Metaview’s tool records interview notes so that hiring managers don’t have to

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Illustration of a group of applicants waiting outside a door for a job interview.

Image Credits: lemono / Getty Images

Siadhal Magos and Shahriar Tajbakhsh were working at Uber and Palantir, respectively, when they both came to the realization that hiring — particularly the process of interviewing — was becoming unwieldy for many corporate HR departments.

“It was clear to us that the most important part of the hiring process is the interviews, but also the most opaque and unreliable part,” Magos told TechCrunch. “On top of this, there’s a bunch of toil associated with taking notes and writing up feedback that many interviewers and hiring managers do everything they can to avoid.”

Magos and Tajbakhsh thought that the hiring process was ripe for disruption, but they wanted to avoid abstracting away too much of the human element. So they launched Metaview, an AI-powered note-taking app for recruiters and hiring managers that records, analyzes and summarizes job interviews.

“Metaview is an AI note-taker built specifically for the hiring process,” Magos said. “It helps recruiters and hiring managers focus more on getting to know candidates and less on extracting data from the conversations. As a consequence, recruiters and hiring managers save a ton of time writing up notes and are more present during interviews because they’re not having to multitask.”

Metaview integrates with apps, phone systems, videoconferencing platforms and tools like Calendly and GoodTime to automatically capture the content of interviews. Magos says the platform “accounts for the nuances of recruiting conversations” and “enriches itself with data from other sources,” such as applicant tracking systems, to highlight the most relevant moments.

“Zoom, Microsoft Teams and Google Meet all have transcription built in, which is a possible alternative to Metaview,” Magos said. “But the information that Metaview’s AI pulls out from interviews is far more relevant to the recruiting use case than generic alternatives, and we also assist users with the next steps in their recruiting workflows in and around these conversations.”

Metaview

Image Credits: Metaview

Certainly, there’s plenty wrong with traditional job interviewing, and a note-taking and conversation-analyzing app like Metaview could help, at least in theory. As a piece in Psychology Today notes, the human brain is rife with biases that hinder our judgement and decision making, for example a tendency to rely too heavily on the first piece of information offered and to interpret information in a way that confirms our preexisting beliefs.

The question is, does Metaview work — and, more importantly, work equally well for all users?

Even the best AI-powered speech dictation systems suffer from their own biases. A Stanford study showed that error rates for Black speakers on speech-to-text services from Amazon, Apple, Google, IBM and Microsoft are nearly double those for white speakers. Another, more recent study published in the journal Computer Speech and Language found statistically significant differences in the way two leading speech recognition models treated speakers of different genders, ages and accents.

There’s also hallucination to consider. AI makes mistakes summarizing, including in meeting summaries. In a recent story, The Wall Street Journal cited an instance where, for one early adopter using Microsoft’s AI Copilot tool for summarizing meetings, Copilot invented attendees and implied calls were about subjects that were never discussed.

When asked what steps Metaview has taken, if any, to mitigate bias and other algorithmic issues, Magos claimed that Metaview’s training data is diverse enough to yield models that “surpass human performance” on recruitment workflows and perform well on popular benchmarks for bias.

I’m skeptical and a bit wary, too, of Metaview’s approach to how it handles speech data. Magos says that Metaview stores conversation data for two years by default unless users request that the data be deleted. That seems like an exceptionally long time.

But none of this appears to have affected Metaview’s ability to get funding or customers.

Metaview this month raised $7 million from investors including Plural, Coelius Capital and Vertex Ventures, bringing the London-based startup’s total raised to $14 million. Metaview’s client count stands at 500 companies, Magos says, including Brex, Quora, Pleo and Improbable — and it’s grown 2,000% year-over-year.

“The money will be used to grow the product and engineering team primarily, and give more fuel to our sales and marketing efforts,” Magos said. “We will triple the product and engineering team, further fine-tune our conversation synthesis engine so our AI is automatically extracting exactly the right information our customers need and develop systems to proactively detect issues like inconsistencies in the interview process and candidates that appear to be losing interest.”

Leading Tennr’s $3.25M Seed Round: An Investment in Founders

Foundation Capital
Ideas / News / Leading Tennr’s $3.25M Seed Round: An Investment in Founders

02.28.2024 | By: Joanne Chen

When we led Tennr’s $3.25M seed investment in May 2023, the company was still iterating on product and didn’t have any revenue. Eight months later, Tennr surpassed $1M ARR. The rapid growth trajectory is a testament to the team, the company’s focus, and the urgency of the problem they’re solving.

Tennr is an automation platform for healthcare and financial services operations. It’s building in a space that I’ve studied for nearly a decade—RPA (robotic process automation). In the early 2000s, RPA promised to replace mundane and repetitive tasks with software bots. The industry had isolated cases of success, but overall adoption plateaued, falling short of becoming the enterprise-wide solution McKinsey prophesied in 2017 and 2019. It’s estimated that 30-50% of RPA projects fail, and even if they succeed, scale is difficult: only 3% of organizations scale the digital workforce with RPA.

Up until recently, the vast majority of RPA solutions used rules. They were brittle, costly to implement, and lacked AI. Even the ones that used AI only dealt with structured data (like spreadsheets). Recent advances in LLMs have led to a huge change in the industry. Today, LLMs can analyze unstructured data like complex documents, code, and emails, opening up the possibilities of what can be automated—and we believe 10x the market opportunity as a whole.

Investors recognize this, which has led to some recent frenzy. But I have personally been (and Foundation Capital as a firm!) investing in these RPA companies for years: I invested in business procurement automation tool Tonkean in 2019, and my partner Ashu Garg, invested in Ikigai in 2021, an AI platform for structured data. We also have another investment in stealth. These companies are able to focus on one or two processes and do them really well—and at a time where the technology is advancing, and more and more processes are ripe for automation, focus is how winners will emerge.

Before investing in Tennr, we spent eight months helping the team sharpen that focus.

They were obsessed with automating work people hated doing, but each time we met with Co-Founder and CEO Trey Holterman, he had a different approach that wasn’t quite working. We turned him down multiple times, but it was clear he and the team were maturing quickly. They iterated to understand what created value for customers; in one meeting, Trey told us he’d learned customers were so interested in Tennr’s approach that the company could charge $500 for customized product demos. In a short time, the team went from struggling with GTM to turning a demo into a revenue stream.

In another meeting, we brainstormed product positioning, realizing that not all customers were getting the same value by automating workflows. Healthcare and financial services did, so that’s where they focused. It’s an industry with massive document-processing needs—billing, claims, referrals, explanations of benefits, PDFs, hand-written notes—which takes a lot of time because the information is messy and input is done manually. Breaking down the automation steps was a process Trey and Co-Founder and CPO Diego Baugh recognized; as former professional rowers, it was like they were breaking down a training regimen.

Foundation Capital invests in amazing founders. Trey, Diego, and Tyler Johnson (CTO) were that and more. They brought innovation and dedication. We supported with expertise and networks: helping establish Tennr’s seed positioning, building its team, introducing them to customers, and finding advisors and investors. An early-stage company’s success is built on its founding team—and we’re there to support them.

 

Looking more broadly, there’s a sea change on the horizon in the RPA space and of applying AI to verticals. The combination of new technology and rote processes are leading to the emergence of new possibilities. If you’re an ambitious founder thinking about what’s next, I’d love to learn more about what you’re doing: jchen@foundationcap.com. It’s never too early.


Published on 01.31.2023
Written by Foundation Capital

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Fluid Topics announces a €15 million investment from Kennet Partners to expand in the United States and maintain its 45% annula growth rate

Kennet Partners

LYON, France – February 2024

Fluid Topics, the leading Content Delivery Platform for product information, announced today the successful completion of its Series B funding round. Kennet Partners, a growth equity investor focused on capital-efficient companies, has invested €15 million in the company to reinforce Fluid Topics’ premier position on the market by scaling operations across the United States and leveraging the potential of artificial intelligence in customer support applications. Existing investors include Ventech, the pioneering pan-European early-stage VC, and Credit Mutuel Innovation.

Founded in 1999 by Fabrice Lacroix, Fluid Topics pivoted in 2014 when it launched its Content Delivery platform, reinventing how people search, read, and interact with product documentation. “For complex products, documentation often runs to tens of thousands or even millions of pages. This makes it extremely difficult for maintenance and repair technicians to find their way around. Fluid Topics has revolutionized customer support by guiding technicians to the information they need at any stage of their service calls”, explains Fabrice Lacroix, CEO of Fluid Topics.

Specifically, Fluid Topics’ SaaS-based platform unifies all product knowledge from a company: technical documentation, datasheets, marketing material, multimedia and more. It then delivers it as actionable information tailored to the user in a contextualized, personalized, and secure way, via business applications and digital communication channels.

A global enterprise customer base

Having developed almost exclusively internationally, Fluid Topics now generates 60% of its sales in North America and 40% in Europe, particularly in Germany, Switzerland, Austria, and the Nordics, with steady annual growth of over 45%. The company is serving a prominent customer base, including Fortune 500 companies and industry leaders such as Liebherr, Siemens, Johnson Controls, and Teradata. Over the past years, Fluid Topics has become the go-to solution for tech companies of all sizes seeking to enhance user self-service, case deflection, customer support, and field service operations with distinctive business applications fueled by product knowledge.

The funding aims to maintain the growth rate achieved by Fluid Topics in recent years. The company expects to increase sales to over 25 million euros in the next 3 years, while its workforce plans to grow from 80 to 150 employees by 2027.

This growth will be supported by opening a US team in 2024, whose mission will be to target the SMB market, which is more difficult to address from France.

Virtual assistants to guide technicians

The integration of Generative AI is the second major area of development. Artificial intelligence offers major opportunities for applications based on product content and strengthens the market position of Fluid Topics which has over 20 years’ experience in semantic search, natural language processing, and content governance. Specifically, Generative AI will enable virtual assistants to guide technicians while working on products, and answer their questions, even the most complex ones.

“Fabrice and the team have built an exciting business in a highly capital-efficient manner. We have been impressed by Fluid Topic’s strong financial performance and high-quality enterprise customer base. We are very excited to be partnering with the company to help it scale in the US and to further capitalize on the opportunities that AI enables,” said Hillel Zidel, Managing Director of Kennet.

Cillian Hilliard, Director, and Hillel Zidel, Managing Director at Kennet, will join Fluid Topics’ board of directors, alongside current members Claire Houry, General Partner at Ventech, and Maxence Valero, Investment Director at Credit Mutuel Innovation. Eric Barroca, founder and former CEO of Nuxeo, a Content Services platform for which Kennet helped accelerate the growth trajectory between 2016 and 2021, will also be appointed as an independent board member. Barroca’s successful development of Nuxeo and deep expertise in AI will further strengthen Fluid Topics’ commitment to strategic expansion.

“This funding round empowers us to accelerate in a market shifting rapidly towards solutions that transform operations and enhance competitiveness. As the leading platform, we take pride in offering cutting-edge technologies with utmost attention to security and seamless implementation,” said Fabrice Lacroix, CEO of Fluid Topics.

About Antidot:

Antidot is a SaaS company that leverages over 20 years of advanced research in semantic search, artificial intelligence, and content accessibility to develop Fluid Topics, the leading Content Delivery Platform for product information.

Fluid Topics unifies product content from all existing sources and delivers it as actionable information tailored to the user and situation. Serving Fortune 500 companies and tech organizations of all sizes, Fluid Topics is the go-to solution for tech companies seeking to enhance customer service and field service operations with distinctive business applications fueled by product knowledge. For more information, visit www.fluidtopics.com.

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3i-backed Evernex acquires Maminfo in Brazil

3I

3i Group plc (“3i”) announces that Evernex, a global leader in third-party maintenance (“TPM”) services for data centre infrastructure, has acquired Maminfo, a leading Brazilian TPM player.

Founded in 2000 and headquartered in Sao Paolo, Maminfo specialises in maintenance for network equipment, serving blue-chip Brazilian telco operators. The company is recognised for its strong technical expertise and extensive geographic coverage, being the only TPM player with a local presence in all Brazilian states, enabling it to provide a superior service. Maminfo also owns and operates its own Network Operations Center (“NOC”), allowing 24/7 remote equipment monitoring and optimisation of equipment maintenance.

With this acquisition, Evernex reinforces its position as the leading TPM player in Brazil and Latin America. Maminfo will strengthen Evernex’s delivery capabilities in the region through its extensive local presence and NOC, complement the existing technical expertise by adding network equipment to the scope of equipment under maintenance and drive cross-selling opportunities by giving access to its wide range of blue-chip customers.

Today’s acquisition, the sixth since 3i’s investment in October 2019, reinforces Evernex’s position as a leading global TPM player, with leadership positions in Europe, MEA & APAC, as well as a growing presence in the US where the company has expanded in recent years, through both organic and acquisitive growth.

Evernex is set to benefit from the strong underlying trends driving the data centre TPM market, notably the surge of data consumption related to AI, the extension of IT hardware lifespans, and the increasing outsourcing of maintenance to specialised lT services players.

Adriano Marcelo, Founder and CEO, Maminfo, said: “Joining forces with Evernex presents an exciting opportunity for Maminfo to contribute to the growth of a global TPM leader. We are confident that our combined strengths will reinforce the position of Evernex in the Latin American market and beyond. I am committed to ensuring the continued success of Maminfo within Evernex.”

Stanislas Pilot, Executive Chairman, Evernex, said: “The addition of Maminfo to the Evernex family, our third acquisition in LATAM and second in Brazil, aligns seamlessly with our commitment to delivering top-notch IT services globally. We are excited to welcome Maminfo’s talented team into the Evernex fold, and we believe this strategic move will significantly enhance our capabilities in network maintenance.”

Rémi Carnimolla, Partner, 3i, said: “Maminfo is a great addition for Evernex. Its expertise in networking equipment is highly complementary and its strong footprint in Brazil will enable Evernex to enhance its offering to customers in the region. Our strategy is to grow Evernex into an integrated global leader and this acquisition is fully supportive of this goal.”

-ENDS-

Download this press release   

For further information, contact:

3i Group plc

Kathryn van der Kroft
Media enquiries

Silvia Santoro
Shareholder enquiries

 

Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America.

For further information, please visit: www.3i.com

About Evernex

Evernex is a global provider of critical IT equipment maintenance, servicing over 360,000 IT systems in more than 165 countries. It is the preferred maintenance partner for multinational companies and has developed a multi-channel and multi-vendor flexible offering. Evernex incorporates circularity into its core offering by refurbishing and reusing equipment when it services client infrastructure.

For further information, please visit: www.evernex.com

About Maminfo

Founded in 2000 by Adriano Marcelo and headquartered in Sao Paolo, Maminfo is a leading provider of TPM services for IT network equipment in Brazil. With a local presence in all Brazilian states and more than 120 forward stocking locations, Maminfo has the most extensive geographic coverage of any TPM provider in Brazil. Its experience in network equipment and the high degree of technical expertise of its staff have given Maminfo a leading position in the Brazilian telco market.

For further information, please visit: https://maminfo.com.br

 

Regulatory information

This transaction involved a recommendation of 3i Investments plc, advised by 3i France.

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ICT Group strengthens its position in the public and mobility sector with the acquisition of TriOpSys

NPM Capital

ICT Group strengthens its position in the public and mobility sector with the acquisition of TriOpSys

ICT Group B.V. announces that it has acquired 100% of the shares of TriOpSys B.V.

 

Founded in 1998, TriOpSys designs, builds, and manages mission-critical software applications and infrastructures for traffic management, weather satellites, monitoring stations, and command and control centers.

 

The company, based in Utrecht, combines expertise with long-term customer relationships. They are specialists in business-critical IT for organizations where security and continuity are paramount. The customer base of TriOpSys is in line with the core business of ICT Group. Through their continuous investment in staff and an in-house academy, TriOpSys has a highly skilled and loyal workforce and a strong ability to attract new talent. TriOpSys currently has 140 professionals. The management team including the current owners will continue to lead the company under the banner of ICT Group.

 

Karim Henkens, CEO ICT Group: “With the acquisition of TriOpSys, we are enriching our current portfolio and our range of business-critical solutions. TriOpSys strengthens our position in the public and mobility sector, where we are already well represented with our existing brands ICT Infrastructures & water and InTraffic. There is a good cultural fit between the two companies and we look forward to welcoming our new colleagues to ICT Group.”

 

The shareholders of TriOpSys (Rob Timman, At Hijwegen and Hans Schulz) state: “We are pleased to have found ICT Group, because the culture, atmosphere and market segments are a very good match. Just like TriOpSys, ICT Group is an organization where employees are central and where there is a deep interest in technologically advanced solutions. We are delighted that with this collaboration – after our 25th anniversary last year – TriOpSys will be able to continue to expand and grow in the coming years and that we can offer our employees, customers and suppliers continuity for the future.”

 

Financial details will not be disclosed.

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KKR To Acquire Broadcom’s End-User Computing Division

KKR

MENLO PARK, Calif.–(BUSINESS WIRE)– KKR today announced the signing of a definitive agreement with Broadcom Inc. (NASDAQ: AVGO) to acquire its End-User Computing Division (the “EUC Division”) in a transaction valued at approximately $4 billion. Upon closing of the transaction, the EUC Division will become a standalone company, with greater access to growth capital and a dedicated strategic focus on empowering customers and partners worldwide with innovative digital workspace solutions.

Originally a division of VMware prior to Broadcom’s acquisition, the EUC Division provides a leading suite of digital workspace solutions that allow organizations to securely deliver and manage applications, desktops and data across any device or platform. Its flagship products include Horizon, a leading desktop and application Virtualization platform, and Workspace ONE, a marquee Unified Endpoint Management (“UEM”) platform for the enterprise, along with common platform services of data, identity and workflows. The EUC Division leverages advanced data and intelligence in order to drive greater scale, speed and effectiveness for today’s modern, digital workspace.

“Workspace ONE and Horizon are best-in-class platforms chosen by many of the world’s leading enterprises to create seamless and secure digital workspaces with interoperability across increasingly complicated technology stacks,” said Bradley Brown, Managing Director at KKR. “We see great potential to grow the EUC Division by empowering this talented team and investing in product innovation, delivering excellence for customers and building strategic partnerships.”

As a standalone company, the EUC Division will continue to be run by its existing management team led by Shankar Iyer. In addition to expanding R&D and pursuing new strategic partnerships, KKR plans to support the EUC Division’s focus on customer relationships through significant investments across go-to-market functions. The standalone business will be positioned to make long-term investments in resourcing for customer success, partner support and an expanded, dedicated sales team.

“We are confident that this pending transaction marks an exciting next chapter for the EUC Division and one that will create enormous opportunities and benefits for our customers, partners and employees,” said Shankar Iyer, Senior Vice President and General Manager, End-User Computing Division, Broadcom. “The KKR team knows our industry well and is the ideal strategic partner to help us become a standalone company with an exclusive focus on delivering powerful tools for the digital workspace.”

“EUC is a leader within large, high growth categories and demand for the business’s marquee offerings continues to grow as the workplace and the needs at the front-line evolve rapidly,” said John Park, Partner at KKR. “We are excited to deploy our experience and toolkit at KKR to back a world-class company in its next chapter as a standalone business, with accelerated investment and a continued focus on product and customer-centricity.”

After becoming a standalone company, the EUC Division will implement KKR’s broad-based employee ownership program, which makes all employees owners in their respective businesses alongside KKR. This strategy is based on the belief that employee engagement and a strong ownership culture are key drivers in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-senior management employees across more than 40 portfolio companies.

KKR is making its investment primarily through its North America Fund XIII. The transaction is expected to close in 2024, subject to customary closing conditions, including regulatory approvals.

Evercore, Deutsche Bank Securities Inc. and Jefferies LLC are acting as financial advisors and Simpson Thacher & Bartlett LLP is acting as legal advisor to KKR. Citi is serving as exclusive financial advisor to Broadcom.

About End-User Computing (EUC) Division

End-User Computing Division is the digital work platform leader, trusted by thousands of organizations worldwide as the former VMware EUC business. The EUC digital work platform unifies, automates, and efficiently scales the digital workspace. The intelligence-driven platform enables IT to deliver a secure and productive experience for all employees, across their devices, efficiently at scale. By empowering employees to do their best work, anywhere, we help workforces everywhere unlock exponential business value.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media
Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

Source: KKR

 

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Nordic Capital-backed Conscia acquires ITGL, bolstering digital transformation offerings and spearheading entry into the UK and Ireland

Nordic Capital

ITGL, a digital transformation provider and Cisco Gold Partner, has been acquired by Conscia, a European provider of mission-critical IT infrastructure within networking, cybersecurity, and cloud.

The move will see ITGL clients benefit from bolstered cybersecurity solutions and enhanced managed service offerings to support their increasingly complex network and cloud infrastructures. For Conscia, the announcement spearheads the company’s entry into the UK and Ireland.

Headquartered in Denmark, Conscia – also a Cisco Gold Partner – employs over 1,020 people across six countries serving more than 1,000 customers. These include five out of the six top Nordic banks and three out of every four hospitals in the Netherlands.

With sites in Portsmouth and Oxford, ITGL’s 70-strong team provides extensive expertise in collaboration, networking and cybersecurity across the UK and Ireland. The company’s strong presence in the public sector – combined with expertise in the finance, law and retail industries – complements Conscia’s focus on supporting clients with complex network, data center, cloud, IoT and mobility needs.

Neil Pemberton, CEO, ITGL says, “The shared culture of technical excellence and commitment to long-term client relationships between both organisations makes this relationship a natural fit.  By tapping into Conscia’s international network and by leveraging its size and market position, we can deliver extra value while continually expanding and developing the business. Conscia has a strong track record for incorporating new companies and we are excited about what this will mean for ITGL as well as new and existing clients.”

Operating as ‘ITGL – part of Conscia’, the ITGL collaboration marks Conscia’s 17th acquisition in seven geographic markets over 10 years.

Erik Bertman, CEO, Conscia, adds, “The UK has a strong and expansive technology ecosystem and is one of the largest markets in Europe. Through ITGL’s forward-thinking technical know-how and industry experience, we will be well-placed to contribute to the region’s continued IT infrastructure growth and digital transformation. This is a significant milestone for Conscia and we’re looking forward to the opportunities that lie ahead for all parties.”

Oliver Tuszik, President EMEA, Cisco adds, “Conscia and ITGL are already success stories in their own right. By uniting their strengths, these two Gold Partners are poised to deliver an unparalleled value proposition to Cisco customers. We eagerly anticipate the synergies and innovations that will emerge from this collaboration, propelling all involved toward even greater achievements.”

 

For further information, please contact:

Daniel Siberg. Group Chief Sales & Marketing Officer,
+46 734082778, dasi@conscia.com

About ITGL

ITGL designs and delivers digital solutions that drive operational efficiency and enhance the lives of individuals, creating better human experiences, a safer and fairer society, and a cleaner environment. ITGL is committed to help its clients achieve their goals and make a positive impact on the world. The company employs 70+ people across sites in Portsmouth and Oxford.

About Conscia

Conscia design, implement, and manage secure, mission-critical IT infrastructure solutions and cybersecurity services. We deliver solutions and 24-7 managed services to customers with complex network, data center, cloud, IoT, and mobility requirements. We offer first-class technical competencies and insight and support our customers’ business-critical technology systems across the entire lifecycle of their technological ecosystem, from design and implementation to operation and optimization. Founded in 2003, Conscia is owned by private equity investor Nordic Capital and is serving numerous large organizations in finance, healthcare, manufacturing, utilities, retail, and the public sector from offices in Denmark, Sweden, Norway, Germany, the Netherlands, and Slovenia. We are a network of knowledge and the very IT backbone of our customer’s success. Our long-term ambition is to be the preferred partner in the realms of network, cloud, and cybersecurity across Europe. Please find more information at: www.conscia.com

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Codestone bolsters Digital Transformation and Microsoft footprint through third bolt-on with Cloud Business

FPE Capital

 

FPE portfolio company Codestone Group (‘Codestone’) today announced it has acquired Cloud Business, an award-winning business consulting, digital transformation, and IT managed services leader.

Cloud Business builds upon Codestone’s Security, Azure, Modern Workplace and M365 offerings, whilst complementing the Group’s recognized capabilities as #1 mid-market ERP solution partner, and leader in both the Enterprise Performance Management (EPM) and Data & Insights field.

Codestone was FPE’s eighth investment from FPE Fund II in 2021, the firm’s second specialist software and services fund. This third bolt-on further develops Codestone’s accelerated growth and rapid customer base expansion following the acquisitions of Clarivos in May 2022 and DSCallards in November 2022. The Group has trebled its turnover since the FPE investment and now stands at 340 people.

Chris Kay, Investment Director at FPEWe are delighted to welcome Cloud Business to the Codestone Group, and combining the two companies’ leading Microsoft practices across Security, Azure and Modern Workplace within Codestone’s broader Digital Transformation, Data, and Business Application practices. It is a pleasure to work with both the respective management teams, and we are confident that together the two businesses can continue to drive innovation and transformation for their customers

Darryl Sackett, CEO at CodestoneThe addition of Cloud Business’s expertise and wonderful people talent enhances Codestone’s consistently high-quality customer engagement model. We are focused on end-to-end value creation for all customers in all sectors and geographies who are trying to answer the question of how to do more with technology while staying secure. From the Digital Strategy, Edge computing, mission critical infrastructure and all processes that run any modern business, we guide organisations through this increasingly complex landscape. We unlock innovation and free up budget for our customers to reinvest. Cloud Business enables us to do this for more customers in a broader way with a strong cultural fit aligned to our core values.

James Palmer, Chair of Cloud BusinessWith a worldwide footprint, a dedicated team comprising hundreds of skilled experts, and a remarkable three-decade legacy in business technology consulting, Codestone provides Cloud Business a larger platform from which we can leverage our deep proficiency in IT consultancy and transformational services. The new organisation also significantly broadens the core capabilities we will be able to offer both new and existing clients. We are excited by the vision that Darryl and the Codestone leadership team have for the company and are thrilled to be part of the journey.

 

Nordic Capital acquires Zafin, a leading provider of SaaS Core Modernization and Transformation solutions

Nordic Capital
  • Investment made in partnership with Zafin’s founders and management, with the intention to accelerate the Company’s growth and product / platform roadmap
  • As a leading technology investor, Nordic Capital will leverage its expertise, experience and resources to further support Zafin’s commitment to simplify bank core modernization and create tangible business results for banks globally

 

Nordic Capital has signed an agreement to acquire a majority share in Zafin, a leading provider of SaaS core modernization and transformation solutions for financial institutions around the world. The investment is made in close partnership with Zafin’s founders and management, who will reinvest in the company alongside Nordic Capital.

Zafin is recognized as an industry leader for its innovative approach to bank core modernization. Zafin’s core SaaS platform extracts product and pricing from multiple core systems, enabling users to work collaboratively to design and manage relationship pricing, products, and packages, including personalized propositions. The platform allows banks to dynamically respond to changing customer and market needs across their entire bank core system footprint, all while ensuring regulatory compliance, transparency, and operational control. As a result of these benefits, such as faster time to market, increased revenue opportunities, lower operating costs, and reduced operational risks, Zafin is recognized as a preferred partner for banks globally. Zafin is a global organization serving a diverse base of customers including Wells Fargo, US Bank, HSBC, Truist, ING, CIBC, PNC, and ANZ.

Al Karim Somji, CEO, Zafin, said: “This partnership is an absolute game-changer for the Zafin team and our customers. We have been powering the modernization and transformation of banks and future-proofing their banking technology investments for years. With Nordic Capital’s scale, technology expertise, and deep market understanding, this partnership enables us to become a global leader in banking technology solutions.”

Mohit Agnihotri, Partner Nordic Capital Advisors, said: “Nordic Capital has been a keen observer of bank IT modernization efforts and has been highly impressed with Zafin’s innovative approach to helping its customers react to a constantly changing business landscape. The Company’s exceptional track record of success and resoundingly positive customer feedback are a testament to the entire Zafin team and product they have built. We firmly believe that Zafin will emerge as a gold standard in bank IT modernization efforts. Nordic Capital looks forward to partnering with Zafin management on the next phase of the company’s growth, including leveraging our seasoned inhouse operational team, deep expertise and expansive relationships in the sector.”

Nordic Capital has over 30 years of experience accelerating the growth of innovative technology companies. As a leading specialized technology investor globally, Nordic Capital has to date made 29 technology investments with an aggregate enterprise value of close to EUR 24 bn.

The terms of the transaction were not disclosed. Completion of the transaction is expected during Q1 2024 and is subject to customary closing conditions.

Goldman Sachs & Co. LLC served as exclusive financial advisor to Zafin and Fasken Martineau DuMoulin LLP served as legal counsel to Zafin.

 

Media contacts:

Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Zafin
Uproar PR for Zafin
Matt Greenfield
mgreenfield@uproarpr.com

Bhavna Wadhwa
SVP, Global Marketing, Zafin
Tel: +1 289 962 0491
e-mail: bhavna.wadhwa@zafin.com

 

About Zafin

Founded in 2002, Zafin offers a SaaS product and pricing platform that simplifies core modernization for top banks worldwide. Its platform enables business users to work collaboratively to design and manage pricing, products, and packages, while technologists streamline core banking systems. With Zafin, banks accelerate time to market for new products and offers while lowering the cost of change and achieving tangible business and risk outcomes. The Zafin platform increases business agility while enabling personalized pricing and dynamic responses to evolving customer and market needs. Zafin is headquartered in Vancouver, Canada, with offices and customers around the globe, including ING, CIBC, HSBC, Wells Fargo, US Bank, Truist, PNC, and ANZ. For further information about Zafin, please visit www.zafin.com.

 

About Nordic Capital

Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 23 billion in 140 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

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Francisco Partners Completes Acquisition of The Weather Company

Franciso Partners

The Weather Company Accelerates Commitment to People and Businesses and Sharpens Focus on Innovation and Development of Forecasting Products and Technology

SAN FRANCISCO – Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, today announced the completion of its acquisition of The Weather Company (the “Company”), one of the world’s leading weather technology providers, from IBM, previously announced in August 2023. Under the ownership of Francisco Partners, the new standalone company will continue to be led by CEO Sheri Bachstein.

As a standalone company, The Weather Company, recognized as the world’s most accurate weather forecaster, will extend its more than 40-year legacy to deliver weather data and insights to people and businesses across the globe. With additional capital and resources, the Company is well positioned to innovate with focus and velocity, ultimately providing even greater value to the millions of people and businesses who rely on it daily to make smarter, better-informed decisions.

The Company serves an average of more than 360 million people each month through its consumer-facing digital properties including The Weather Channel mobile app and weather.com, Weather Underground, and Storm Radar. The Weather Channel, the Company’s flagship consumer brand, is one of the top 10 most trusted brands in America (1) and has exciting innovation in store. The Company is also sharpening its enterprise focus. With the global economic impact of weather events predicted to reach $5 trillion over the next five years (2), the Company is accelerating its enterprise work across a variety of industries to help businesses harness – rather than fall victim to – weather’s increasing volatility.

“As weather continues to become more disruptive and impactful to society, we are strengthening our efforts to further deliver products that help people and businesses understand what the forecast means for them,” said Sheri Bachstein, CEO of The Weather Company. “Weather can be a competitive advantage, not just a fact of life, and therefore every business needs a weather strategy and weather partner they can trust. Our future with Francisco Partners enables us to unleash our full potential and continue to creatively and responsibly use science and technology to propel the world. Stay tuned for more from us in the coming weeks and months as we unveil new products and services for consumers and customers around the globe.”

“We’re excited to partner with the team and employees at The Weather Company and continue their mission to help people and businesses make more informed decisions and take action in the face of weather,” commented Alan Ni, Partner at Francisco Partners. “The Company’s trusted consumer, media, and industry-specific products, competitive solutions, and responsible technologies are unmatched. We are confident that with our financial and operating support, this business will have even more revolutionary products to bring to market in the weeks, months, and years ahead.”

Mei Shi, Principal at Francisco Partners, added, “Francisco Partners has a long and successful track record of executing divisional carve-out transactions, and The Weather Company is no exception. We’re confident the company will thrive operating as an independent company and drive crucial focus in executing on organic and inorganic growth strategies.”

About The Weather Company

The Weather Company helps people and businesses around the world make more informed decisions and take action in the face of weather. With its deep industry expertise and highly accurate, high-volume weather data combined with advanced technology and AI, The Weather Company provides insights and solutions that harness the power of weather in a scalable, privacy-forward way. The world’s most accurate forecaster, the company serves hundreds of enterprise customers across media, advertising, aviation and more, and is trusted by hundreds of millions of monthly active users via digital properties from The Weather Channel (www.weather.com) and Weather Underground (www.wunderground.com). For more, visit www.weathercompany.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch nearly 25 years ago, Francisco Partners has invested in more than 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Media Contacts

The Weather Company
Melissa Medori
melissa.medori@weather.com

Francisco Partners
Whit Clay / Sarah Braunstein
wclay@sloanepr.com / sbraunstein@sloanepr.com

  1. According to a Morning Consult, May 2023: https://pro.morningconsult.com/analyst-reports/most-trusted-brands-2023 The Weather Channel brand was the #9 most trusted brand in the US. The surveys were conducted from 3/3/2023 through 4/3/2023, among a nationally representative sample of 799 to 8,434 U.S. adults.
  2. https://www.reuters.com/business/environment/global-economic-losses-extreme-weather-could-hit-5-trln-lloyds-2023-10-11/

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