Tag Archives: Software

Pirum Systems secures new investor to accelerate its global growth strategy

Bowmark

Pirum Systems (“Pirum”), a leading provider of post-trade automation and collateral management technology for the global securities finance industry, today announces that Hg, a leading software and services investor, will become a significant shareholder in the company.

Hg will share joint control with Pirum’s current backers Bowmark Capital, the technology and services investor, which invested in the company in 2019. The Pirum management team will also retain a significant stake in the business.

Pirum was founded in 2000 to provide advanced, centralised and secure reconciliation services for financial market participants. Pirum’s software provides a secure processing hub which seamlessly links industry participants, allowing them to process and verify key transaction details electronically. This delivers significant trade and collateral efficiency, lowers costs and enhances regulatory compliance for its network of clients. Pirum’s products assist 90 of the most prestigious global financial institutions to process over $3 trillion of transactions daily.

Under the stewardship of Bowmark and Pirum’s executive team, the business has successfully rolled-out a leading regulatory reporting offering, while building a suite of new products automating collateral management, repo, and front office activities. Hg’s financial services technology credentials and international footprint will enable Pirum to further drive workflow automation, address regulatory requirements, and enhance innovation across the sector.

Philip Morgan, Chief Executive Officer at Pirum, said: “This is a significant milestone in our journey, and is welcome news for everyone at Pirum. Together with Bowmark, Hg will actively support Pirum’s global expansion and investment in additional innovations, helping us to deliver further efficiency and productivity gains for our customers and the broader industry eco-system.”

Sebastien Briens, Partner at Hg, said: “Hg invests in businesses that are champions in their field, with compelling long-term growth prospects underpinned by strong technological foundations and talented leadership teams. Pirum has all of these qualities and is a business we have tracked for many years through our capital markets technology focus. We look forward to backing Phil and his team, and to partnering with Bowmark to further scale what is already a great platform, driving continued automation of post-trade workflows.”

Julian Masters, Managing Partner at Bowmark Capital, commented: “We have known Pirum and its team for over a decade, and the business has achieved uninterrupted revenue and profit growth during this period. Pirum has a strong track record of product innovation and best-in-class client services, which continuously enhance its propositions for collateralised markets. We are delighted to welcome a new partner in Hg, whilst continuing to work closely with the management team.”

The terms of the transaction are not disclosed and the transaction is subject to regulatory approval. The Hg team was led by Sebastien Briens and Steve Burn-Murdoch, and was advised by Skadden, Arps, Slate, Meagher & Flom LLP (legal) and Linklaters (debt legal). Julian Masters and Antonia Cheong led the Bowmark Capital team. Jefferies International Limited served as financial adviser, and Stephenson Harwood LLP served as legal counsel, to Bowmark Capital and Pirum. The management team of Pirum were advised by Jamieson Corporate Finance LLP and Ashurst LLP.

 

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Kinnevik invests in Pleo’s USD 200 million financing round to further build on its >10x return on investment to date

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it has invested in Pleo’s USD 200m primary funding round. Kinnevik’s investment amounted to USD 25m in a blend of primary and secondary shares. The funds raised will be used to extend Pleo’s product offering beyond expense management towards a holistic suite of financial tools to clients. The funding round values Pleo at USD 4.5bn pre-money, around 180 percent higher than the valuation reflected in Kinnevik’s most recent Interim Report, and corresponds to a return on Kinnevik’s aggregate investment exceeding 10x over a three-year time span, before taking today’s announced investment into account.

Pleo today works with more than 20,000 businesses and processes their employees’ aggregate annualised spend of over USD 1bn with strong customer satisfaction scores. This combined with the wealth of data Pleo has access to compounds with the lack of innovation from incumbents and means that Pleo’s addressable market can extend well beyond expense management into the offering of a holistic suite of financial tools to their clients.

Andreas Bernström, Senior Investment Director at Kinnevik, commented: “Over the last decade, technology has simplified many aspects of everyday behaviour in a transformative way. Pleo, similar to Slack and Zoom in their respective fields, is transforming the user experience in corporate spend management. The company’s success is a combination of relentless focus on product innovation and execution across marketing, automated onboarding, and go-to-market. Perhaps most importantly, the founders have a true commitment and focus on their own staff and company culture. We believe Pleo is in a unique position to become a category winner, and all of us at Kinnevik greatly look forward to continue supporting the company going forward.”

Jeppe Rindom, CEO and Co-Founder of Pleo, commented: “Andreas and Kinnevik clearly saw the potential of what we were building early on, and it is great to have had their continued support through each of our last four funding rounds. Kinnevik is a firm with a long-term view and without investment constraints, which as a fast-growing company is a great combination of strengths to have supporting your development.”

The USD 200m financing round, co-led by Alkeon and Coatue, ascribes Pleo a valuation of USD 4.5bn pre-money. This is around 180 percent higher than the valuation of Pleo reflected in the SEK 2.0bn fair value of Kinnevik’s investment in its Interim Report for the third quarter of 2021. The reassessed fair value of Kinnevik’s investment in Pleo will be finalized and reported in Kinnevik’s Interim Report for the fourth quarter, to be published on 3 February 2022, considering a number of factors in addition to the funding round.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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EQT Private Equity to invest in 3Shape, a global leader in digital dentistry

eqt

EQT Private Equity to acquire a minority stake in 3Shape, a global leading player and innovator in digital dentistry focused on intra-oral scanners, CAD and CAM software for dental clinics and the dental lab market

3Shape’s products are at the forefront of driving digitalization of dentist workflows, reducing material consumption and improving preventive care and patient outcomes

3Shape will leverage the expertise from EQT’s in-house digitalization team, global healthcare sector team, and global advisory network, in its next chapter of growth, focusing on continued international expansion and roll-out of additional digital services

EQT is pleased to announce that the EQT IX fund (“EQT Private Equity”) has agreed to acquire a 20 percent stake in 3Shape (the “Company”) from its founders, who will remain majority shareholders in the Company. Together with the founders and management, EQT Private Equity will support and accelerate execution of 3Shape’s strategic vision to continue to lead the digitalization of the global dental industry.

Based in Copenhagen, Denmark, 3Shape is a global leader in digital dentistry and provides state of the art intra-oral scanning solutions, CAD (Computer Aided Design) and CAM (Computer Aided Manufacturing) software for dentists and dental laboratories in over 100 countries. The Company was founded in 2000 and employs more than 1,900 people in Europe, Americas and Asia, of which approximately 500 sit in R&D.

3Shape operates in a highly attractive sub-segment of the Dental Equipment and Software market growing at around 15 percent per year, driven by the digitalization of dental workflows to provide improved and more efficient care. The market is supported by long-term secular growth drivers including an aging population, higher disposable income, and increasing demand for aesthetic treatments. 3Shape is uniquely positioned at the nexus of the digital workflow to drive the digital transformation, and thereby improving patient care and reducing the environmental footprint of analogue supply chains and processes.

EQT Private Equity will support 3Shape’s vision to further internationalize and drive significant global growth while continuing to innovate and deliver unique digital solutions globally. The Company will be able to leverage and benefit from the full EQT platform, including EQT’s in-house digital teams, its global healthcare sector team, the broad experience from EQT’s advisory network, as well as strong ESG capabilities, to support 3Shape’s continued growth journey.

Mads Ditlevsen, Partner within EQT Private Equity’s Advisory Team, commented, “Having followed 3Shape closely for more than a decade, we are highly impressed with its high pace of innovation and ability to drive the digitalization of the dental industry, cementing its position as a global market leader. We see significant global potential for 3Shape and EQT looks forward to contributing to its continued development in close collaboration with its founders, board and the management team.”

Michael Bauer, Partner and Co-Head of Healthcare within EQT Private Equity’s Advisor team, added, “We are very excited about the opportunity to partner with the 3Shape team and take an active role in its next growth phase. This investment is a testimony to EQT’s healthcare strategy and dedication to invest in global leading healthcare companies within attractive high-growth subsectors, which 3Shape is a perfect example of.”

Jørgen Jensen, Chairperson of 3Shape commented, “We are pleased with the confidence that EQT has shown us by investing a substantial amount in becoming a co-owner of the company. This long-term partnership will strengthen 3Shape and help us deliver on our vision of continued innovation, and thereby delivering unique digital solutions for the global dental industry. At the same time, this investment from such an esteemed investor confirms the strength of 3Shape’s business model and the company’s very exciting future.”

Jakob Just-Bomholt, CEO of 3Shape, added, “EQT will undoubtedly contribute knowledge and experience to support 3Shape’s continued growth journey. We have great ambitions, and we will continue to be the world leader in digitizing dental care. Our scanners are used by more than one million patient scans each month, and this number will increase significantly going forward. With our technology, dentists can effectively automate and digitize work flows, while offering diagnostic services that can prevent dental problems. We will do this, among other things, through our next-generation technology and our new 3Shape Unite platform. There is significant potential to deliver digital services and products to dentists around the world and 3Shape is in a unique position to capture the potential and continue to strengthen our position as the market leader.”

EQT Private Equity was advised by FIH Partners (M&A), Accura (Legal), EY (Financial & Tax), Ringstone (Technology), and The Footprint Firm (ESG). The transaction is expected to close during Q1 2022.

With this transaction, EQT IX is expected to be 75-80 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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Centauri Health Solutions Adds Clinical Data Exchange Capabilities with Acquisition of Secure Exchange Solutions

Centauri Health Solutions (“Centauri”), an innovative healthcare technology and services company, announced today that it acquired Secure Exchange Solutions (“SES”), a Rockville, Maryland-based health information technology provider focused on physician connectivity and clinical data exchange. This addition expands Centauri’s comprehensive healthcare technology solutions, which already include Risk Adjustment, Quality, Medicaid and Disability Eligibility and Enrollment, Out-of-State Medicaid Billing, Revenue Cycle Analytics, and Referral Management and Analytics.

Secure Exchange Solutions is the leading platform provider of cloud-based clinical data exchange software. SES sets the standard for protecting, streamlining, and delivering sensitive and critical health care information while ensuring compliance and improving efficiency and quality. SES is connected to 90,000 healthcare organizations, and over 50 of the leading health information exchanges, providing integrated secure communications reaching more than 2.7 million healthcare professionals nationwide.  The combination of Centauri and SES creates a suite of solutions that accelerate improvement of patient care while addressing value-based care.

“SES is pleased to join a company that is built around the similar goal of leveraging technology to improve healthcare and patients’ lives,” said Michele Darnell, President of SES. “We are excited to couple our clinical data exchange platform with Centauri’s suite of data analytics and revenue and quality optimization products to provide comprehensive solutions that are unmatched in the marketplace.”

“The addition of SES empowers Centauri to support strategic client initiatives in the area of value-based care and clinical data exchange,” said Adam Miller, Centauri co-founder and CEO. “Promoting provider and payor collaboration through our standards-driven approach reduces time to implement and increases adoption versus proprietary software installation. In addition, our unique suite of solutions on the revenue side of the value-based care equation is additive to traditional solutions focused only on lowering the overall cost of care.”

The combined organization will be led by Miller, with Darnell continuing to oversee the SES division together with SES Chief Technology Officer Boris Shur. SES CEO Dan Kazzaz will engage strategically with Centauri by joining its advisory board.

The SES transaction was supported by Centauri’s lead investor, Abry Partners, and its other key investors, Silversmith Capital Partners and SV Health Investors. Truist Securities was the financial advisor to SES. Duane Morris LLP was the legal advisor to SES and Kirkland and Ellis was the legal advisor to Centauri.

About Centauri Health Solutions

Centauri Health Solutions provides technology and technology-enabled services to payors and providers across all healthcare programs, including Medicare, Medicaid, Commercial and Exchange. In partnership with our clients, we improve the lives and health outcomes of the members and patients we touch through compassionate outreach, sophisticated analytics, clinical data exchange capabilities, and data-driven solutions. Our solutions directly address complex problems such as uncompensated care within health systems; appropriate, risk-adjusted revenue for specialized sub-populations; and improve access to and quality of care measurement. Headquartered in Scottsdale, Ariz., Centauri Health Solutions employs 1700 dedicated associates across the country. Centauri has made the prestigious Inc. 5000 list since 2019, as well as the 2020 Deloitte Technology Fast 500™ list of the fastest-growing companies in the U.S. For more information, visit www.centaurihs.com.

About Abry Partners

Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. For more information about Abry, please visit www.abry.com.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, LifeStance Health, MediQuant, Panalgo, Unily, Validity, and Webflow. The partners have over 75 years of collective investing experience and have served on the boards of numerous successful growth companies including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Net Health, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmithcapital.com.

About SV Health Investors

SV Health Investors is a leading healthcare fund manager investing in tomorrow’s healthcare breakthroughs. SV invests across stages, geographic regions and sectors, with expertise spanning healthcare services / technology, medical products, biotechnology, dementia and public equities. With approximately $2.2B in assets under management and offices in Boston and London, SV has built an extensive network of investment professionals and experienced industry veterans. Since its founding in 1993, SV has invested in more than 175 companies, with more than 75 of these having achieved successful acquisitions or IPOs. For more information, please visit www.svhealthinvestors.com.

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Ardian supports the growth of easiware via a €7m round of financing

Ardian

Ardian, one of the world’s leading private equity firms, today announces the acquisition of a stake in easiware, a French omnichannel saas customer relationship management software platform. Matthieu Bouteiller, Chairman, and Brendan Natral, CEO and co-founder, will be able to draw on Ardian Growth’s expertise and networks to accelerate the development of the company’s offering and drive its international expansion.

easiware has around 50 employees and supports over 500 brands (large accounts and multi sector SMEs) in the management, optimization and personalization of their customer relations, from pre to post-sales. Available in several languages, the easiware solution has already been deployed in more than 20 countries, mainly through its customers’ foreign subsidiaries. The company has a unique 360° approach to customer relations, which differentiates it from its competitors. This enables easiware to process all incoming requests, regardless of the channel, through a single interface.

Self-funded until now, the company has experienced strong and regular growth since its inception, driven by several factors – the ease of adoption and reliability of its solutions, its technological yet human approach to customer relationship management, the emergence of new digital channels, and the growing need for omni channels that enable brands to strengthen their link with customers.

Ardian’s investment marks an important step in easiware’s development. The company intends to continue innovating, so it can optimize its solutions, develop new complementary new complementary customer relationship tools and bring even greater value to its customers. With the support of Ardian Growth, easiware will continue this expansion, particularly across Europe.

“We are delighted to welcome Ardian as an investor and new partner. This first round of financing is a strategic step for easiware and our customers who put their trust in us on a daily basis. In realizing our ambitions it was important that we chose to collaborate with an investor that shares our vision and values.. With Ardian, a world-class investor, we are beginning a new phase of innovative yet sustainable growth, both in France and, very soon, in wider Europe. MATTHIEU BOUTEILLER, CHAIRMAN OF EASIWARE

“We’re excited to begin this partnership with Ardian. After thirteen years of self-financing, we are proud of what we have achieved so far, and are now entering a new chapter that will allow us to accelerate our development, better satisfy our customers and recruit the right talent to support this growth. With the backing of Ardian, we now have the means to fully realize our ambitions, as their team shares our technological yet human approach to customer relationship.” BRANDAN NATRAL, CEO OF EASIWARE

“Founders Matthieu and Brendan have demonstrated a strong ability to sustain such profitable growth. Their solution is fully integrated and robust, and increasingly popular in the market. This transaction is a perfect example of how we can support talented software entrepreneurs. FLORIAN DUPONT, SENIOR INVESTMENT MANAGER AT ARDIAN GROWTH

PARTIES TO THE TRANSACTION

  • Ardian

    • Florian Dupont, Solene Hamouda
    • Financial advisors : Cairn Partners (Julien Sanier/ Hanna Goux-Pelletan)
    • Legal, social and tax advisors: Orsan (David Sebban/ Laure Le Gall)
    • Tax advisors : Mamou & Boccara (Laurent Mamou)
    • Technical Audit : Frederic Thomas (CTO as a service)

  • Easiware

    • Matthieu Bouteiller, Brendan Natral
    • Financial advisors: Acetis Finance (Matthieu Mora/ Olivia Harel)
    • Legal and tax advisors : Jones Day (Charles Gavoty/ Alexandre Wibaux)

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$120bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 800 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

ABOUT EASIWARE

easiware is a French SaaS editor that enables brands’ customer service teams to communicate with their customers on a daily basis thanks to an “all-in-one” platform for managing and personalizing customer relations. The easiware platform allows them to centralize customer requests and data, regardless of the channel, in a single tool to provide customer knowledge that meets consumer requirements and allows customer service to respond quickly, efficiently and contextually. More than 500 love brands and public players (including Galeries Lafayette, Meetic and the Gendarmerie Nationale) in over 20 countries trust easiware.
easiware is a recognized leader in its ecosystem, thanks to its human and technological approach to customer relations.

www.easiware.com

Media Contacts

ARDIAN – Headland

VIKTOR TSVETANOV

Tel.: +44 7818 594991

EASIWARE – Com’I/O

Anthony Courtat

anthony@comio.fr Tel.: +33 6 09 98 41 11

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Penbox confirms its ambition to be the leader in insurtech

Fortino Capital

Founded late 2019, Penbox is a Brussels-based tech start-up specializing in the collection of documents and structured information. Today, the company effectively reduces the administrative burden of more than 130 insurance brokers, helping them focus on their advisory business. Penbox has just finalized two agreements which consolidate its leading position on the Belgian Insurtech market: (i) a partnership with the largest brokerage software in Belgium, Portima and (ii) a €1.5m funding round led by two private funds, Fortino Capital and The Faktory Fund, with the participation of the regional financial arm Finance & Invest Brussels.

 

Penbox, the first insurtech solution integrated into Portima

Portima has been the IT partner of insurance brokers and companies for 35 years, with 3,200 active clients and over 11,000 users. Penbox was selected among more than 50 insurtechs present on the market as the first ideal solution to integrate into their brokerage management platform named ‘Brio’. The integration was completed in a record time of 4 months. “The strong attractiveness of Penbox on the market, thanks to their customer data enrichment service, and the ease of setting up the partnership appealed to us from the start,” explains Jan Peeters of Portima. Over 80% of brokers were interested in having a service like Penbox integrated into their management software.

 

Fundraising successfully closed with three key partners

In order to accelerate its growth, Penbox has just completed a fundraising of €1.5m in less than 2 months. Fortino Capital, The Faktory Fund and Finance & Invest Brussels were convinced by the insurtech’s vision, business model and the very positive feedback from early customers.

Renaat Berckmoes, Founding Partner of Fortino: “With their complementarity and business expertise, the Penbox team solves a critical problem in the insurance sector – the collection of structured customer data – with an intelligent and very intuitive solution to the different users. We are convinced that this technology can play a key role in other sectors such as the public sector, banking or healthcare.”

Simon Alexandre, Managing Partner The Faktory Fund: “Within The Faktory Fund, we were impressed by the vision as well as the quality of execution of the team, with very complementary profiles and experiences. Their innovative solution fits at the heart of companies’ digitalization strategies. Efficiently obtaining quality data allows users to focus on high value-add tasks. We are very happy to invest alongside this team with Fortino and Finance Brussels.”

Pierre Hermant, CEO of Finance & Invest Brussels: “Penbox is a Brussels-based start-up that tackles an important business issue: facilitating administrative procedures for clients through smart forms. We were won over by the qualities of the management team and are convinced of the company’s potential.”

Emile Fyon, co-founder of Penbox is delighted: “This fundraising allows us to develop our model and consolidate our presence on the Belgian brokerage market. We plan to double the size of our workforce from 11 to 20 people by June 2022 and increase our customer base by the end of 2022.” Penbox has many other projects such as attracting larger players in Belgium and expanding its expertise to the French market.

 

The inception of Penbox at the heart of the insurance industry

While in charge of digitization at AXA, Emile and Christophe (co-founders of Penbox) identified a gap in the market. There was no solution that could simply and quickly improve information and document collection for insurance processes, which are often complex.

After analysing the problem in detail, they decided to launch Penbox by surrounding themselves with two other complementary co-founders, Ben and Matt. Their expertise in digitization, technology and insurance allowed them to quickly convince their first clients and build partnerships with the largest players in the Belgian market, after only 2 years of existence.

 

Penbox, a start-up born in the midst of the pandemic

Founded in November 2019, the Penbox team is forced into lockdown after signing its first two clients. Nevertheless it succeeded in convincing 25 clients during the year 2020 and now has more than 130 clients. First launched in the Wallonia-Brussels region, Penbox has just opened to the Flemish market in September 2021. More than 100,000 Belgian residents have been invited to use Penbox to share information with their brokers.

Since its inception, Penbox has made a name for itself in the entrepreneurial and insurance world. Incubated at KBC Start-it, the company quickly obtained a grant from Innoviris before winning the Fintech Pitch Award 2020. Penbox was nominated for the Vivium Digital Awards and her work to help brokers and disaster victims after the July floods was relayed by Feprabel (broker federation) and AG Insurance. The startup was selected and was able to take advantage of the Amplitude + and PwC Scale programs to accelerate its growth in 2021.

 

Additional information

Press & media coverage

01/04/2020
Le CHU Brugmann se dote d’une plateforme de gestion de crise

05/08/2021
Gérer un dossier de sinistre: aisé via la plateforme Penbox

05/08/2021
Inondations: Penbox met gratuitement sa plateforme à disposition des courtiers

About Fortino Capital

Fortino Capital Partners is a European investment firm specializing in B2B software and based in Antwerp and Amsterdam. Through a growth capital fund and two early stage venture capital funds, Fortino Capital partners with exceptional entrepreneurs in North Western Europe. The investment portfolio includes MobileXpense, Efficy CRM, Teamleader, Salonkee, SimplyDelivery, iObeya, Zaion, Oqton, among others.

About The Faktory Fund

The Faktory Fund is an early-stage private investment fund founded by Pierre L’Hoest, former CEO and founder of EVS Broadcast Equipment, and Simon Alexandre (CETIC, Nest’Up). The Faktory Fund supports start-ups developing disruptive technologies that allow new products to take global leadership in B2B markets, mainly in the Internet of Things and in Software as a Service (SaaS), in BeNeLux and in France. For more information, visit www.thefaktory.com

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Compusoft and 2020 complete merger

Combined companies create a global leader in visualization, sales and manufacturing software solutions for interior and construction trades

BOSTON, December 2, 2021—Compusoft and 2020, two industry leading software providers for residential and commercial spaces, have successfully united in a merger of equals to create one company dedicated to powering the sales of customers who create spaces for life. The combined group will specialise in providing solutions for the visualisation, configuration, pricing, quoting and manufacturing of products in highly configured spaces.

Together, the group will provide end-to-end solutions that power sales across the value chain in the kitchen, bathroom, furniture and window & door industries. From customer inspiration through to design and production, businesses involved in creating residential and commercial spaces for life will benefit from industry specialised technology and seamless content exchange that enhances daily working lives.

A global footprint with significantly expanded scale complemented by local expertise will enable the group to better serve customers in more countries than ever before. The combined group will have cross-functional teams based across Europe, North America, South America, Africa and Asia Pacific.

Customers will also benefit from an expanded network of world-class support and access to an unparalleled content platform that will be further enriched. These two core differentiators are central to the future of the new company and will be enhanced by sharing experts and knowledge across the entire group.

In addition, the merger brings together a collective 65+ years’ of industry expertise in technical development.  A shared passion for innovation will drive the enlarged team to bring the most exciting solutions of tomorrow to customers even faster.

“We are excited about the possibilities this combination will give our customers. There will be an even broader range of solutions backed by an extensive content database to power the sales of our customers. Our combined expertise will also give us the ability to accelerate innovation and maximise the potential of our products to meet our customers’ needs.” comments David Tombre, CEO, Compusoft.

Mark Stoever, CEO, 2020 added, “People are our biggest asset and this combination brings together some of the brightest minds in software from across the world, particularly in R&D, sales, content and support, united to better serve our customers. We look forward to what the future holds.”

Further information on the roadmap of the future will be announced to customers in the coming months and customers can contact their account managers should they have any questions.

About Compusoft

Compusoft provides visual CPQ solutions that simplify planning, configuration and visualisation to power sales for the kitchen, bathroom, furniture and window & door industries. Compusoft’s solutions assist customers throughout the sales value-chain from end-customers through to manufacturers and are underpinned by a rich content database. Founded in 1989, Compusoft is headquartered in Sarpsborg, Norway, and serves customers in more than 100 countries with 18 offices across Europe, Asia-Pacific and North America. For more information, please visit www.compusoftgroup.com.

About 2020 Technologies Inc.

2020 helps professional designers, retailers and manufacturers in the interior design and furniture industries capture ideas, inspire innovation and streamline processes. By providing end-to-end solutions and a large collection of manufacturers’ catalogs, 2020’s applications enable professional designers and retailers to create kitchens, bathrooms, furniture and commercial offices that look as stunning on the screen as they do in reality.  2020 solutions for furniture and cabinet manufacturers deliver a complete manufacturing operations management capability to run their factories at maximum efficiency. Founded in 1987 and headquartered in Westford, Massachusetts with direct operations in 11 countries and supports customers in many more locations around the world through a network of value-added resellers. For more information, please visit www.2020spaces.com.

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Iodine Software Surpasses $1 Billion Valuation With Strategic Growth Investment from Advent International

Bain Capital Ventures and Silversmith Capital Partners to remain shareholders

Iodine Software (“Iodine” or the “Company”), a leading healthcare AI company, today announced a strategic growth investment from Advent International (“Advent”), one of the largest and most experienced global private equity investors. Advent will acquire a significant stake in Iodine in a transaction that values the business at over $1 billion. Bain Capital Ventures (“BCV”) and Silversmith Capital Partners (“Silversmith”), which invested in the Company in 2018, will remain shareholders. Financial terms were not disclosed.

“Utilizing advancing technology to scale hospital resources, ease administrative burden, and maximize reimbursement is more important than ever,” said William Chan, Iodine’s CEO and co-founder. “We’ve always been committed to building the most powerful, predictive tools available. This investment provides access to capital for expansion and growth strategies so that we can innovate faster and find more ways to empower healthcare leaders to meet with confidence the delicate balance of quality, efficiency, and system financial resilience.”

Iodine Software provides the leading clinical AI solution for highly accurate capture of patient documentation. The Company’s platforms are trusted by more than 800 hospitals and are used by more than 80,000 healthcare providers nationwide.

Iodine’s AwareCDI solution recently received the top overall performance score in the 2021 KLAS Clinical Documentation Improvement Report. The company also recently completed the acquisitions of Artifact Health and ChartWise to broaden its market reach, bolster its portfolio and deliver a comprehensive query transformation solution that solves a critical physician pain point.

“We are pleased to be partnering with Iodine Software as it continues to experience rapid growth across hospitals and health systems,” said Carmine Petrone, a Managing Director on Advent’s Healthcare team. “Iodine’s world-class AI innovation engine and strong customer focus underpin the company’s ability to deliver a best-in-class product with highly differentiated value.” Lauren Young, a Managing Director on Advent’s technology team, added: “With our extensive experience scaling software and healthcare businesses, we look forward to working with Bain Capital Ventures and Silversmith Capital Partners to support William and the entire Iodine team to continue driving innovation and building a leading AI/machine learning-driven revenue cycle management platform.”

This investment will empower Iodine to invest further in its AI engine, CognitiveML, to power new and additional products in other strategic areas of care delivery for health systems.

“We were excited to partner with the founders of Iodine back in 2018 as their first institutional investor, and are even more thrilled to partner with Advent and the Iodine team to support the next phase of growth,” said Jeff Crisan, Managing Partner at Silversmith Capital Partners. Yumin Choi, partner at Bain Capital Ventures, added, “We saw the enormous potential its AI-powered software would provide to hospitals going through digital transformations. With this strategic investment, Iodine will have the opportunity to reach more hospital professionals, resulting in better care for patients across the US.”

Over the past 30+ years, Advent has invested or committed more than $11 billion in 88 technology companies and $10 billion in 51 healthcare companies, including health tech, software and provider businesses.

Deutsche Bank served as exclusive financial advisor to Iodine and Queen Saenz + Schutz PLLC served as the Company’s legal advisors. For Advent, Evercore and TripleTree served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel.

About Iodine Software

Iodine is an enterprise AI company that is championing a radical rethink of how to create value for healthcare professionals, leaders, and their organizations: automating complex clinical tasks, generating insights and empowering intelligent care. Iodine’s powerful predictive engine complements the skills and judgement of healthcare professionals by interpreting raw clinical data to generate real-time, highly focused, predictive insights that clinicians and hospital administrators can leverage to dramatically augment the management of care delivery – facilitating critical decisions, scaling clinical workforces through automation, and improving the financial position of health systems. For more information, please visit iodinesoftware.com.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 companies in 42 countries, and as of June 30, 2021, had $81 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com or www.linkedin.com/company/advent-international.

About Bain Capital Ventures

Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. BCV invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 365 companies, including Attentive, Digital Currency Group, DocuSign, Flywire, Jet.com, LinkedIn, Redis Labs, Rent the Runway, SendGrid, and SurveyMonkey. BCV has $9.2 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto. Follow the firm via LinkedIn and Twitter.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, Iodine Software, LifeStance Health, Panalgo, Unily, Upperline Health, Validity, and Webflow. The partners have served on the boards of numerous successful growth companies including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmith.com.

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Clearlake Capital And Aurora Capital Backed Zywave Acquires ClarionDoor, Further Advancing Transformation Of The Insurance Market & Leadership Position In End-to-end Configure, Price, Quote Technology

Aurora Capital

MILWAUKEE, Nov. 30, 2021 /PRNewswire/ — Insurtech leader, Zywave, today announced the acquisition of Santa Barbara, Calif.-based ClarionDoor, provider of the most intelligent insurance product distribution software available to the property and casualty (P&C) market. Together with Zywave’s existing configure, price, quote (CPQ) solutions for insurance agencies and brokers, ClarionDoor’s digital distribution solution for carriers and MGAs solidifies Zywave as the industry leader in end-to-end CPQ technology, from rating and quoting through presentation to binding and issuance.

“Digital quoting is one of the fastest growing categories within the insurance industry,” said Jason Liu, chief executive officer of Zywave. “Zywave has doubled down in this space, becoming the first insurtech provider to offer CPQ solutions across all lines of business. With the acquisition of ClarionDoor, we also gain an exclusive distribution technology for carriers.”

Founded in 2010, ClarionDoor serves more than 70 customers globally across all P&C lines, ranging from traditional lines to emerging markets. ClarionDoor’s mature insurtech solutions provide one of the first ever cloud-native, API-first, no-code, software as a service rating engines. Serving carriers, MGAs, brokers, and program administrators, ClarionDoor solves the challenges of the entire product distribution process from product innovation to policy generation, issuance and lifecycle management.

“The distribution space has seen increasingly significant changes driving growth as digital innovation is adopted. Astute carriers are becoming more adept at evaluating distributors and integrating with agency management systems, comparative raters and stand-alone rating engines to help drive the next evolution of digital products and distribution strategies,” commented Karlyn Carnahan, Head, North America Property Casualty for leading research and advisory firm, Celent. “The acquisition of ClarionDoor by Zywave puts them front and center in the digital distribution space with an opportunity to better connect carriers and distributors.”

“For far too long, typical insurance systems focused entirely on the back office and neglected the insurer’s needs of developing innovative products and getting them out to the marketplace,” said Michael DeGusta, ClarionDoor’s chief executive officer. “What makes this partnership so exciting for ClarionDoor and our customers is that ClarionDoor and Zywave share a more open, collaborative and tech-enabled vision for insurance distribution. Together, we will fundamentally transform the way insurance organizations do business.”

The ClarionDoor acquisition is the latest in a series of several by Zywave over the last few years that demonstrate the company’s investment in the insurance distribution, quoting and proposal process. Previous acquisitions in this space include IBQ Systems (2021), Insurance Technologies Corporation (2020), RateFactory (2019), and Code SixFour (2018).

For more information on Zywave, visit www.Zywave.com.

About ClarionDoor

ClarionDoor is the provider of the most intelligent insurance product distribution software for rating, quoting, and issuance with a multitude of customers live today across the United States, Australia, New Zealand, and the United Kingdom. ClarionDoor’s breakthrough API-first, cloud-native technology enables MGAs, brokers, carriers, program administrators, and wholesalers to rate, quote, and issue for any line of business; getting them live in weeks, and liberating them to focus on innovation, not implementation. To learn more, visit www.clariondoor.com.

About Zywave

Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave’s all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety. Additional information can be found at www.zywave.com.

Contact: April Larsen
april.larsen@zywave.com
414-918-0547

SOURCE Zywave

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Blackstone to Acquire Irth Solutions, a Leading Software Services Provider

Blackstone

NEW YORK & Columbus, Ohio – December 1, 2021 – Blackstone (NYSE: BX) announced today that Blackstone Energy Partners has agreed to acquire Irth Solutions (“Irth”). Irth is a leading provider of cloud-based software-as-a-service (“SaaS”) solutions that automate processes for damage prevention and asset protection across critical network infrastructure assets. Additionally, Irth collects and analyzes operational and environmental data and runs risk management analytics for its blue-chip customer base across the energy, utilities, telecom and media end-markets. Its products and services support electric grid resiliency, electric vehicle penetration, 5G infrastructure build-out, emissions reduction efforts and help improve the safety and efficiency of pipeline operations. The acquisition of Irth continues Blackstone Energy Partners’ focus on investing in companies that support critical infrastructure and the global energy transition.

Kush Patel, Managing Director at Blackstone, said: “Irth is well-positioned to benefit from the tailwinds impacting each of the company’s end-markets. Irth can be a key partner for electric utilities, telecom companies and energy infrastructure operators as they improve and expand operations, while reducing environmental impacts. We look forward to working with Brad and his team to capitalize on these trends.”

Brad Gammons, CEO of Irth Solutions, said: “The entire team is thrilled to have the support of Blackstone and their resources. We believe their expertise in infrastructure, energy services, data science and technology will be invaluable as we increasingly look to scale and strengthen our services and capabilities.”

Bilal Khan, Senior Managing Director at Blackstone, said: “Irth is the latest in a series of investments we’ve made in companies helping to strengthen our electrical grid and enable more sustainable operations – critical elements of the energy transition.”

Following the acquisition, Irth Solutions will retain its name and continue to operate independently as a Blackstone portfolio company. The transaction is subject to customary closing conditions and is expected to close by the end of December. Lazard and Lincoln International acted as financial advisors to Irth, and Ropes & Gray acted as the company’s legal advisor. Kirkland & Ellis served as legal advisor to Blackstone.

Terms of the transaction were not disclosed.

About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $20 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Irth Solutions
Irth Solutions, headquartered in Columbus, Ohio, is the leading provider of cloud-based asset protection solutions to improve resilience of critical asset infrastructure, including their flagship 811 ticket management solution. Clients have trusted Irth Solutions for decades to manage and reduce risk, decrease costs, increase revenue opportunities and ensure regulatory compliance. Artificial intelligence and analytics power additional insights for early detection of emerging problems. Irth Solutions has helped hundreds of customers execute the work that is most important to their success in a world where safety, resilience and reliability are paramount.

Contact
Kate Holderness
Kate.holderness@blackstone.com
917 318 6818

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