech and information services sectors.”

“Summit has a long history of partnering with category-leading growth companies driving innovation across the fintech and information services landscape,” said Mr. Coughlin. “I’m very much looking forward to working alongside the Summit team and leveraging our combined experience to identify new opportunities, drive growth and create value.”

Summit has been active in the payments, financial technology and business services sectors for nearly four decades. Since the firm’s founding in 1984, Summit has partnered with more than 125 companies across the financial technology and services, and business and information services sectors.

Summit’s EIR program is an established element of the firm’s growth-oriented investing strategy. Since its inception, the program has facilitated collaboration between seasoned industry executives and Summit’s investment professionals, working to identify sector-specific opportunities in which EIRs may support companies in an ongoing capacity through board or leadership roles.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $36 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 550 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 Follow on LinkedIn.

May 30, 2023
2023

Elatec to be Acquired by SGT Capital

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  • SGT Capital to acquire Elatec, a leading international developer and supplier of secure access management solutions that are mission-critical components of their customers’ physical and digital security infrastructure.
  • Elatec solutions combine essential elements of secure physical and cyber access for Electric Vehicle Charging Infrastructure, Smart City, Smart Building, Smart Office and Operator Access into one integrated IoT and SaaS integrated platform.
  • Elatec develops ultra-modern contactless (RFID, BLE and NFC) reader hardware and firmware for user identification and a cloud-based IoT platform for device management, mobile credential management and physical access management.
  • Headquartered in Germany, Elatec has more than 150 employees around the globe and supports all RFID, BLE and NFC technologies, while its products are certified in more than 110 countries and enable end- to-end encryption.

Frankfurt, GermanySGT Capital is pleased to announce that it has reached a definitive agreement to acquire Elatec GmbH (“Elatec” or the “Company”) from growth equity investor Summit Partners. SGT Capital is a global private equity firm that invests in mid-sized, market leading companies and supports existing management teams in realizing their ambitions for accelerated international expansion.

Headquartered in Germany, Elatec is the leading international developer and supplier of a range of secure physical and digital access solutions. The Company provides contactless (RFID/BLE/NFC) reader hardware for user identification and a cloud based IoT platform with SaaS device management solutions globally. Elatec has more than 150 employees around the globe and supports 60+ RFID card type technologies plus BLE and NFC, while its products are certified in 110 countries and enable end-to-end encryption.

Joseph Pacini, Co-Managing Partner of SGT Capital, said: “Elatec is a market leader in secure physical and digital access solutions globally and combines a strong IoT platform with SaaS device management and mobile authentication technology solutions that are essential for the structural global growth of increasing interconnectivity and the need for increased physical and cyber security. We look forward to working with CEO Robert Helgerth and the entire Elatec team at this exciting time for their business.”

Robert Helgerth, CEO of Elatec, said: “We are moving at a fast pace into Elatec’s next phase of growth with our primary focus on continued technical innovation plus international expansion. SGT Capital’s ownership and support is key to sustaining our performance and momentum.”

Carsten Geyer, Co-Managing Partner of SGT Capital, said: “Elatec is well positioned to drive continued growth and innovation for Electric Vehicle Mobility, Smart Business, Smart Office and Smart City expansion. The Elatec transaction demonstrates SGT Capital’s unique capability to identify and invest in market leading businesses and management teams and enhance their value through continued innovation and global growth initiatives.”

Gerhard Burits, CFO of Elatec, said: “Elatec is poised for significant future growth given our innovation as well as the structural growth in our existing markets and we are grateful to our clients, colleagues and partners for their support and commitment.”

Dr. Matthias Allgaier and Steffan Peyer, Managing Directors at Summit Partners and Board Directors at Elatec, added: “Over the course of the last five years, Elatec has generated strong growth, expanded its global footprint and served customers across increasingly diverse end markets. We are grateful to Robert Helgerth, Gerhard Burits, Stefan Haertel and the entire Elatec team for their partnership, dedication, vision and execution."

The transaction is valued at approximately EUR 400 million and is subject to customary regulatory approvals.

SGT Capital was advised by Willkie Farr & Gallagher (legal), E&Y (financial), Grant Thornton (tax), Roland Berger (commercial), and Consileon (technology).

About SGT Capital

SGT Capital is a global private equity firm that invests in mid-sized, market leading companies in structurally growing markets and supports existing management teams in realizing their ambitions for accelerated international expansion in combination with more traditional private equity value creation strategies.

SGT Capital is led by Carsten Geyer, Joseph Pacini, Dr Marcel Normann, Jens Dino Steinborn, Marianne Rajic and Christoph Gerlinger. The principals of SGT Capital are seasoned professionals from market leading private equity, asset management, investment banking, and consulting firms, bringing over 100 years of investment experience and experience in managing more than USD$40 billion for their investors.

More info: www.sgt-capital.com

About Elatec

ELATEC is a leading international developer and supplier of a range of physical and digital secure access control and mobile authentication technology solutions. ELATEC's technology has been adopted across various industry verticals and applications, including physical access control, machine authentication, EV charging, vending and dispensing, driver identification and secure printing, with long-time partnerships across multiple segments. ELATEC's universal readers work with all major HF and LF transponder technologies—including HID, LEGIC, MIFARE DESFire and NXP—and mobile authentication via Bluetooth® Low Energy (BLE) and Near-Field Communication (NFC). The company continues to innovate with best-in-class hardware options, powerful software and exceptional service and support.

May 23, 2023
2023

Darren Black and Ross Stern Named to GrowthCap’s Top 25 Healthcare Investors of 2023 List

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Summit Managing Directors Darren Black and Ross Stern were named to GrowthCap’s “Top 25 Healthcare Investors 2023” list. In determining this year’s list, GrowthCap evaluated the breadth of experience of each nominee, feedback from CEOs, firm colleagues and industry peers, in addition to conducting proprietary research.

Darren Black joined Summit in 2013 and has since led or played a significant role in investing more than $3.5 billion in capital across 18 portfolio companies. He has partnered with numerous high-growth companies across the healthcare sector during his career, building deep expertise across the healthcare services and outsourced life sciences services landscape.

Darren's current board directorships include Fortis Life Sciences, InnovaCare Partners, Leon Medical Centers, LifeStance Health (NASDAQ: LFST), Paradigm (recapitalized by OMERS), PharmScript, Sound Physicians, TurningPoint Healthcare Solutions, US Health Partners, U.S. Renal Care, VaxCare and Veranex. His previous board and investment experience includes Abode Healthcare (acquired by BrightSpring Health Services), ABILITY Network (acquired by Inovalon), Advance Health (acquired by New Mountain Capital), DuPage Medical Group (now known as Duly Health and Care; acquired by Ares Management) and HealthSun (acquired by Anthem).

Ross Stern joined Summit in 2009 and has since led or played a significant role in investing more than $2.0 billion in capital across 12 portfolio companies. Ross has partnered with numerous high-growth companies across the healthcare sector, building deep expertise in value-based care, provider-led practice management business models, HCIT and life sciences.

His board and investment experience includes Abode Healthcare (acquired by BrightSpring Health Services), DuPage Medical Group (now known as Duly Health and Care; acquired by Ares Management), Fortis Life Sciences, My Dentist (acquired by Heartland Dental), Paradigm (recapitalized by OMERS), PharmScript, Sound Physicians, TurningPoint Healthcare Solutions, U.S. Renal Care and VaxCare.

Read more about Darren, Ross and their fellow honorees atGrowth Cap.


Award selections are determined based on GrowthCap’s evaluation of the nominee’s demonstrated success in his specific role, breadth of experience, longevity in the healthcare field, and consistency in performance within the healthcare industry, among other factors. Information on each nominee was received through nomination application forms, GrowthCap’s online submission portal, GrowthCap’s proprietary research and direction communication with portfolio company CEOs and other executives, firm colleagues and peers in the healthcare industry. To view the full list of honorees and read more about the selection methodology, visit GrowthCap’s website.

This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

May 16, 2023
2023

Adviser Investments and Ropes Wealth Advisors Join Forces, Creating a Combined Entity With $15 Billion in Client Assets

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Partnership expands advisory capabilities for both firms, reinforces shared strengths in serving high-net-worth and ultra-high-net-worth individuals, families, trusts and endowments

NEWTON, Mass. and BOSTON, -- Adviser Investments, LLC ("Adviser") and Ropes Wealth Advisors ("Ropes Wealth") announced they are combining their wealth management businesses to create a bespoke advisory firm providing customized wealth solutions through a planning-first, fiduciary-only model. Established 30 years ago, Adviser Investments is an independent registered investment advisor (RIA) that serves families, businesses, foundations and institutions. Ropes Wealth Advisors is an RIA supporting families, trusts and institutions.

Together, Adviser and Ropes Wealth manage nearly $15 billion in client assets and have more than 185 employees, including wealth advisors, portfolio managers, fiduciary and financial planning specialists, and client service professionals catering to high-net-worth and ultra-high-net-worth clients nationwide. Their services span the full range of wealth management needs, including financial, tax and estate planning as well as institutional-quality investment management within public and private markets and across active, passive and tactical investment strategies.

"We're thrilled to partner with Ropes Wealth. The firm's differentiated service offering, which is centered on high-net-worth clients, is as impressive as its talented executive leaders and deep bench of advisors, " said Adviser CEO Mario Ramos. "Their expertise in trust, estate and tax planning will be a game-changing addition to our wealth management platform."

Mr. Ramos continued, "With this combination, we will deepen our leadership position serving wealth management clients with complex planning needs. Equally important, this transaction reinforces our role as one of the leading merger partners of choice for RIA firms and other independent wealth management firms across the country."

The combined company will yield enhanced capabilities and new services for clients of both firms.

Michelle Knight, CEO and chief economist at Ropes Wealth, said, "Adviser shares our vision, values and commitment to delivering exceptional service to sophisticated individual and institutional clients. This excellent cultural and strategic match enables us to enrich our wealth management offerings. I look forward to all that we can achieve together with a combined team, enhanced technology, a shared commitment to employee development, and the deep resources to support industry-leading growth and a personalized service model."

Ropes Wealth Advisors, previously a wholly owned subsidiary of the global law firm Ropes & Gray, will retain its brand, continue to have its offices in Boston's Prudential Tower, and maintain close ties to its former parent company, acting as the preferred provider of wealth management services to Ropes & Gray clients and partners.

Enhanced Legal Resources and Growth Opportunities With Ropes & Gray

In a related development, the co-chairs of the private client group at Ropes & Gray, Brenda Diana and Martin Hall, will also join the Adviser Investments management team, with Diana as chief fiduciary officer and Hall as managing director. Both were instrumental in the launch and growth of Ropes Wealth Advisors.

In addition to their roles with Adviser, Diana and Hall will continue to offer legal services through a new law firm specializing in domestic and international estate, tax and charitable planning, estate settlement, and fiduciary administration.

The new relationship between Adviser Investments and Diana and Hall will enable wealth management clients of both Adviser and Ropes Wealth to benefit from leading tax planning and collaborative, coordinated legal advice.

Looking Ahead

The management of Adviser and Ropes Wealth will own the combined firm in partnership with Summit Partners, a leading global growth equity investment firm. In 2020, Summit made a growth capital investment in Adviser to support its national expansion.

"Adviser and Ropes Wealth are highly complementary organizations in terms of both values and vast capabilities," said Matt Hamilton, a Managing Director at Summit Partners and board director at Adviser Investments. "This exciting partnership positions the combined firm to be a formidable leader in the wealth advisory space."

About Adviser Investments
For 30 years, Adviser Investments, LLC has served families, businesses, trusts, foundations and institutions, providing tailored wealth management services including financial, tax and estate planning, 401(k) advisory services, as well as balanced portfolios of core index funds, ETFs and select alternative investments. Adviser is a nationally recognized brand with over 5,000 clients across the U.S. and multiple offices in locations including Boston, the San Francisco Bay Area and Dallas. The firm employs over 130 professionals including fully staffed client service, research, operations, marketing, technology and M&A teams. Over the last decade, the firm has expanded both organically and through targeted partnerships.

Adviser Investments is routinely named among Barron's top independent financial advisors and the Financial Times' 300 top registered investment advisors, and it has been consistently chosen as one of the best places to work in financial services in national and regional surveys.

About Ropes Wealth Advisors
Ropes Wealth Advisors, LLC was formed in 2013 and opened its doors as a registered investment advisor (RIA) in 2015. It is a nationally recognized fee-only firm with a mission to preserve and enhance the wealth and legacy of the families and institutions it serves. The firm prides itself on the core values of integrated perspective, uncompromising integrity, effective stewardship, generational continuity, sustainable investment results, communication and education. Ropes Wealth Advisors manages investments and provides financial planning services, assists with gift and estate planning, prepares tax returns, consults on philanthropic transfers, and provides trustee and other fiduciary services. It serves high-net-worth individuals and families, charitable organizations and businesses as well as pension and profit-sharing plans.

May 9, 2023
2023

Keeper Security Announces Minority Growth Equity Investment from Summit Partners

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Investment marks the second significant funding round from a leading technology growth equity firm

CHICAGO, IL – Keeper Security (“Keeper” or the “Company”), a leading provider of zero-trust and zero-knowledge cybersecurity software, today announced that global growth equity firm Summit Partners has completed a significant minority investment in the Company. With this investment, Len Ferrington, Managing Director at Summit Partners, will join the Keeper Security Board of Directors. The synergy between Keeper, Summit and existing investor Insight Partners will further accelerate product innovation and catalyze strategic expansion of the Company’s prominence as a cybersecurity leader in the public and private sectors.

Keeper has seen strong growth in its global operations since raising its last round of funding in August 2020. The Company has added several hundred new employees, acquired remote network access provider Glyptodon, expanded its industry certifications to include earning FedRAMP and StateRAMP Authorization, opened new data centers in Australia, Canada and Japan, and expanded its partner ecosystem across the NorAm, EMEA and APAC regions. Keeper doubled its revenue while maintaining strong gross margins and continued its trajectory with Q1 2023 marking the Company’s strongest quarter on record. This latest investment will accelerate Keeper’s growth and solidify the Company’s position as an innovator in enterprise password management, secrets management, privileged connection management and privileged access management.

“Insight Partners is and has been a fantastic partner that has helped us with go-to-market strategies and best practices. I’ve known Len Ferrington and the Summit team for many years. They have deep experience investing in cybersecurity and a shared passion for the Keeper vision,” said Darren Guccione, CEO and Co-Founder of Keeper Security. “I’m excited about the expanded perspective that both Insight and Summit will bring to Keeper, supporting our exceptional team as we continue to create and deliver industry-leading technology and innovation.”

“While the current economic environment has led to a contraction in many areas of technology investment, the demand for secure and accessible cybersecurity solutions continues to accelerate,” said Len Ferrington, Managing Director at Summit Partners. “Summit has invested in security software for more than thirty years. We are impressed with the breadth of the Keeper product portfolio as well as the Company’s growth, and we are excited to see Keeper work to further disrupt the cybersecurity industry.”

“We saw great potential in Keeper and they’ve surpassed our expectations as a consistently high-performing company in the industry,” said Thomas Krane, Managing Director at Insight Partners. “This strategic investment will elevate Keeper even further, expanding its ability to provide best-in-class cybersecurity solutions to organizations around the world.”

Keeper was co-founded in 2011 by CEO Darren Guccione and CTO Craig Lurey as a password manager for mobile devices. Since then, the Company has developed a robust cybersecurity platform with a clear focus on fulfilling critical unmet needs of the rapidly growing identity and access management market. Today, Keeper’s solutions include a full suite of award-winning consumer and business offerings in password, secrets and privileged connection management, as well as differentiators including dark web monitoring, secure file storage, single-sign on integration, compliance reporting and detailed event logging. The Company services organizations of all sizes from small home offices to multinational enterprises and the largest public sector organizations. Enterprises select Keeper because of its strong security architecture; ability to support federated and passwordless authentication with any identity provider; seamless integration into on-premises, cloud or hybrid environments; and ease of use across desktop and mobile devices.

Its latest offering, KeeperPAM™, provides a next-generation Privileged Access Management (PAM) solution that is disrupting the traditional PAM market. KeeperPAM delivers enterprise-grade password, secrets and privileged connection management within a unified SaaS platform that is cost-effective, easy-to-use and simple-to-deploy. KeeperPAM enables least-privilege access with zero-trust and zero-knowledge security. Keeper’s patented cybersecurity solution is designed to enable complete visibility, security, control and reporting across every privileged user on every device within an organization.

Keeper is committed to maintaining the highest standards of security through continuous testing and auditing. Keeper holds the longest standing SOC 2 and ISO 27001 certifications in the industry. Keeper is GDPR compliant and CCPA compliant, PCI DSS certified, FedRAMP and StateRAMP Authorized, and certified by TrustArc for online privacy. The Company is consistently ranked as having the top-rated password management platform on the market. Keeper has a 4.9 out of 5-star rating on the App Store and 4.6 out of 5-star rating on Google Play, with more than 250,000 combined reviews.

Evercore served as financial advisor to both Keeper Security and Insight Partners. No other terms of this private transaction are being disclosed.

About Keeper Security, Inc.
Keeper Security is transforming cybersecurity for people and organizations around the world. Keeper’s affordable and easy-to-use solutions are built on a foundation of zero-trust and zero-knowledge security to protect every user on every device. Our next-generation privileged access management solution deploys in minutes and seamlessly integrates with any tech stack to prevent breaches, reduce help desk costs and ensure compliance. Trusted by millions of individuals and thousands of organizations, Keeper is a leader for best-in-class password management, secrets management, privileged access, secure remote access and encrypted messaging. Learn more at KeeperSecurity.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $36 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 550 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 Follow on LinkedIn.

April 18, 2023
2023

Summit Partners Named Top Growth Investment Firm by GrowthCap

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Summit Partners was named to Growth Cap’s list of the Best Growth Investment Firms for 2023. Each firm was evaluated based on its leadership, strategy, unique competitive advantage, operational capabilities, team composition, and capital responsibility (ESG), among other factors.

To view the full list visit: www.growthcapadvisory.com/rankings


Award selections are determined based on GrowthCap’s evaluation of the nominee’s ability to consistently identify investment opportunities, create value for portfolio companies, retain talent and optimize outcomes for all stakeholders involved. GrowthCap also factored in each firm’s commitment to ESG and momentum with portfolio company executives and limited partner communities, among other factors. Information on each nominee was received through nomination application forms, GrowthCap’s online submission portal, GrowthCap’s proprietary research and direction communication with portfolio company CEOs and other executives and peers in the healthcare industry. To view the full list of honorees and read more about the selection methodology, visit GrowthCap’s website.

This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.

April 13, 2023
2023

Trintech Announces Appointment of Darren Heffernan as New CEO

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Teresa Mackintosh to become Executive Chair of Board of Directors

Dallas, TX — Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced that Darren Heffernan, President & Chief Operating Officer, will become the company’s next Chief Executive Officer, effective May 1, 2023. Heffernan will succeed Teresa Mackintosh, who will transition to Executive Chair of the Trintech Board of Directors, after a successful seven-year tenure leading the company.

Heffernan, who has been with Trintech since 2001, has held a number of strategic and corporate development roles throughout his tenure at the company. He has been instrumental in driving significant growth in his capacity as CFO and President & COO, as well as through his involvement in the company’s international business expansion. Heffernan’s diverse experience and deep industry knowledge will inform his stewardship of Trintech’s continued focus on the company’s operational excellence and commitment to client service, partnership and growth.

Prior to Trintech, Heffernan held various finance and operational positions, driving innovation with companies like GE, Paramount / Universal Studios, IAWS and Anglo American.

As Executive Chair, Mackintosh will continue to work closely with Heffernan and Trintech’s leadership team to ensure a smooth and successful transition. She is steadfast in her commitment to advancing Trintech’s position as a leading global SaaS provider for the Office of Finance.“I am incredibly proud of all that we have accomplished over the past seven years,” said Mackintosh. “The team’s unwavering commitment to serving our customers and supporting our partners has been astounding. I am excited to now welcome Darren as Trintech’s next CEO. Darren has been critical in driving Trintech’s growth for over twenty years, and his passion for innovation and deep understanding of our company culture is unmatched. Darren’s focus on operational excellence will help us to meet and exceed the evolving needs of our expanding client base while also driving Trintech’s growth trajectory. I look forward to our continued partnership in my new role as Executive Chair.”

“On behalf of the Board of Directors, I want to extend my sincerest gratitude to Teresa for her exemplary leadership throughout these past seven years,” said Pete Rottier, Managing Director of Summit Partners. “Under her leadership, Trintech tripled its revenue, solidifying its position as a leader and trusted partner in the global SaaS market for the Office of Finance. The Board is looking forward to Trintech’s continued growth under Darren’s leadership. With his strong strategic, financial, and operational background, and clear dedication to the company’s business and customers, we believe Darren is the ideal person to lead Trintech forward in the years to come.”

“It is a tremendous honor to serve as Trintech’s next CEO,” said Heffernan. “Teresa has been an incredible leader and colleague, and I am privileged to have worked alongside her for the past several years. I want to thank both Teresa and the entire Board for their support and confidence. I look forward to continuing our commitment to deliver better solutions and innovative services for our clients, collaborating with our global partners, expanding our business with exciting new opportunities for growth and building the company with the help of our tremendous employees.”

About Trintech
Trintech, a leading global provider of cloud-based, integrated reconciliation and financial close solutions for Finance & Accounting departments. From high volume transaction matching, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, close management tasks, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including its Cadency® Platform (for large enterprises) and Adra® Suite for mid-market organizations), help manage all aspects of the reconciliation and financial close processes. Trintech’s excellence in both innovation and client support have been recognized with a variety of awards over the years including most recently “Easiest to Do Business With” and “Fastest Implementation” in G2’s Fall 2022 Report. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on Trintech’s solutions to enable their F&A operation to become a strategic partner to the business by controlling risk, driving efficiencies, and providing strategic insights.

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

April 11, 2023
2023

Doctrine Receives Growth Investment from Summit Partners to Build Leader in AI-Powered Legal Intelligence

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PARIS, FRANCE – Doctrine, a leading provider of legal intelligence solutions, today announced a majority growth investment from Summit Partners and Peugeot Invest.

Information tools are critical for day-to-day legal work. With an ever-expanding volume of available data, the ability to properly search and articulate such data has become time-consuming and unwieldy for legal professionals.

Doctrine was founded in 2016 with a vision to innovate legal search and is a pioneer in the application of artificial intelligence to legal data. The company’s legal intelligence platform aggregates, contextualizes and automates the processing of legal information and is designed to empower legal professionals to conduct more accurate and efficient search and save time, limit errors and focus on higher value-add tasks. Doctrine has grown by more than 20x in the last five years, and today the company serves more than 11,000 clients.

“Legal professionals across the globe are struggling to keep up with the proliferation of available legal data," said Guillaume Carrère, CEO of Doctrine. "Doctrine offers a technological solution to this widespread problem, allowing legal professionals to efficiently and accurately locate, understand and harness massive amounts of information in order to build the most impactful legal strategies.”

“Early on, we made the decision to focus on profitable growth, and this approach has informed our operations and our culture,” added Carrère. “We are focused on continuing to apply this approach as we develop innovative solutions that support legal professionals in France and around the world. We believe Summit Partners’ experience will allow us to continue our development and build a leader in legal technology.”

“We believe Doctrine is a pioneer in bringing technology innovation to the field of legal information. We’re thrilled to partner with this dynamic, talented and visionary team, and we look forward to working together to build upon the company’s impressive momentum and support its continued growth,” said Johannes Grefe, Managing Director, and Chris Bon, Principal at Summit Partners.

Bertrand Finet, CEO at Peugeot Invest, added, “We are proud to support Doctrine with this investment, which aligns with our growth strategy to support the technology leaders of tomorrow.”

About Doctrine
Founded in 2016, Paris-based Doctrine is a leading provider of data, search and productivity solutions for legal professionals. The Doctrine platform includes a search engine, a document analyzer module, real-time monitoring and alerts on any changes in legislation or case law, and a folder functionality to save references and build cases. More than 11,000 legal professionals use Doctrine to devise winning legal strategies and minimize risk for their clients. For more information, please visit: https://www.doctrine.fr/, or follow Doctrine on Twitter and LinkedIn.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $36 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 550 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 Follow on LinkedIn.

About Peugeot Invest
Peugeot Invest is an investment company listed on Euronext, majority owned by Etablissements Peugeot Frères. Peugeot Invest is one of the leading shareholders in Stellantis and Forvia, via its Peugeot 1810 subsidiary, and pursues a policy of establishing shareholdings with a long-term view. Peugeot Invest holds interests in listed companies (such as SEB, LISI and SPIE), non-listed companies (such as International SOS, Signa Prime or Signa Development), co-investments (ArchiMed or JAB Holding), and investment funds.

March 10, 2023
2023

NRG Completes Acquisition of Vivint Smart Home, Inc., Creating the Leading Essential Home Services Platform

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Acquisition Accelerates Company’s Growth Plan, at-Value, and Brings Customers a Unique Whole Home Experience

HOUSTON -- NRG Energy, Inc. (NYSE: NRG) completed its acquisition of Vivint Smart Home, Inc., effective today, accelerating the realization of NRG’s consumer-focused growth strategy and offering consumers simple, connected experiences to power, protect, and manage their homes intelligently. The acquisition improves and diversifies NRG’s financial profile while also expanding the total market opportunity available to NRG.

“This acquisition is the next step in our consumer services strategy,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “Today, NRG is at the intersection of energy and home services, with a unique end-to-end smart home ecosystem underpinned by our exceptional customer experience. I am excited to welcome Vivint into the NRG family.”

The company now features a larger customer footprint, serving a network of approximately 7.3 million customers across North America that represents a substantial cross-sell opportunity through market-leading brands and complementary sales channels.

NRG’s leadership in energy markets combined with Vivint’s tech-forward smart home solutions come together as a platform to provide additional opportunities to serve customers with products and services across power, natural gas, and essential home services segments.

About NRG
NRG Energy is a leading energy and home services company powered by people and our passion for a smarter, cleaner, and more connected future. A Fortune 500 company operating in the United States and Canada, NRG delivers innovative solutions that help people, organizations, and businesses achieve their goals while also advocating for competitive energy markets and customer choice. More information is available at www.nrg.com. Connect with NRG on Facebook and LinkedIn, and follow us on Twitter, @nrgenergy.

About Vivint
Vivint is a leading smart home company in the United States. Vivint delivers an integrated smart home system with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24-7 customer care and monitoring. Dedicated to redefining the home experience with intelligent products and services, Vivint serves more than 1.9 million customers throughout the United States. For more information, visit https://www.vivint.com.

Source: NRG

February 13, 2023
2023

Summit Partners Closes Fourth Europe Growth Equity Fund at €1.4 Billion

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BOSTON & LONDON – Summit Partners, a global alternative investment firm, today announced the first and final closing of its newest Europe growth equity fund. Summit Partners Europe Growth Equity Fund IV closed at its hard cap with €1.4 billion in total commitments. Launched in October 2022, the fund was oversubscribed.

“With the closing of this new fund, we further our commitment to Summit’s growth equity strategy across Europe, serving as the partner of choice for category-leading, profitable growth companies within our core sectors of focus,” said Peter Chung, Managing Director and Chief Executive Officer of Summit Partners. “We are deeply grateful for the continued support of our limited partners and for their trust and confidence in our global team and our growth-focused strategy.”

Summit Partners Europe Growth Equity Fund IV will target minority and majority equity investments between €20 and €80 million in Europe-based companies, applying the growth equity strategy the firm pioneered in 1984.

“As we invest this fund in Europe, we will build upon nearly 40 years of experience as a growth investor, leveraging our deep sector knowledge, extensive global network and value enhancement resources to support the growth of our portfolio companies,” said Han Sikkens, Managing Director and Head of Europe at Summit Partners. “Europe has been an integral part of Summit’s global investment strategy since 2000, and we have been proud to partner with exceptional founders and management teams over that time.”

Summit’s London-based team collaborates closely with the firm’s global team of more than 115 investment professionals, working together to identify and partner with growth companies in key industry sectors, including technology, healthcare and life sciences, and growth products and services. As active board members and through dedicated value enhancement resources, Summit offers its portfolio company leaders strategic support focused on areas we believe are critical to accelerating and supporting long-term, profitable growth, including human capital, go-to-market and operations, technology and data science, and capital markets.

Since the firm’s inception in 1984, Summit Partners has raised more than $43 billion in capital.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm with 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 550 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 Follow on LinkedIn.

In the United States of America, Summit Partners operates as an SEC-registered investment adviser. 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.

February 7, 2023
2023

Jobber Raises $100 Million Growth Round

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General Atlantic leads investment with focus on accelerating customer growth and product development

Toronto, ON and New York, NY—Jobber, a leading provider of operations management software for home service businesses, today announced it has raised $100 million USD in primary capital led by global growth equity investor General Atlantic. The Series D round also includes participation from Jobber’s existing investors Summit Partners, Version One Ventures, and Tech Pioneers Fund. The financing is anticipated to support the company’s continued growth through investments in R&D, sales and marketing, and new customer acquisition.

Jobber’s mission is to help small home service businesses modernize their operations, increase earning potential, and meet evolving consumer expectations. Jobber’s all-in-one SaaS and mobile solution supports businesses through the full customer lifecycle—from sending quotes to scheduling crews, dispatching jobs, invoicing customers, and accepting credit card payments. More than 200,000 service pros in 60 countries rely on Jobber to help improve customer experience and run a more efficient small business.

“While this is an important milestone for Jobber, what we care about most is the success of the small businesses we serve,” said Sam Pillar, CEO and co-founder of Jobber. “We’re committed to doing everything we can to help them transform the way they deliver their services and operate their companies. We’re thrilled to partner with General Atlantic as we continue to pursue our mission of helping the people in small businesses be successful, and further entrench our leadership position in this important and growing small business category.”

Aaron Goldman, Managing Director and Head of Enterprise Technology Investing at General Atlantic, has joined Jobber’s Board of Directors. Mr. Goldman commented, “We believe Jobber is bringing much-needed innovation to the small business segment, a category that has been traditionally underserved by technology solutions and is still in the early stages of digital adoption. With a platform that is purpose-built for the home service category, Jobber has an opportunity to continue deepening its value as the platform of choice with its customers. We are pleased to partner with Sam and the Jobber leadership team as they focus on strategic growth and continued product expansion.”

Jobber raised its last round of funding in January 2021, a $60 million USD growth equity financing led by Summit Partners. Since that time, Jobber has grown its revenue 3X and is now helping more than 200,000 home service professionals across 50 industries including HVAC, lawn care, plumbing, residential cleaning, painting, and more to deliver services to more than 27 million properties. These jobs resulted in over $13 billion USD in revenue in 2022 for Jobber’s customers.

“Although we’re proud of our growth to date, the real opportunity lies ahead of us,” said Shawn Cadeau, Chief Revenue Officer at Jobber. “There are more than 6.2 million home service businesses in North America alone delivering more than $600 billion in services each year that can benefit greatly from using Jobber.”

Jobber has nearly 600 employees located across Canada, with some based in the U.S. and Latin America. The company is actively hiring across all areas of its business including sales, marketing, product, customer support, and business operations.

About Jobber
Jobber is an award-winning operations management platform for small home service businesses. Unlike spreadsheets or pen and paper, Jobber keeps track of everything in one place and automates day-to-day operations, so small businesses can run smoothly and provide service at scale. Jobber’s 200,000 home service professionals have served over 27 million properties in more than 60 countries. The company continually ranks as one of Canada’s fastest-growing and most innovative companies by Canadian Business and Macleans, The Globe and Mail, Fast Company, and Deloitte. For more information, visit: https://jobber.com/.

About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $73 billion in assets under management inclusive of all products as of September 30, 2022, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. 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 $35 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 550 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 Follow on LinkedIn.

February 1, 2023
2023

Redzone Acquired by QAD

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We are pleased to announce that Redzone, the world’s #1 connected workforce solution for manufacturing, has been acquired by QAD Inc., a provider of next-generation manufacturing and supply chain solutions in the cloud. Together, QAD Redzone will help manufacturers improve productivity and frontline engagement to address the challenges of rising input costs, wage inflation and labor shortages.

Summit Partners invested in Redzone in 2020, partnering with founders Mark Sutcliffe, Richard Tester and Jon Clement as the company’s first outside investor. With a vision to transform the frontline worker experience in manufacturing, Redzone has achieved significant scale with its Connected Worker platform, a cloud-based collaboration and engagement solution designed to empower workers and drive productivity improvements from plant floor on up. In 2022, the company defied a slowing SaaS market and accelerated bookings growth to 47 percent, adding 100 new logos and over 200 new plants by meeting the critical needs of manufacturers with its suite of frontline productivity, compliance, reliability and learning applications.

Today, over 1,000 plants and 300,000 frontline workers worldwide rely on Redzone’s solutions to create a better employee experience for frontline teams and transform productivity with digital workflows and collaboration tools to get the most out of every shift.

“From the early days of our partnership, Summit shared our vision for empowering frontline workers with purpose-built, human-centric technology to change how work is done on the factory floor,” said Richard Tester, CEO of Redzone. “The Summit team brought meaningful resources to support our expansion into new manufacturing verticals as we extended our leadership position in the connected workforce space.”

“In our view, employee retention and engagement has never been more crucial, especially as manufacturers seek to keep plant floors running in order to meet dynamic customer demand while navigating escalating material costs and supply chain disruption. We believe QAD Redzone is strongly positioned to help manufacturers address these challenges head-on,” said Jay Pauley, Managing Director at Summit Partners.

“We’ve been proud to work alongside the Redzone team to support the company’s strong growth and expansion over the last two years, and we are looking forward to supporting Redzone’s continued development as part of the QAD platform,” added Len Ferrington, Managing Director at Summit Partners.

Learn more about the acquisition at www.rzasoftware.com.

January 27, 2023
2023

Summit Partners Announces Global Promotions

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BOSTON, MA; MENLO PARK, CA; NEW YORK, NY; and LONDON, UK – Summit Partners, a leading alternative investment firm, today announced the promotion of 14 professionals across the firm’s global offices. Scott Ferguson, Paul Furer, Mark Nordstrom, Dayton Ogden and Sophia Popova have been promoted to Partner; Chris Bon, Ali Dowd, Mark Hexamer, Chelsea Jurman, Nick Oppedisano, and Jono Pagden have been promoted to Principal; and Jonathan Gilman, Andy Lee and Irina Müller have been promoted to Vice President.

“We are very pleased to recognize the achievements of our colleagues with these well-deserved promotions,” said Peter Chung, Managing Director and Chief Executive Officer of Summit Partners. “Each of these professionals represents well the culture and values of our firm. We are very confident they will continue to serve our investors and our portfolio companies with distinction.”

Scott Ferguson has been promoted to Partner. Scott joined Summit’s Menlo Park office as an Associate in 2009 and is a member of the Technology team. His investment and board experience includes Calypso Technology (acquired by Thoma Bravo), HelpSystems (acquired by H.I.G. Capital), MercuryGate, Perforce Software (acquired by Clearlake Capital), Teaching Strategies (acquired by KKR) and Trintech. Prior to Summit, Scott worked in the Technology Investment Banking Group at Piper Jaffray. Scott holds a BS in finance from the University of Kansas and an MBA from the Kellogg School of Management at Northwestern University.

Paul Furer has been promoted to Partner. Paul joined Summit’s Boston office as an Associate in 2011 and is a member of the Growth Products & Services team. His investment and board experience includes 48forty Solutions, Beyond Risk, FineLine Technologies (acquired by L Squared Capital Partners and Leonard Green Partners), Harvey Performance Company (acquired by Berkshire Partners), Parts Town (acquired by Berkshire Partners and Leonard Green Partners), Patriot Growth Insurance Services, Solo Brands (NYSE: DTC), and Vivint Smart Home (NYSE: VVNT). Prior to Summit, Paul worked for Jefferies and Bank of America Merrill Lynch. Paul holds a BS in finance from Indiana University’s Kelley School of Business and an MBA from Columbia Business School.

Mark Nordstrom has been promoted to Partner. Mark joined Summit’s Boston office as an Associate in 2010. Today, Mark serves as the Head of our Capital Markets team and in this capacity leads the firm’s capital markets activities for existing portfolio companies and new acquisitions. Additionally, he helps Summit manage its commercial and investment banking relationships. Prior to Summit, Mark worked for Bank of America Merrill Lynch and State Street Corporation. Mark holds a BA in economics from Wesleyan University. In addition, he is a CFA charterholder.

Dayton Ogden has been promoted to Partner. Dayton joined Summit’s Boston office as the Head of Talent & Recruiting in 2014. Dayton works with Summit’s portfolio companies and investment teams to identify and recruit high-impact senior executives and board members. Prior to Summit, Dayton led the venture capital and growth equity practice at executive search firm CTPartners. Previously, he was a co-founder of Fortis Partners and a senior associate at Spencer Stuart. Dayton holds a BA in American Studies, with highest distinction, from Wittenberg University.

Sophia Popova has been promoted to Partner. Sophia joined Summit’s Boston office as a Vice President in 2017 and is a member of the Technology team. Her investment and board experience includes Invicti Security, Klaviyo, Markforged (NYSE: MKFG), Mavrck, PrismHR (acquired by Stone Point), Sifted, StackAdapt and Ylopo. Prior to Summit, Sophia worked at Morgan Stanley and led product management at several technology startups, including Contactive. Sophia holds a BA in economics and mathematics from Yale University and an MBA, with distinction, from Harvard Business School.

Chris Bon has been promoted to Principal. Chris joined Summit’s London office as an Associate in 2016 and is a member of the Growth Products & Services team. His investment and board experience includes Energy Aspects, GRESB, Normec (acquired by Astorg), OnRobot, ProGlove (acquired by Nordic Capital) and Sipartech (acquired by Blackstone). Prior to Summit, Chris worked in M&A advisory at J.P. Morgan. Chris holds a BCom in economics from the University of Toronto and an MSc in finance from HEC Paris.

Ali Dowd has been promoted to Principal. Ali joined Summit’s Boston office as a Vice President in 2021 and is a member of the Healthcare & Life Sciences team. Her investment experience includes Veranex. Prior to Summit, Ali worked in the Healthcare Group at Thomas H. Lee Partners. Previously, she worked at TA Associates. Ali holds a BA in economics, cum laude, from Vanderbilt University.

Mark Hexamer has been promoted to Principal. Mark joined Summit’s Menlo Park office as a Vice President in 2014. As a member of the Talent & Recruiting team, Mark works with Summit’s portfolio companies and investment teams to identify and recruit high-impact senior executives and board members. Prior to Summit, Mark was a founding member of the venture capital and growth equity practice at executive search firm CTPartners, a partner at Fortis Partners and a cofounder of Swap.com and Sidebar Software. Mark holds a BA in history from the University of Notre Dame and a JD/MBA from Boston College.

Chelsea Jurman has been promoted to Principal. Chelsea joined Summit’s Boston office as a Vice President in 2019 and is a member of theGrowth Products & Services team. Her investment and board experience includes Adviser Investments, Brooklinen, Halborn and ShipMonk. Prior to Summit, Chelsea worked in Global Investment Research at Goldman Sachs, in the Technology group. Chelsea holds a BA in political science, magna cum laude and Phi Beta Kappa, from Yale University, and an MBA from Harvard Business School, where she was a Baker Scholar.

Nick Oppedisano has been promoted to Principal. Nick joined Summit’s Menlo Park Office as a Vice President in 2019 and is a member of the Technology team. His investment and board experience includes CoderPad, Foxen, Jobber, PriceLabs and Recharge. Prior to Summit, Nick worked on Goldman Sachs’ tech, media, telecom investment banking team and Centerview Partners’ tech investment banking team. Nick holds a BA in business administration, honors, from Ivey Business School and a BS in engineering from the University of Western Ontario.

Jono Pagden has been promoted to Principal. Jono joined Summit’s London office as an Associate in 2016 and is a member of the Healthcare & Life Sciences team. His investment experience includes Advance Medical (acquired by Teladoc), CluePoints, Fortis Life Sciences and zahneins (acquired by PAI Partners). Prior to Summit, Jono worked on the Retail/Healthcare and U.K. M&A teams at Goldman Sachs. Jono holds a Bachelor of Business Science, with honors, in accounting and finance from the University of Cape Town.

Jonathan Gilman has been promoted to Vice President. Jonathan joined Summit’s Boston office as an Associate in 2018 and is a member of the Healthcare & Life Sciences team. His investment experience includes Abode Healthcare (acquired by BrightSpring Health Services), Fortis Life Sciences, InnovaCare Health, Leon Medical Centers, TurningPoint Healthcare Solutions and U.S. Renal Care. Prior to Summit, Jonathan worked in the Global Healthcare Group in the Investment Banking Division at Jefferies. Jonathan holds a BS in finance and economics from New York University’s Stern School of Business.

Andy Lee has been promoted to Vice President. Andy joined Summit’s Boston Office as an Associate in 2018 and is a member of theGrowth Products & Services team. His investment and board experience includes Beyond Risk and Patriot Growth Insurance Services. Prior to Summit, Andy worked for Fisher Lynch Capital and Fidelity Investments. Andy holds a BA, cum laude, in psychology from Dartmouth College.

Irina Müller has been promoted to Vice President. Irina joined Summit’s London office as an Associate in 2019 and is a member of the Technology team. Her investment experience includes Appway (acquired by FNZ), ProGlove (acquired by Nordic Capital) and Solactive. Prior to Summit, Irina worked in the M&A Group at Houlihan Lokey. Irina holds a BA in business administration and an MA in banking and finance from the University of St. Gallen.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $35 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 550 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 Follow 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 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.

January 4, 2023
2023

Syndigo Announces the Addition of Simon Angove as Chief Executive Officer

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CHICAGO, Illinois — Syndigo, a leading provider of data management, syndication, and analytics to power eCommerce, today announced that Simon Angove has been named Chief Executive Officer. Paul Salay, who has been Chief Executive Officer for the last six years, will continue to support Syndigo’s Board of Directors, advising on company strategy and mergers & acquisitions.

Mr. Angove brings over 25 years of leadership experience building technology businesses, having both launched and grown innovative start-ups as well as run large companies in several industries, including retail, financial services, and the public sector. Most recently, Mr. Angove served as CEO of CentralSquare Technologies, a market leading provider of public safety software formed through the multi-billion-dollar merger of Superion and two other companies. Prior to leading CentralSquare, Mr. Angove was CEO of Superion where he led that company’s growth and transformation, helping to drive product innovation, optimize go-to-market execution, enhance operational excellence, and build a high-performing team. Prior to Superion, Mr. Angove led global business units focused on digital solutions at Verint, an omni-channel customer engagement software provider. Earlier in his career, he founded several businesses in the areas of cloud computing, retail in-store video analytics, and workforce optimization.

“I am incredibly excited to serve as Syndigo’s next CEO and to join the company at a time of exciting innovation and transformation in the eCommerce industry,” said Mr. Angove. “In partnering with our customers and team, I look forward to scaling Syndigo with a strong focus on customer centricity, product innovation, and world-class talent. I believe we are well positioned to help both brands and retailers optimize their data and content to drive success in the fast-growing and competitive eCommerce channel.”

“We are thrilled to welcome Simon as Syndigo’s next CEO, and we look forward to working closely with him as the company continues to pursue its ambitious goals for growth and customer success,” said Peter Rottier, Managing Director at Summit Partners and a member of the Syndigo Board of Directors. “Under Paul’s leadership, Syndigo established itself as a market leader in a new category of content optimization for eCommerce. We are grateful for his service, vision, and leadership and look forward to his continued guidance to the board as he transitions to an advisory role.”

“It has been an honor to lead and build Syndigo, together with our team, over the last six years. Syndigo has always been defined by our commitment to help customers optimize their content and digital assets in an age of eCommerce,” said Mr. Salay. “Today, I am as confident as I have ever been about the company’s future. I believe Simon is the right CEO to lead Syndigo through its next phase, and I look forward to supporting him and the team in the journey ahead.”

About Syndigo
Syndigo is the first Active Content Engine built to power modern commerce by enabling the continual flow of data and content throughout the entire commerce ecosystem. With industry-leading data management, syndication, and analytics, combined with the largest two-sided network for content distribution, we deliver accurate information that improves decision-making and accelerates sales on every shelf. Syndigo serves more than 12,000 manufacturers, and 1,750 retailers and distributors globally across key industries including grocery, foodservice, hardlines, home improvement/DIY, pet, health and beauty, automotive, apparel, oil & gas, and healthcare. Syndigo is backed by Summit Partners and The Jordan Company. For more information, visit www.syndigo.com or follow us on LinkedIn.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $35 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 550 companies in technology, healthcare and other growth industries. Summit has partnered with more than two dozen companies across the e-commerce and consumer landscape, including Brooklinen, Klaviyo, Philz Coffee, Reverb.com, Sezane, Sifted, TinyPrints, and MercuryGate. Summit maintains offices in North America and Europe and invests in companies around the world.For more information, please see www.summitpartners.com or Follow on LinkedIn.

About The Jordan CompanyTJC (www.thejordancompany.com), founded in 1982, is a middle-market private equity firm that has managed funds with original capital commitments in excess of $18 billion since 1987 and a 40-year track record of investing in and contributing to the growth of many businesses across a wide range of industries including Technology, Telecom & Utilities, Supply Chain & Logistics, Industrials, and Consumer & Healthcare. The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, TJC also has offices in Chicago and Miami.

December 19, 2022
2022

Imagen Raises $30 Million to Bring Artificial Intelligence to Professional Photography

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Growth investment led by Summit Partners to accelerate product development, go-to-market strategy and new market expansion

Tel Aviv and London – ImagenAI (“Imagen”), a leading provider of AI-powered editing solutions for professional photographers, today announced a $30 million investment led by global growth investor Summit Partners with participation from existing investor NFX. The financing will support continued investment in strategic hiring and M&A, expansion of the company’s SaaS product and further acceleration of Imagen’s rapid growth.

Imagen was founded in July 2020 to modernize and improve the post-production workflow of professional photographers by intelligently automating image editing at scale. The initial idea for the business originated from one of the co-founder’s months-long wait for his wedding photos. In speaking with numerous photographers, he uncovered a clear pain point felt across the broader industry: while advancements in digital photography had increased the volume of images captured and stored, post-production work was still largely repetitive and time-consuming, estimated at almost two hours for each hour of shooting time. Because each photographer has their own unique style, the process could not be automated generically with existing tools. With backgrounds in machine learning and computer science, the Imagen team recognized the opportunity to dramatically improve this workflow.

“We built Imagen to make photographers' lives easier. Our AI-powered solution is designed specifically to automate the tedious aspects of post-production work, allowing each artist to maintain and evolve his or her own creative style,” said Yotam Gil, co-founder and CEO of Imagen. “Imagen essentially creates time for our photographers, allowing them to focus on the artistry of their work and deliver a better experience for their customers.”

Imagen’s end-to-end AI technology creates an individual profile based on a photographer’s previous work and unique creative style. The more photos uploaded, with more diverse scenes and lighting conditions, the better the AI can capture each editing style and accurately predict dozens of editing parameters. Imagen’s solution can save up to 90% of post-production time and turns many hours of manual work to seconds, while preserving the personal style of each user. The profile evolves and learns with the user over time, allowing better accuracy and consistency in applying each photographer’s style to new photos ingested into Imagen.

Building on these AI-powered editing capabilities, Imagen plans to continue expanding its SaaS offering, including a near-term launch of a culling product that leverages a user’s AI-generated profile to select the best photos from a photoshoot to streamline the post-production process even further.

After a bootstrapped beginning, the Imagen team raised a seed round in September 2021 to support hiring and continued, rapid growth. Today, Imagen is profitable and counts thousands of photographers as part of its growing user community, helping these creative professionals to provide better service for their customers, scale up their own businesses and develop their own signature style. Imagen edits more than 150 million photos annually and saves millions of hours of manual work each month for a wide range of customers, from individual photographers to big studios to other creative businesses.

“We believe Imagen offers a truly innovative, intuitive solution for the professional photography industry with broad applicability to numerous genres across the creator economy where high volumes of digital assets are generated – from events, e-commerce and travel to real estate, sports, food and portraiture,” said Steffan Peyer, a Managing Director with Summit Partners, who has joined the Imagen Board of Directors. “We are excited to partner with this dynamic, smart and visionary team, and we look forward to working together to build upon the strong momentum they’ve established and help bring Imagen’s state-of-the-art technology to new markets.”

Photographers interested in using Imagen’s AI-powered editing solutions can visit www.imagen-ai.com.

About Imagen
Imagen is on a mission to change the photography industry with AI-powered solutions that modernize the post-production workflow, enabling professional photographers to plan better, work less, earn more, and focus on the creative aspects of their job. Thousands of professional photographers trust Imagen to accelerate their editing process so they can spend more time doing what they love. Learn more at www.imagen-ai.com or join the Imagen community on Instagramor Facebook.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $35 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 550 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 Follow on LinkedIn.

December 6, 2022
2022

NRG Energy, Inc. to Acquire Vivint Smart Home, Inc.

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Acquisition Positions NRG as the Leading Essential Home Services Provider, Accelerating Growth Plan

HOUSTON & PROVO, Utah - NRG Energy, Inc. (NYSE: NRG) and Vivint Smart Home, Inc. (NYSE: VVNT) today announced they have entered into a definitive agreement under which NRG will acquire Vivint for $12 per share or $2.8 billion in an all-cash transaction with an implied multiple of 6.3x run-rate Enterprise Value to Adjusted EBITDA. The agreement has been unanimously approved by the boards of directors of both companies.

Vivint Smart Home is a leading smart home platform company whose mission is to help its nearly two million customers live intelligently by providing them with technology, products, and services to create a smarter, more efficient, and safer home. Vivint delivers an engaging customer experience through multiple devices united into a single expandable platform that incorporates artificial intelligence and machine learning into its operating system. The company’s vertically integrated business model includes hardware, software, sales, installation, support, and professional monitoring, enabling superior customer experiences and a complete end-to-end smart home experience.

The acquisition accelerates the realization of NRG’s consumer-focused growth strategy and creates the leading essential home services platform fueled by market-leading brands, unparalleled insights, proprietary technologies, and complementary sales channels. The transaction improves and diversifies NRG’s financial profile while also expanding the total market opportunity available to NRG. The annual run-rate Adjusted EBITDA, inclusive of $100 million of run-rate synergies, is $835 million.

“Last year at our Investor Day, we presented our strategic roadmap to becoming the leading provider of essential services for homes and businesses, informed by consumer trends and underpinned by disciplined execution,” said Mauricio Gutierrez, President and CEO of NRG. “The acquisition of Vivint is a transformational step in achieving our vision. Customers want simple, connected, and customized experiences that provide peace of mind. Vivint’s smart home technology strengthens our retail platform, improves our customer experience, and increases customer lifetime value. I am excited to welcome Vivint to the NRG family.”

“We are pleased to announce a transaction that delivers immediate and compelling cash value to Vivint’s stockholders while also presenting significant opportunities to drive our company’s continued success in the years to come,” said David Bywater, CEO of Vivint Smart Home. “Our agreement with NRG is the culmination of our Board’s ongoing pursuit of maximizing value for Vivint stockholders and is a testament to the strength of the Vivint brand, capabilities, and proven industry leadership. We look forward to working with NRG to create exciting opportunities for Vivint as part of a larger platform. On behalf of our Board and management team, I thank the hard-working Vivint employees for the significant role they have played in this important milestone.”

About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn, and follow us on Twitter @nrgenergy.

About Vivint
Vivint is a leading smart home company in the United States. Vivint delivers an integrated smart home system with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24-7 customer care and monitoring. Dedicated to redefining the home experience with intelligent products and services, Vivint serves more than 1.9 million customers throughout the United States. For more information, visit https://www.vivint.com.

Source: Vivint and NRG. View complete release on BusinessWire.

November 21, 2022
2022

Building Community: Summit Hosts the 2022 Women’s Executive Forum

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Community can be a powerful engine for growth.

Often, the most successful growth companies are powered by an employee community with a true passion for their mission and energized by a customer community that shares in that passion. We believe a strong community of peers is just as important in supporting growth company leaders and enhancing the impact leaders can have on their teams and their businesses.

Our 2022 Women’s Executive Forum brought together female leaders from across the Summit Partners Network and offered an opportunity to build and strengthen a dynamic, supportive community of peers. The event featured content focused on navigating today’s turbulent operating environment and – most importantly – provided a forum for women leaders to connect in person and benefit from the collective experience of the Summit community.

We are grateful to the speakers, panelists and all the incredible women leaders from across #TheSummitPartnersNetwork who joined us and generously shared their perspective, passion and experience to create a truly energizing event.


November 16, 2022
2022

ShipMonk CEO Jan Bednar Named a 2022 EY Entrepreneur Of The Year National Award Winner

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Jan Bednar, CEO of Summit-backed ShipMonk, has been named an Entrepreneur Of The Year 2022 National Award winner by EY US. This award celebrates business leaders who were able to achieve incredible growth, shake up industry standards, and provide products and services their communities needed.

Jan founded ShipMonk in 2014 with a vision to change the way e-commerce companies manage their supply chain and ship products to customers. Today, ShipMonk is a leading provider of direct-to-consumer (DTC) fulfillment and technology solutions, helping over 1,500 e-commerce companies to deliver over 5 million products every month to customers around the world.

Learn more here.


Award selections are determined based on Ernst & Young’s evaluation of each nominee’s entrepreneurial spirit, company purpose, growth, impact, and other core contributions. To view the full list of honorees and read more about the selection methodology, visit Ernst & Young LLP’s website.

Summit Partners did not have a role in the nomination/submission process for this award. This award is the opinion of the party conferring the award and not of Summit Partners. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing.

November 14, 2022
2022

Red Points Raises $20 Million, Announces B-Corp Certification

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● New funding will support Red Points’ global market dominance in preventing revenue loss against online counterfeits, piracy, and impersonations.

● After 8 years of rapid growth, Red Points already serves 1,000+ clients, more than half of which in the U.S.

● The company recently became B Corp certified to keep raising awareness around the need for a safer and more sustainable Internet.

New York, NY – Red Points, the world’s most widely used platform to counter online brand abuse, announced a new $20 million funding led by IRIS alongside existing investors Summit Partners and Eight Roads. The company plans to use the new financing to accelerate the evolution of its AI-led technology suite and to strengthen its go-to-market strategy to meet growing customer demand as online fraud and brand abuse continue to escalate worldwide.

Since its first round in 2014, Red Points has raised over $76 million. Previous investors also include Mangrove, Northzone and Banc Sabadell.

Red Points scans the Internet on behalf of its clients to automatically find and take down counterfeiters, pirates, and impersonators that are, in effect, stealing revenue. The company’s comprehensive Revenue Recovery Platform offers robust online brand protection, providing visibility across online marketplaces, social media, websites, apps, and NFT platforms. Working with global brands across fashion, sports, consumer goods, homeware, finance, electronics, and software, Red Points’ customers include Hugo Boss, Electrolux, Fila, Wahl Clipper, Real Madrid, 100%, and Puma. In the last 12 months, the total value of counterfeit listings taken down by Red Points surpassed $1.7 billion.

Red Points has disrupted an industry that has historically been led by service providers, offering a scalable, cost-effective SaaS solution that automatically detects and removes intellectual property infringements online 24/7. In the midst of an online fraud boom — a trend accelerated by the COVID-19 pandemic — the company has continued to grow at a fast pace, consistently expanding its customer base and recently reaching 1,000+ corporate clients. Today, Red Points has 300 employees in offices across Europe, North America, and Asia.

Laura Urquizu, Red Points’ CEO & President, said “The U.S. Customs and Border Protection estimates that counterfeit goods cost the global economy over $500 billion a year, and this is just one of many rising threats that brands and consumers face in digital. Red Points enables companies to bring back revenue and brand equity lost to fraud, and this new funding will help us accelerate the adoption of the technologies that make it happen effectively.”

“Companies are struggling to catch up with the explosion of brand fraud and emerging forms of threats. With its unique automated and highly scalable platform, Red Points is leading the digitalization of the anti-fraud space," added Itziar Estevez Latasa, Partner at IRIS, who has joined the company’s Board of Directors, which will now count with gender parity. “We’ve been impressed with Red Points’ ability to address customers’ needs across industries by focusing on the most harmful infringements and untapping hidden fraudulent networks. We are very proud to be part of this journey”.

Last month, Red Points also became a certified B Corp company, an exclusive distinction that recognizes an organization’s rigorous social and environmental standards and its commitment to inclusion, equity, and regenerative initiatives. Through its fight against fraudulent commerce and fraud, Red Points advocates for a more just, safe, and sustainable digital world.

“Our north star is to make the Internet a safer place for brands and consumers, and I could not ask for a more committed team to keep advancing towards this objective. The way in which we implement our mission is also core to us, with values like sustainability, respect, diversity, and transparency”, concluded Urquizu.

About Red Points
Red Points is the most widely used solution to recover digital revenue. Over 1,000 companies rely on our platform to fight counterfeits, piracy, impersonation, and distribution abuse. They leverage Red Points to take back the revenue that’s rightfully theirs. With 300 professionals and offices in New York, Barcelona, Beijing, and Salt Lake City, Red Points has disrupted an industry traditionally led by service providers with a scalable, cost-effective solution.

Source: Red Points

November 10, 2022
2022

CRO Industry Leader Davide Molho Joins Summit Partners as Executive-in-Residence

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BOSTON, MA — Global growth equity investor Summit Partners today announced the addition of Davide Molho to the firm’s Executive-in-Residence (“EIR”) program. In this role, Dr. Molho will work closely with Summit’s healthcare & life sciences team to identify new investment opportunities and advise growth-stage companies focused on the development and commercialization of advanced therapies.

Dr. Molho, DVM, brings more than 25 years of international operational and business management experience in the contract research, life sciences, biotechnology and animal health industries. He joins Summit Partners’ EIR program from Viroclinics-DDL, a Summit-backed virology and immunology CRO, where he had served as CEO since 2020. During his tenure, Dr. Molho led Viroclinics-DDL through a period of significant growth and global expansion, culminating in the company’s sale to Cerba Healthcare in 2022. Prior to Viroclinics-DDL, Dr. Molho served as CEO of Evolution Research Group and spent nearly two decades with Charles River Laboratories, where eventually he served as President and Chief Operating Officer of the global organization.

“Davide is a high-caliber executive with an impressive record of leadership and a deep appreciation for the important mission that drives teams operating at the forefront of drug discovery and commercialization,” said Ross Stern, a Managing Director with Summit Partners. “We are thrilled to once again work with Davide and bring his perspective and experience to Summit’s EIR program.”

“At Viroclinics-DDL, I had the opportunity to work closely with the Summit team in scaling the business, enhancing our infrastructure, and expanding our global reach and capacity – all during a time when the vital role CROs play in accelerating the market entry of innovative vaccines and therapies has never been clearer,” said Dr. Molho. “I’ve experienced first-hand the resources and productive approach to partnership that the Summit team brings to growth businesses, and I’m proud to join Summit’s EIR program.”

Summit has been active in the healthcare and life sciences sector for nearly four decades. Since the firm’s founding in 1984, Summit has partnered with more than 100 companies across the healthcare services, healthcare IT and life sciences sectors.

Summit’s EIR program is an established element of the firm’s growth-oriented investing strategy. Since its inception, the program has facilitated collaboration between seasoned industry executives and Summit’s investment teams, working to identify sector-specific opportunities in which EIRs may support companies in an ongoing capacity through board or leadership roles.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $35 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 550 companies in healthcare, technology, and other growth industries. Summit Partners maintains offices in North America and Europe and invests in companies around the world.

For more information, please see www.summitpartners.com or Follow on LinkedIn.

October 26, 2022
2022

Michael Medici Named to Growth Cap's Top 25 Software Investors of 2022

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Michael Medici, a Managing Director on Summit’s technology team, has been named to GrowthCap’s Top 25 Software Investors of 2022. This award recognizes some of the most experienced and accomplished individuals in software investing. Since joining the firm in 2005, Michael has invested in and partnered with numerous high-growth companies across the technology landscape, building deep sector expertise within several software subsectors, including commerce enablement, marketing automation, infrastructure and DevOps, industrial technology and supply chain.

Michael is currently a board director at Klaviyo, MacStadium, Markforged (NYSE: MKFG), Mavrck and Sifted. His prior board and investment experience includes Acacia Communications (NASDAQ: ACIA, later acquired by Cisco), Accedian Networks (acquired by Bridge Growth Partners), Anesthetix (acquired by TeamHealth), Clarabridge (acquired by Qualtrics), Diagnostic Hybrids (acquired by Quidel Corporation), Fermentas International (acquired by Thermo Fisher Scientific), Hiperos (acquired by Opus Global), Logi Analytics (acquired by Marlin Equity Partners), Mi9 Retail (acquired by General Atlantic), and Telerik (acquired by Progress Software).

Read more about Michael and his fellow honorees here.

October 12, 2022
2022

Immersive Labs Secures $66 Million in New Capital and Expands its Leadership Team to Accelerate Growth

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New Raise Led by Ten Eleven Ventures, with Participation from Existing Venture Investors, Strengthens Immersive Labs’ Leadership Position in the Cyber Workforce Resilience Category

Cybersecurity Leader Appoints Sandra McDevitt, Chief Human Resources Officer, and Lucian Lui, Chief Marketing Officer; Ten Eleven General Partner Dave Palmer to Join its Board of Directors

BRISTOL, UK – Immersive Labs today announced it has raised $66 million in capital to continue its growth and investment in its Cyber Workforce Resilience platform. Ten Eleven Ventures led the latest raise supporting the company’s efforts to help organizations around the world assess, build, and prove their resilience to cyber threats of all kinds. Existing investors Goldman Sachs Asset Management, Summit Partners, Insight Partners, Menlo Ventures, and Citi Ventures all participated in the round.

The company also announced new strategic additions to its executive leadership team, including Sandra McDevitt as Chief Human Resources Officer (CHRO) and Lucian Lui as Chief Marketing Officer (CMO). Ten Eleven General Partner and Darktrace Founder and former Chief Product Officer Dave Palmer will join the company’s Board of Directors, while Jack Huffard, Tenable Co-Founder and current Non-Executive Director of Immersive has become Chair of the Board.

Accelerating Growth and Enterprise Adoption
Immersive Labs, which provides realistic simulations and hands-on cybersecurity labs to evaluate individual and team capabilities, will use the additional capital to accelerate its growth in the Cyber Workforce Resilience category and deliver solutions that give enterprise customers innovative ways to prove their cyber capabilities across the business, from executive decision making to hands-on cyber defense teams. Today, enterprise and government customers like Citi, Goldman Sachs, HSBC, Pfizer, Daimler, Humana, Atos, and the UK National Health Service rely on Immersive Labs to demonstrate their cyber resilience by measuring their cyber defense and crisis management capabilities compared to industry benchmarks, building rapid team collaboration, and showing risk reduction and compliance with data-backed evidence.

“Attracting new investment during a difficult time overall for the tech sector underscores the incredible demand for Immersive Labs’ disruptive, people-centric approach to cybersecurity,” said James Hadley, CEO, Immersive Labs. “Proving cyber resilience has increasingly become a Board and C-level consideration. Our customers rely on us because we offer a trusted and effective approach to upskilling and measuring team and individual cyber defense capabilities.”

“As we see more focus on proving cyber resilience across public and private sectors, Immersive Labs stands to play a key role in the future of cybersecurity,” said David Palmer, General Partner, Ten Eleven Ventures. “The company’s product innovation and strategic leadership hires further secure the company’s top position in the Cyber Workforce Resilience category.”

Additions to Immersive Labs’ Executive Leadership Team
Immersive Labs expanded its management team with strategic hires and additions, including a new CMO and CHRO, as well as a new member of its Board of Directors. The latest additions provide the company with valuable expertise, insights, and experience to usher the company into its next phase of rapid growth.

  • Sandra McDevitt, CHRO: McDevitt oversees all people-related operations globally. Prior to joining Immersive Labs, she served as Chief People Officer at Quantcast and Patreon and held several people operations leadership roles at Google in Europe and US. Prior to Google, she served as a Group General Manager at Irish Life Financial Services and as Director of Human Resources for Ireland and Online Sales for EMEA at Oracle.
  • Lucian Lui, CMO: Lui joins the company overseeing its marketing efforts globally. He is a commercial business leader with over 25 years of experience growing publicly traded and Forbes-ranked commercial companies for world class brands like Microsoft, Iron Mountain and Rapid7. Throughout his career, he has led a broad set of commercial disciplines including branding, product marketing, enterprise sales, demand generation, customer experience, corporate communications, and emerging markets strategy.
  • Dave Palmer, Non-Executive Director: Palmer is a General Partner of Ten Eleven Ventures. Prior to joining Ten Eleven, he was the Chief Product Officer at Darktrace, overseeing the mathematics and engineering teams. Palmer has also worked across UK intelligence agencies GCHQ and MI5, where he was responsible for delivering mission-critical infrastructure services, including replacing and securing entire global networks, the developing of operational internet capabilities, and the management of critical disaster recovery incidents.

About Immersive Labs
Immersive Labs is the leader in people-centric cyber resilience. We help organizations continuously assess, build, and prove their cyber workforce resilience for teams across the entire organization, from front-line cybersecurity and development teams to Board-level executives. We provide realistic simulations and hands-on cybersecurity labs to evaluate individual and team capabilities and decision-making against the latest threats. Organizations can now prove their cyber resilience by measuring their readiness compared to industry benchmarks, building team capabilities, and demonstrating risk reduction and compliance with data-backed evidence.

Immersive Labs is trusted by the world’s largest organizations and governments, including Citi, Pfizer, Daimler, Humana, Atos, HSBC, and the UK National Health Service. We are backed by Goldman Sachs Asset Management, Summit Partners, Insight Partners, Citi Ventures, and Menlo Ventures. Learn more at: www.immersivelabs.com.

About Ten Eleven Ventures
Ten Eleven Ventures is the original cybersecurity-focused, global, stage agnostic investment firm. The firm finds, invests, and helps grow top cybersecurity companies addressing critical digital security needs, tapping its team, network, and experience to help build successful businesses. Since its founding, Ten Eleven Ventures has raised over $US 1 billion and made over 40 cybersecurity investments across stages worldwide, including KnowBe4, Darktrace, Twistlock, Verodin, Cylance, and Ping Identity. For more information, please visit www.1011vc.com or follow us on Twitter @1011vc.

Source: Immersive Labs

October 11, 2022
2022

Chronograph Raises ‘Series X’ Led by Summit Partners

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Disruptive leader in private markets technology for institutional investors plans to leverage new investment to continue product expansion and support global growth

NEW YORK CITY – Chronograph, a leading private markets technology company, today announced a ‘Series X’ funding round led by global growth equity investor Summit Partners. Existing investors Carlyle (NASDAQ: CG) and Nasdaq Ventures also participated in the round. The new investment will position Chronograph to further accelerate global growth and development of the company’s robust portfolio monitoring, reporting, and analytics solutions.

Headquartered in Brooklyn, Chronograph was founded by technologists and private equity investment professionals to bring next-generation technology to private capital markets participants. Through a suite of cloud-based analytics and data management solutions, Chronograph’s technology plays a crucial role in how many of the world’s largest and most sophisticated investors understand, value, and manage their private investments. The company has grown rapidly since its founding in 2016, and today monitors over $6 trillion of private equity and venture capital assets on behalf of institutional limited partners and general partners, with over 100,000 private companies represented on the Chronograph platform.

“Information is the ultimate asset in private markets,” said Charlie Tafoya, Co-Founder and CEO of Chronograph. “The enormous growth in private capital strategies over the past decade has brought about an equally significant expansion in the volume and complexity of valuable data that the world’s best investors look to efficiently gather, manage, and use. We are focused on driving continued innovation on behalf of our clients and are excited to invest further in capabilities that support more timely reporting and analysis, improvements in ESG data management, and LP/GP data inter-connectivity.”

“With the rapid proliferation of global private capital strategies has come increased regulatory demands and reporting requirements for the investors managing and allocating that capital,” said Greg Goldfarb, Managing Director at Summit Partners. “Since entering the market, Chronograph has changed the way many private equity firms and their investors interact with their data, offering elegant and innovative software designed to enable robust, timely, and transparent reporting and analysis. We have been consistently impressed by the innovation and ingenuity Chronograph has shown and continues to demonstrate.”

Chronograph’s solutions eliminate dependencies on error-prone, inflexible, manual and time-consuming templates for portfolio companies and funds. By ingesting reporting in any format, the company’s technology enables investment teams, IR professionals, and reporting teams to efficiently run analytics, conduct valuations, and build reports powered by automated data pipelines that produce clean, rich, reliable data.

“We are thrilled to increase our investment in Chronograph, and to continue our relationship as an LP and GP client,” said Eric Hanno, Partner and Co-head of AlpInvest’s Primary Investment Team at Carlyle. “Chronograph’s technology has allowed AlpInvest to capture and structure more than seven million data points from our portfolio, and we feel the LP solution is unique in its ability to capture such a rich and complete data set.”

“Nasdaq Ventures is thrilled to continue its support of Chronograph alongside Summit and Carlyle,” said Benjamin Blueweiss of Nasdaq Ventures. “With increased allocation to private capital strategies and heightened volatility in today’s public markets, access to transparent investment-level data and analytics is more crucial than ever for institutional LPs and GPs to maximize returns while managing risk.”

“Calling this our ‘Series X’ funding round reflects the fact we have not pursued a traditional fundraising strategy. Instead, we have focused on building a scalable, capital-efficient company with a world-class team. And our team is growing – we are hiring across all functions and are incredibly hungry for exceptional talent in engineering, product, sales, client success, and other areas,” Tafoya remarked. “We are thrilled to benefit from Summit Partners’ deep experience in the technology sector and further leverage our partnerships with Carlyle and Nasdaq to push Chronograph to the next level.”

About Chronograph
Chronograph was founded in 2016 to bring differentiated technology solutions to the private capital market. The firm’s products help institutional limited partners and general partners – including many of the world’s largest private equity and venture capital investors – streamline and automate portfolio monitoring, valuations, analytics, and reporting. The firm is backed by The Carlyle Group, Nasdaq, Inc. and Summit Partners. For further information please visit www.chronograph.pe.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $35 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 has backed many notable fintech and SaaS companies, including Calypso Technology, Clearwater Analytics (NYSE: CWAN), EngageSmart (NYSE: ESMT), Gainsight, Jamf (NYSE: JAMF), Klaviyo, RightNow and Smartsheet (NYSE: SMAR). Summit maintains offices in North America and Europe and invests in companies around the world. For further information please visit www.summitpartners.com.

About The Carlyle Group
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $376 billion of Assets Under Management as of June 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,900 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. For further information please visit www.nasdaq.com.

October 5, 2022
2022

Summit Partners Named to Inc.’s 2022 List of Founder-Friendly Investors

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We’re honored to be named to Inc.’s 2022 List of Founder-Friendly Investors. The list recognizes firms with demonstrated experience collaborating with founder-led companies and providing the financial support and resources needed to help accelerate growth.

Over nearly four decades, we’ve had the opportunity to collaborate with hundreds of entrepreneurs and management teams - partnering with more than 70 founder-led companies in the last five years alone. This experience has fostered a deep appreciation for and understanding of the courage, vision and tenacity required to start and scale a business. We are proud to support these growth journeys – and we look forward to many more.

Read more about a few of the founders we’ve supported and the companies they’ve built in Stories from the Climb – a series dedicated to celebrating and sharing the challenges of building a growth company.

October 4, 2022
2022

onX Secures $87.4M in Series B Funding

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Investment to support the company’s continued growth and further its commitment to public lands

Missoula, MT – onX, a pioneer in outdoor digital navigation, today announced a $87.4M Series B investment. The funding round was led by Summit Partners, which led the company’s Series A financing in 2018, and includes participation from Steve Burke’s Madison Valley Partners and other existing investors. This growth investment will support onX as the company reimagines the outdoor experience and works to protect the landscapes that host recreational pursuits.

Founded in 2009 and based in Missoula, Montana, onX creates mapping and navigation technology that helps inform, inspire, and empower millions of outdoor recreationists. The company’s suite of navigation apps includes three products – onX Hunt, onX Offroad, and onX Backcountry – each tailored to the adventure at hand. The apps put 852 million acres of public land, 550,000 miles of motorized trails, 10,000 detailed hikes and routes, 60,000 campgrounds and cabins, hundreds of layers, and more at users’ fingertips.

“The outdoor industry is thriving, and onX is meeting an essential need for adventurers,” said Steve Burke, Madison Valley Partners founding partner and former NBCUniversal CEO. “I have been an onX customer for years. I have watched the company establish its leadership in the hunting and outdoor industries by designing amazing customer experiences that connect people with the land. I’m looking forward to seeing onX continue working towards defining the future of mapping technology and how recreationalists of all types engage on that landscape.”

Since raising a Series A in 2018, the company’s growth has accelerated. Over the course of the last four years, onX has increased annual recurring revenues 10x while growing its team by more than 300% – including a nearly five-fold increase in its engineering bench – to support continued expansion and enhancement of its product offering. The company also acquired Outdoor Project and the Adventure Project suite of products (Mountain Project, Hiking Project, MTB Project, Powder Project, Trail Run Project, and National Park Trail Guide). Recent onX updates include CarPlay and Android Auto functionality, critical safety information such as wildfire and avalanche layers, and a popular series of Masterclasses that share tips for making the most of a day outdoors and building outdoor communities.

“What sets onX apart is our ability to create products that empower recreationists to explore new landscapes and unite them to protect access to our natural world,” said Laura Orvidas, onX CEO. “It’s this combination that fuels our impressive customer traction. This investment positions us to expand our offerings even further and continue changing the way outdoor enthusiasts experience the world around them.”

By connecting adventurers to the landscape, and by using its platform to share responsible recreation practices, onX hopes to awaken the adventurer inside everyone – and to inspire users to help protect outdoor spaces for future generations.

onX has committed a percentage of its app sales to increase access to 150,000 acres of public land and to help build or restore 150 miles of trails by the end of 2023. To reach this goal, onX offers grants to organizations that help preserve and create access to outdoor adventures. The company also lends its data analysis and research to support key legislation, and brings together different perspectives to find creative solutions to protect our shared spaces. onX recently hosted the Shared Ground symposium, an industry-first alliance of diverse outdoor recreation and land management groups. The meeting sparked three unique stewardship projects that onX will help bring to fruition.

“When onX was founded, it changed the way many outdoorsmen and women navigate in the wild, and the company hasn’t slowed down,” said Colin Mistele, Managing Director at Summit Partners and onX Board Member. “We’ve been proud to work alongside the onX team over the last four years as the company has grown from a single product into a true platform business with an impressive consumer subscription base of outdoor enthusiasts across numerous recreational markets. With a data-driven approach and true connection to the community, we believe onX is well poised to continue reimagining the outdoor experience through its innovative navigation apps.”

About onX
Founded in 2009, onX is a pioneer in digital outdoor navigation, developing software that helps inform, inspire, and empower outdoor recreationists. onX Hunt, onX Offroad, and onX Backcountry make up the company’s suite of apps which are built by explorers for explorers. Because off-the-beaten path experiences are at the heart of what onX does, the company also leads initiatives to protect and expand access to public land and promote stewardship opportunities. Learn more at www.onxmaps.com/about

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $35 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 550 companies in healthcare, technology, and other growth industries.

For more information, please see www.summitpartners.com or Follow on LinkedIn.

September 7, 2022
2022

48forty Solutions Completes Acquisition of Pallet-Ops

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Houston, TX - 48forty Solutions ("48forty"), a leading national provider of recycled pallets and pallet management services, today announced that it has acquired Texas pallet management leader Pallet-Ops ("Pallet-Ops" or the "Company"). The terms of the transaction were not disclosed. 48forty is a portfolio company of Audax Private Equity and Summit Partners.

Established in 2011, Pallet-Ops services customers across the southwestern region of the United States, offering a variety of sizes of recycled, remanufactured, and custom wooden pallets at competitive prices. The Company's services include pallet retrieval, lease pallet management, and pallet repair and return. CEO John Maclay founded Pallet-Ops in 2011 with a vision of bringing a professional commitment to providing the highest service levels to their customers with the most "dynamic of pallet solutions," focusing on consistent quality and performance. Pallet-Ops has three locations strategically located in the San Antonio, Dallas, and Houston markets, making them one of Texas's largest, most efficient pallet services providers. The Pallet-Ops management team has more than 70 years of combined experience and prides itself on its sustainability initiative toward a zero-waste environment for its community and 170 employees. The Company owns and operates 386 trailers, and the facilities are situated on 34 acres and 137,000 square feet of property across its three Texas locations.

Mike Hachtman, CEO of 48forty, remarked, "Acquiring this customer-focused business with a strong presence in three major markets in Texas ensures more seamless service to our customers in the region. We know Pallet Ops will fit right in with 48forty operationally and culturally."

Leon Nutt, President, Pallet-Ops, said, "Joining 48forty will benefit our customers geographically and synergistically. We are excited about the acquisition and the opportunity to expand our network and create greater opportunities for our employees."

ABOUT 48forty Solutions
48forty Solutions is one of the largest pallet management services companies in North America, with a national network of 237 facilities, including 60 company-owned and operated pallet recycling plants, 160 onsite and 12 reverse logistics centers, 5 sorting centers, and more than 850 service providers. 48forty provides end-to-end pallet solutions from supply to retrieval, new and custom pallets, and reverse logistics services. We also operate one of the nation's largest private fleets of over 6,500 trailers and over 400 power units. For more information, visit www.48forty.com or follow us on LinkedIn.

About Pallet-Ops
Pallet-Ops was established to bring a professional commitment to providing the highest service levels to its customers. The Pallet-Ops management team has over 70 years of combined experience servicing customers from the largest pallet producers and users in the United States to the lower volume specialty customers. As green and sustainable practices have evolved throughout unitized shipping, customers' needs have created a demand for value-added services that enhance their supply chain. Pallet-Ops pallet-management services are custom-made to ensure they fit any company's needs. With exceptional customer service and dedication to providing low-cost pallet solutions, Pallet-Ops has become a sustainable pallet industry leader. For more information, visit www.pallet-ops.com or follow us on LinkedIn.

August 31, 2022
2022

Walgreens Boots Alliance Completes Majority Share Acquisition of CareCentrix

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Partnership with CareCentrix extends care capabilities into the home to create a connected ecosystem for patients

Deerfield, IL – Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced it has completed its previously announced majority share acquisition of CareCentrix, Inc.—the leading, independent home-centered platform that coordinates care to the home for health plans, patients and providers. The majority investment in CareCentrix accelerates Walgreens Health’s capabilities in delivering quality healthcare across a spectrum of settings including primary care, specialty pharmacy care, post-acute care and home care.

By bringing together Walgreens trusted health services and community presence with CareCentrix’s technology-enabled, care-at-home solutions, the partnership better addresses the needs of people with complex or chronic conditions as they transition out of the hospital. CareCentrix’s advanced data analytics capabilities enable highly personalized care plans to help people transition to the right site of care, prioritizing care in the home when appropriate. This approach supports both care quality and value by reducing hospital readmissions and improving patient satisfaction and outcomes.

“We created Walgreens Health to reimagine local healthcare and wellbeing for all. This partnership advances our ability to address the needs of people across care settings immediately following hospital discharge,” said Roz Brewer, CEO, WBA. “Our collaboration with CareCentrix is one of the many ways we are expanding on our pharmacy and patient expertise to surround individuals with care when and how they need it.”

Healthcare services delivered after discharge, including care delivered in the home, are one of the fastest growing segments in healthcare today. Caring for patients from the hospital to the home represents more than $75 billion in annual healthcare costs for payers, providers and patients.

“The most challenging part of the healthcare journey is the last mile – extending healthcare delivery into people’s homes,” said John Driscoll, CEO, CareCentrix. “Together with Walgreens Health, CareCentrix is able to combine Walgreens trusted community presence with our powerful technology-enabled care to better address patients’ unique health needs in their homes.”

In addition to home-based care, CareCentrix connects patients to appropriate providers and sites of care post-discharge, utilizing a predictive analytics platform, HomeFirst Analytics. This level of customization also includes pairing patients with care transition teams that support patient engagement for 90 days post-discharge to improve quality metrics.

Walgreens Health will continue to advance capabilities that integrate CareCentrix data analytics and home care expertise with WBA’s portfolio of health solutions to identify and close care gaps, as well as coordinate patient care across conditions, settings and provider networks. These capabilities will enable Walgreens to support medication reconciliation for CareCentrix patients transitioning from hospital to home and provide primary care options to patients when needed, including VillageMD providers. CareCentrix will also play a critical role in Walgreens Health integrated offerings to manage population level risk for benefits management and post-acute spend and outcomes.

CareCentrix manages care for 19 million members through approximately 7,400 provider locations, and empowers more people to live, heal and age at home. By partnering with health plans and health systems, CareCentrix has reduced total cost of care for members by 20 percent, including a greater than 11 percent reduction in emergency department usage and a 23 percent reduction in skilled nursing costs.

This investment gives WBA majority ownership of CareCentrix, investing approximately $330 million for 55 percent of the company at an $800 million valuation, net of debt, with the option to acquire the remaining equity interests in the future. In WBA’s fiscal year 2021, CareCentrix delivered pro forma sales of $1.5 billion. Following the completion of the investment, CareCentrix will continue to operate as an independent company under its current executive leadership.

Sidley Austin LLP acted as lead legal advisor for WBA, along with Weil, Gotshal & Manges LLP. Citi acted as financial advisor for CareCentrix, Inc., and Cleary Gottlieb Steen & Hamilton LLP acted as lead legal advisor.

About CareCentrix
CareCentrix offers value-based home solutions to payors and health systems to help more of their members access the home care they need, when they need it. Through a single platform, CareCentrix coordinates multiple, complex home care needs for over 19 million members through a national network of approximately 7,400 provider locations, resulting in a simplified patient and physician experience. For over 25 years, CareCentrix’s focus on the whole person has improved continuity of care, reduced unnecessary readmissions and unnecessary emergency department utilization, and has delivered positive financial results for health plans. With proprietary HomeFirst Analytics to stratify risk and optimize care delivery, CareCentrix takes on the complexities of care coordination and management of care in the home to provide our clients with essential insights into care at home. CareCentrix has been named one of Fierce Healthcare’s 2022 “Fierce 15” companies and FORTUNE’s Best Workplaces for Aging Services. For more information, please visit www.carecentrix.com.

About Walgreens Boots Alliance
Walgreens Boots Alliance (Nasdaq: WBA) is a global leader in retail pharmacy, impacting millions of lives every day through dispensing medicines, and providing accessible, high-quality care. With more than 170 years of trusted healthcare heritage and innovation in community pharmacy, the company is meeting customers’ and patients’ needs through its convenient retail locations, digital platforms and health and beauty products.

WBA has a presence in more than 9 countries, employs more than 315,000 people and has more than 13,000 stores in the U.S., Europe and Latin America.

WBA’s purpose is to inspire more joyful lives through better health. The company is proud of its contributions to healthy communities, a healthy planet, an inclusive workplace and a sustainable marketplace. WBA is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business.

More company information is available at www.walgreensbootsalliance.com.

August 25, 2022
2022

48forty Solutions Completes Acquisition of CALco Pallets

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Houston, TX - 48forty Solutions ("48forty"), a leading national provider of recycled pallets and pallet management services, today announced that it has acquired mid-western pallet management leader CALco Pallets ("CALco" or the "Company"). The terms of the transaction were not disclosed. 48forty is a portfolio company of Audax Private Equity ("Audax") and Summit Partners ("Summit").

CALco is a pallet management company established in 2007 by brothers Matt and Greg Calhoun, the Company's first two employees. CALco has grown steadily over the last 15 years and employs nearly 300 people across the Midwest today. The Company focuses on new and recycled pallets and mulch production, and its services include onsite pallet sortation, recycling, and repair. CALco has three centrally located facilities in the northern Midwest to conveniently service customers locally and nationally. The Company's two manufacturing facilities are located in Chicago and Richmond, IL, and its lumber mill, which produces all the hardwood material used in the new pallet manufacturing process, is located in Bryant, WI. The three locations have a combined total of 263,000 square feet and sit on 136 acres. In addition, CALco owns and operates over 550 trailers. CALco has been a portfolio company of Strength Capital since 2019.

Mike Hachtman, the CEO of 48forty, remarked, "This acquisition further expands our footprint in the Midwest and creates significant operational opportunities for 48forty. Greg and Matt have run CALco with integrity and transparency, leading a great team of employees who will contribute greatly to 48forty's success."

Greg Calhoun, Co-Owner of CALco, said, "Matt and I are excited about our new partnership with 48forty. In the toughest pallet region in the country, our combined strengths will present endless opportunities within the Chicago/Milwaukee market."

About 48forty Solutions
48forty Solutions is one of the largest pallet management services companies in North America, with a national network of 237 facilities, including 60 company-owned and operated pallet recycling plants, 160 onsite and 12 reverse logistics centers, 5 sorting centers, and more than 850 service providers. 48forty provides end-to-end pallet solutions from supply to retrieval, new and custom pallets, and reverse logistics services. We also operate one of the nation's largest private fleets of over 6,500 trailers and over 400 power units. For more information, visit www.48forty.com or follow us on LinkedIn.

About CALco PalletsCALco Pallets was established in 2007 and is owned and managed by brothers Matt and Greg Calhoun, who were the Company's only employees when they opened their doors. They have since grown their workforce to almost 300 employees. CALco focuses on new and recycled pallets and mulch production and operates a lumber mill, which provides the wood needed for its manufacturing business. CALco has three centrally located facilities in Chicago, Richmond, IL, and Bryant, WI. The northern Midwest locations allow them to conveniently service customers locally and nationally. CALco prioritizes customers' needs above all else. For more information, visit www.calcopallets.com.

August 24, 2022
2022

LumaBridge and Parker Institute for Cancer Immunotherapy Announce Strategic Alliance to Streamline Immunotherapy Development

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San Francisco and San Antonio - LumaBridge (formerly known as Cancer Insight), a clinical research organization (CRO) dedicated to discovering, developing, and testing emerging biotechnologies related to cancer therapies, and the Parker Institute for Cancer Immunotherapy (PICI), the largest network of immuno-oncology expertise in the world, have announced a new strategic partnership aimed at accelerating breakthrough immunotherapies from bench to bedside with greater ease. The new collaboration offers affiliated scientists and organizations a one-stop shop to advance research studies.

The two organizations are collaborating to provide PICI Affiliated Partners—PICI Network institutions and investigators, affiliated companies, and nonprofit collaborators—direct access to the full suite of clinical trial services from LumaBridge. Offerings range from clinical trial design through regulatory strategy support, including patient accrual, clinical operations, quality assurance, data management, medical writing and biostatistics, pharmacovigilance, and beyond.

"PICI was founded to clear the path from scientific idea to best possible clinical outcomes," said Ute Dugan, MD, PhD, chief medical officer of PICI, based in San Francisco. "By combining our focus with additional expertise in clinical trial design and oversight, we aim to streamline the development process and ultimately accelerate novel immunotherapies to patients."

PICI's first valued CRO partner, LumaBridge also is focused on accelerating the development of immunological cures for cancer through innovative science, advanced technologies, and new modes of research collaboration. Through this mission-focused alliance, PICI Affiliated Partners gain preferred access to and pricing for an array of clinical trial services and expertise, including early consulting on clinical trial design and development, protocol development, regulatory support, and full-service clinical trial support.

"Patients awaiting new therapies deserve an effective, efficient process," said George E. Peoples, MD, FACS, founder and chief medical officer of San Antonio-based LumaBridge. "Through this partnership, we will harness our pioneering experience in immuno-oncology research alongside the expertise of academic, clinical, and industry partners to reduce turnaround time and safely test the most promising novel therapies for our cancer patients."

More specifically, available LumaBridge services include:

  • Regulatory support for pre-investigational new drug meetings and investigational new drug (IND) preparation, publishing, filing, and maintenance
  • Clinical trial design, execution, and support such as medical monitoring, clinical operations, data management, and quality assurance
  • Medical writing and biostatistics support such as statistical analysis, US Food and Drug Administration (FDA) application writing, and abstract or journal publication preparation
  • Guidance in navigating government/military contracts and funding
  • Clinical development and commercialization strategies for Cancer Prevention and Research Institute of Texas (CPRIT) applicants

The partnership advances PICI's focus on bringing together top researchers, nonprofits and industry collaborators, providing resources and eliminating barriers to get treatments to patients faster.

"Collaboration is critical to achieving our mission," said Tarak Mody, PhD, chief business officer of PICI. "By offering access to LumaBridge's services and expertise to our PICI Affiliated Partners, we intend to accelerate breakthrough scientific discoveries, moving them into the clinic sooner to deliver patient impact."

About the Parker Institute for Cancer Immunotherapy
The Parker Institute for Cancer Immunotherapy (PICI) is radically changing how cancer research is done. Founded in 2016 through a $250 million gift from Silicon Valley entrepreneur and philanthropist Sean Parker, the San Francisco-based nonprofit is an unprecedented collaboration between the country's leading immunotherapy researchers and cancer centers. The PICI Network includes researchers from Memorial Sloan Kettering Cancer Center; Stanford Medicine; the University of California, Los Angeles; the University of California, San Francisco; the University of Pennsylvania; The University of Texas MD Anderson Cancer Center; Dana-Farber Cancer Institute; City of Hope; Fred Hutchinson Cancer Research Center; Icahn School of Medicine at Mount Sinai; Institute for Systems Biology; Gladstone Institutes; and Washington University School of Medicine in St. Louis. By forging alliances with academic, industry, and nonprofit partners, PICI makes big bets on bold research to fulfill its mission: to accelerate the development of breakthrough immune therapies to turn all cancers into curable diseases.

Find out more at parkerici.org and follow us on LinkedIn and on Twitter @parkerici.

About LumaBridge
LumaBridge is a specialty clinical research organization (CRO) focused on creating innovative clinical trial solutions for biopharma companies. Founded in 2014 as Cancer Insight, the company offers customized clinical trial guidance, strategic partnership, and personalized attention to each sponsor, accelerating the development of potential therapies.

LumaBridge builds on the success and experience of a seasoned team, led by Dr. George Peoples, to support drug development, accelerating therapies to patients and guiding biopharma companies through clinical and regulatory pathways. As part of their comprehensive CRO services, LumaBridge offers consultation on trial design and clinical development strategy.

For more information, visit lumabridge.com.

August 23, 2022
2022

LumaBridge Announces Growth Equity Investment From Summit Partners

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San Antonio, TX, and Boston, MA – LumaBridge (formerly known as Cancer Insight), an oncology-focused clinical research organization (CRO), today announced a majority growth investment from global investor Summit Partners. The funding will help LumaBridge continue to build on its work offering best-in-class clinical trial solutions to support emerging biopharma companies that are working to develop life-changing immuno-oncology treatments.

LumaBridge was founded in 2014 by veterans Dr. George Peoples and Dan Hargrove to help advance the development of novel immunotherapies in the fight against cancer. Building on the founders’ three decades of combined experience in academic and military research, LumaBridge serves as a strategic partner to emerging biopharma and biotech companies, offering full outsourced clinical trial support across the entire timeline of clinical development.

“Innovative therapies often come from unexpected places, but navigating complex clinical and regulatory pathways can be challenging,” said Dr. George Peoples, Founder and Chief Medical Officer of LumaBridge. “We built LumaBridge to provide expert support for the execution of clinical trials and ultimately advance novel immunotherapies that benefit patients.”

LumaBridge offers comprehensive CRO services, including consultation on clinical development strategy, as well as special capabilities in military research. Over the eight years since its founding, LumaBridge has made a significant impact in the advancement of immuno-oncology therapies, supporting a substantial number of trials and projects for over 30 clients.

“Summit Partners has a long history of partnering with leading companies in healthcare and life sciences, helping to accelerate their growth and development,” added Dave Boyle, Chief Executive Officer of LumaBridge. “We are excited to leverage Summit’s experience and extensive resources as LumaBridge embarks on a new phase of growth and we expand our ability to support a greater number of trials and bring more therapies to market.”

“The pipeline for clinical-stage immuno-oncology therapies is growing, as is the complexity, duration, and cost of these trials, fueling a need for outsourced services. In our experience, this is particularly true among emerging biotech companies, which often lack the internal resources to run trials in-house,” said Mark deLaar, a Managing Director at Summit Partners who has joined the LumaBridge board of directors. “With a deeply experienced and highly regarded team, an extensive research site network, and robust clinical operations capabilities, we believe LumaBridge is strongly positioned to serve this important and growing need. We’re proud to partner with the LumaBridge team to support the company’s continued impact.”

About LumaBridge
LumaBridge is a specialty clinical research organization (CRO) focused on creating innovative clinical trial solutions for biopharma companies. Founded in 2014 as Cancer Insight, the company offers customized clinical trial guidance, strategic partnership, and personalized attention to each sponsor, accelerating the development of potential therapies.

LumaBridge builds on the success and experience of a seasoned team, led by Dr. George Peoples, to support drug development, accelerating therapies to patients and guiding biopharma companies through clinical and regulatory pathways. As part of their comprehensive CRO services, LumaBridge offers consultation on trial design and clinical development strategy. For more information, visit lumabridge.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $35 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 550 companies in healthcare, technology, and other growth industries. Notable healthcare and life sciences companies backed by Summit include Advanced Cell Diagnostics, Clontech, Diagnostic Hybrids, Fortis Life Sciences, Integrated DNA Technologies, LakePharma, and Viroclinics Biosciences. Summit maintains offices in North America and Europe and invests in companies around the world.

For more information, please see www.summitpartners.com or Follow on LinkedIn.

July 28, 2022
2022

PriceLabs Announces $30 Million Investment from Summit Partners

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Funding to support continued team expansion and product development to support growing demand for innovative, easy-to-use dynamic pricing solutions for the short-term rental industry

Chicago, IL and Menlo Park, CA – PriceLabs, a leading provider of dynamic pricing and revenue management solutions for the short-term rental industry, today announced a $30 million minority growth investment from Summit Partners. This funding represents the first financing for the profitable business and will support PriceLabs’ continued commitment to building leading revenue management solutions and fuel global team growth.

PriceLabs was founded in 2014 to bring sophisticated AI and analytical tools to owners and managers of vacation homes and short-term rentals. The idea was born from co-founder Richie Khandelwal’s frustrations while managing personal rental property and the inability to efficiently adjust prices based on changes in demand. Teaming up with friends Anurag Verma and Sana Hassan, the group built a solution designed to address the similar challenges faced by the thousands of small business owners operating in the short-term rental market.

Today, PriceLabs powers over 150,000 listings in more than 100 countries. The company has been growing steadily since its founding, with an offering that has resonated with vacation rental businesses of all sizes, from single-property owners to large property managers. Recently, PriceLabs won SaaSBoomi’s 2021 Bootstrapped Startup of the Year award after having grown nearly 3x in 2021.

“Pricing can be the single biggest growth lever when running any business, particularly in the hospitality space, where most businesses still use archaic methods and static pricing that can leave anywhere from 10 - 40% of revenue on the table,” said Richie Khandelwal. “We purpose-built PriceLabs from the ground up to serve the needs of short-term rental operators, offering an easy-to-use and highly configurable solution that allows operators to combine our AI and algorithms with their own unique knowledge of the local market and property.”

PriceLabs’ automated dynamic pricing solution is designed to continuously analyze historical and forward-looking hyper-local data to sense changes in demand and recommend optimal daily pricing tailored to each property’s unique characteristics. The company’s comprehensive software provides users with data and tools to monitor and research local market conditions and adjust prices to suit the needs of the property and operations. Prices update automatically through direct integrations with over 70 property management software solutions, helping property owners efficiently manage their operations and maximize the profitability of their listings.

“Our product democratizes powerful tools that, historically, have only been available to large hospitality businesses,” said Sana Hassan, co-founder of PriceLabs. “From an individual host seasonally renting their apartment in Paris to a multi-thousand unit vacation rental manager in Florida, we’ve built a solution that is easy to use, affordable, and integrates seamlessly with the software they’ve already adopted.”

"Consumer preference has continued to shift in favor of alternative accommodations across every demographic, which has led to rapid growth in the short-term rental industry and over 8 million unique listings on Airbnb and Vrbo alone. We see PriceLabs as ideally positioned to serve this growing market with an intuitive, easily customizable and comprehensive solution designed to deliver ROI to owners and managers almost immediately,” said Colin Mistele, Managing Director at Summit Partners, who has joined the PriceLabs Board of Directors. “We believe this deeply experienced team has a significant opportunity to capitalize on a substantial unpenetrated market as they continue to develop and launch innovative products.”

“At PriceLabs, we believe every business in the accommodation space should have access to data-driven pricing and associated capabilities. We’ve been at the forefront of innovation - from building a pricing solution that can be used worldwide to building an industry-first minimum stay recommendation engine,” said Anurag Verma, co-founder of PriceLabs. “With the support and growth-oriented resources that Summit offers, we are excited to continue our mission of delivering innovation to the short-term rental market and accelerate our global hiring.”

PriceLabs is hiring professionals globally with a passion for the short-term rental industry to join our remote team. If you’re interested in learning more about careers at PriceLabs, please visit our career center.

About PriceLabs
Headquartered in Chicago and founded in 2014, PriceLabs is a leading provider of innovative and easy-to-use dynamic pricing and revenue management solutions for the accommodation industry. PriceLabs provides a data-driven approach, automation rules, and customizations to manage pricing and stay restrictions that help the owners and managers of vacation rentals increase revenues with efficiency and ease. With over 70 integrations and a growing list of channels and property management systems, PriceLabs’ automated revenue management solution is built to serve the needs of everyone from large property managers to single-property owners. Learn more at www.pricelabs.co.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $39 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 550 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 Follow on LinkedIn.

July 21, 2022
2022

TextExpander Raises $41.4M to Accelerate Automation and Boost Team Productivity in the Enterprise

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Summit Partners leads growth investment; SaaS industry leader J.D. Mullin named CEO

San Francisco and Menlo Park, CA — TextExpander, a developer of productivity software, today announced a $41.4 million financing round and the addition of SaaS industry leader J.D. Mullin as the company’s new CEO. The financing is led by global growth equity investor Summit Partners and will support continued investment in R&D, hiring and customer acquisition, and will help to further accelerate TextExpander’s rapid growth.

TextExpander is built to help teams and individuals accelerate repetitive tasks and deliver a personal touch in business communications. The company’s productivity software is designed to automate content creation through highly customizable, user-defined keyboard shortcuts, or “snippets”, helping management teams to promote consistent and compliant communications. From small teams to enterprise-wide deployments, users leverage TextExpander across a variety of job functions and use cases – from customer support to recruiting to outbound sales – and counts many high-growth technology, healthcare and consumer companies among its customers. Today, the company has more than 100,000 monthly active users (MAU) who have employed 560 million expansions in the last year alone.

“TextExpander has achieved best-in-class customer satisfaction and retention, with consistently strong net promoter scores. This is a testament to the founders’ focus on building a product that saves teams time and improves productivity,” said J.D. Mullin, CEO of TextExpander. “I’m excited to build on the strong foundation laid by founders Philip Goward and Greg Scown, as we work together to lead TextExpander in this new phase of growth.”

J.D. brings substantial experience in leading and scaling fast-growing SaaS businesses, as well as in building engineering and product teams that help drive rapid innovation and support high-velocity sales models. Prior to joining TextExpander, J.D. was an Executive-in-Residence at Summit Partners. Previously, he spent two years leading the QuickBooks Time business unit at Intuit following its acquisition of TSheets, a leading SaaS-based time tracking and scheduling program.

“We’ve worked closely with J.D. for a number of years. As a leader and an operator, he offers a rare combination of product vision, technical expertise and business acumen, and we are excited to bring this perspective to the TextExpander team,” said Colin Mistele, a Managing Director with Summit Partners. “At a time when organizations are seeking ways to empower their employees by automating routine tasks and communication, we believe TextExpander stands out with a simple, yet powerful, full-featured solution designed to serve the needs of individuals, teams and enterprises.”

TextExpander’s “use it anywhere and everywhere” flexibility has become a consistent theme among customer acclaims. The solution can be used across applications, from email and calendars to popular software applications like Salesforce and Zendesk. Customers regularly highlight the value created by the ability to both standardize and personalize messaging using templates. This is especially relevant in highly regulated industries or customer-facing scenarios where consistency is paramount but personalized communication continues to matter more than ever.

“TextExpander enables me to interact with more customers and maintain my quality of support. I am able to use our repository of snippets as frameworks and then slightly reword the solution for the customer’s specific situation.” - Michael Marvosh, Product Specialist, ConvertKit

“While individuals and small teams have benefited from TextExpander’s powerful solutions for years, large enterprises, including several Fortune 500 companies, are also now utilizing our solutions and benefiting from our content creation and team workflow features,” said Mullin. “With this investment from Summit Partners, we will continue to advance enterprise capabilities and expand our team to support a growing base of loyal customers."

J.D. Mullin and Colin Mistele have joined TextExpander Founders Philip Goward and Greg Scown on the TextExpander Board of Directors. Matt Rissell, founder and former CEO of TSheets, has been named as an independent board director.

About TextExpander
TextExpander develops productivity software for macOS®, Windows®, Chrome™, iPhone®, and iPad®. Headquartered in San Francisco, California, TextExpander is a closely-knit, geographically diverse company. We have proudly served our customers for more than 15 years. Our award-winning products redefine productivity so that our customers can get to the finish line sooner, leaving them more time for what comes next.

Sign up for a free TextExpander trial at https://textexpander.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $39 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 550 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 Follow on LinkedIn.

July 19, 2022
2022

Blockchain Security Firm Halborn Raises $90M Series A Led by Summit Partners

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Miami, FL - Halborn, a cybersecurity firm serving both traditional finance and blockchain-based clients, announced the completion of a $90 million growth equity financing, the first external funding in the company's history. Global growth investor Summit Partners led the round, with participation from Castle Island, Digital Currency Group, Brevan Howard, Third Prime, Sky Vision Capital, and Fenwick. The funding was first announced in a Bloomberg exclusive.

Halborn was founded in 2019 by Steven Walbroehl and Rob Behnke with a vision to secure the blockchain and protect users against data and monetary losses. Profitable since inception, Walbroehl and Behnke bootstrapped Halborn into a leader in Web3 security. Halborn is growing rapidly and today serves over 250 clients and employs more than 100 team members around the world.

"With security vulnerabilities dominating the crypto news headlines, and over $1.5 billion in financial losses from DeFi hacks in 2022 to date, the demand for Web3 security is only growing," said Halborn co-founder and CISO Steven Walbroehll, author of the SANS Institute course on Blockchain and Smart Contract Security. "Funding from this Series A will be used to expand our global team of offensive security engineers and build our Halborn Labs division, accelerating our robust pipeline of SaaS security products."

With thousands of centralized and decentralized applications touching Web3 and developer counts growing rapidly, the Web3 attack surface has grown exponentially in recent years. Applications and APIs are often far more vulnerable than the blockchains upon which they are developed. Open-source vulnerabilities and human programming error have created significant, well-documented cyber risks - but the market has developed few security standards to address this challenge.

Operating across the software development lifecycle, Halborn provides a suite of products and services designed to identify and close vulnerabilities in Web3 applications, helping to create the security standards that the market currently lacks.

Halborn currently serves a diverse global client base spanning Layer 1 blockchains, infrastructure providers, financial institutions, and application and game developers. Halborn's customers include Solana Foundation, Avalanche, and Figment.

"Summit has a long history of partnering with innovative cybersecurity leaders focused on protecting against both monetary and data breaches in a constantly evolving and ever-expanding threat landscape. We believe the stakes and costs are even higher in Web3, given the decentralized development of and the dollars controlled by Web3 applications," said Matt Hamilton, a Managing Director at Summit Partners, who has joined the Halborn Board of Directors. "In a very short time, Halborn has established itself as a globally recognized brand in blockchain security working across Web3 and Web2 environments. The Halborn team has earned a reputation for tackling complex projects and has an impressive record of identifying high-profile vulnerabilities and breaches."

"Cybersecurity risk has historically been a barrier for organizations seeking to launch products in the blockchain industry. Halborn is changing this risk/reward equation and, in doing so, is expanding the addressable market for public blockchain technology. We are thrilled to partner with Halborn as they expand their product offering," said Matthew Walsh, Founding Partner at Castle Island.

"Third Prime is focused on investing in market leaders in some of the most important areas of crypto, and we believe the Halborn team, track record and technology fit squarely in this mandate. We're excited to partner with them as they secure companies across the space," added Wes Barton, Managing Partner at Third Prime.

About Halborn
Halborn is an elite blockchain cybersecurity firm founded in 2019 by ethical hacker Steven Walbroehl and growth hacker Rob Behnke. Halborn builds security products and provides end-to-end cybersecurity advisory services to the top Web3 organizations in the world.

June 15, 2022
2022

OTR Capital Expands Offerings to Further Support Carriers and Brokers, Rebrands to OTR Solutions

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ROSWELL, GA – OTR Capital has changed its name to OTR Solutions, a change that better reflects the company’s mission to create exceptional value for its SMB carrier clients by providing industry-leading services and solutions that extend far beyond traditional financing and back-office services.

Founded in 2011 as a financial services and factoring provider dedicated to improving cash flow for motor carriers, the launch of the OTR Solutions brand better defines what carriers, brokers, and industry partners have come to expect from the company —and what they can continue to expect for years to come. Along with the new brand, OTR Solutions is offering several new services to the trucking industry, including ELEVATE, a first-to-market solution that delivers value through branded domains and customized websites for carriers.

“OTR Capital is not only a leading resource for capital to help carriers improve their business, beyond that, we are a carrier’s best friend for a range of services, and the broker’s most reliable and widely respected partner for serving the trucking community,” said Fritz Owens, Chief Executive Officer. “When we think about what we truly do here at OTR, our goal is to provide services for trucking companies to not only be as successful as possible, but also to better compete against, or even out-compete, the largest players in the market. We want to be the go-to resource for small- and medium-sized carriers to get the financing and the services they need to thrive in today’s marketplace.”

“Capital and back-office support will remain a critically important piece of carrier success in the market” Owens added, “but the complexity and unprecedented advancement of the transportation industry over the last several years now requires additional tools and solutions, and OTR Solutions is committed to providing them.”

“We’ve always said from the very start that we’re more than just a factoring company,” said Grace Maher, Chief Operating Officer. “While it’s our core business and we do it better than anyone else, it’s been our mission to do everything we can to help the small carrier succeed, and to help brokers efficiently and effectively transact with a broad segment of the market. Through those solutions we currently have, the technology that we’re building, and the partners we’ve brought on board, we are going to continue to expand our menu of tools and services as we formally change our brand to OTR Solutions.”

Included among the services that OTR is launching to expand its menu of services concurrent with today’s name change are the following:

• An expansion of OTR’s “Bolt” product to allow carriers to receive “direct to debit” payments in a timely and cost-effective manner;

• A “driver safety rating scorecard” tool that will allow carriers to monitor their FMCSA scores to ensure that a surprise inspection doesn’t take them off the road;

• An “OTR Solutions Forum” where carriers can trade notes best practices with their industry colleagues, identify opportunities, and find new ideas for growing the success of their business;

• Expanded availability of OTR’s fuel advance app to allow carriers to receive advance financing in today’s high fuel cost environment; and

• The $9 Lumper Advance, which for a low and flat fee of $9 will provide advance financing of lumper fees.

In the coming months and years, Owens said, OTR will be expanding its menu of additional services in its continuing quest to help carriers and brokers succeed.

About OTR Solutions
OTR Solutions provides industry-leading technology and financial services, tools, and support to help carriers and brokers start and grow a successful operation. Trucking companies and freight brokerages of all sizes turn to OTR to receive reliable financing and back-office solutions, a dedicated fuel team, up-to-date news and education, and technology and innovation to prepare them for anything and everything. As a testament to its growth, OTR has been named in the Inc. 5000 multiple years in a row and strives to improve the work experience for its employees as a Top Workplace in 2017, 2018, 2019, 2020, 2021 and 2022 as named by the Atlanta Journal-Constitution.

Source: OTR Solutions

June 2, 2022
2022

Foxen Closes $44 Million Series A Round to Fund Revolutionary FinTech Solutions in Real Estate

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Columbus, OH and Santa Barbara, CA – Foxen, a market leader in financial technology solutions for the real estate industry, today announced a $44 million Series A financing led by growth equity investor Summit Partners, with participation from Level Equity. Foxen will use the funding to accelerate development of its expanding product portfolio and fuel hiring across the organization.

Foxen’s technology solutions center on financial wellness – the improvement in the management of finances through technology – and are designed to mutually benefit property managers, owners, and their residents. The company’s products were born of a market need for accountability and compliance in insurance coverage across the multifamily real estate market. Rental housing provides homes to more than a third of U.S. households , and while most multi-family property managers require renters insurance, compliance of this requirement is often not managed. Only about 57% of tenants carry an insurance policy , exposing renters to risk due to common incidents and leaving building owners susceptible to damage to the unit or property.

“As a property owner, I learned firsthand that requiring renters insurance is ineffective without the ability to manage compliance," said Jay Harkrider, Managing Partner and Co-Founder of Foxen." At Foxen, we’ve leveraged years of industry experience to build a technology platform that provides a convenient, affordable rental insurance alternative that simultaneously enables properties to achieve 100% compliance, creating a better experience for both residents and landlords. With the backing and resources of Summit Partners and Level Equity, we are poised to accelerate the expansion of this platform with new products that deliver on our vision of improving financial wellness through real estate.”

Reimagining Renters Insurance
Foxen’s proprietary software solution is designed to seamlessly integrate with leading property management systems to provide real time access to property and resident compliance data, with automated enrollment in Foxen’s insurance solution for residents who incur lapsed or cancelled third-party coverage. The enrollment safety net, along with an embedded program solution at lease signing maximizes program participation while offering residents a convenient renters insurance solution. Foxen’s program maintains market-leading participation rates and is a trusted partner to some of the most respected property and asset management firms across the United States.

Foxen has grown rapidly since its founding in 2018; over the last twelve months, Foxen grew units monitored by more than 240%. This capital provides Foxen an opportunity to expand into a total addressable market of more than 24 million multifamily units in the U.S. alone.

"With intuitive products that are designed to be easily adopted, seamlessly integrated and quickly revenue generating, Foxen applies a fresh approach to complex processes in the real estate, insurance, and financial categories,” said Colin Mistele, Managing Director at Summit Partners, who has joined the Foxen Board of Directors. “Foxen’s approach has resonated with customers, helping the team to bootstrap the business as it has grown to serve property managers on a national scale. We believe this deeply experienced team has a significant opportunity to build on that momentum as they continue to develop and launch innovative products to benefit property owners and residents alike.”

This funding comes at a point of strategic inflection for Foxen, as the company seeks to scale its team and operations to support new product growth. In 2022, Foxen launched Rentistry, a rent reporting and credit building program that aims to positively impact residents through credit score improvements while creating value for the properties that offer it as a powerful rent collection tool. Foxen plans to double in size over the next twelve months, bringing new jobs to its operations in Columbus, Ohio, and Santa Barbara, California.

“We believe there is a need for smarter FinTech solutions in the multifamily real estate industry,” said Ben Levin, Co-Founder and CEO of Level Equity. “We expect our investment in Foxen to accelerate their release of solutions that continue to create new efficiencies in this space. We’re excited to partner with the team for this new phase of growth.”

About Foxen
Headquartered in Columbus, Ohio, and founded in 2018, Foxen is a leader in the development of innovative and proprietary financial technology for real estate, providing mutually beneficial solutions for the advancement of property owners, managers, and their residents. Through its seamless solution with leading property management software systems, Foxen’s technology enables significant revenue generation for properties and greater financial wellness for residents. For more information about Foxen, visit www.foxen.com or follow Foxen on LinkedIn.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $39 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 550 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 Follow on LinkedIn.

June 1, 2022
2022

Invicti Security Appoints Gerhard Watzinger as Chairman of the Board

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AUSTIN, Texas - Invicti Security™ today appointed esteemed cybersecurity industry veteran and investor Gerhard Watzinger as Chairman of the Board. Watzinger joins board members Michael George, CEO of Invicti, Scott Collins and Sophia Popova of Summit Partners, and Dominic Ang and Joanne Yuan of Turn/River Capital.

Along with his integral role in Crowdstrike's creation and serving as chairman of the board since 2012, Watzinger also currently is a member of the board at Mastech Digital, Absolute Software, and KnowBe4. He brings a deep focus and storied career within cybersecurity and was a key driver behind McAfee's 2010 acquisition by Intel, which resulted in a record-making $7.7B transaction. In his personal time, Watzinger is an internationally accomplished race car driver, competing in over 11 countries, earning 73 podium medals, and winning the coveted 24-hour endurance Sebring and Dubai races.

"The cybersecurity landscape is not unlike the race track. Navigating it requires both a proactive and a defensive approach and a constant pulse for what lies ahead," said Watzinger. "I've had the privilege to be at the forefront of some of cybersecurity's biggest waves. Application security is the wave of our time, and Invicti is the clear leader, with a modern approach and the technical horsepower to make and keep customers secure."

"On the track and in the Boardroom, Gerhard has earned a reputation for speed, innovation, and fearless leadership," said Michael George, Invicti CEO. "It's an honor to welcome Gerhard to Invicti as Chairman of the Board as we continue to deliver on our promise to dynamically test applications at scale, with a high degree of accuracy without the false positives. His commitment here is a resounding endorsement of the leadership position we hold in securing applications efficiently and effectively."

Watzinger's appointment comes on the heels of more record growth for Invicti. Last month, the company was named a Challenger in the Gartner Magic Quadrant for Application Security Testing and welcomed new CMO Alex Bender and SVP Engineering John Mandel. In 2021, Invicti grew annual recurring revenue (ARR) by 50% and added nearly 750 new customers. The company expects to expand its employee base by as much as 40% this year.

About Invicti Security
Invicti Security is transforming the way web applications are secured. An AppSec leader for more than 15 years, Invicti enables organizations in every industry to continuously scan and secure all of their web applications and APIs at the speed of innovation. Invicti provides a comprehensive view of an organization's entire web application portfolio, and powerful automation and integrations enable customers to achieve broad coverage of even thousands of applications. Invicti is headquartered in Austin, Texas, and serves more than 3,600 organizations of all sizes all over the world. For more information, visit our website or follow us on LinkedIn

Source: Invicti

May 24, 2022
2022

Adviser Investments Names Mario Ramos as Chief Executive Officer

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Boston, MA - Adviser Investments, LLC (“Adviser Investments”) today announced it has appointed Mario Ramos as Chief Executive Officer to lead the company's next stage of growth. Ramos joins Adviser Investments on the heels of its partnership with Polaris Wealth Advisory Group (“Polaris”), a strategic combination to drive the firm’s national expansion.

Together, Adviser Investments and Polaris currently manage $9 billion in client assets and offer comprehensive financial planning services and low-cost custom portfolios of actively managed mutual funds, ETFs, tactical investment strategies and select alternative investments through a transparent, fiduciary model.

"Adviser Investments is on course to become a top-10 independent fiduciary, and I’m excited to lead the organization as we embark on a period of rapid expansion," said Ramos. "Our team is poised to enhance our client offerings while creating an environment where advisers can flourish."

"We are immensely proud of what our team has accomplished over the past 28 years as we’ve grown from a team of three managing a single $180,000 account to a nationally-recognized wealth manager with almost 150 employees and partners," said Adviser Investments Chairman Dan Wiener. "Mario is a strong leader, and the next leg of our journey has now begun as he assumes responsibility for our overall strategic direction. As always, our corporate values of honesty and integrity will be integral to our growth."

Ramos brings more than 20 years of experience building and growing market-leading consumer service and technology brands. He previously served as Chief Financial Officer of Evolv Technology, a leader in advanced security screening. Prior to Evolv, Ramos was CFO and Chief Risk Officer of Edelman Financial Engines, a financial advisory platform with more than $250 billion in client assets. Previously, Ramos spent six years at CVS in senior operations and finance roles, culminating in his stewardship of CVS Caremark as Chief Financial Officer. Before assuming the CFO role, Ramos was head of CVS’s M&A and Corporate Development group where he led CVS’s acquisition and integration of Aetna.

"Mario brings significant experience in scaling client service organizations and building high-performing teams," said Matt Hamilton, a Managing Director at Summit Partners and member of the Adviser Investments Board of Directors. "We are excited to partner with Mario to continue building the business through strong organic growth and selective acquisitions, always with a goal of putting Adviser Investments’ clients and employees first."

About Adviser Investments and Polaris Wealth Advisory Group
Since 1994, Adviser Investments has helped individuals, trusts and foundations build wealth through comprehensive financial planning and investment management. Adviser Investments is routinely named among Barron’s top independent financial advisers, the Financial Times’ 300 Top Registered Investment Advisers and has been consistently chosen as one of the best places to work in financial services in national and regional surveys.

Founded in 1998, Polaris Wealth Advisory Group offers a full suite of wealth management services to clients while pairing in-depth comprehensive planning with proprietary tactical investment management services. Polaris’ serves clients nationwide through strategic offices in California, Texas and Illinois. Polaris offers 18 unique, tactical portfolios to clients and takes great pride in serving families and investors from all walks of life.

Discloser
Awards and recognition referenced above do not evaluate client experience or investment returns, nor are such a guarantee of future performance or satisfaction. Adviser Investments did not pay a fee to participate in the awards referenced herein. The Barron’s America’s Best Independent Advisors (awarded to Adviser Investments, LLC 2013‐2020) ranking considers factors such as assets under management, revenue produced for the firm and quality of practice as determined by Barron’s editors. The award sponsor has not disclosed how many firms were surveyed or considered for this recognition, nor the percentage of total participants that ultimately received recognition. Prior to 2019, the award was called the Barron’s Top 100 Independent Wealth Advisors.

The InvestmentNews Best Places to Work for Financial Advisers award (awarded to Adviser Investments, LLC 2018‐2021) is conducted in partnership with employee survey firm Best Companies Group. Winners are selected based on a two‐part survey completed by employers and employees. Employers report their organization’s workplace policies, practices and demographics. Employees complete a survey designed to measure the employee experience in areas such as leadership and planning, pay and benefits, corporate culture and communications, and work environment. Scores from the employee survey represent threequarters of the weight of the final rankings. Firms do not pay a fee to participate. To be eligible for the award, a firm must be a registered investment adviser or broker‐dealer, have been in business for at least one year and have at least 15 full‐time employees. In 2018, 50 firms were named to the list; in 2019–2022, 75 were named. The award sponsor has not disclosed how many firms were surveyed or considered for this recognition, nor the percentage of total participants that ultimately received recognition.

The Financial Times 300 Top Registered Investment Advisers is an independent listing produced annually by Ignites Research, a division of Money‐Media, Inc., on behalf of the Financial Times. The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. The listing reflected each practice’s performance in six primary areas: assets under management, asset growth, compliance record, years in existence, credentials and online accessibility. Over 750 qualified firms applied for the award, 300 of which were selected (40%). This award does not evaluate the quality of services provided to clients and is not indicative of the practice’s future performance. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

May 19, 2022
2022

Veranex Announces Strategic Investments from Accelmed Partners and Lauxera Capital Partners

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RALEIGH, N.C.– Veranex — the only global, tech-enabled product development services provider focused on the medical technology industry — today announced strategic partnerships with Accelmed Partners II and Lauxera Capital Partners. Accelmed and Lauxera join existing investor Summit Partners to help further accelerate Veranex’s strategic development as the company continues to expand its global operations. Uri Geiger, managing partner with Accelmed, and Samuel Levy, co-founder of Lauxera, have joined the Veranex board of directors.

Veranex serves the medical technology industry by providing design, engineering, regulatory, preclinical research, clinical development, commercial strategy, and market access services on an integrated basis. As a result, Veranex helps companies accelerate their speed to market while mitigating the cost and risk of MedTech product development. Since the company’s formation in 2021, Veranex has completed six acquisitions to build its position as the leading global product development services provider dedicated to the medical device and biotech space.

“In a very short time, Veranex has built a robust platform that provides our customers with integrated, multidisciplinary medical technology product development services,” said David Dockhorn, CEO of Veranex. “We are thrilled to welcome Accelmed and Lauxera to the Veranex team to help us continue building on this strong momentum. Each brings a wealth of experience that will support continued expansion of our geographic footprint, both operationally and commercially. We are very well-positioned for further growth and continued impact.”

“Our team has a passion for healthcare innovation, and we see this same passion in the Veranex team,” said Uri Geiger, Ph.D., a managing partner at Accelmed. “We look forward to supporting the Veranex team in building a unique, integrated solution that meets the MedTech industry’s needs in the areas of design, development, regulatory, and commercialization.”

“Europe is home to a vast ecosystem of innovative medical technology companies that can benefit from the wide-ranging services and capabilities Veranex delivers,” added Samuel Levy, co-founder of Lauxera Capital Partners. “Veranex accelerates medical technology product development and, therefore, patient access to lifesaving MedTech innovations.”

Summit Partners, which invested in Veranex in 2021, retains majority ownership of Veranex in partnership with the Veranex management team.

Financial terms of the investments were not disclosed.

About Veranex
Veranex is the only truly comprehensive, global, tech-enabled service provider dedicated to the medical technology industry. Offering expert guidance for each of its four concept-through-commercialization pillars — engineering and design, clinical, market access, and regulatory — Veranex enables accelerated speed to market, controlled development costs, development risk mitigation, and accelerated market viability assessment. At every stage, Veranex customers realize efficiencies in cost and time, while its comprehensive solutions unify the entire development process. For more information, visit VeranexSolutions.com or follow on LinkedIn.

About Accelmed
Accelmed is a U.S.-based private equity firm focused on acquiring and investing in U.S. commercial stage, lower middle market HealthTech companies. Since 2009, Accelmed has deployed over $400 million into companies spanning medical devices, diagnostics, digital health and technology-enabled healthcare services. Accelmed seeks to accelerate value and scale innovation across the HealthTech field by bringing to bear the team’s industry experience, operational and financial expertise, and strong global relationships. For more information, please visit www.accelmed.com.

About Lauxera Capital Partners
Founded in January 2020, Lauxera Capital Partners is an independent, HealthTech-focused investment firm based in Paris and San Francisco. Its first fund, Lauxera Growth I, a €260 million vehicle, was reserved for professional investors and obtained the French government’s “Tibi” label for the financing of technology companies. Led by a team of life sciences business builders and professional healthcare investors with more than 50 years of experience, Lauxera makes Growth and Growth Buyout investments in commercial-stage HealthTech companies with the aim of driving business growth in the EU, US, and other international markets. More information: https://lauxera.com/.

May 4, 2022
2022

ProGlove Announces Majority Investment

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Munich, Germany -- ProGlove, a leader in industrial Internet-of-Things (IoT) wearables, today announced that Nordic Capital has entered into a definitive agreement to become the majority owner of the company. This transaction represents an exit for Summit Partners, which invested in ProGlove in 2019.

ProGlove is a technology leader that has been growing rapidly since its founding in 2014. The company provides integrated hardware and software solutions built around wearable barcode scanners with multiple IoT sensors that allow for hands-free data capture. This combination of German engineering and industry analytics software is designed to serve the growing demand for digitalization across industries. ProGlove’s technology helps improve worker well-being, increase productivity and optimize efficiency.

Summit Partners invested in ProGlove in 2019, partnering with a visionary founding team led by CEO Andreas König. During this period, the company significantly expanded its presence in the North American market and broadened its client base from an initial focus on the automotive sector to serve customers in retail, e-commerce, logistics, warehousing and manufacturing. In 2021, the company launched its “Human Digital Twin” cloud-based software platform to firmly position itself as a leading industrial IoT provider.

“We are grateful for the partnership and support of the Summit team, who was instrumental in helping us expand our reach and impact over the last three years,” says Andreas König. “Summit collaborated closely with our team to drive meaningful sourcing and supply chain improvement, optimize our go-to-market strategy and expand our leadership team. Today’s announcement caps a period of significant growth and innovation for ProGlove, and we are excited about the opportunities ahead.”

Today, ProGlove has over 250 employees in Munich, Chicago and Belgrade and serves a diversified mix of customers across more than 30 countries. Among them are iconic global brands such Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples.

April 27, 2022
2022

Leading Influencer and Social Platforms Mavrck and Later Unite to Solve Measurement and Monetization for the Creator Economy

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Mavrck secures $135 million investment from Summit Partners to build platform that drives revenue for brands and creators

Boston, MA, — Mavrck, the leading influencer marketing platform for enterprise consumer brands, today announced it will join forces with Later, the leading social media marketing and commerce platform for small business owners and creators. The combination was funded with a $135 million strategic investment by global growth equity investor Summit Partners, and represents a follow-on to the firm’s December 2021 $120 million investment in Mavrck. Later will continue to operate as a standalone product and business unit, while working together with Mavrck to solve creator measurement and monetization at scale to better serve both sides of the ecosystem — brands and creators. The Mavrck and Later technologies are positioned to capitalize on significant opportunities, including social commerce and creator-based marketing, through relationship management with brands of all sizes and creators of all types.

Providing More Meaningful Measurement of Business Impact
The influencer marketing industry is growing quickly - at an estimated CAGR of 30% and is expected to reach $85 billion in spend by 2028, according to Research and Markets. However, the lack of sophisticated social analytics remains a critical pain point within the global creator economy. Meaningful measurement is frequently cited as one of the most pressing challenges for enterprise brand influencer marketers, who have largely relied on metrics such as views and engagements as a proxy for success. More meaningful bottom-of-the-funnel metrics tied to business outcomes and ROI remain elusive - but are critical to proving the value of creator partnerships in a brand’s marketing mix. The benefit extends to creators as well; with the support of data-driven insights, creators can improve their monetization and collaboration opportunities with leading global brands.

“Creators add tremendous value to brands, but the ability to measure that value remains a challenge – creating tension between brands and the creators with whom they collaborate. Together, Mavrck and Later are committed to building an ecosystem of trust between marketers and creators — powered by proprietary data and designed to add transparency to the compensation process and fuel the growth of the creator middle class,” said Lyle Stevens, Co-Founder and CEO of Mavrck. “Specifically, adding Later’s social insights to the Mavrck platform will help brands search for creators based on historic traffic generated by Later’s link-in-bio solution, which is designed to drive a better brand fit. Creators become more desirable to brands when they’ve demonstrated an ability to convert consumers to action, improving their likelihood to monetize and collaborate with leading global brands.”

Since its launch in 2016, Later’s link-in-bio feature, one of the first Instagram bio link tools of its kind, has generated over 2 billion pageviews for users worldwide, capturing valuable insights on the social profiles and content that drive traffic. Almost 7 million creators and small business owners use Later’s suite of social media tools to visually plan and schedule social content, drive traffic, and increase their sales. With this unique technology, coupled with providing free educational resources and content to their customer base, Later has helped millions of small business owners and creators grow their brands and businesses online. This investment follows a period of substantial revenue growth for Later and will help to further accelerate growth by expanding its business solutions for small businesses and creators.

“We’ve built a phenomenal platform designed to help small businesses and entrepreneurs to manage their digital marketing, commerce, and customer relationships all in one place. Our notable scale is a result of the commitment we've placed on our role within that ecosystem,” said Roger Patterson, Co-Founder and CEO of Later. “Later’s leading technology paired with Mavrck’s enterprise social proof platform will expand on that value even further. Together, we’ll nurture a symbiotic relationship between creators and brands, helping both to drive meaningful results to grow their businesses.”

Reaching Consumers, Driving Revenue for Enterprise Brands
Since 2020, the average brand spend on the Mavrck platform has increased by 114 percent, a testament to the explosive growth of the influencer marketing industry, as people have turned to content creation as a secondary or primary source of income. Mavrck aims to help that rapidly growing creator class — an estimated 50 million people worldwide according to eMarketer — to better monetize their creative passions by connecting them with brands to deliver content people trust. Today, more than 5,000 marketing professionals at more than 500 global consumer brands rely on Mavrck’s technology to more effectively access and manage relationships with content creators. Since 2014, Mavrck has activated more than 3 million creators and paid more than $200 million in incentives. Mavrck’s petabytes of historical data from years of creator activations coupled with Later’s proprietary data will support and accelerate the platform’s machine learning advancements and other product innovations.

“Together, we believe Later and Mavrck can empower both sides of this ecosystem – content creators and the brands that seek to harness their influence – with solutions and at a scale not yet seen in the creator economy,” said Michael Medici, Managing Director at Summit Partners. “We look forward to working with Lyle, Roger and the entire team in their mission to solve a significant industry pain point for creators and marketers – and ultimately drive better business outcomes for both.”

Stevens will lead a new senior leadership team comprised of leaders from both companies: Patterson will oversee the Later business unit as President and join the Board of Directors; Smith Anderson, Mavrck’s Chief Customer Officer will become President of Mavrck’s enterprise-focused business unit; and Robin de Pelham, Later’s VP of People and Places is joining as Chief People Officer. Also joining the senior leadership team is Ian MacKinnon, Later’s Co-Founder and Chief Technology Officer and Sean Naegeli, Mavrck’s Co-Founder and Chief Creator Officer.

The transaction closed in April 2022. Later was represented by Aqua Mergers & Acquisitions, and Mavrck was represented by Goodwin .

About Mavrck
Mavrck is the all-in-one, advanced influencer marketing platform enabling global consumer brands to harness the power of social proof that consumers trust today. Marketers use Mavrck to discover and collaborate with influencers, advocates, referrers, and loyalists to create trusted content and insights for customer journey touchpoints at scale. Using its self-service influencer manager, Mavrck allows marketers to take an automated and performance-based approach to influencer marketing.

Founded in 2014, Mavrck has offices in Boston and Denver. Mavrck's platform has been recognized for its superior offering by the Shorty Awards and Retail TouchPoints' Retail Innovator Awards, honored as "Best Influencer Marketing Platform" by Digiday, is the #1 influencer marketing platform for the enterprise on software review site G2, and was named to the 2019 and 2020 Inc. 5000. Mavrck was also named a "Leader" among the top influencer marketing platforms in Forrester's evaluation, The Forrester New Wave™: Influencer Marketing Solutions, Q2 2020.

About Later
Later is the leading social media marketing and commerce platform that helps small business owners and creators grow their brands and businesses online. With a unique combination of tools, machine-learning-based recommendations, and education, Later makes it easy to visually plan & schedule social content, drive traffic, and increase sales – empowering customers to turn their passions into possibilities.

Proudly based in Vancouver, BC, Later started at a hackathon in late 2013. Six months later, Latergramme launched to almost 20,000 people waiting to use the first version. The Later web and iOS mobile app were launched in May of 2014. Shortly after, Later launched an Android mobile app and continued the journey into the visual content marketing space. Profitable and debt-free, Later has become the pioneer for visual marketing in the social and digital age, operating at the intersection of content, social, and commerce. Maintaining its market lead and independence, the company is now the leading visual marketing platform for Instagram, Facebook, Twitter, TikTok, and Pinterest in the world with over six million users, and in 2021 was ranked #18 in Canada in Deloitte’s Fast 50 list, #119 in North America, and placed 51st in the Globe and Mail’s Fastest Growing Companies list.

Source: Mavrck

March 28, 2022
2022

ConstructSecure changes name to Highwire, launches Partner Elevation Pledge to build safer and more enduring businesses

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The new name and pledge reflect the company's commitment to driving the Partner Elevation movement.

BURLINGTON, MA - ConstructSecure announced today that it has changed its name to Highwire, reflecting a new, broader mission to help builders and owners of capital projects succeed by elevating the capabilities of their partners to deliver great work. In order to elevate the entire industry, the company has also launched The Partner Elevation Pledge. The Pledge is a commitment to embracing a new mindset and a new way of working collaboratively with contracting partners in order to elevate them to do better work, reduce risk, and deliver more successful capital projects.

An Industry Falling Short

Increasingly complex capital projects and an acute skilled labor shortage — the most recent U.S. Chamber of Commerce Commercial Construction Index found that 92% of contractors reported some level of difficulty finding skilled workers and 55% indicated high levels of difficulty — means firms are forced to take on riskier partners.

Traditional prequalification creates a false sense of security, leaving builders and owners open to significant safety, financial, quality and sustainability risks - which is why the world's leading companies are turning to Partner Elevation. Partner Elevation represents a fundamental shift across our industry — from an over-reliance on up-front partner screening to a more collaborative, dynamic approach to risk mitigation across the project lifecycle.

Championing Partner Elevation

The name Highwire is a reflection of the high stakes Partner Elevation, as well as the company's ability to mitigate risks beyond construction. Some of the world's most inspiring companies are increasingly deploying Highwire in the day-to-day operations of their facilities, not just the construction phases.

Highwire recognized that builders and operators needed more than just the old prequalification tools; they needed a platform to actively elevate their partners and help them grow.

"When we built the first version of our product as an internal risk mitigation platform at Harvard University 14 years ago, I never imagined we'd be where we are today," said Garrett Burke, Founder, and President of Highwire. "The world's most advanced builders and operators have embraced the Partner Elevation mindset and have fundamentally changed the way they collaborate with their contracting partners. It's a surreal moment to think about everything we've accomplished. And even more surreal to think that this is just the beginning."

In addition to changing the name, Highwire knew that in order to elevate the entire industry, they needed to do more.

Taking the Pledge

To deliver on the promise of elevating the entire industry, Highwire has launched The Partner Elevation Pledge. Signing the pledge is a commitment to embracing a new mindset and a new way of working collaboratively with contracting partners in order to elevate them to do better work, reduce risk, and deliver more successful capital projects.

By signing The Partner Elevation Pledge, you're pledging to meet partners wherever they are on their journey and collaborate to deliver better work. You're committing to helping them build a safer and more enduring business by dynamically mitigating risk together.

Join the movement by signing the pledge here: https://www.highwire.com/pledge

The company has partnered with two non-profit organizations focused on elevating their own communities. For the first 500 signatures of The Partner Elevation Pledge, Highwire will donate $10 to organization.

The first is Russell CARES, the philanthropic arm of H. J. Russell & Company (Russell).

"When our founder, Herman J. Russell, started the company, one of his desires was to economically empower his community," said Paul Bryant, Russell's Vice President of External Affairs. "For years, Mr. Russell, as well as his family, did just that, but it was not widely known. It wasn't until a few years ago that H. J. Russell & Company's philanthropic efforts were officially established under Russell CARES. As our official corporate social responsibility program, Russell CARES is the manifestation of the Russell family's commitment to community service. It's not something we do, it's who we are."

The second is The Rosendin Foundation, a philanthropic venture from Rosendin Holdings. The foundation was established to positively impact communities, build and empower people, and inspire innovation by partnering with community-focused, non-profit organizations in 17-regions across the U.S. to support health including emotional, nutritional, and occupational programs.

"ConstructSecure, now Highwire, has been a fantastic partner for Rosendin over the years. As the Supplier/Subcontractor Program Supervisor I've worked hand-in-hand with them while developing our subcontractor program, which is now a cornerstone of our project operations procedure," said Joan Bremer, Chairperson for the Grant Making Committee for The Rosendin Foundation. "I am beyond thrilled they looked to our organization for their philanthropic giving. I also strongly believe The Partner Elevation Pledge will help with Rosendin's goals of building quality with our many trade partners, along with building people in our communities."

About Highwire
Highwire is leading the Partner Elevation movement for builders and owners of capital projects. The world's most admired organizations — including Skanska, Merck, and Bond Brothers — use Highwire to ensure their contracting partners deliver great work, on budget and on schedule, by collaborating with them to dynamically mitigate safety, financial, quality and sustainability risks throughout every project lifecycle. Originally started as an internal risk assessment system at Harvard University, Highwire is now an independent company championing the Partner Elevation movement. Highwire is backed by global growth equity investor Summit Partners. The company is headquartered in Burlington, Massachusetts, with employees across the United States. For more information visit www.highwire.com.

Source: Highwire

March 24, 2022
2022

48forty Solutions Announces Growth Equity Investment from Summit Partners

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Alpharetta, GA and Boston, MA - 48forty Solutions ("48forty" or the “Company”), a leading national provider of recycled wood pallets and related total pallet management services, today announced that global growth equity investor Summit Partners (“Summit”) has made a significant investment in the Company. Summit joins existing investor Audax Private Equity (“Audax”) as an equal partner in the business, with 48forty’s management team retaining meaningful ownership.

48forty is a leading national provider of end-to-end pallet management solutions – including supply, retrieval, on-site services, reverse logistics and retail services – across the U.S. and Canada. The Company’s solutions are designed to simplify pallet management operations and allow customers to source recycled pallets when and where they are needed. 48forty operates a national network of more than 235 facilities, including 60 Company-owned and operated pallet recycling plants, 160 onsite and 12 reverse logistics centers, five sorting centers and over 850 service providers.

Mike Hachtman, 48forty CEO, said: "We are thrilled to welcome Summit to the 48forty team and continue our partnership with Audax as we build on our market position. We look forward to working together to accelerate 48forty’s momentum and further expand our national network with a firm commitment to delivering high-quality, reliable and comprehensive solutions for customers and suppliers around the country.”

Pallets are a mission-critical component of the supply chain; industry research estimates that as much as 85% of all U.S. goods travel through the supply chain on a pallet. Thousands of customers across numerous industries rely on 48forty to support the success of their supply chains by consistently delivering quality pallets. As one of the nation’s largest pallet recyclers – handling over 300 million pallets a year – 48forty helps ensure its pallets are processed and put back into the cycle for reuse, helping bring efficiency, sustainability and greater confidence to customers at both ends of the supply chain.

Young J. Lee, Managing Director, Audax Private Equity, said: "We’ve been proud to partner with Mike and the 48forty team in creating a leading national platform in the recycled wood pallet market. Since our investment in November 2020, the Company has completed ten acquisitions and delivered solid organic growth, investing in new facilities, technology, automation capabilities, and talent to support continued expansion. We are excited to partner with Summit and support 48forty for its next phase of growth.”

John Carroll, Managing Director, Summit Partners, said: "Maintaining the integrity and managing the environmental footprint of the supply chain is a strategic imperative for many businesses, and effective pallet management is an important part of this process. We believe 48forty sits at the intersection of commerce enablement, warehouse and distribution supply chains, and ESG initiatives, offering high-quality, end-to-end solutions designed to lower costs and minimize environmental impact. We are thrilled to join Mike and his team to further their mission of simplifying pallet management.”

Piper Sandler served as lead financial advisor and Lincoln International served as co-advisor to 48forty and Audax. Ropes & Gray served as legal advisors to 48forty and Audax. Latham & Watkins served as legal advisor to Summit.

ABOUT 48forty Solutions
48forty Solutions is one of the largest pallet management services companies in North America, with a national network of 237 facilities, including 60 company-owned and operated pallet recycling plants, 160 onsite and 12 reverse logistics centers, 5 sorting centers, and more than 850 service providers. 48forty provides end-to-end pallet solutions from supply to retrieval, new and custom pallets, and reverse logistics services. We also operate one of the nation's largest private fleets of over 6,500 trailers and over 400 power units. For more information, visit www.48forty.com or follow us on LinkedIn.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. For more information, please visit www.summitpartners.com or Follow on LinkedIn.

ABOUT Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in 150 platforms and over 1,050 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle-market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow us on LinkedIn.

March 16, 2022
2022

Mavrck Appoints Marketing Veteran Tony Weisman to Board of Directors

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Appointment follows the company's $120 Million Investment from Summit Partners to Redefine Influencer Marketing into Social Proof at Scale

BOSTON - Mavrck, the leading influencer marketing platform for enterprise consumer brands, today announced that Tony Weisman has joined its board of directors. The appointment comes on the heels of a $120 million investment from global growth equity firm Summit Partners, to support Mavrck's mission to build the operations cloud to power all types of social proof at scale.

"The addition of Tony to our board has not only added a wealth of experience and marketing acumen, but also the voice of our customer, the enterprise brand marketing leader," said Lyle Stevens, Co-Founder and CEO of Mavrck. "Marketing is going through another tectonic shift, fueled by digital democratization and the trust economy, that will require marketers to trust both creators and their customers to allow social proof to truly scale and reach its full potential. We've seen it pay huge dividends for the leading brands who have embraced creators. Tony will be instrumental in persuading marketing leaders to adopt and lean into this shift. "

Weisman is the former chief marketing officer of Dunkin' Brands, where he led a 200-person organization with a $500 million annual budget. During Tony's tenure, Dunkin' broke sales records and its store traffic was the highest in four years. He helped modernize the chain's image and menu, leading the rebranding efforts of the name to Dunkin' — dropping the "Donuts" from the name in recognition of its diverse and modern menu.

Weisman also transformed the brand's digital marketing and managed Dunkin's CPG business, resulting in $1 billion in retail sales in 2019 (10% increase year over year). He was named a Forbes World's Most Influential CMO, a Business Insider's 25 Most Transformational CMO, and an Adweek Brand Genius.

Before joining Dunkin', he spent a decade at Digitas, most recently serving as CEO of DigitasLBi North America. Prior to that, Weisman was the CMO of FCB Chicago and held various management positions at Leo Burnett. Weisman also serves on the board of Klaviyo, a customer data and automation platform; Cardlytics, a digital ad platform for financial institutions; and 3Q Digital, a performance marketing agency, among others.

"I am looking forward to working with Mavrck on their journey to define a new category of enterprise software that will transform how brands build trust with their customers and advocates," said Weisman. "The growth that we're seeing in the influencer marketing industry and creator economy as a whole is explosive. Influencer marketing is becoming one of the most reliable ways for brands to connect with their consumers, especially in a world where that is becoming harder and harder to do."

On the board, Weisman joins Lyle Stevens, Co-Founder and CEO of Mavrck; Summit Partners' Managing Director Michael Medici and Principal Sophia Popova; Investor and Senior Partner at Archer Venture Capital, George Bell; and Investor and General Partner at GrandBanks Capital, Tim Wright.

About Mavrck
Mavrck is the all-in-one, advanced influencer marketing platform enabling global consumer brands to harness the power of social proof that consumers trust today. Marketers use Mavrck to discover and collaborate with influencers, advocates, referrers, and loyalists to create trusted content and insights for customer journey touchpoints at scale. Using its self-service influencer manager, Mavrck allows marketers to take an automated and performance-based approach to influencer marketing.

Founded in 2014, Mavrck has offices in Boston and Denver. Mavrck's platform has been recognized for its superior offering by the Shorty Awards and Retail TouchPoints' Retail Innovator Awards, honored as "Best Influencer Marketing Platform" by Digiday, is the #1 influencer marketing platform for the enterprise on software review site G2, and was named to the 2019 and 2020 Inc. 5000. Mavrck was also named a "Leader" among the top influencer marketing platforms in Forrester's evaluation, The Forrester New Wave™: Influencer Marketing Solutions, Q2 2020.

Source: Mavrck

March 15, 2022
2022

Akeneo Announces $135 Million Series D to Redefine Product Information Management Category

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Summit Partners leads investment round to further accelerate Akeneo’s product development roadmap, bolster strategic hiring and support international growth

BOSTON – Akeneo, a global leader in product experience management (PXM) and product information management (PIM), today announced a $135 million Series D financing. The funding round is being led by global growth equity investor Summit Partners , which also led the company’s Series C financing in 2019. Existing investors Alven and Partech are also participating in the latest round, bringing Akeneo’s total investment to $196 million. The new capital will be used to drive continued momentum through an accelerated product development roadmap, key executive hires, and expansion of Akeneo’s strategic partnerships.

Akeneo is on a mission to fundamentally disrupt the product information category and better serve the rapidly growing needs of modern omnichannel brands and retailers. While many brands understand that PIM provides an important foundation for creating the engaging product experiences needed to turn first-look browsers into repeat shoppers and loyal customers into lifelong brand advocates, many lack the single source of truth to turn that vision into reality. Akeneo’s PXM solution is designed to help these companies reimagine their operations – making PIM a cornerstone of commercial success and helping influence new growth opportunities and drive revenue across their operations and sales channels.

“The customer journey changed in the blink of an eye, and we believe the most nimble and effective way to manage these ever-evolving dynamics is to invest in creating product experiences that resonate no matter where the customer is browsing or buying,” said Fred de Gombert, CEO and co-founder of Akeneo. “Brands and retailers are becoming as invested in building and managing their product information as they are in managing customer information, and we see this trend playing out in our platform adoption rates, new customer additions, and revenue growth. We are extremely grateful to our investors and partners; this momentum would not be possible without their continued support.”

Leading global brands including Fossil, 1-800 Flowers, and John Deere leverage Akeneo’s PXM Studio platform to centralize product information, quickly measure and enrich product data quality and consistency, and deliver compelling, consistent, and personalized product experiences across all sales channels and touchpoints; ultimately to increase sales, reduce time to market, and boost productivity.

The latest funding round will enable Akeneo to develop its PXM Studio platform further, by incorporating key product information such as real-time product availability and inventory, dynamic pricing, order management, competitive product insights, merchandising information, and user-generated content, with a goal to bring to market new offerings that consolidate this more dynamic and complete picture of product information alongside powerful analytics and insights.

The company has gained strong momentum since its Series C in September 2019, and today serves more than 600 customers across 40 countries. Akeneo’s open-source platform has been downloaded more than 80,000 times, with installations growing at a CAGR of more than 170% over the past seven years. Additionally, Akeneo’s partner ecosystem expanded by 30% in 2021, and the company’s employee headcount grew 40% to more than 300 employees in nine countries within the same period.

“Brands and retailers today understand the importance of delivering personalized experiences that are rich with relevant product content at every step along the customer buying journey,” said Steffan Peyer, Managing Director at Summit Partners. “The Akeneo team has been visionary in expanding beyond PIM and establishing an elevated standard in PXM, an approach we believe is necessary for both B2B and B2C companies alike. As seasoned technology investors, we have been impressed by the company’s momentum and ability to scale globally, and we look forward to supporting the team as they continue to build Akeneo’s leadership position in the market.”

Akeneo is announcing the Series D funding at Unlock 2022, the annual global summit for the PIM and PXM community taking place March 15-16 in Paris. This year marks the in-person return of Unlock, which went virtual in 2021, featuring keynote presentations from Akeneo partners and customers LVMH Group, BooHoo, Accor, Rémy Cointreau, Royal Canin, and more.

To learn more about Akeneo, please visit www.akeneo.com.

About Akeneo
Akeneo is a global leader in Product Experience Management (PXM) helping businesses with products to unlock growth opportunities by delivering a consistent and compelling product experience across all channels, including e-commerce, mobile, print, points of sale and beyond. With its open platform, leading PIM, add-ons, connectors and marketplace, Akeneo PXM Studio dramatically improves product data quality and accuracy, simplifies catalog management, and accelerates the sharing of product information across channels and locales.

Leading global brands, manufacturers, distributors and retailers, including Staples Canada, Fossil, Air Liquide and Myer trust Akeneo to scale and customize their omnichannel commerce initiatives. Using Akeneo, brands and retailers can improve customer experience, increase sales, reduce time to market, go global, and boost team productivity. For more information: https://www.akeneo.com

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. For more information, please visit www.summitpartners.com or Follow on LinkedIn

March 10, 2022
2022

Redzone – the #1 Connected Workforce Solution – Reports Record Growth and Reinforces its Mission to Power the Productivity of Frontline Workers

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Company Generated 78% Bookings Growth and Announces the Addition of Industry Veteran Bill Berutti to the Board of Directors

MIAMI — Redzone, the #1 Connected Workforce technology solution, announced a record year, reporting ARR bookings growth of nearly 80% and adding more than 100 new customers in 2021. The company, which is backed by global growth investor Summit Partners, also announced the addition of software industry executive Bill Berutti as Vice Chair of the Redzone Board of Directors.

Redzone is on a mission to transform the frontline worker experience in manufacturing. Labor shortages, worker burnout and supply chain disruptions have put significant margin pressure on manufacturers of all sizes. Redzone’s Connected Worker platform is designed to address these challenges head-on with a SaaS-based collaboration and engagement solution that has helped to improve worker retention and delivered productivity increases of more than 20% within 90 days of implementation at scale. Today, over 850 plants rely on Redzone’s solution to help transform the productivity and employee experience of hundreds of thousands of frontline workers.

“At a time when demand for manufacturers’ products and services is at historic levels, an acute labor shortage and escalating labor and material costs are forcing a rapid rethink across the industry,” said Richard Tester, CEO at Redzone. “We believe wholeheartedly that productivity is the antidote to inflation. Our customers are reinventing their frontline employees’ experience, empowering their teams with social technology that drives productivity from the floor up. In turn, improved productivity can help manufacturers offset rising frontline wages and drive higher margins; it’s a win-win.”

To further support Redzone’s momentum, Bill Berutti, a prominent software industry veteran, has joined company’s Board of Directors as Vice Chair. Mr. Berutti brings deep experience leading global, high growth businesses in the industrial software space, including Plex Systems, BMC Software and PTC.

“We are delighted to welcome Bill to the Redzone team,” added Mark Sutcliffe, Executive Chairman at Redzone. “The last few years have demonstrated what Redzone has long understood: frontline workers are truly essential workers. Bill shares this belief and our passion for changing how work is done on the factory floor. He brings a wealth of experience in scaling industrial software businesses globally. We are thrilled he has chosen to join the Redzone board.”

“The absence of purpose-built frontline technology has hindered manufacturers for years,” added Mr. Berutti. “Redzone has achieved significant scale – with run rate revenue of more than $65 million -- by delivering on this clear market need. I am excited to join Redzone’s growth journey and help extend their leadership position in the Connected Worker category.”

“Employee retention and engagement has never been more crucial, especially as manufacturers seek to keep plant floors running in order to meet rising customer demand while navigating escalating material costs and supply chain disruption. We believe Redzone is uniquely positioned to help manufacturers address these issues, and the company’s rapid, profitable growth over the last several years speaks to the effectiveness of their approach,” said Jay Pauley, Managing Director at Summit Partners. “At Summit, we have invested across the industrial software and technology sector for decades, and we are delighted to partner with the Redzone team for this next phase of growth,” added Summit Partners Managing Director Len Ferrington. Both Jay Pauley and Len Ferrington joined the Redzone Board of Directors in 2020.

About Redzone

As the #1 connected workforce solution in manufacturing, Redzone enables frontline teams to contribute their full potential, elevating the frontline with new technology to achieve company goals around productivity and throughput. Today, hundreds of thousands of frontline workers are valued, celebrated, and working with purpose; creating stronger communities inside and outside their plants. With customers both big and small, Redzone is helping more than 850 plants worldwide achieve remarkable productivity gains in just 90 days.

Redzone is a privately held company, headquartered in Miami, Florida, with operations around the world. For more information visit www.rzsoftware.com

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. For more information, please visit www.summitpartners.com or Follow on LinkedIn

March 9, 2022
2022

UKG Acquires Ascentis Corporation

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UKG Inc., a leading global provider of human capital management (HCM), payroll, HR service delivery, and workforce management solutions, today announced it has acquired Ascentis Corporation

Headquartered in Eden Prairie, Minnesota, Ascentis is a provider of full-suite HR and workforce management solutions that has grown from 860 customers to 4,800 customers in the past five years. As part of the acquisition, several hundred Ascentis employees throughout the U.S. and in Montevideo, Uruguay, have joined UKG. The acquisition further solidifies UKG market strength through the addition of tenured industry expertise, with UKG currently employing 14,000 U Krewers around the world.

“We’re thrilled to welcome the supremely talented Ascentis team into the U Krew family. Their tremendous workforce management and HCM domain expertise will be vital in the present and future success of UKG,” said Chris Todd, president at UKG. “UKG is transforming the relationship between organizations and their people by creating more empowering, inclusive, and personalized work experiences. The Ascentis team will help us continue to rapidly deliver on our vision for people-centric workplaces.”

“Ascentis and UKG are both unwavering in our purpose: our people and customers are at the heart of delivering value that is truly meaningful,” said Brian Provost, CEO at Ascentis. “I’m excited for the opportunity this creates for Ascenters — now the newest members of the U Krew — as shared passions for innovation and unsurpassed service will evolve how HR technology supports organizations globally.”

With a commitment to serving people as its business foundation, UKG is recognized as a 2021 AnitaB.org Top Companies for Women Technologists Leader, and the company earned a perfect score of 100% on both the Disability:IN Disability Equality Index and the 2022 Corporate Equality Index, among recent accolades. Its purpose-driven culture, coupled with more than $530 million invested in research and development in 2021 alone, creates an environment of continual innovation. UKG was the only HCM provider ranked as a Leader by all major analysts and customer peer-review sites in 2021, and is the only HCM provider named twice in the Gartner Magic Quadrant for Cloud HCM Suites in both Fiscal 2021 and Fiscal 2022.

“Since introducing the world to UKG in 2020, we’ve been met with tremendous enthusiasm by businesses that recognize the importance of transforming themselves to be in service of their people,” said Todd. “Our intentional culture, industry-leading life-work technology approach, and award-winning services uniquely position UKG to help organizations become great workplaces all around the world.”

Cowen acted as the exclusive financial advisor to Ascentis on the transaction.

About UKG

At UKG, our purpose is people. Built from a merger that created one of the largest cloud companies in the world, UKG believes organizations succeed when they focus on their people. As a leading global provider of HCM, payroll, HR service delivery, and workforce management solutions, UKG delivers award-winning Pro, Dimensions, and Ready solutions to help tens of thousands of organizations across geographies and in every industry drive better business outcomes, improve HR effectiveness, streamline the payroll process, and help make work a better, more connected experience for everyone. UKG has 14,000 employees around the globe and is known for an inclusive workplace culture. The company has earned numerous awards for culture, products, and services, including consecutive years on Fortune ’s 100 Best Companies to Work For list. To learn more, visit ukg.com

Source: UKG

February 23, 2022
2022

Summit Partners Named Top Growth Equity Firm by GrowthCap

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Summit Partners was named to GrowthCap’s 2021 Top 25 Growth Equity Firms list. Hundreds of firms were considered for this year’s awards process. Winners were selected based on each firm’s approach to growth equity investing and their approach to providing support and building value for their portfolio companies.

Read more about Summit Partners and our fellow honorees at www.growthcapadvisory.com.

February 17, 2022
2022

RELEX Solutions Raises €500M to Help Retailers and Brands Avoid Food Waste and Tackle Disruptions in Global Supply Chains

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We are pleased to share the news that RELEX Solutions, a provider of unified retail planning solutions, has completed a €500M funding round led by funds managed by Blackstone Growth (BXG). Following the funding round, RELEX Solutions will hire hundreds of developers and experts to grow its technical team that already stands at over 400 people strong.

Summit Partners first invested in RELEX in 2015 as the company’s first institutional investor, partnering with founders Mikko Kärkkäinen, Johanna Småros and Michael Falck to support their vision to offer a more integrated, automated approach to managing retail supply chains – and their passion for solving retailers’ most complex challenges. Since then, we’ve been proud to work alongside the RELEX team during a period of significant growth and international expansion, as the company has continued to build and innovate its data-driven supply chain solutions that today serve more than 350 retailers and brands worldwide.

Today, RELEX Solutions employs over 1,300 people globally. The AI-driven, cloud-based RELEX Living Retail Platform helps retailers and brands reduce waste, costs, and manual work by automating and optimizing their demand planning, merchandising, supply chain, and workforce planning. In times of rapidly changing, fragmented consumer demand, new sales and fulfillment channels, and supply chain disruption, RELEX Solutions helps retailers and brands move fast and find new ways to meet consumer needs while improving operational efficiency and controlling costs.

We believe RELEX is at the forefront of leading digital transformation in the supply chain, and we are proud to continue to serve as their partner in growth.

Learn more about Summit’s partnership with RELEX

February 16, 2022
2022

Fortis Life Sciences Highlights First Year Success

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Waltham, MA – Fortis Life Sciences, a strategic platform company providing capital, expertise, and operational resources to grow founder-led life science companies, today announced highlights from its first year of operations. Fortis delivered strong financial performance in 2021 and has significantly scaled its commercial capabilities. Over the course of the last thirteen months, the company has built a portfolio of high-quality products and brands serving attractive end markets including diagnostic, therapeutic and discovery, through its acquisition of four complementary companies:

Bethyl Laboratories manufactures premium quality, proprietary antibodies, and custom antibody services for the life sciences industry.

nanoComposix specializes in ultra-sensitive, quantitative lateral flow diagnostic assays, producing nanoparticles and offering custom assay development and contract manufacturing services.

Empirical Bioscience produces assay-grade molecular biology enzymes exclusively for diagnostic and commercial assay customers.

Arista Biologicals manufactures antibodies and other immunodiagnostic reagents for rapid testing assays used in drugs of abuse, infectious diseases, and fertility testing.

“We’re incredibly fortunate to have these companies integrated into the Fortis organization,” said Brian Kim, Chief Executive Officer of Fortis Life Sciences. “Each brings a loyal customer base born from a reputation for exceptional products and services. As part of the Fortis platform, each will benefit from ongoing investment and support in the commercial, operational, and technical infrastructure necessary to help expand market awareness, reach new customers, and accelerate growth. Together, we are focused on a single goal: to earn the trust of our customers by delivering the highest quality products and services with an exceptional customer experience.”

Fortis Life Sciences was founded in August 2020 by a team of life science industry veterans in collaboration with global growth equity investor Summit Partners to address a significant gap in the life science tools market.

“We see many small companies in the market with high-quality products and loyal customers, but often these businesses struggle to scale,” Brian Kim noted. “Due to their size, these companies may have low market awareness and lack the resources to invest in their growth. At the same time, we know many customers who describe poor experiences working with larger, well-resourced companies that are less responsive to their needs. In forming Fortis, we saw an opportunity to flip the script and create a best of breed company, combining the customer orientation, agility, and innovation of a smaller company with the scale, capabilities and resources of a larger company.”

Fortis intends to continue acquiring and investing in partner companies that line up to the company’s commitment to deliver quality products, superior service and exceptional support while aligning with the organization’s core values: Customer-First orientation, Integrity in all aspects of business. Trust in an empowered team, Entrepreneurship in the pursuit of innovation, and Excellence.

About Fortis Life Sciences
Fortis Life Sciences is a strategic platform company providing capital, expertise, and operational resources to enable the growth and success of founder-led life sciences tools companies. Established in 2020 and headquartered in Waltham, Massachusetts, Fortis Life Sciences has a vision of creating a unique life sciences company focused on offering world-class products coupled with the best customer experience in the industry. Fortis Life Sciences is backed by strategic and financial partner, Summit Partners. View more at www.fortislife.com.

Source: Fortis Life Sciences

February 8, 2022
2022

Summit Partners Announces Global Promotions

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BOSTON, MA; MENLO PARK, CA; and LONDON, UK, – Summit Partners, a leading alternative investment firm, today announced the promotion of eight professionals across the firm’s global platform. Chief Investor Relations Officer David Schiller has been promoted to Managing Director. On Summit’s growth equity and venture capital teams, Luke Parsons and Steven Twomey have been promoted to Principal; Luke Nowicki has been promoted to Vice President; and Irina Müller has been promoted to Senior Associate. On Summit’s public equities team, Ryan Grimshaw and Chase Woodsum have been promoted to Senior Portfolio Analyst, and Max Rich has been promoted to Portfolio Analyst.

“We are very pleased to recognize our colleagues with these well-deserved promotions,” said Peter Chung, Managing Director and Chief Executive Officer of Summit Partners. “At Summit, we believe our history of developing professionals from within our organization is fundamental to our culture and our long-term success. These promotions recognize the outstanding contributions of each team member in service of our portfolio companies and limited partners, as well as personal and professional conduct consistent with the values of our firm.”

David Schiller has been promoted to Managing Director. Dave joined Summit’s Boston office as Chief Investor Relations Officer in 2016. Prior to Summit, he was a Managing Director with Renaissance Institutional Management, where he was responsible for business development and investor relations for hedge fund products. Previously, Dave was a Managing Director at BlackRock, where he co-led North American Institutional distribution for BlackRock Alternative Investors. He has also held business development and institutional relationship management roles with Barclays Global Investors and Goldman, Sachs & Co. Dave holds a BA from Ohio Wesleyan University and an MBA from Babson College.

Luke Parsons has been promoted to Principal. Luke joined Summit’s London office as a Vice President in 2017. A member of Summit’s Healthcare & Life Sciences team, his investment and board experience includes RadioOnkologieNetzwerk (acquired by Medipass) and Viroclinics Biosciences. Prior to Summit, Luke served as Vice President in the Mergers & Acquisitions division of Jefferies. He holds an MA in applied economics, with honors, from the University of St. Andrews.

Steven Twomey has been promoted to Principal. Steve joined Summit’s Boston office as an Associate 2012 and was promoted to Senior Associate in 2015 and Vice President in 2017. A member of Summit’s Technology team, his board and investment experience includes A Cloud Guru (acquired by Pluralsight), Allego, Clarabridge (acquired by Qualtrics), ConstructSecure, Formative, MacStadium, NetBrain Technologies, Pluralsight and Vestmark. Prior to Summit, Steve worked for Raymond James & Associates. He holds a BS in management, magna cum laude, from Boston College.

Luke Nowicki has been promoted to Vice President. Luke joined Summit’s Boston office as an Associate in 2017 and was promoted to Senior Associate in 2020. A member of Summit’s Healthcare & Life Sciences team, his investment and board experience includes Club Champion and LakePharma (acquired by Curia). Prior to Summit, Luke worked as an M&A analyst in the TMT and Industrials groups at Harris Williams & Co. He holds a BBA in finance and mathematics, magna cum laude, from The College of William and Mary.

Irina Müller has been promoted to Senior Associate. Irina joined Summit’s London office as an Associate in 2019. A member of Summit’s Technology team, her investment experience includes Appway (acquired by FNZ), ProGlove and Solactive. Prior to Summit, Irina worked in the M&A Group at Houlihan Lokey. She holds a BA in business administration and an MA in banking and finance from the University of St. Gallen. Irina is a dual Swiss and U.S. citizen and speaks German and English.

Ryan Grimshaw has been promoted to Senior Portfolio Analyst. Ryan joined Summit’s Boston office as a Portfolio Analyst in 2019. A member of the Summit Partners Public Equities team, he covers the technology sector. Prior to Summit, Ryan worked for Toast, Garelick Capital Partners and Needham & Company. He holds an AB in economics from Harvard University and is a CFA charterholder.

Chase Woodsum has been promoted to Senior Portfolio Analyst. Chase joined Summit’s Boston office as a Portfolio Analyst in 2017. A member of the Summit Partners Public Equities team, he covers the e-commerce, direct-to-consumer brands, retail, restaurants, and other consumer discretionary and consumer staples sectors. Prior to Summit, Chase worked for Stamos Capital Partners. He holds a BA in political science from Princeton University and an MBA from the Kellogg School of Management at Northwestern University.

Max Rich has been promoted to Portfolio Analyst. Max joined Summit’s Boston office as a Junior Portfolio Analyst in 2018. A member of the Summit Partners Public Equities team, he covers the technology sector. Prior to Summit, Max was a professional football player with the New England Patriots of the National Football League. He holds an AB in economics from Harvard University.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 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 visit www.summitpartners.com or follow 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 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.

January 27, 2022
2022

Ashley Conti Smith Named to Top 22 in 2022 Leaders in Credit and Finance List

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Ashley Conti Smith, a Vice President on Summit’s Credit team, was named to Kayo Conference Series’ Top 22 in 2022: Leaders in Credit and Debt Finance Report. The list recognizes women who are not afraid to pursue new frontiers, explore complex ideas and bet on visionary entrepreneurs who see the world as it could be, not as it is today. The 22 women featured are leading the charge in identifying opportunities and creating value in the alternative credit market today.

Ashley has been a member of Summit Partners Credit Advisors since 2019.

View the complete list at Kayo Conference Series.

January 24, 2022
2022

ConstructSecure Announces $96M Growth Equity Investment to Bring Partner Elevation to Capital Projects

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Funding led by Summit Partners supports the company's continued growth and commitment to help builders and owners elevate the capabilities of their partners, amidst a historically challenging labor market

BURLINGTON, MA – ConstructSecure, the Partner Elevation Platform for capital projects and operations, today announced a $96 million growth investment led by Summit Partners. The investment will help enable further product development and support ConstructSecure’s expanded mission to help clients deliver successful capital projects by elevating the capabilities of their partners and mitigating risk across capital project lifecycles.

Related: ConstructSecure changes name to Highwire, launches Partner Elevation Pledge to build safer and more enduring businesses

The Rise of Partner Elevation

Construction firms and facility owners have traditionally attempted to minimize and mitigate risks related to safety, financial, quality and sustainability factors of third-party contractors with upfront screening. A growing volume of increasingly complex construction projects and an acute skilled labor scarcity — 55% of respondents in the U.S. Chamber of Commerce’s most recent Commercial Construction Survey say finding skilled workers is “highly difficult” — has driven many firms to take on riskier partners. Recognizing that “prequalification" alone can’t identify new risks as they arise, ConstructSecure is pioneering a new approach to managing capital projects.

“The Partner Elevation movement represents a fundamental shift across our industry — from an over-reliance on up-front partner screening to a more collaborative, dynamic approach to risk mitigation across the project lifecycle,” said Austin Merritt, ConstructSecure CEO. “We have evolved and expanded our solutions from our roots as an internal risk management tool at Harvard University to a fully-integrated Partner Elevation Platform used by some of the world’s most admired organizations, including Skanska, Merck, Bond Brothers and many others.”

Read more about Partner Elevation from ConstructSecure CEO Austin Merritt >>

ConstructSecure is designed to deliver the capabilities builders and owners need to engage the highest-potential partners and chart a path to success, collaborate with partners on the job to dynamically mitigate new and evolving risks, and review project and partner performance together to continuously learn and improve.

"The industry needs more than just standard contractor assessment tools," said Robin Van Fossen, Director of Subcontractor and DBE Outreach at Rosendin. "ConstructSecure is helping us move past old-school pre-qualification methods and proactively work with our contracting partners throughout the project lifecycle to advance our mutual safety, finance, diversity, quality, or sustainability goals."

Accelerating the Partner Elevation Movement

The ConstructSecure platform was designed in collaboration with construction and operations clients worldwide and, as a result, is making an impact both within construction and beyond. Contracting partners around the world are increasingly turning to ConstructSecure to support both the planning and operational phases of a capital project. Today, the company’s Partner Elevation platform is used to power over $35 billion of combined assets and projects with contracting partners in 62 countries around the globe.

“Capital projects are larger, more complex and being built faster than ever before, and it’s crucial for enterprises to mitigate risk and promote safety compliance at every stage,” said Greg Goldfarb, Managing Director at Summit Partners. “We believe ConstructSecure is leading an important movement to help a broad range of companies make the most of every partner relationship, elevating the safety, financial viability and sustainability of capital projects in the process.”

Under the leadership of CEO Austin Merritt, who joined the company early last year, ConstructSecure is leading the Partner Elevation movement. The company has more than doubled its headcount over the course of the last twelve months and expanded its footprint across the U.S. In 2021, ConstructSecure opened a new headquarters in Burlington, Massachusetts, and the team plans to open a second office in Boise, Idaho in 2022.

“Some of the world’s most recognized builders and owners are embracing this new approach to minimizing adverse events and getting more work done on schedule and on budget,” said Austin Merritt. “As we look to the future, we’ll continue to accelerate the expansion of our Partner Elevation Platform with a goal of delivering a world-class experience to our global customer base.”

About ConstructSecure
ConstructSecure is the leader of the Partner Elevation movement for builders and owners of capital projects. The world’s most admired organizations — including Skanska, Merck, and Bond Brothers — use ConstructSecure to ensure their contracting partners deliver great work, on budget and on schedule, by collaborating with them to dynamically mitigate safety, financial, quality and sustainability risks throughout every project lifecycle. Originally started as an internal risk assessment system at Harvard University, ConstructSecure is now an independent company championing the Partner Elevation movement. ConstructSecure is backed by global growth equity investor Summit Partners. The company is headquartered in Burlington, Massachusetts, with employees across the United States. For more information visit www.ConstructSecure.com.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 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 visit www.summitpartners.com or follow 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 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.

January 20, 2022
2022

ShipMonk Acquires Ruby Has Fulfillment to Support DTC Brands and E-commerce Retailers’ Record Growth

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Combined company bolsters enterprise capabilities for e-commerce retailers of all sizes and expands network domestically and internationally

FORT LAUDERDALE, FL. & BAY SHORE, NY -- ShipMonk, a leading provider of e-commerce fulfillment and technology solutions, today announced its acquisition of Ruby Has Fulfillment, a leading third-party logistics (3PL) technology company. The acquisition furthers ShipMonk’s efforts to expand operations throughout the United States and internationally to Canada and the U.K. and deepens enterprise-class fulfillment capabilities to serve growing direct-to-consumer (DTC) brands.

“Our growth has been driven by our ability to deliver excellent customer experiences for our clients with our e-commerce and software capabilities. Ruby Has Fulfillment is an ideal addition to the ShipMonk platform, blending substantial investments in service and technology to complement and enhance our core offering for B2B and larger clients,” said Jan Bednar, ShipMonk’s founder and CEO. “As e-commerce businesses boom across every vertical, we are scaling our services to keep pace and deliver the level of quality and reliability our clients rely on and expect for their customers. That’s true whether a business is bootstrapped and just getting started, or an existing enterprise-scale business with high volume and customized operational needs.”

With the Ruby Has acquisition, ShipMonk adds:

Eight fulfillment centers spanning New York, Nevada, New Jersey, Kentucky, California, Canada and the U.K. With ShipMonk’s existing locations in Florida, California, Pennsylvania and Mexico, ShipMonk currently operates 11 distribution centers

Over 1.3 million square feet of warehouse space, bringing ShipMonk’s global footprint to more than 2.4 million square feet.

More than 700 new employees. ShipMonk’s workforce has more than doubled since January 2021, including 3,000+ employees, providing stability in an otherwise challenging supply chain and warehouse environment with ongoing labor shortages.

Complete North American reach from Canada to the U.S. and Mexico, with best-in-class, affordable 2-day shipping service for all domestic zones.

Goods Manufacturing Process (GMP) compliance-ready, with sites registered as FDA food facilities, medical device facility classes 1 and 2, and wholesale food licensed operations.

Expanded customer support that includes dedicated client success managers, on-site teams, and proven process for responsiveness and quality service, including a new ticketing system, quarterly reviews, advisory councils, as well as B2B and larger client support.

Dedicated fulfillment solutions allowing for more advanced brand guidelines and value added services like engraving, embroidery, etching, and returns refurbishment.

Fulfillment automation and robotics systems that have successfully proven cost and velocity efficiency.

“Our shared future is one of considerable promise. With the addition of Ruby Has, the ShipMonk organization is the undisputed leader in the market, delivering the most value to merchants,” said Rafael Zakinov, founder and CEO of Ruby Has, who will assume the role of Chief Product Officer at ShipMonk. “Our combined workforces and compelling and competitive offerings position our company and our customers for success in a business environment that is rapidly scaling to demand. We have the team, technology, service and reach to grow with our clients.”

Today, ShipMonk serves a growing roster of more than 2,000 B2C businesses, including BrüMate, Liquid IV, FEAT, and Glamnetic. Ruby Has’ robust client base, including Brooklinen, The Ridge, and Overtime, expands Shipmonk’s client roster in service of both larger enterprises as well as established B2B brands. Ruby Has Sure Sort™ technology joins ShipMonk’s warehouse technology suite. The combined 3PL fulfillment offering pairs expanded Electronic Data Interchange (EDI) retail capabilities with dedicated fulfillment center setups to provide the custom flexibility that enterprise-class operations often require.

These new capabilities complement an already substantial service offering to clients, regardless of the size or needs of their business. ShipMonk’s platform allows merchants at any growth stage to scale more quickly by delegating the challenges of managing end-to-end order fulfillment, inventory management, and post-purchase customer cycles (order tracking, returns and refurbs). For larger customers, Ruby Has brings dedicated space, processes, and technology for individual brands to the ShipMonk platform. This modernized fulfillment allows orders to be picked and packed separately by a consistent team delivering high quality processing and efficiency.

Over the past 18 months, ShipMonk has raised $355 million in funding to accelerate its strategic growth and expansion to serve existing and new customers internationally. In October, the company established ShipMonk Mexico through its acquisition of El Mar Mexico. Together with the acquisition of Ruby Has, ShipMonk now has North American operations from Mississauga, Ontario, Canada, to Tecate, Mexico. These locations north and south of U.S. borders enable ShipMonk to better leverage U.S. Customs and Border Patrol’s (CBP) Section 321, which legally bypasses taxing on the majority of U.S. shipments, eliminating tariffs and import duties.

The Ruby Has acquisition closed in November 2021. ShipMonk plans to continue its international expansion, including opening a European warehouse in 2022.

Solomon Partners served as financial advisor to Ruby Has for this deal.

ABOUT SHIPMONK
From its inception in 2014, ShipMonk has operated with a singular guiding principle: to help small and medium-sized e-commerce businesses scale by offering technology-driven fulfillment solutions that enable business founders to devote more time to the things that matter most in their businesses. Put simply, ShipMonk helps e-commerce companies stress less and grow more. Headquartered in Fort Lauderdale, FL, ShipMonk has more than 2,500 employees across facilities in Fort Lauderdale, FL, Pittston, PA, Los Angeles, CA, Bay Shore, NY, Las Vegas, NV, Dayton, NJ, Louisville, KY, Mississauga, Ontario, Canada, Tecate, Mexico, the United Kingdom and Prague, Czech Republic. More information is available at www.shipmonk.com.

ABOUT RUBY HAS FULFILLMENT
Ruby Has Fulfillment is one of the fastest-growing e-commerce fulfillment and logistics providers for direct-to-consumer brands and retailers. With a strategically located international footprint of distribution centers in the United States, Canada, and the U.K., Ruby Has Fulfillment is a company in hyper-growth. The logistics leader has been ranked by Crain’s Fast 50 since 2018 and Inc. 5000 for six consecutive years. It leads the 3PL industry with cutting-edge technology, seamless integration, and an uncompromising commitment to quality that empowers e-commerce brands to scale with efficiency and speed. For more information visit www.RubyHas.com.

Source: ShipMonk

December 16, 2021
2021

Cerba Healthcare to Acquire Viroclinics-DDL Expanding and Transforming Its Offering in Clinical Trials

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• The acquisition illustrates the Group's strategy to strengthen its position in the entire value chain of diagnosis and stresses the pivotal role of clinical trial services.
• It offers Viroclinics-DDL a broader range of capabilities in its specialty services, and a unique entry into new markets in North America, Asia, and Africa.

ISSY LES MOULINEAUX, France & ROTTERDAM, The Netherlands -- Cerba HealthCare, a leading global player in medical diagnosis, today announced it has reached agreement to acquire Viroclinics-DDL, a fast-growing global virology and immunology contract research organization (CRO) from Summit Partners.Summit Partners invested in Viroclinics in 2019.

Viroclinics-DDL, employing a total of over 390 scientists and experts, offers a broad range of virology related services in the field of non-clinical and clinical trials, clinical diagnostics, assay development and clinical trial logistics enabling the development of antiviral drugs, vaccines, and other therapies. The acquisition fits perfectly into Cerba HealthCare's strategy aimed at further strengthening its position in the entire diagnostic and clinical trial laboratory services value chain, while providing the most relevant services to patients, the medical community and healthcare industry players. Within the Cerba Research division, Viroclinics-DDL will be able to further broaden its services and access new markets in North America, Asia, and Africa.

Read more about how Viroclinics-DDL is Accelerating the Development of Antiviral Therapies Worldwide >>

Based in the Netherlands, Viroclinics-DDL brings the best scientific expertise in virology, with core competencies across the entire drug development process, from the preclinical phase to market approval, with unique virology assay capabilities and unparalleled experience working with highly pathogenic viruses. With its global network of 38 processing labs, Viroclinics-DDL is able to support large multinational clinical trials. Its strong logistics infrastructure is critical for the swift and safe transport of fragile virology and PBMC (Peripheral Blood Mononuclear Cell) samples from the patient to the lab.

Alongside its historical activities in routine and specialty clinical pathology with sound positions in Europe and Africa, Cerba HealthCare also has a worldwide presence through its expertise in clinical pathology for clinical trials, showcasing the Group’s geographic and expertise diversification to sustain its integrated vision for diagnosis.

Within Cerba HealthCare’s comprehensive Group offering, and ranking under the Cerba Research brand, clinical laboratory and diagnostic solutions for clinical trials have grown considerably over the past years, demonstrating a strong track record in patient recruitment and clinical trial sample testing, as well as in logistics solutions for immuno-oncology, anti-infectives and metabolic disorders. Over the years, Cerba Research has evolved to be the precision medicine partner to CROs, the biotechnology and pharmaceutical industry, and non-profit organizations with growing needs for complex clinical research programs.

Cerba Research CEO Mario Papillon said: “The acquisition of Viroclinics-DDL is a milestone for Cerba Research, as it enables us to build a comprehensive offering for our customers, with broader capabilities, best-in-class logistics, and key specific expertise that meet the healthcare industry needs. With our combined expertise in immuno-oncology and infectious / respiratory diseases, we are poised to accelerate therapy and vaccine development for biopharma customers while becoming the reference lab for cell and gene therapies of tomorrow. We are very much looking forward to onboarding the team of Viroclinics-DDL and together paving the way for new therapies.”

Viroclinics-DDL CEO Davide Molho added: “With Cerba Research, we have a new foundation for further global expansion to North America, Asia, and Africa with unrivalled expertise, capacity and capabilities. Together, we will be able to offer integrated solutions to the life science industry, accelerating antiviral, vaccine, and other R&D programs, while offering unmatched logistics solutions securing the integrity of fragile samples. Our 390+ scientists and experts look forward to joining Cerba Research in our continuous quest to provide the best possible science and service to our customers.”

The transaction is subject to regulatory approvals and customary conditions, such as completion of the consultation procedure with Central Works Council of Viroclinics-DDL. The acquisition is expected to close by end of Q1 2022.

About Cerba HealthCare
Cerba HealthCare, a leading global player in medical diagnosis, aims to support the evolution of health systems towards more prevention. It draws on more than 50 years of expertise in clinical pathology to better assess the risk of diseases development, detect and diagnose diseases earlier, and optimize the effectiveness of personalized medicine.

Every day, on 5 continents, the Group’s 12 000 employees sustain the transformation of medicine, driven by one deep conviction: to advance diagnosis is to advance health.Cerba HealthCare, enlightening health.

Additional information is available at www.cerbahealthcare.com

About Cerba Research
Cerba Research is a leading healthcare company with end-to-end drug development and diagnostic solutions to optimize R&D drug productivity and commercialization. Providing Early phase research, clinical development through central laboratory and diagnostic services, Assay and biomarker development and validation. Working with government agencies, non-government organizations as well as pharma and biotech organizations to change the shape of clinical development.

Cerba Research is part of Cerba HealthCare, a leading player in medical diagnosis.

For more information: www.cerbaresearch.com

About Viroclinics-DDL
Viroclinics-DDL is a leading specialty contract research organization, serving the biopharmaceutical community with a broad range of non-clinical research, clinical diagnostic, assay development, laboratory, and clinical trial logistic services. It offers its clients a global reach through a network of 38 processing laboratories. Viroclinics-DDL extensive experience in clinical and preclinical virology studies, including its specialty in respiratory and blood-borne viruses, puts the company at the forefront in supporting the development of vaccines, antibodies, antiviral compounds, and other therapies. Its in-house state-of-the-art preclinical and clinical BSL-2 and BSL-3 laboratories facilitate complex experiments with highly pathogenic organisms. Viroclinics-DDL is based in Rotterdam, Rijswijk and Schaijk in the Netherlands, and employs over 390 highly trained, dedicated scientists and technical experts.

For more information, visit www.viroclinics.com and www.ddl.nl

Source: Cerba HealthCare and Viroclinics-DDL

December 16, 2021
2021

Mavrck Closes $120M Investment to Redefine Influencer Marketing into Social Proof at Scale

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The investment positions Mavrck to define a new category of enterprise software focused on helping consumer enterprises harness the power of authentic brand relationships.

BOSTON, MA -- Mavrck, the leading influencer marketing platform for enterprise consumer brands, today announced it has closed a $120 million investment from global growth equity firm Summit Partners. The new funding will help accelerate the company’s product expansion and support Mavrck’s mission to build the operations cloud to power and execute all types of social proof at scale.

Influencer marketing has evolved dramatically in recent years as customers seek and expect a more authentic brand experience across the entire customer journey. Research demonstrates that consumers today are more influenced by what others say and display online than by what brands message directly. This concept of social proof – which essentially describes the trust formed from the collection of experiences with a brand or a product, including recommendations, content and reviews from a network of friends, like-minded strangers, creators and influencers – has increasingly become an essential brand building tool for consumer enterprises.

The Mavrck platform is designed to help global brands to harness the power of social proof that consumers trust today with end-to-end relationship management, workflow automation, and measurement for integrated marketing programs across influencer, creator, advocacy, affiliate, ambassador, referral, and loyalty. Since Mavrck’s founding in 2014, its customers have used the company’s social proof platform to activate more than three million creators worldwide to generate sponsored content, which has been engaged with by more than 240 million consumers.

“The trust economy, built upon the rise and acceleration of digital democratization and fueled by social proof, has arrived, and with it comes a new set of rules, behaviors and opportunities for brands, creators and consumers,” said Lyle Stevens, Co-Founder & CEO of Mavrck. “Influencer marketing has evolved dramatically from its earliest, celebrity-centric iteration. This investment will help us to take petabytes of historical data and build recommendation engines to connect enterprise marketers with the right creators, the right way, at the right cost.”

Estimated to be a $100 billion industry, the creator economy has seen explosive growth in the past 18 months as people have turned to content creation as a secondary or primary source of income. With over two-thirds of brands doing influencer marketing in 2021 (up from 55% in 2020) according to eMarketer, the influencer marketing industry is one of the fastest growing segments and is estimated by Research and Markets to be a $85 billion industry by 2028 with a CAGR of 30%.

Nearly 5,000 marketing professionals across more than 500 global consumer brands rely on Mavrck to more effectively access and manage relationships with content creators. Marketers at organizations large and small are seeing the positive impact on both brand and bottom line, with influencer marketing and social proof efforts delivering performance as much as 3-7x higher than traditional forms of marketing.

“At Summit, we have invested across the commerce segment – in both brands and the technologies that support their growth – and we believe strongly in the impact and potential of authentic brand relationships as a means to build value,” said Michael Medici, Managing Director at Summit Partners. “Brands are increasingly seeking to harness the power of the very long tail of content creators to help drive brand awareness and influence purchase activity,” added Sophia Popova, Principal at Summit Partners. “Mavrck’s platform is purpose-built to support brands in these efforts. We are delighted to partner with Lyle and the Mavrck team for this next phase of growth.” Both Michael Medici and Sophia Popova have joined the Mavrck Board of Directors.

Mavrck is the #1 influencer marketing platform for the enterprise on software review site G2, and the company was named a “Leader” among the top influencer marketing platforms in Forrester’s evaluation, The Forrester New Wave™: Influencer Marketing Solutions, Q2 2020, achieving the highest scores possible in Data Management, Workflow, Communications & Automation, Measurement & Reporting, and Product Vision.

About Mavrck
Mavrck is the all-in-one, advanced influencer marketing platform enabling global consumer brands to harness the power of social proof that consumers trust today. Marketers use Mavrck to discover and collaborate with influencers, advocates, referrers, and loyalists to create trusted content and insights for customer journey touchpoints at scale. Using its self-service influencer manager, Mavrck allows marketers to take an automated and performance-based approach to influencer marketing.

Founded in 2014, Mavrck has offices in Boston and Denver. Mavrck’s platform has been recognized for its superior offering by the Shorty Awards and Retail TouchPoints’ Retail Innovator Awards, honored as “Best Influencer Marketing Platform” by Digiday, is the #1 influencer marketing platform for the enterprise on software review site G2, and was named to the 2019 and 2020 Inc. 5000. Mavrck was also named a “Leader” among the top influencer marketing platforms in Forrester’s evaluation, The Forrester New Wave™: Influencer Marketing Solutions, Q2 2020.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit has partnered with numerous brands and technology companies across the e-commerce landscape, including a.k.a. Brands, Brooklinen, Klaviyo, FineLine Technologies, Infor, Jungle Scout, Mi9 Retail, Podium, Recharge Payments, RELEX, Reverb, Sézane, Solo Brands and Unica. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please visit www.summitpartners.com or follow on LinkedIn.

December 7, 2021
2021

FNZ to Acquire Appway to Accelerate Financial Institutions’ Digital Transformation and Open-Up Wealth Together

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  • The acquisition will accelerate the deployment of personalised propositions at scale across the financial services industry, enabling up to 90% faster client onboarding.
  • Appway’s award-winning low-code no-code workflow automation solution will extend FNZ’s position as the industry’s leading global wealth management platform and continues their investment in next-generation technology.
  • FNZ is revolutionising the industry by giving financial institutions a single platform that integrates seamlessly with their business, empowers the entire wealth continuum and is consumable as a service.
  • Combination to strengthen FNZ's position in the $239 trillion global wealth market.
  • FNZ strengthens its Senior Leadership Team with the appointment of Hanspeter Wolf, CEO and Founder of Appway, as Chief Technology Officer of the FNZ Group.

ZURICH, Switzerland – FNZ, the leading global wealth management platform, today announced that it has agreed to acquire Appway, the leader in client onboarding and client servicing for financial institutions. This strategic acquisition gives FNZ significant technology expertise in enterprise-grade low-code no-code workflow automation with deep domain expertise across the entire wealth management value chain. Hanspeter Wolf, CEO and Founder of Appway, will become Chief Technology Officer of the FNZ Group and join the Senior Leadership Team, effective on the acquisition closing date.

FNZ’s success has always been based on understanding the needs of our customers and providing them the solutions they need to grow their business. With this acquisition FNZ continues to add significant next-generation technology to its leading global wealth management platform helping financial institutions around the world to accelerate innovation and rapidly deploy personalised customer propositions across the wealth continuum that are differentiated, scalable and that meet regulatory requirements.

“We are excited that FNZ and Appway are coming together to provide financial institutions with an unrivalled platform to accelerate their digital transformations, deliver significant operational efficiencies and improve the client experience,” said Adrian Durham, CEO, FNZ Group. "Both our companies have a shared vision, relentless focus on customer success and a track record of innovation and Hanspeter is an inspirational and seasoned leader with rich experience in the technology sector. We are delighted to welcome him and the talented Appway team into FNZ.”

Appway is a multinational company, headquartered in Zurich. The company’s award-winning solutions are trusted by leading financial institutions, including 10 out of 25 of the world’s largest wealth managers, to automate and accelerate their business-critical core processes and adapt to new regulatory requirements.

Hanspeter Wolf, CEO and Founder, Appway, said: “I could not be more excited about joining FNZ as the Chief Technology Officer and the value we will create together. The Appway low-code no-code workflow automation solutions are based on the deep expertise across the full wealth continuum and allow our customers to achieve up to 90% faster client onboarding times and a 10% increase in margins on average per onboarded client. Combining our solutions and the expertise of the Appway team with the strength, scale, and commitment of the FNZ Group will help extend our market-leading innovation.”

Dr. Matthias Allgaier, Managing Director at Summit Partners and Appway Board Director, added: “Both Appway and FNZ are leaders in their respective fields. I have been proud to work alongside Hanspeter and the Appway team since partnering with the company in early 2020. Over the course of the last two years, Appway has continued to deliver innovative solutions designed to revolutionise the customer experience for financial institutions. I’m looking forward to once again working with FNZ, where I previously served on the board. I believe this combined team and solution set will help their customers deliver revenue growth and improved operating margins through digital transformation.”

FNZ provides a complete integrated technology, transaction and custody platform to wealth managers, banks, insurers and asset managers in 18 countries across North America, Europe and Asia-Pacific. Trusted by more than 150 major financial institutions, FNZ has over $1.5 trillion in assets under administration, which represents the combined savings and investments of over 20 million customers.

The transaction is due to be completed by early Q1 2022. Terms of the agreement are not being disclosed.

About FNZ

FNZ is a global wealth management platform that partners with the world’s leading financial institutions to transform the way the industry serves its clients.

FNZ provides an integrated technology, transaction and custody platform to wealth managers, banks, insurers and asset managers in 18 countries across North America, Europe, Africa and Asia-Pacific.Trusted by more than 150 major financial institutions, FNZ has over $1.5 trillion in assets under administration, which represents the combined savings and investments of over 20 million customers.

About Appway

Appway is the leader in onboarding for financial services businesses. Every 30 seconds a new client relationship is created with Appway. Appway offers certified, secure, Cloud-based software for client onboarding, servicing, and reviewing to firms from bespoke wealth managers to the largest global financial institutions.

Appway software is proven to rapidly deliver unparalleled client experiences, a 90% reduction in onboarding time, a 10% increase in margin per client, and a 225% ROI.Appway’s built-for-purpose business solutions are based on the expertise gathered over hundreds of deployments worldwide – from opening an individual investor account to onboarding a billion-dollar multi-jurisdictional entity. With an extensive ecosystem of partners, Appway allows customers to intelligently orchestrate the full range of client interactions of any complexity.

About Summit Partners

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world.

December 5, 2021
2021

CluePoints Wins Scrip Award For Clinical Advance Of The Year 2021

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Company wins prestigious accolade for its collaboration with BioNTech and Pfizer in the Phase I/II/III study of SARS-COV-2 RNA vaccine BNT162b2 (Comirnaty)

CluePoints, the premier provider of Risk-Based Study Execution (RBx) and Risk-Based Quality Management Software for clinical trials, has announced it has won, in collaboration with BioNTech and Pfizer, the Clinical Advance of the Year category – COVID-19 Pandemic Special Recognition Award at the 17th Annual Scrip Awards.

The 2021 Scrip Awards was held at the Royal Lancaster Hotel, London, on December 2nd. The award recognizes CluePoints support with BioNTech and Pfizer on their Phase I/II/III study of the SARS-COV-2 RNA vaccine BNT162b2 (Comirnaty). The development program for BNT162b2 encompassed all clinical trial phases I, II, and III into one study to expedite the development and included more than 40,000 participants from a broad range of demographics recruited from 150 global sites.

To process and protect the integrity of the vast volumes of data being generated by the trial, which recruited at a rate of 5,000 people a week, and to counteract the inability to perform on-site monitoring activities due to global infection-control measures, Pfizer worked with CluePoints to deploy an agile, real-time, risk-based monitoring (RBM) approach. Led by a core clinical study team and clinical data scientists, the central monitoring (CM) analytics focused on an evolving set of study-specific key risk indicators (KRIs), data quality assessments (DQAs), and quality tolerance limits (QTLs) delivered through the CluePoints platform. Data was analyzed daily rather than the typical monthly or quarterly review, allowing data quality issues to be identified and rectified in near real-time. In addition, teams were expanded to cope with the additional workload, and global sites worked “in relay” to enable 24/7 centralized monitoring.

BNT162b2 became the first Covid-19 vaccine to receive regulatory approval, just 266 days after the pandemic declaration. As of November 30, 2021, almost 268 million Pfizer-BioNTech COVID-19 vaccine doses had been administered in the US alone.

Patrick Hughes, Co-Founder and Chief Commercial Officer of CluePoints, said, “It is an absolute honor to receive this award that recognizes our pioneering work and emphasizes the value of employing an agile, RBQM approach. This study represents a leap forward in how clinical trials are conducted. Our RBQM approach allowed Pfizer to increase efficiencies to such a level that it submitted drug applications in record time, with very high levels of quality. In addition, it showed that CM analytics can be used to alert the team to sites with high risk – which was particularly important at a time where site monitors were unable to visit sites.”

Hughes added: “Pfizer will take what it has learned from conducting this pivotal trial and apply it to a number of its new compounds that have the potential to tackle unmet medical needs or have a significant positive impact on global healthcare. Patients are waiting for these medications, and with this laser-focused, RBQM approach, science will win.”

CluePoints previously took home the award for best technological development in clinical trials in the 2019 Scrip Awards.

Source: CluePoints

December 1, 2021
2021

8x8 to Acquire Fuze

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Deal Accelerates 8x8 XCaaS Innovation and Global Enterprise Momentum for Integrated Cloud Communications and Contact Center Solution

8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today announced that it has entered into a definitive agreement to acquire Fuze, a leader in cloud-based communications for the enterprise. Under the terms of the agreement, 8x8 will acquire Fuze for approximately $250 million in stock and cash, subject to certain adjustments. The acquisition will accelerate 8x8 XCaaS™ (eXperience Communications as a Service™) innovation and expand 8x8’s enterprise customer base and global presence. The transaction is expected to close during 8x8’s fourth fiscal quarter, subject to the satisfaction of regulatory approvals and other customary closing conditions.

“The migration to cloud-based communications and engagement is accelerating as organizations worldwide shift to hybrid work models, creating a multi-billion dollar opportunity,” said Dave Sipes, CEO at 8x8. "Our XCaaS strategy is defining and shaping the future of the cloud communications industry as we drive innovation to help our customers meet their changing business requirements. The acquisition of Fuze expands our operational scale and extends our global presence as we meet enterprise demand for our XCaaS integrated UCaaS and CCaaS solution.”

Fuze has global operations dedicated to a seamless customer experience between unified communications and contact center. Acquiring Fuze will further support innovation and development of 8x8 XCaaS, a single-vendor, integrated Unified Communications as a Service (UCaaS), Contact Center as a Service (CCaaS), and Communications Platform as a Service (CPaaS) solution.

“Enterprise customers recognize the importance of an integrated UCaaS and CCaaS solution. 8x8’s industry-leading XCaaS solution for an integrated employee and customer experience enables customers to advance their cloud transformation efforts as they move off legacy on-premises systems,” said Brian Day, CEO of Fuze. “Combining resources and expertise with 8x8 is a natural fit, bringing with it needed scale and accelerating the pace of product innovation with differentiated solutions that capitalize on this massive opportunity, all of which will serve to benefit our enterprise customer base.”

The acquisition will deliver strong value to customers, employees, partners, and stakeholders by:
• Accelerating the XCaaS platform advantage with dramatically increased resources for research and development, engineering, and support.
• Expanding the enterprise customer base and global presence, especially in continental Europe.
• Providing significant cross-sell opportunities with 8x8’s omnichannel contact center and CPaaS capabilities to support enterprise customer engagement efforts.

Both 8x8 and Fuze are uniquely recognized in the marketplace. 8x8 was recently named a Leader and Fuze a Visionary in the 2021 Gartner® Magic Quadrant™ for Unified Communications as a Service, Worldwide. This was the tenth consecutive year 8x8 was recognized as a Leader. 8x8 was also named a Challenger in the 2021 Gartner Magic Quadrant for Contact Center as a Service for the seventh consecutive year.

Transaction Terms and Financial Impact
• Approximately $250 million in aggregate consideration, subject to certain adjustments, composed of approximately $130 million in cash and $120 million in common stock of 8x8.
• Up to $130.2 million will be used to retire Fuze’s debt and pay for the equity owned by non-accredited stockholders of Fuze.
• 8x8 expects to file a resale registration statement for the shares to be issued in connection with the transaction after the closing.

8x8 expects to remain non-GAAP profitable after the transaction closes.

About 8x8 XCaaS
8x8 XCaaS, which includes a fully integrated, cloud native contact center, voice, team chat, video meetings, and CPaaS embeddable communications and APIs capabilities in a single-vendor solution, to empower a distributed workforce, while providing adaptable solutions that meet evolving organizational needs. 8x8 XCaaS is built on the resilient, secure, and compliant 8x8 eXperience Communications Platform™, which offers the highest levels of reliability and the industry’s only financially backed, platform-wide 99.999 percent SLA across an integrated cloud UCaaS and CCaaS solution.

About 8x8 Inc.
8x8, Inc. (NYSE: EGHT) is transforming the future of business communications as a leading Software-as-a-Service provider of 8x8 XCaaS™ (eXperience Communications as a Service™), an integrated contact center, voice communications, video, chat, and API solution built on one global cloud communications platform. 8x8 uniquely eliminates the silos between Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) to power the communications requirements of all employees globally as they work together to deliver differentiated customer experiences. For additional information, visit www.8x8.com, or follow 8x8 on LinkedIn, Twitter and Facebook.

Source: Fuze and 8x8

November 23, 2021
2021

RON Acquired by Medipass

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We are pleased to announce that RadioOnkologieNetzwerk (“RON”), a leading provider of multi-specialist oncology treatment services in Germany, has been acquired by Medipass, a European radiology and oncology care provider backed by DWS Group. The combined company creates a leading pan-European provider of cancer care and advanced diagnostic imaging services.

Summit Partners invested in RON in 2019, partnering with founding physicians, Dr. Sandra Röddiger and Dr. Ralf Kurek. With a vision to build Germany’s leading outpatient cancer care provider, RON has expanded from seven to fifteen operating clinics over the course of the last two years and worked tirelessly to improve patient access to high-quality treatment and services across the country.

Today, RON operates one of the largest radiotherapy and oncology networks in Germany, combining a physician-led management team model with high quality, compassionate cancer care and state-of-the-art medical technology. Together with Medipass, we believe RON is poised for continued growth and expansion to deliver essential cancer care services to patients across the continent.

“Summit Partners shared our vision of building a multi-specialist outpatient network to improve patient access to high-quality, essential cancer services. Combining growth-oriented resources with local market knowledge and deep experience working across the European healthcare ecosystem, Summit was an integral partner in RON’s growth and has helped our team scale our operations to support a robust acquisition and organic growth strategy.”
— Dr. Sandra Röddiger and Dr. Ralf Kurek
Co-CEOs and Founders, RadioOnkologieNetzwerk

November 19, 2021
2021

InnovaCare Partners, Value-based Healthcare Leader, Announces Majority Recapitalization

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Funding to Support Nationwide Expansion of Coordinated Careand Patient-centric Model

LAKE NONA, Fla. – InnovaCare Partners, (“InnovaCare” or “the Company”), a regional leader in integrated and value-based healthcare services, today announced the signing of a definitive agreement for a significant majority investment from Bain Capital Private Equity. The new partnership will accelerate the Company’s growth and enable InnovaCare to scale its innovative, physician-led model to enter key markets nationwide. Financial terms of the private investment were not disclosed.

InnovaCare will continue to operate under the leadership of President and CEO Dr. Richard Shinto, CFO Doug Malton and the current management team, who will retain significant ownership in the business. Summit Partners, which has been an investor in InnovaCare since 2019, will also retain equity ownership in the Company.

A leader in transforming care delivery, InnovaCare combines physician-led care models with cutting-edge technology and a focus on personalized, coordinated care to manage and improve the health of patient populations. InnovaCare’s integrated primary care provider network treats more than 250,000 patients annually, and the Company also supports physicians who collectively serve more than 27,000 Medicare Advantage members.

“We believe we are playing an important role in defining a new standard of excellence in healthcare and have the potential to do so at scale across the country,” said Shinto. “We are excited that Bain Capital Private Equity is joining Summit Partners as our trusted partners who share our mission to deliver compassionate, high-quality and innovative care. Our ‘meet the doctors where they are’ approach resonates well with local providers because it gives them the roadmap and technology to support high quality outcomes while leaving the patient care decisions where they belong – with the physician. Our model recognizes that every market and practice has unique dynamics, calling for a tailored approach to care delivery.”

“Rick and his talented team have done an impressive job building InnovaCare into a leader at the forefront of improving healthcare delivery and have a proven track record of coordinating care and positively impacting the lives of patients, physicians and communities through innovative, value-based care,” said Chris Gordon, a Managing Director at Bain Capital Private Equity.

“Enabling, supporting and partnering with physicians in the transition from fee-for-service to value-based care is one of the most quality-enhancing trends in healthcare today, and we believe InnovaCare is well-positioned to accelerate this transformation,” added Andrew Kaplan, a Principal at Bain Capital Private Equity. “We look forward to deploying our resources and experience to support the management team as they build a national platform that will increase patient access to high-quality, affordable care.”

Bain Capital has deep experience investing to support the growth of leading healthcare companies, including Aveanna Healthcare, Beacon Health Options, Cerevel Therapeutics, Grupo Notre Dame Intermedica, HCA Healthcare, IQVIA, QuVa Pharmaceuticals, Surgery Partners, U.S. Renal Care, Waystar and Zelis, among others.

“Over the past few years, InnovaCare has meaningfully scaled into a regional leader as a partner of choice for physicians and payors focused on providing members with high-quality care,” said Doug Malton, CFO of InnovaCare Partners. “We believe InnovaCare is poised for continued success and national expansion, and we are excited to continue our partnership with Rick and his team and welcome Bain Capital to help accelerate the Company’s next chapter of growth,” added Darren Black, a Managing Director at Summit Partners.

The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions, including requisite regulatory approvals. Committed financing for the transaction is being led by Benefit Street Partners LLC.

J.P. Morgan is acting as financial advisor, Kirkland & Ellis LLP as legal counsel, and PwC as accounting advisor to InnovaCare and Summit Partners. Ropes & Gray LLP is serving as legal counsel and KPMG as accounting advisor to Bain Capital Private Equity.

About InnovaCare Health
InnovaCare Health improves the lives of patients and physicians through innovative solutions for value-based healthcare. Throughout its 20+ year history, InnovaCare Health has owned, operated and managed an integrated portfolio of leading medical groups, health plans, medical service organizations, clinical networks and more. For more information, please visit www.innovacarehealth.com or follow us on Facebook and LinkedIn.

About Bain Capital Private Equity
Bain Capital Private Equityhas partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 275 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare. The firm has offices on four continents and has made primary or add-on investments in more than 1,000 companies since its inception. Among these investments has been partnering with many dynamic healthcare companies dedicated to quality, access, innovation and improved patient outcomes (to learn more please visit www.baincapital.com/healthcare). In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $150 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. please visit www.summitpartners.com or follow on LinkedIn.

November 15, 2021
2021

Podium Raises $201M in Series D Funding to Accelerate the Digital Evolution for Local Businesses

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Additional Funding to be Invested Towards Future Growth and Innovation to Support Local Businesses

LEHI, Utah -- Podium, a communication and payments platform for local businesses, announced today it has raised $201 million in Series D funding, led by YC Continuity with participation from Durable Capital Partners, Arpex Capital, Accel, Album VC, IVP, Sapphire Ventures, Summit Partners, and Sorenson Capital. This latest round brings the company's valuation to over $3 billion.

"We see this as a watershed moment for local businesses all over the world, especially as the world opens up again and local businesses are tasked with meeting the changing preferences of consumers who have welcomed digital-first interactions through the pandemic," said Eric Rea, co-founder and CEO of Podium. "Our goal is to help communities get back on their feet and to help local businesses participate in a meaningful way in the digital evolution happening at the local level."

Podium is helping thousands of local businesses facilitate millions of interactions with consumers today, from text messaging, website chat, marketing campaigns, to payment transactions. Podium's mission is to help all local businesses thrive, and will continue to play an integral role in transitioning their analog operations to a digital one, so that they can get back to what they do best -- serve their customers.

"Podium brings world-class marketing and payments tools to the small and medium businesses that power our economy and employ the lion's share of workers. These businesses have traditionally been overlooked by technology companies," says Ali Rowghani, Managing Director of YC Continuity. "Podium's products level the playing field for SMBs and help them compete in a changing world."

Additional funding will support Podium's expansion to reach more local businesses all over the world as well as deeper investments to build out their payments, communications and marketing technology. This includes supporting everything a local business may need to collect payments, manage all their communications with consumers, and create more personalized and effective marketing campaigns that drive conversations and revenue.

About Podium
Podium exists to help local businesses thrive, so they can focus on what matters most: their customers. Today, more than 100,000 local businesses are powered by Podium, helping to facilitate millions of customer interactions and payment transactions. From customer-generated reviews, to more seamless communication offerings and contactless payment tools, Podium is modernizing the way local businesses operate and grow their businesses. Podium is headquartered in Lehi, Utah, and was founded in 2014. To learn more, visit www.podium.com.

About YC Continuity
YC Continuity is a growth fund that invests early in Y Combinator's most elite companies. In addition to Podium, their portfolio includes Stripe, Coinbase, DoorDash, Instacart, Checkr, Brex, Zapier, Fivetran, Faire, GitLab, Gusto, Segment, and others.

SOURCE Podium

November 9, 2021
2021

SaaS Leader J.D. Mullin Joins Summit Partners as Executive-in-Residence

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MENLO PARK, CALIFORNIA and BOISE, IDAHO — Summit Partners, a leading global growth equity investor, today announced the addition of J.D. Mullin to the firm’s Executive-in-Residence (“EIR”) program. In this role, J.D. will work closely with Summit’s technology team to identify new investment and leadership opportunities in growth-stage software companies.

J.D. brings substantial experience in leading and scaling fast-growing SaaS businesses, as well as in building engineering and product teams that help drive rapid innovation and support high-velocity sales models.

J.D. joins Summit’s EIR program from Intuit, where he has led the QuickBooks Time business unit since 2019. J.D. joined Intuit following the company’s acquisition of TSheets, a leading SaaS-based time tracking and scheduling platform, and he helped lead TSheets’ integration with Intuit. J.D. originally joined TSheets in 2013 as SVP Product and Engineering and played an instrumental role in leading the company through a period of rapid growth. From 2013 until 2021, he helped scale the team from 20 to more than 400 employees, grow annual recurring revenues (ARR) from less than $1 million through the nine-figure milestone, and expand the user base from 30,000 users to more than 1.8 million. Prior to TSheets, J.D. held engineering roles at WhiteCloud Analytics, SAP, Sybase and Extended Systems.

“We’ve worked closely with J.D. for a number of years, and we’ve been continually impressed with his rare combination of product vision, technical expertise and business acumen,” said Colin Mistele, a Managing Director with Summit Partners. “During his time at TSheets, he established teams and processes that allowed the company to innovate quickly to meet the demands of its high-velocity go-to-market model. He brought this data-driven, product-led growth mindset to the general manager role at Intuit where he helped scale the business even further. We are thrilled to work alongside J.D. and share his talents and leadership with other great SaaS businesses.”

“Over the course of my career, I’ve been fortunate to work for two Summit-backed software businesses – working most closely with the team during my tenure at TSheets,” said J.D. Mullin. “Knowing the experience, support and resources they bring as a partner to growth companies, I’m incredibly proud to join Summit’s EIR program. I’m very much looking forward to working with Summit to identify a new opportunity where I can make an impact as a leader, scale an organization and navigate a new growth journey.”

“Time and again, we’ve seen the impact that a talented product-oriented, data-driven leader can make in the growth trajectory of a high-velocity SaaS business,” said Greg Goldfarb, a Managing Director at Summit Partners. “Seeing how J.D. has operated over the years, we are thrilled to bring his perspective to Summit’s EIR program.”

Summit has been active in the software sector for nearly four decades. Since the firm’s founding in 1984, Summit has partnered with more than 175 software companies across enterprise, mobile, cloud and SaaS, big data and analytics, infrastructure and security.

Summit’s EIR program is an established element of the firm’s growth-oriented investing strategy. Since its inception, the program has facilitated collaboration between seasoned industry executives and Summit’s investment teams, working to identify sector-specific opportunities in which EIRs may support companies in an ongoing capacity through board or leadership roles.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Notable software companies backed by Summit include Clarabridge, Infor, Jamf, Klaviyo, Podium, Smartsheet, Trintech and TSheets. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow 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 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

November 3, 2021
2021

Summit-backed Harvey Performance Company Acquired

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Rowley, Mass.  – Harvey Performance Company (“Harvey” or the “Company”), a leading designer and manufacturer of specialized cutting tools for precision machining applications, today announced that it has secured a majority investment from Boston-based Berkshire Partners (“Berkshire”). Berkshire partnered with Harvey’s CEO Pete Jenkins and the Harvey management team to acquire the Company from Summit Partners, which invested in 2017. Additional terms of the transaction were not disclosed.

Harvey’s products provide industry-leading performance and increase productivity for manufacturing and metalworking customers. Through five world-class brands- Harvey Tool, Helical Solutions, Micro 100, Titan USA, and CoreHog -- the Company serves a variety of industries with strict and demanding production requirements, including aerospace and defense, electronics, medical devices, telecommunications, and general machining.

“We look forward to working with the Berkshire Partners team,” said Pete Jenkins, Chief Executive Officer of Harvey. “They have deep experience in building strong industrial businesses like ours and bring distinctive expertise and resources to support our strategic growth. I also want to thank the team at Summit Partners for their support over the last four years, partnering with us on organic growth, multiple acquisitions, and product development.”

“We are thrilled to partner with the Harvey team, whose deep commitment to product innovation and service excellence continues to drive their growth,” said Mike Ascione, Managing Director at Berkshire Partners. “The Harvey business system is a proven, best-in-class model for driving growth and creating meaningful value for all stakeholders. Harvey is also a company that understands the value of broad employee engagement and ensuring an equitable and inclusive culture so that all employees benefit from their hard work.”

“We’ve enjoyed partnering with Pete and his senior leadership team over the past several years to help drive significant organic and acquisition-driven growth in the business,” said Jay Pauley Managing Director at Summit Partners. “We are proud to have partnered with Harvey and look forward to watching their continued growth.”

Paul, Weiss and Guggenheim served as legal and financial advisors, respectively, to Berkshire on the transaction. Kirkland & Ellis and Piper Sandler served as legal and financial advisors to Summit Partners.

About Harvey Performance Company

Harvey Performance Company strives to offer unique and innovative products to solve the most challenging machining requirements. Its distinct brands, Harvey Tool, Helical Solutions, Micro 100, Titan USA, and CoreHog 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 Company 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.

About Berkshire Partners

Berkshire Partners, a Boston-based firm, has 35 years of investment history. Berkshire Private Equity has made more than 135 private equity investments since its inception and has a strong history of partnering with management teams to grow the companies in which it invests. Berkshire Partners has been an active investor in high-quality, industrial growth businesses for many decades; example investments include Advanced Drainage Systems, Consolidated Precision Products, National Carwash Solutions, Parts Town, SRS Distribution, and TransDigm. The firm also invests in consumer, communications, healthcare, services, and technology companies. For additional information, and to see a full list of the firm’s private equity investments, visit www.berkshirepartners.com or follow on LinkedIn.

About Summit Partners

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 companies in technology, healthcare, and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Notable industrial growth companies backed by Summit include Grand Design RV, FineLine Technologies, Markforged, Parts Town, ProGlove and Vivint. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see wwww.summitpartners.com or follow on LinkedIn.

Source: Harvey Performance Company

November 3, 2021
2021

Parts Town Announces Recapitalization

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Addison, IL -- Parts Town, a technology innovator and market-leading distributor of OEM foodservice equipment parts, announced today that growth investment firm Leonard Green & Partners, L.P. (“Leonard Green”) has made a significant investment in the company. Existing investor Berkshire Partners will retain its majority stake in the company, reinvesting alongside the Parts Town management team and Leonard Green. This transaction represents an exit for Summit Partners, which invested in Parts Town as the company’s first institutional investor in 2013.

“We’ve been proud to work alongside CEO Steve Snower, CFO Lori Sherwood and the Parts Town team to support the company’s significant growth and expansion over the last eight years,” said Jay Pauley, Managing Director at Summit Partners. “We believe Parts Town is truly transforming its market, and we’re honored to have been a part of the company’s growth journey from an early innovator to an industry powerhouse.”

“Summit has demonstrated integrity and passion for Parts Town from the earliest days of our partnership,” said Steve Snower, CEO of Parts Town. “They shared our ambition for the business and brought meaningful resources to bear in helping make that vision a reality. As board members and partners, the Summit team has been a large part of the Parts Town growth story.”

“I’ve now had the opportunity to work with Summit Partners through two growth businesses,” added Lori Sherwood CFO of Parts Town. “In each, I’ve found the Summit team to consistently strike the right balance of giving us the trust and freedom to run our business, while serving as accessible, active partners in growth.”

Parts Town partners with leading manufacturers to grow OEM parts market share, provide innovative tools to make researching and buying parts fast and easy, and improve equipment up-time. The company has grown from 125 team members in 2013 to over 2,500 today, with over $1 billion annual revenues and has been named to the Inc. 5000 list of fastest-growing U.S. companies for 13 consecutive years.

Read more about Summit's partnership with Parts Town>>

View the complete press release for additional details.

October 28, 2021
2021

Solo Brands Completes IPO

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With products that are both ingenious and beloved, Solo Brands has grown a passionate and enthusiastic customer community and built a direct-to-consumer (DTC) platform of respected, distinctive and adventurous lifestyle brands focused on creating great moments and greater memories.

We are proud to partner with Solo Stove on this growth journey that has brought together Oru Kayak, Chubbies Shorts and ISLE Paddleboards, and we look forward to the adventures ahead. Congratulations to CEO John Merris and the entire Solo Brands team on today’s NYSE IPO!

Read more about how Solo Brands leverages the power of community to fuel innovation, drive growth and leave the world a better place >>

October 27, 2021
2021

Hairstory Announces Growth Investment to Accelerate Adoption of Sustainable, Detergent-Free Haircare

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Hairstory Announces Growth Equity Investment from Summit Partners to Accelerate Adoption of Sustainable, Detergent-Free Haircare

New York, NY - Hairstory, the unconventional haircare brand that helped to create the sustainable, non-detergent cleansing category, today announced a minority investment from global growth equity investor Summit Partners. The partnership will enable the company to accelerate investments in sustainable formulations and packaging, expand its hairdresser community and help more consumers understand that shampoo is the enemy of good hair.

Hairstory was founded in 2015 by a team of haircare industry veterans dedicated to helping people rethink everything about hair. Hairstory’s core product, New Wash, cleans hair without any detergent, ending what the company sees as a vicious cycle of over-cleansing created by shampoo. The company’s foundational belief is that cleansing without shampoo is healthier for the hair and scalp while also safer for the environment. The cult brand has built a loyal following of enthusiasts as New Wash has helped to change their relationship with their hair.

“Switching from shampoo to New Wash helps you get the hair you were always meant to have,” said Hairstory CEO, Eli Halliwell. “Our customers are consistently telling us that they suddenly start getting unsolicited compliments on their hair when they switch. It is hard to believe removing shampoo from the equation can make such a difference, but it does.”

Sustainability and the environment are core to the brand’s DNA. Hairstory products are delivered in recyclable, refill pouches, and the company’s subscription platform, the Refill Club, enables customers to consume nearly 90% less plastic and produce 80%+ fewer CO2 emissions during cleansing as compared with traditional haircare products. Not only is New Wash biodegradable, but the company donates 1% of the proceeds from every 8-ounce pouch sale to water-related causes.

“We are passionate about the environment and challenged ourselves to think differently about our environmental footprint from the start,” said Halliwell. “One of the biggest opportunities we identified was our ability to reduce plastic consumption. We launched with refill pouches for our subscriptions at the outset and quickly realized people were ok abandoning their plastic bottles, so we switched everything over to refill pouches. We are just starting to apply the same strategy to our styling products and our goal is to be the first beauty company to be 100% refillable.”

Hairstory launched a new “direct-through-stylist” business model that enables hairdressers to participate in ecommerce in a way designed to respect their relationship with their clients. Once a hairdresser introduces Hairstory to their clients, they can earn commissions on all future purchases, regardless of where the client buys. This perpetual affiliate model is designed to enable local entrepreneurs to compete in a world increasingly dominated by global giants.

“Our most successful hairdressers can double their monthly income,” added Halliwell. “This has the potential to be a life-changing opportunity for them but also an incredible opportunity for us. People build trusted relationships with their hairdressers. When we realized how much New Wash could change people’s hair, we knew we needed to introduce it through hairdressers.”

Melanie Whelan, a Managing Director with Summit Partners who has joined the company’s board of directors, added, "We believe Hairstory’s differentiated and effective products, customer loyalty, profitability, and consistently smart and deliberate growth decisions make them a rare brand. We are delighted to partner with Eli and this passionate team to support the company’s next chapter: working to deploy a more expansive growth strategy while furthering sustainability-focused product innovation.”

Under Eli’s leadership, Hairstory will carry on with its mission to rethink everything about hair, enable sustainable hair cleansing and empower hairstylists from its NYC headquarters.

About Hairstory
Launched in 2015, Hairstory was founded on the universal truth that traditional haircare is bad for your hair, bad for the environment and bad for hairdressers. Our mission is to rethink everything about hair, and we do this in two ways: first, by creating healthier, more sustainable haircare products that respect the environment and your hair’s ecosystem; and second, by enabling hairdressers to participate in ecommerce and profit from their influence. Switching from traditional shampoo and conditioner to our core product, New Wash, helps consumers get the hair they were always meant to have. We have changed the way hundreds of thousands clean their hair on three continents and have been self-sustaining since our first year of launching. We are well on our way toward ending shampoo as we know it.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 consumer, technology, healthcare, and other growth industries. Summit has partnered with more than two dozen companies across the e-commerce and consumer landscape, including a.k.a brands, Brooklinen, Club Champion, Morphe, Philz Coffee, Quay Eyewear, Reverb.com, Sézane, onXmaps, TinyPrints and Physicians Formula. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn

For more information, please visit: https://www.hairstory.com/

October 25, 2021
2021

NinjaRMM Evolves Into New Phase of Growth As NinjaOne

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With a new company and platform name, NinjaOne unveils a new logo and 2022 roadmap along with two unannounced products currently under development.

Austin, Texas - NinjaRMM announced today that it is rebranding as NinjaOne, a unified IT operations software company focused on solving the modern challenges and needs of IT management. NinjaOne will carry forward NinjaRMM's reputation for developing powerful, yet easy-to-use solutions as it builds a unified platform for IT operations. The company supports more than 6,000 customers who use NinjaOne's modern platform to monitor, manage, and support all endpoints and users at scale, from anywhere.

In the last year, NinjaOne has seen explosive growth with revenue rising 75% year-over-year and releasing Ninja Ticketing, Ninja Documentation, and image backup for Ninja Data Protection, three fully integrated products that leverage the company's core platform. As workforces shift to a hybrid and remote model, NinjaOne is poised for a future where IT is everywhere, from the spaces employees occupy and the devices they use to the interactions between businesses and customers.

"Changing our name to NinjaOne reflects our vision of a platform that makes IT operations run more efficiently," said NinjaOne CEO Sal Sferlazza. "When we started NinjaRMM, we set out to build a highly disruptive SaaS solution that combined power and simplicity to shake up the status quo. We've grown since those early days into a multi-product company that unifies IT operations. NinjaOne is a product built for the future, and I couldn't be more excited for the next generation of IT software."

NinjaOne's Ongoing Channel Commitment

From the beginning, NinjaOne has always been a channel-friendly company that found success through partnerships with MSPs, value-added resellers (VARs), and other channel partners. As the MSP market continues to mature and move further upstream into larger markets, NinjaOne continues to support its channel partners through multiple avenues, from a product strategy that seeks to make co-managed IT services easier and more impactful, to offering a growing portfolio of resources, guidance, and supporting tools purpose-built for MSPs and resellers.

With this rebrand, existing channel partners and customers will not experience any disruptive changes to the user interface, contract terms, application performance, or quality of support.

"We wouldn't be where we are today without our channel partners. We recognize that MSPs and resellers are an important part of NinjaOne's growth story now and in the future," said NinjaOne Chief Revenue Officer Dean Yeck. "All around the world, MSPs and resellers are seeing greater demand for their services, and we're proud to be a partner that helps them scale."

The NinjaOne Product Suite

Recognizing the need among both managed service providers (MSPs) and internal IT departments for robust, modern tools to manage distributed workforces and fleets of devices, NinjaOne has developed a multi-product platform that includes remote monitoring and management (RMM), cloud backups for data protection, ticketing, and documentation, with more products slated for release over the next two years. Finely-tuned integrations extend NinjaOne's capabilities into IT asset management, remote access, patch management, and automated software deployment.

NinjaOne's product roadmap for the next year includes new features, integrations, and products all designed to deliver a seamless experience that makes IT more effective, productive, and secure. The company will share additional product details in the months ahead.

The Decade of the Endpoint

Modern IT environments have become increasingly complex as traditional models of networking, infrastructure, and security are upended by cloud-driven innovations. As cloud adoption trends accelerate in the post-pandemic era and the center of operations and management shifts to the endpoint, NinjaOne's unified platform is uniquely positioned to extend IT's range of operations to all endpoints and users no matter where they are.

The company will begin operating under the name NinjaOne effective immediately. To sign up for a free trial, visit https://www.ninjaone.com/freetrialform/.

About NinjaOneNinjaOne is a leading unified IT operations solution that simplifies the way IT teams work. With NinjaOne, MSPs and IT departments can automate, manage, and remediate all their endpoint management tasks within one fast, modern, intuitive platform, improving technician efficiency and user satisfaction. NinjaOne supports over 6,000 customers around the world, and is consistently ranked #1 for its world-class customer support. NinjaOne has been recognized as the best rated software in its category on G2 and Gartner Digital Markets for the past 3 years.

Source: NinjaOne

October 20, 2021
2021

Invicti Security Announces $625 Million Growth Investment Led by Summit Partners

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Disruptive leader in web application security plans to leverage new investment to continue product expansion and support global growth

Austin, TX and Boston, MA – Invicti Security, a global leader in application security testing, today announced that it has signed a definitive agreement for a $625 million investment led by global growth equity investor Summit Partners. The new financing will support Invicti’s continued growth and product development initiatives. Summit will join forces with Turn/River Capital, which first invested in Invicti in 2017 and will remain a significant shareholder going forward.

Invicti aims to address a critical need among enterprises and public sector organizations: to secure hundreds or even thousands of web applications with constrained teams. With its Acunetix and Netsparker product lines, the company’s software is designed to enable organizations to scan their entire web footprint for vulnerabilities and facilitate remediation through integration into developer workflows. Invicti’s solutions are recognized for their industry-leading accuracy, scalability to the entire web attack surface, and automation that significantly reduces the need for manual work by security and development teams.

“We are absolutely thrilled to welcome Summit for this next chapter in our company’s growth,” said Invicti founder and CEO Ferruh Mavituna. “We’re confident that Summit’s extensive security experience will help accelerate our product innovation, expand our reach and address the urgent problem of web application security faced by organizations around the world.”

“Software development cycles have shortened dramatically over the last decade, opening new vulnerabilities every time a web application is released or updated. Invicti is working to meet this challenge head on with elegant and seamless solutions designed to bring scale, automation, speed and accuracy to help organizations secure their web attack surface,” commented Scott Collins, Managing Director and COO of Summit Partners, who will join the company’s Board of Directors. “The company has earned a market-leading reputation – and we are delighted to partner with the Invicti team and Turn/River to help fuel the next stage of the company’s rapid growth.”

This investment comes during a period of significant growth for Invicti. The company has added 700 new customers in the last twelve months and is on track to grow annual recurring revenues (ARR) by more than 60% in 2021. Invicti currently serves more than 3,100 customers worldwide and has scanned more than 800,000 websites to date. Invicti was included in the 2021 Gartner Magic Quadrant for Application Security Testing, recognized by G2 as a Momentum Leader for its Acunetix and Netsparker products, and received a 2021 Globee Award for Cyber Security Global Excellence.

Joanne Yuan, Partner at Turn/River Capital, added, “We are proud to have supported Invicti and its team since 2017 through a tremendous growth journey amid soaring enterprise demand for full application security coverage. We are excited to reinvest into this partnership alongside Summit, reaffirm our conviction in the opportunity ahead and help to further accelerate the company’s growth.

Details of the transaction have not been disclosed. The transaction is expected to close during the fourth quarter, subject to standard closing conditions. Summit Partners was advised by Kirkland & Ellis and Ernst & Young. Turn/River and Invicti were advised by William Blair, Orrick and PwC.

About Invicti Security
Invicti Security is changing the way web applications are secured. A global leader in web application security for more than 15 years, Invicti provides dynamic and interactive application security products to help organizations in every industry scale their overall security operations, make the best use of their security resources, and engage developers to improve their overall security posture. Invicti’s product Netsparker delivers industry-leading enterprise web application security, while Acunetix is designed for small and medium-sized companies. Invicti is headquartered in Austin, Texas and serves organizations all over the world.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Notable security software companies backed by Summit include Avast, Cloudmark, Darktrace, Delphix, Jamf, McAfee, Netwitness, NinjaRMM, RedCanary, RiskIQ, Safeboot and Winshuttle. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please visit www.summitpartners.com or follow on LinkedIn.

About Turn/River CapitalTurn/River Capital is a San Francisco-based software investment firm that looks, feels, and acts like a software company. It offers flexible capital and tailored, data-driven operational support for growth capital, founder liquidity, buyouts, spin-outs and recapitalizations. Built by a team of software operators and investors who have scaled sales, marketing, customer success and talent, Turn/River’s playbooks reliably and rapidly unlock transformational growth, producing market-leading companies and building lasting value. For more information, please visit www.turnriver.com

October 14, 2021
2021

Walgreens Boots Alliance Makes Majority Investment in CareCentrix

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Healthcare & Life Sciences

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HARTFORD, Conn. -- Today, CareCentrix, Inc. — the leading, independent home-centered platform that coordinates care to the home for health plans, patients, and providers — announced that Walgreens Boots Alliance (Nasdaq: WBA) has made a majority investment in the company.

The investment advances Walgreens capabilities in post-acute and home care, in support of its launch today of Walgreens Health, the company’s customer-centric, technology-enabled care model powered by a nationally scaled, locally delivered healthcare platform.

Walgreens Health will create a better experience for consumers, improve health outcomes and lower costs by leveraging Walgreens strengths and assets, including trusted consumer relationships and community presence, national scale, care teams and partnerships with payors and providers across the country.

“In support of the launch of Walgreens Health, we continue to make strategic investments in pharmacy and healthcare solutions that can improve care coordination and health outcomes, while lowering overall costs,” said Roz Brewer, CEO, Walgreens Boots Alliance. “CareCentrix’s suite of home care solutions will advance our capabilities in this important segment for healthcare delivery, to help address the needs of people living with complex or chronic conditions in the home.”

Post-acute care, specifically care that is delivered in the home, represents one of the fastest-growing opportunities in healthcare. Caring for patients from the hospital to the home represents more than $75 billion in annual healthcare costs for payers, providers, and patients, and that total is growing rapidly in the wake of the COVID-19 pandemic.

“COVID-19 has made it clear that providing care in the home and community is the future of not only post-acute care, but healthcare more broadly. Indeed, the home is the last undeveloped frontier in American healthcare and critical to reversing spiraling costs and middling health outcomes,” said John Driscoll, CEO of CareCentrix. “Together, Walgreens and CareCentrix will be able to partner with a wide range of payers to help care for patients from the hospital to the home in a more personalized, engaged, and effective way.”

CareCentrix offers the suite of services needed, on an integrated basis, to support emerging home care models, including care transitions, home nursing, durable medical equipment, home infusion, and in-home palliative care. Success is driven through a relentless focus on operational excellence, a national home provider network, and enabled by HomeBridge, a machine learning, proprietary analytics-driven care coordination platform that develops hyper-personalized care plans. By managing the journey to the home and care in the home and providing personalized care, CareCentrix helps patients avoid unnecessary care, stay engaged in their care, and enjoy better health outcomes.

“CareCentrix is transforming the post-acute journey from hospital to home to support value-based care, lower costs, and improve outcomes and member experience. We are excited about the opportunity before us to build industry-leading, home-focused care solutions,” said Laizer Kornwasser, President and Chief Operating Officer of CareCentrix.

CareCentrix manages care for 19 million members through approximately 7,400 provider locations, and empowers more people to live, heal, and age at home. By partnering with health plans and health systems, CareCentrix has reduced total cost of care for members by 20 percent, including a greater than 11 percent reduction in emergency department usage and a 23 percent reduction in skilled nursing costs.

This investment gives Walgreens Boots Alliance majority ownership of CareCentrix, investing $330 million for 55 percent of the company at an $800 million valuation, net of debt, with the option to acquire the remaining equity interests in the future. Following the completion of the investment, CareCentrix will continue to operate as an independent company under its current executive leadership.

The transaction is subject to the receipt of required regulatory clearances and approvals and other customary closing conditions and is expected to close by the end of WBA’s second quarter of FY2022.

Citi acted as financial advisor for CareCentrix, Inc., and Cleary Gottlieb Steen & Hamilton LLP acted as lead legal advisor.

About CareCentrix
CareCentrix is the leader in health-at-home solutions and is committed to making the home the center of care. Managing care for 19 million members through a network of approximately 7,400 provider locations, CareCentrix focuses on bringing members home to bring costs down. By drawing on insights from proprietary analytics, and connecting end-to-end clinical, social and caregiver services, CareCentrix eliminates unnecessary hospital readmissions, closes gaps in care, reduces fragmentation in care, and ultimately, helps more people live, heal, and age at home. CareCentrix has been named one of FORTUNE’s Best Workplaces for Aging Services. The company has also earned numerous Top Workplaces distinctions from Top Workplaces USA, the Hartford Courant, and the Tampa Bay Times, demonstrating its commitment to a positive culture that develops leaders of tomorrow. For more information, please visit www.carecentrix.com

About Walgreens Boots Alliance
Walgreens Boots Alliance (Nasdaq: WBA) is a global leader in retail pharmacy, impacting millions of lives every day through dispensing medicines, and providing accessible, high-quality care. With more than 170 years of trusted healthcare heritage and innovation in community pharmacy, the company is meeting customers’ and patients’ needs through its convenient retail locations, digital platforms and health and beauty products.

WBA has a presence in more than 9 countries, employs more than 315,000 people and has more than 13,000 stores in the U.S., Europe and Latin America.

WBA’s purpose is to inspire more joyful lives through better health. The company is proud of its contributions to healthy communities, a healthy planet, an inclusive workplace and a sustainable marketplace. WBA is a Participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business.

More company information is available at www.walgreensbootsalliance.com

Source: CareCentrix

October 13, 2021
2021

CoderPad Acquires CodinGame to Improve Technical Recruiting and Speed Hiring Decisions

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Technology

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Acquisition will Allow Employers to Better Screen and Objectively Hire Candidates by Prioritizing Skills Over Resumes, Decreasing Hiring Bias

San Francisco, California — CoderPad, the leading software for evaluating technical proficiency, announced today its acquisition of CodinGame, a first-class candidate assessment platform and global developer skill building community. The combined companies’ offerings will help employers strengthen their technical talent process to identify the most proficient candidates faster and easier, while reducing unintentional hiring bias, in today’s competitive labor market. The entire CodinGame team has joined CoderPad.

CoderPad and CodinGame offer a comprehensive technical hiring platform to customers at scale—from initial assessments to take-home projects to live paired programming interviews—while also providing a community where candidates can uplevel their skills and prepare for interviews. Their platforms transform how companies hire technical talent and strengthen the talent pipeline by using a transparent evaluation process focused on technical aptitude and skills rather than resumes, college logos, and personal connections that can impart bias. The acquisition comes at a time when technical skills are in short supply but high demand, with 66 percent of employers seeking to hire more developers this year alone.

“It used to be that just Bay Area tech companies needed technical talent,” said Amanda Richardson, CoderPad CEO. “Today every company is a tech company because data science, engineering, development, and other ‘hard’ skills are what drive true innovation and a competitive edge. CoderPad and CodinGame have a shared mission to improve the overall tech hiring process by giving candidates more realistic and engaging exercises that demonstrate skills and ability while reducing the overreliance on logos on a resume.”

To help organizations build a robust talent pool, CoderPad and CodinGame’s joint offerings provide screenings, tests, and challenges to analyze candidates’ technical skills in a way that mimics real working conditions. A ‘live’ virtual interview environment helps evaluate qualities beyond coding, like problem solving, collaboration, and handling feedback. The platform also offers reporting tools that objectively sort, compare, and rank the skills of candidates and provide transparency on these results.

“Together, we bring a complete portfolio of hiring solutions to aid developers and recruiters in their search for the best candidates, while leveling the playing field for tech talent by allowing companies to hire based on their skills,” said Frédéric Desmoulins, CodinGame Co-founder and CEO.

CodinGame will also strengthen CoderPad’s offering through their employee engagement platform, built and scaled to keep the skills of its 2M+ developers sharp through gamified coding challenges and contests. The community provides a place for developers to hone their skills, invest in their own professional development, and engage with other developers, while surfacing excellent talent to potential employers.

“We’re rapidly expanding our technical teams as we continue using technology to radically enhance the day-to-day lives of healthcare professionals and patients. To reach our missions, we rely on the strength of our Engineering team, which is building the technology that supports this transformation,” said David Lambert, Engineering Director at Doctolib. “CoderPad and CodinGame make it possible for us to find the best possible candidates and evaluate them fairly with an engaging interview experience that’s congruent with our key value: user first.”

“One of the things that attracted us to CodinGame was its strong and trusted relationship with the technical community,” added Richardson. “This allows us to get an unprecedented understanding of developers’ expectations, identify emerging trends in skills, and match them with recruiters’ needs. We empower developers to keep up with the pace of fast technological change to be noticed—and recruited—by companies looking for rare talent.“

The announcement builds on a period of sustained growth for CoderPad, including the acquisition of AdaptiLab’s machine learning and data science interviewing tools earlier this summer, plus a growth funding round led by Summit Partners in late 2019.

About CoderPad
CoderPad is a comprehensive technical assessment platform that helps companies efficiently hire candidates with the strongest skills. Our technology empowers customers around the world to screen and interview best-in-class talent with a focus on candidate experience, bringing a layer of transparency and fairness to the hiring process. CoderPad’s suite of technology covers the entire interview process from initial screening to live programming interviews and allows companies to hire the best developers based on skills and not resumes. Headquartered in San Francisco, CoderPad serves over 3,300 customers, including Goldman Sachs, Netflix, Slack, Snowflake, Stripe, and more, and has hosted more than 3 million technical interviews in 30+ languages. Visit www.coderpad.io for more information.

About CodinGame
CodinGame is both a game-based training platform for developers and a powerful technical hiring suite for companies. Over 2 million passionate programmers from around the world sharpen their skills, for free, by playing games and solving puzzles on codingame.com. Companies looking to recruit and retain skilled programmers turn to CodinGame’s hiring solution, CodinGame for Work, to uncover hidden gems, streamline their processes, and delight their tech teams. CodinGame is best known for their online, pre-employment technical tests. Recruiters use these tests to quickly, efficiently and fairly shortlist developers based on their coding skills. CodinGame’s customers include Nasdaq, Electronic Arts, Samsung, and Facebook. Visit www.codingame.com/work for more information.

Source: CoderPad

October 8, 2021
2021

Sophia Popova Named to WSJ Pro PE’s 2021 Women to Watch List

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Technology

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Sophia Popova, a Principal on Summit’s global technology team, was named to WSJ Pro Private Equity’s 2021 Women to Watch List. Sophia was recognized for her investing acumen in the technology sector, where she has played an active role in five Summit investments since joining the firm in 2017, representing more than $600 million in invested capital. Her investment and board experience includes Klaviyo, Markforged (NYSE: MKFG), PrismHR, Sifted and Ylopo.

WSJ Pro Private Equity’s 2021 Women to Watch List recognizes 15 women shaping private equity’s present and future and includes professionals from a diverse range of investment strategies.Read more about Sophia and her fellow honorees at WSJ Pro Private Equity..

October 5, 2021
2021

Summit Partners Named to Inc.’s 2021 List of Founder-Friendly Investors

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We’re honored to be named to Inc.’s 2021 List of Founder-Friendly Investors. The list recognizes firms with demonstrated experience collaborating with founder-led companies and providing the financial support and resources needed to help accelerate growth. Founder-Friendly Investors list has established itself as one of Inc.’s most resourceful franchises and has become a go-to guide for entrepreneurs who want to grow their companies while retaining an ownership stake.

Since Summit’s founding, we’ve partnered with hundreds of founder-led companies, including more than 70 founder-led businesses in the last five years alone. This experience has fostered a deep appreciation for and understanding of the courage, vision and tenacity required to scale a business and a culture. We’re proud to support these businesses with dedicated resources designed to fuel durable and long-term growth.

Read more about a few of the founders we’ve supported and the companies they’ve built in Stories from the Climb – a series dedicated to celebrating and sharing the challenges of building a growth company.

October 4, 2021
2021

Summit Partners Raises $8.35 Billion for Eleventh U.S. Growth Equity Fund

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Latest flagship fund brings total capital raised to more than $10.5 billion since the start of 2020

BOSTON, MA; MENLO PARK, CA; LONDON, UK – Summit Partners, a global alternative investment firm, today announced the first and final closing of its latest flagship U.S. growth equity fund. Launched in June 2021, Summit Partners Growth Equity Fund XI was significantly oversubscribed and closed at its hard cap with total commitments of $8.35 billion.

“With the closing of our latest fund, we will continue to pursue our growth equity strategy, serving as the partner of choice for category-leading growth companies and exceptional entrepreneurs within our sectors of focus. We are deeply grateful for the longstanding support of our limited partners and for their trust and confidence in our team and our strategy,” said Peter Chung, Managing Director and Chief Executive Officer of Summit Partners.

Summit’s global team of more than 100 investment professionals works collaboratively 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 and e-commerce, and business services. As active board members and through dedicated value enhancement teams, Summit offers strategic support to portfolio company leaders focused on areas we believe are critical to accelerating and supporting long-term, profitable growth, including revenue optimization, digital marketing, human capital strategy, capital markets expertise and technology and data science.

Summit Partners Growth Equity Fund XI will target minority and majority investments of $75 to $500 million primarily in profitable, category-leading growth companies, pursuing the growth equity strategy the firm pioneered in 1984. This flagship fund follows the close of two 2020 vintage growth equity funds with more than $2.2 billion in capital: Summit Partners Europe Growth Equity Fund III, which targets equity investments between €20 and €80 million in Europe-based companies, and Summit Partners Venture Capital Fund V, which targets equity investments of $10 to $60 million in growth stage companies based primarily in North America.

Since the firm’s inception in 1984, Summit has raised more than $43 billion in capital across its growth equity, fixed income and public equity strategies.

About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 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. These companies have completed more than 175 public equity offerings, and more than 200 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 visit www.summitpartners.com or follow 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 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

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