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EQT Private Equity to acquire a majority stake in AMCS, a global leader in performance and sustainability software to resource-intensive industries

eqt

AMCS is a supplier of cloud-based and AI-enabled planning, performance, safety and sustainability focused software for waste management, recycling and other resource-intensive industries

It enables organisations to achieve sustainability goals, streamline processes, and enhance efficiency while addressing the complexities of the circular economy and ensuring workplace safety, community well-being, and regulatory compliance

AMCS’ market is growing quickly as resources are increasingly recycled and as industrial companies digitise and rely on cloud solutions to navigate greater operational complexity and regulatory requirements

EQT Private Equity will invest from EQT X, its flagship private equity fund, and EQT Future, its impact-driven, longer-hold fund, and leverage its capabilities in software and impact value creation to support AMCS

AMCS is a supplier of cloud-based and AI-enabled planning, performance, safety and sustainability focused software for waste management, recycling and other resource-intensive industries

It enables organisations to achieve sustainability goals, streamline processes, and enhance efficiency while addressing the complexities of the circular economy and ensuring workplace safety, community well-being, and regulatory compliance

AMCS’ market is growing quickly as resources are increasingly recycled and as industrial companies digitise and rely on cloud solutions to navigate greater operational complexity and regulatory requirements

EQT Private Equity will invest from EQT X, its flagship private equity fund, and EQT Future, its impact-driven, longer-hold fund, and leverage its capabilities in software and impact value creation to support AMCS

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About AMCS
At AMCS we are focused on Performance Sustainability – enabling resource-intensive industries to boost sustainability and profitability. Built on decades of experience, our purpose-built software solutions are designed by people who understand your business, providing practical solutions for the resources, waste, recycling, transportation, manufacturing, and utilities industries.

Headquartered in Ireland, and with offices in Europe, the USA, and Australia, AMCS is a global market leader with over 1,300 mission-driven team members. The combined expertise of our team allows AMCS to deliver innovative solutions and extensive insight, helping customers to drive growth and achieve lasting success. As a trusted global partner, we work with 5000+ customers in more than 80 countries delivering digital solutions that create meaningful and measurable impact by increasing customer satisfaction, enhancing sustainability, and boosting margins.

At AMCS, we’re ready to innovate with you – deploying our experts, processes, and technology to drive your business forward and prepare you for success in a more sustainable, net zero carbon future. Learn more at: www.amcsgroup.com

About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.

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CVC Joins CD&R as an Investment Partner in Epicor

CVC Capital Partners

New York, NY and Austin, TX – August 13, 2024 – Clayton, Dubilier & Rice (“CD&R”) and CVC, today announced that funds managed by CVC have agreed to acquire a significant ownership position in Epicor, a global provider of industry-specific enterprise software to promote business growth. CD&R, which first invested in Epicor in 2020, and CVC will each have equal number of Board seats, with Jeff Hawn continuing to serve as Chairman. Steve Murphy will continue in his role as CEO of Epicor. Financial terms of the private transaction were not disclosed.

Founded in 1972 and based in Austin, Texas, Epicor is a leading SaaS provider of multi-vertical Enterprise Resource Planning (“ERP”) software designed to fit the precise needs of customers in a range of industrial sectors in the “Make, Move, and Sell” economy. The company’s flagship products are curated to support highly complex, industry-specific workflows and provide mission-critical support to customers seeking to drive growth and profitability in their own businesses. Epicor is an acknowledged leader in the industrial end markets it serves, including manufacturing, distribution, retail and services categories. Epicor serves approximately 23,000 customers in more than 150 countries.

“Our customers and their ambitions are the focus of what we do as we work to provide the most innovative solution sets possible,” said Steve Murphy, Epicor CEO. “CD&R’s support and partnership has been invaluable as we have accelerated the growth of our business, invested significantly in our portfolio and released a number of next-generation, cloud-ready products. We look forward to working with CVC as we continue to grow our platform capabilities, with a keen focus on better serving our dynamic customer base.”

Quotes

We are thrilled to partner with Steve Murphy and the Epicor management team, along with CD&R, to support the company and its growth plans.

Aaron DupuisManaging Partner at CVC

Since CD&R’s acquisition of Epicor in 2020, the company recently surpassed $1 billion in annual recurring revenue (ARR) as a result of organic growth, including a successful transformation into a SaaS-first company, as well as complementary strategic acquisitions which expanded product capabilities and geographic reach. Epicor’s SaaS transformation and 45% annual growth in SaaS ARR have been powered by significant R&D and Go-to-Market investments, while laying the groundwork for further innovation. In May 2024, Epicor unveiled its new Epicor Grow portfolio, an integrated set of artificial intelligence (AI) and Business Intelligence (BI) capabilities powered by an industry-focused data platform tuned specifically for the requirements of the Make, Move, and Sell industries. The company’s portfolio redefines how AI-powered ERP software serves the supply chain industries and their workers, and includes Epicor Prism, a patent-pending generative AI service embedded across Epicor’s Industry ERP Cloud solution.

“When we invested in Epicor nearly four years ago, there was an attractive opportunity to build on the company’s strong foundation and to create an industry leader focused on best-in-class enterprise SaaS,” said Jeff Hawn, Epicor Chairman and CD&R Partner. “Epicor has grown to become a preeminent global platform, led by a fantastic management team which has delivered more value for customers and organizations worldwide. We are confident that by leveraging our collective experience we can continue to unlock Epicor’s potential. Our continued partnership highlights the conviction we have in this next chapter, and we are enthused to continue to support Epicor’s growth with the experienced CVC team.”

Quotes

We look forward to enhancing Epicor’s next chapter of growth with further SaaS migration and geographic expansion into international regions, while continuing to drive product innovation that will benefit Epicor’s many valued customers, partners and employees.

Sebastian KünneSenior Managing Director at CVC

“We are thrilled to partner with Steve Murphy and the Epicor management team, along with CD&R, to support the company and its growth plans. Epicor has developed a differentiated value proposition based on its industry-leading SaaS product portfolio and demonstrated commitment to customer service excellence,” said Aaron Dupuis, a Managing Partner at CVC. “We look forward to enhancing Epicor’s next chapter of growth with further SaaS migration and geographic expansion into international regions, while continuing to drive product innovation that will benefit Epicor’s many valued customers, partners and employees,” added Sebastian Künne, Senior Managing Director at CVC.

“Steve and the rest of the management team have built a tremendous organization at Epicor,” said Harsh Agarwal, CD&R Partner. “We look forward to working with CVC to drive Epicor’s next phase of growth, while supporting the company’s culture that is essential to its success.”

Barclays is serving as lead financial advisor, with Goldman Sachs & Co. LLC serving as financial advisor, and Debevoise & Plimpton is serving as legal advisor to CD&R and Epicor. Jefferies LLC and Evercore are serving as financial advisors and White & Case is serving as legal advisor to CVC.

CVC will invest in Epicor through CVC Capital Partners IX. The transaction is subject to customary closing conditions and is expected to close in Q4 2024.

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Vista Equity Partners Acquires JAGGAER

Vista Equity

AUSTIN, Texas–(BUSINESS WIRE)–Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, today announced the acquisition of JAGGAER, a global leader in enterprise procurement and supplier collaboration software, from Cinven. Terms of the transaction were not disclosed.

“JAGGAER provides a mission-critical platform that enables its customers and partners to streamline global supply chain and procurement processes, lower costs and improve visibility”

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JAGGAER provides configurable source-to-pay and supplier collaboration software for direct and indirect procurement processes through a single, unified platform. The company’s AI-enabled solutions help optimize and automate sourcing, spend management, contracting, eProcurement, invoicing and supply chain visibility for a diversified group of more than 1,400 customers around the world.

“This new partnership with Vista underscores JAGGAER’s strong momentum and the compelling value our intelligent software delivers by helping our customers manage and automate complex processes while enabling a highly resilient, responsible and integrated supplier base,” said Andy Hovancik, CEO of JAGGAER. “Vista is a highly experienced software investor, and I’m confident they will be an exceptional partner to JAGGAER during this exciting next phase of growth and opportunity.”

“JAGGAER provides a mission-critical platform that enables its customers and partners to streamline global supply chain and procurement processes, lower costs and improve visibility,” said Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director. “JAGGAER’s products serve a large addressable market benefiting from durable growth tailwinds, including customers’ increasing desire to unify direct and indirect spend management and realize the benefits of AI. JAGGAER is well-positioned to capitalize on these demand trends given its leading capabilities across source-to-pay workflows.”

“JAGGAER’s comprehensive solution enables customers to manage all procurement activities from an intuitive platform that harmonizes and optimizes disparate spend data,” said Sam Payton, Senior Vice President at Vista. “JAGGAER is led by a high-performing leadership team with a demonstrated commitment to operational excellence and a bright vision for the future of AI-powered spend management. We’re excited to support an organization that cares deeply about their customers, partners and mission.”

About JAGGAER: Procurement’s intelligent source-to-pay and supplier collaboration platform.

JAGGAER is a global leader in enterprise procurement and supplier collaboration, and the catalyst for enhancing human decision-making to accelerate business outcomes. We help organizations to manage and automate complex processes while enabling their highly resilient, accountable, and integrated supplier base. Backed by 30 years of expertise, our proven AI-powered industry-specific solutions, services, and partnerships form JAGGAER One, serving direct and indirect, upstream and downstream, in settings demanding an intelligent and comprehensive source-to-pay solution. Our 1,200 global employees are obsessed with helping customers create value, transform their businesses, and accelerate their journey to Autonomous Commerce.

About Vista Equity Partners

Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

Endorsements presented herein are made by current or former employees of Vista portfolio companies, over which Vista may have the ability to exercise discretion on employee compensation, promotion and other employment decisions and may also be investors in Vista funds.

Contacts

Brian Steel
media@vistaequitypartners.com
(212) 804-9170

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Francisco Partners Announces Sale of QGenda to Hearst

Franciso Partners

Francisco Partners, a leading global technology investment firm that specializes in partnering with technology and healthcare businesses, announced today the pending sale of QGenda to Hearst. Terms of the transaction were not disclosed.

QGenda is a leader in healthcare workforce management solutions, supporting over 700,000 physicians and other healthcare providers across more than 45 different specialties. The company’s end-to-end workforce management platform, ProviderCloud, helps customers effectively deploy workforce resources to boost engagement and retention, optimize staffing and reduce labor costs.

In partnership with QGenda’s founder and CEO, Greg Benoit, and the QGenda management team, Francisco Partners closely supported the company’s organic and inorganic growth as it broadened its product suite beyond physician scheduling to include capacity management, credentialing, and scheduling solutions for nurse, staff, and on-call use cases.

Greg Benoit said, “Every technology founder should aim to partner with Francisco Partners. They are the gold standard, and I’m thrilled that I chose to partner with them 8 years ago. Ezra, Justin and the whole Francisco Partners team have been instrumental in providing strategic advice and guidance, supporting our acquisition efforts, and driving our mission to deliver transformative technology to healthcare providers. It is bittersweet that our journey with Francisco Partners is ending, but we are excited about the future chapter of transformation and growth as part of Hearst.”

Since its launch almost 25 years ago, Francisco Partners has invested in more than 450 technology companies, making it one of the most active and long-standing investors in the technology industry. Francisco Partners has deep expertise in the healthcare technology market and an extensive track record successfully partnering with founders to help inflect and grow their businesses, including with CoverMyMeds, GoodRx, Edifecs and Nextech.

Ezra Perlman, Co-President at Francisco Partners, said, “Throughout our partnership with Greg and QGenda, it has been rewarding to support the company’s growth and innovative approach to solving some of healthcare’s most important challenges. We have been especially proud of the impact that QGenda has had on its customers including hospitals and health systems, helping them manage their workforce and more effectively deploy caregivers across every care setting. QGenda’s relentless customer focus and high-quality service has delivered exceptional growth.”

Justin Chen, Partner at Francisco Partners, added, “QGenda has been at the forefront of delivering mission critical and innovative healthcare solutions that improve the workflows of physicians, nurses and staff. The company is in a tremendous position, and we wish the team continued success as part of Hearst. We are grateful to have been part of the QGenda journey and partners to the management team.”

The company, including its leadership team and approximately 650 employees, will become part of Hearst Health, Hearst’s healthcare division, where it will continue to invest and expand its healthcare workforce management suite, enhancing the value it provides to its customers and providers.

Evercore served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to QGenda and Francisco Partners.

About QGenda

QGenda revolutionizes healthcare workforce management everywhere care is delivered. QGenda ProviderCloud, a purpose-built healthcare platform that empowers customers to effectively deploy workforce resources, includes solutions for scheduling, credentialing, on-call scheduling, room and capacity management, time tracking, compensation management, and workforce analytics. QGenda is headquartered in Atlanta, Georgia. Learn more at QGenda.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 25 years ago, Francisco Partners has invested in more than 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised, 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.

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Proven Optics Acquires CloudGenera

Extends Cloud Financial Management Capabilities with Powerful AI-Analytics Platform

COLUMBUS, OH – August 12, 2024 – Proven Optics, a premier IT Financial Management Solution provider, today announced the acquisition of CloudGenera, a provider of innovative cloud financial optimization solutions, furthering its mission to create the industry’s most complete IT financial management application platform. The CloudGenera acquisition is the first of what the company anticipates will be several acquisitions as Proven Optics scales growth and leverages a majority growth investment from Silversmith Capital Partners and strategic investment from ServiceNow.

CloudGenera offers vendor-agnostic IT analytics that equip organizations with the business cases necessary to optimize their technology expenditures. By leveraging advanced AI and machine learning technologies, CloudGenera automates decisions regarding application migration and modernization and significantly improves the accuracy of cloud cost forecasts, thus enhancing IT decision-making processes.

“The acquisition of CloudGenera marks a significant milestone for Proven Optics as we expand our cloud costing product capabilities,” said William Miller, Founding Partner & Co-CEO of Proven Optics. “Together, Proven Optics and CloudGenera will provide a more complete solution that provides our customers with new IT decision analysis capabilities to generate business cases for cloud migration and optimization.”

Proven Optics was founded in 2020 to provide IT and finance leaders with the necessary analytics and insights to make better business decisions by automating the financial management of complex IT budgets. Delivered on the ServiceNow Platform and available in the ServiceNow Store, the Proven Optics Financial Management Application Suite offers additional value for ServiceNow customers looking to add a financial lens to their decision-making.

The acquisition enhances the value that Proven Optics’ customers derive from their investment in ServiceNow as a strategic platform. By offering critical market intelligence, both Proven Optics and CloudGenera customers will benefit from an integrated solution that improves cloud orchestration and decisions related to budgeting and future forecasting, allowing IT finance and cloud teams to manage the entire process within a single workflow and take full advantage of the power of the ServiceNow platform.

“We are excited to join forces with Bill, Ben, and the entire Proven Optics team,” said Brian Kelly, Founder and CEO of CloudGenera who has joined Proven Optics as Executive Vice President of Product. “Together, we will provide customers with a comprehensive set of tools to enhance IT value and facilitate smarter decision-making across their cloud infrastructure.”

About Proven Optics
Proven Optics is a software company that focuses on one thing: Financial Management. Proven Optics helps clients in both IT and finance organizations implement financial management toolsets on the ServiceNow platform, leveraging 20+ years of practitioner experience and 100+ Commercial and Federal implementations. Our solutions enable modernization of financial management functions, providing IT and Finance leaders with the necessary analytics and insights to make better business decisions. For more information or a demonstration of our products, please visit www.provenoptics.com.

About CloudGenera
Founded in 2012, CloudGenera supplies vendor-agnostic IT analytics that arm organizations with the business cases needed to optimize their technology spend. CloudGenera’s proprietary algorithms automate application migration and modernization decisions. For more information visit go.cloudgenera.com.

Proven Optics is helping you move from simplifying and centralizing your IT financials to supercharging your IT financial decision-making and execution.

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Media Contact
Marissa Mendoza
888-317-5286
marketing@provenoptics.com

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Proven Optics Acquires CloudGenera

cg announcement logos 1

Proven Optics Acquires CloudGenera

Extends Cloud Financial Management Capabilities with Powerful AI-Analytics Platform

COLUMBUS, OH – August 12, 2024 – Proven Optics, a premier IT Financial Management Solution provider, today announced the acquisition of CloudGenera, a provider of innovative cloud financial optimization solutions, furthering its mission to create the industry’s most complete IT financial management application platform. The CloudGenera acquisition is the first of what the company anticipates will be several acquisitions as Proven Optics scales growth and leverages a majority growth investment from Silversmith Capital Partners and strategic investment from ServiceNow.

CloudGenera offers vendor-agnostic IT analytics that equip organizations with the business cases necessary to optimize their technology expenditures. By leveraging advanced AI and machine learning technologies, CloudGenera automates decisions regarding application migration and modernization and significantly improves the accuracy of cloud cost forecasts, thus enhancing IT decision-making processes.

“The acquisition of CloudGenera marks a significant milestone for Proven Optics as we expand our cloud costing product capabilities,” said William Miller, Founding Partner & Co-CEO of Proven Optics. “Together, Proven Optics and CloudGenera will provide a more complete solution that provides our customers with new IT decision analysis capabilities to generate business cases for cloud migration and optimization.”

Proven Optics was founded in 2020 to provide IT and finance leaders with the necessary analytics and insights to make better business decisions by automating the financial management of complex IT budgets. Delivered on the ServiceNow Platform and available in the ServiceNow Store, the Proven Optics Financial Management Application Suite offers additional value for ServiceNow customers looking to add a financial lens to their decision-making.

The acquisition enhances the value that Proven Optics’ customers derive from their investment in ServiceNow as a strategic platform. By offering critical market intelligence, both Proven Optics and CloudGenera customers will benefit from an integrated solution that improves cloud orchestration and decisions related to budgeting and future forecasting, allowing IT finance and cloud teams to manage the entire process within a single workflow and take full advantage of the power of the ServiceNow platform.

“We are excited to join forces with Bill, Ben, and the entire Proven Optics team,” said Brian Kelly, Founder and CEO of CloudGenera who has joined Proven Optics as Executive Vice President of Product. “Together, we will provide customers with a comprehensive set of tools to enhance IT value and facilitate smarter decision-making across their cloud infrastructure.”

About Proven Optics
Proven Optics is a software company that focuses on one thing: Financial Management. Proven Optics helps clients in both IT and finance organizations implement financial management toolsets on the ServiceNow platform, leveraging 20+ years of practitioner experience and 100+ Commercial and Federal implementations. Our solutions enable modernization of financial management functions, providing IT and Finance leaders with the necessary analytics and insights to make better business decisions. For more information or a demonstration of our products, please visit www.provenoptics.com.

About CloudGenera
Founded in 2012, CloudGenera supplies vendor-agnostic IT analytics that arm organizations with the business cases needed to optimize their technology spend. CloudGenera’s proprietary algorithms automate application migration and modernization decisions. For more information visit go.cloudgenera.com.

Proven Optics is helping you move from simplifying and centralizing your IT financials to supercharging your IT financial decision-making and execution.

###

Media Contact
Marissa Mendoza
888-317-5286
marketing@provenoptics.com

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Aliter backed Athera Healthcare acquires Newgate Technology

Aliter Capital

Insight and data-driven health technology provider acquires electronic tracking and traceability solutions provider

 
 

Aliter has confirmed its portfolio company Athera Healthcare has acquired Newgate Technology, a provider of healthcare software solutions for patient management and inventory traceability in clinical environments.  

 

Based near Edinburgh, Newgate supports hospitals and healthcare facilities across the UK and Ireland. The company’s hospital management systems offer a wide range of benefits with minimal disruption to hospital processes. Newgate has also developed a suite of specialist software to track and trace surgical instruments and to monitor and benefit the management of  operating theatres and emergency treatment procedures.

 

The acquisition of Newgate represents Aliter’s third investment within the Athera Healthcare group, which aims to create a UK-based healthcare-focused software and data analytics business.

 

Gordon Cooper, CEO, Athera Healthcare, said: “Newgate’s technology systems, alongside their specialist skills, knowledge and experience are a great complementary fit for our current business. In becoming part of the Athera Healthcare Group, they strengthen both the depth and range of our proposition and further investment in the business going forward will maximise its outstanding potential.”

 

Newgate’s managing director Adam Watson and his senior team will continue in their current roles and work closely with the management team at Athera Healthcare to develop the business.

 

Greig Brown, Aliter partner said, “The acquisition of Newgate Technology supports Aliter’s strategy of developing a scaled, UK provider of healthcare technology solutions. The team at Aliter is excited to work with Athera in the next phase of its development, especially in the field of data insights for the benefit of population health.”

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greytHR Secures its Largest Investment in Series F Funding from Apax Digital Funds

Apax

greytHR, a full-suite HRMS provider, announced that it has secured a strategic investment from Apax Digital Fund II (“the Apax Digital Funds”), advised by Apax, a leading global private equity advisory firm. The company will use the funds to leverage the significant growth opportunities in the cloud-based HR software market.

greytHR offers 40+ tools for automating HR, payroll, leave & attendance, and performance management, along with an employee self-service portal and mobile app. Serving over 23,000 customers in 25+ countries, it is a comprehensive HR ecosystem featuring HR professionals, experts, and chartered accountants. greytHR’s customer-centric services include a community, training academy, compliance website, resources, webinars, and an award-winning podcast series.

The investment will enable greytHR to further enhance its product portfolio, including adding more strategic HR modules focused on recruitment and talent management, as well as support the company in accelerating growth and expanding into new customer segments, cementing its position as a market leader.

“We’re excited to welcome Apax as part of our growth journey, marking a significant milestone for greytHR. We’re also deeply grateful to MegaDelta and Blume for their support and belief in our vision from the early days of greytHR. As outgoing board members and partners, the spirit of collaboration with Bala, Tarun, Ruchir, Kapel and Karthik is highly appreciated and will be truly missed. In the next chapter of our journey, we look forward to scaling new heights with the backing of Apax and our continuing shareholders Info Edge and GMO. Moreover, we wouldn’t be where we are today without the support of our customers, resellers, affiliates, and the entire greytHR community.” said Girish Rowjee, Co-founder & CEO of greytHR.

“This funding accelerates our plans to enhance customer experience and our R&D efforts by upskilling our employees and expanding our business. In fact, we have already started adding and building out AI-enabled modules and other value-added services to help our customers optimize their investment in greytHR.” added Sayeed Anjum, Co-founder & CTO of greytHR.

Mark Beith, Partner and Shashwat Shukla, Vice President at Apax Digital commented: “Small and mid-sized companies are pillars of the economy but have been underserved by legacy payroll and HCM solutions. greytHR enables businesses to save time and money by moving from complex and error-prone manual work to an automated and accurate next-gen solution with a mobile-first interface that delights employees. Drawing on our experience in the sector from previous Apax Fund investments, such as Paycor and Zellis, and having tracked the company for over two years, we are thrilled to partner with Girish, Sayeed and their team to take greytHR to new peaks.”

Anurag Sud, Managing Director at Apax, added: “greytHR represents the third investment by the Apax Funds, after Azentio and IBS Software, in the Indian software sector. The investment in greytHR is a classic example of the high-quality technology businesses the Apax Funds look to back in India.”

“At my previous firm, MegaDelta Capital, we took an unconventional view in backing greytHR, betting on Girish and Sayeed’s bold vision to disrupt India’s vast and underserved mid-sized companies with cloud-native HR solutions. Under their exceptional leadership, the company has executed with remarkable efficiency, becoming India’s undisputed market leader. As a long-standing board member, I am grateful for the privilege of being their partner on this journey. Now as greytHR embarks on its next exciting phase with Apax, I wish the team continued success and a spectacular journey ahead, filled with stellar achievements.” stated Tarun Sharma, outgoing Board member.

Bala Deshpande, Managing Director at MegaDelta added: “MegaDelta identified the potential of Indian SaaS at the right time and partnered with greytHR among others. The entrepreneurs Girish and Sayeed have a unique blend of great tech skills and a deep understanding of the Indian market which proved to be a winning edge for investors. We at MegaDelta used our experience of scaling disruptive companies to the fullest in greytHR. Overall, a wonderful journey and investment.”

Karthik Reddy, Co-founder and Managing Partner at Blume Ventures added, “We are very happy for Girish, Sayeed and the entire greytHR team. Finding a deep believer and strategic partner in a world class firm like Apax is a testament to the solid foundation of the business, that’s primed for substantial growth. As their first investor, we enjoyed the gritty build out over a decade of partnership, and would’ve loved to partner for many more years if not for fund life limits. We are grateful for being partners in their journey and the handsome returns for Blume investors.”

As part of the transaction, Mark Beith and Shashwat Shukla will join greytHR’s board of directors. The transaction is expected to close in Q3 2024 subject to customary closing conditions.

Ambit acted as the exclusive financial advisor to greytHR.

Global media contact

Katarina Sallerfors

t: +44 20 7872 6300

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CTAIMA and e-coordina join forces and secure strategic investment from Hg

HG Capital

arragona and San Sebastian, Spain. 2 August 2024. CTAIMA, a leading provider of software and specialised services for contractor management, health & safety, ESG and compliance, today announces that it has joined forces with e-coordina, a leading provider of contractor management software and services in Spain. As a result of this transaction Hg, a leading investor in European and transatlantic software and services businesses, will become a strategic investor in the combined business.

(This press release is also available in Spanish.)

Headquartered in Tarragona, Spain, CTAIMA was founded in 2003 as a consulting firm providing legal and health & safety advice. Today the business has evolved into an international SaaS platform and provider of contractor management software, with one of the largest global networks of contractors and suppliers, seamlessly connecting over 100,000 contractors and subcontractors, with over 1,000 clients across 17 countries worldwide.

Lorenzo Zavala, co-CEO of CTAIMA, said: “Our mission is to empower professionals to create safer and more responsible organisations, with a commitment to every individual managing these risks. Bringing CTAIMA and e-coordina together will create a contractor compliance champion in Spain and Portugal, with a highly complementary product suite and one of the largest combined networks in the region, connecting 2,000 buyers with over 160,000 suppliers across Iberia.”

Luis de los Santos, co-CEO of CTAIMA, said: “This is a very exciting day for us and an important milestone for both CTAIMA and e-coordina. We are grateful to our teams, customers and partners, who have been key in our trajectory of growth over the last two decades and with whom we’ll continue partnering to help organisations become safer, more responsible and more sustainable. Hg is a world-class software investor and their support and experience will help us to reinforce this mission, enhancing our service offerings and expanding into new regions.”

Founded in 2007 and based in San Sebastian, e-coordina is a leading provider of contractor management software and services in Spain, providing customers with supplier and external worker compliance management & access control, as well as management of occupational risk prevention.

Iñigo Martinez, founder of e-coordina, said: “We’re really excited about joining forces with CTAIMA to create the best platform in Iberia, bringing more innovation to benefit our many thousands of buyers and suppliers, who are fulfilling highly critical services every day.”

CTAIMA has experienced rapid growth in recent years, driven by its commitment to innovation and customer satisfaction. Hg’s investment will further support this growth and expansion into new countries across Europe, enhancing its product offering – including the integration of GenAI – and reinforce CTAIMA’s position as a leading provider of environmental, risk and safety management software.

Christopher Fielding, Partner and Louis Kinsella, Director at Hg, said: “Hg has been investing in legal and compliance software for over two decades. This experience enabled us to identify CTAIMA and e-coordina as high-quality businesses with enormous potential to expand in this sector. We are also delighted to invest in our first Spanish software platform and look forward to working with Lorenzo, Luis and their stellar management team.”

The terms of the transaction have not been disclosed.

For further information, please contact:

CTAIMA and e-coordina:
Mar March
Email: mmarch@ctaima.com

Hg:
Tom Eckersley
Email: tom.eckersley@hgcapital.com

About CTAIMA

CTAIMA is a leading provider of software and specialized services for contractor management, health & safety, ESG, and compliance. CTAIMA orchestrates one of the largest global networks of contractors and suppliers, seamlessly connecting over 100 thousand contractors and subcontractors with over a thousand clients worldwide. https://www.ctaima.com/

About e-coordina

e-coordina is a leading provider of contractor management and health & safety software and tech-enabled services. With offices in San Sebastián, Madrid, Portugal and Colombia, e-coordina manages one of the largest networks of clients and suppliers in Iberia, offering high quality services to help manage mission-critical processes for its customers. https://www.e-coordina.es/

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $150 billion aggregate enterprise value, with around 110,000 employees, consistently growing revenues at more than 20% annually. https://hgcapital.com/

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INNERGY Receives $44M Growth Investment from Mainsail Partners

Mainsail partners

Partnership to help fuel exciting innovations in business management platform and education solutions for woodworking and other engineer-to-order (ETO) industries

Sauk Rapids, MN – August 1, 2024 – INNERGY, a leading provider of cloud-based ERP solutions for woodworking, cabinetry, stone, metal, and other engineer-to-order (ETO) shops, is excited to announce a $44 million growth investment from Mainsail Partners. This new partnership will help enable INNERGY to accelerate its product roadmap as well as enhance customer education, product innovation, and client success programs. It underscores the significant value that INNERGY has driven in the woodworking industry for nearly a decade and is committed to extending even further in the future.

INNERGY was created by woodworkers for woodworkers and other ETO industries, offering a comprehensive cloud-based business management solution that helps shop owners run their businesses more efficiently and profitably. Customers also benefit from extensive education programs, tools, and training to help them make strategic and agile decisions. INNERGY’s global customer base has processed over five million sheets and placed $42 billion in live bids on the market.

“Say goodbye to separate spreadsheets and home-grown databases for tracking bidding, jobs, and costing. INNERGY is designed to bring all the essential workflow processes for millwork shops into one intuitive user experience that can be accessed from anywhere,” said Marc Sanderson, CEO of INNERGY. “We believe Mainsail’s experience and resources dedicated to helping vertical SaaS businesses like ours will be invaluable as we keep growing and expanding our community of Raving Fans.”

“Marc and the INNERGY team combine decades of hands-on experience running woodworking shops with creative software development and a strong focus on creating Raving Fans among their customers. This is reflected in how their products and education solutions are purpose-built to help shop owners run better businesses,” said Jason Frankel, Partner at Mainsail Partners. “We are thrilled to invest in INNERGY and support their efforts to offer more innovative products and educational resources to their growing customer base.”

As part of this investment, Ed Roshitsh, a seasoned SaaS executive, will join the INNERGY Board of Directors, alongside Jason Frankel and Jackie Friedman, Vice President at Mainsail Partners.

 

About INNERGY:

INNERGY provides comprehensive ERP and engineering solutions for the woodworking industry, combining cutting-edge technology with deep industry expertise to help millwork businesses optimize their operations and drive growth. To learn more, visit www.innergy.com and follow INNERGY on Facebook, LinkedIn and YouTube.

About Mainsail Partners:

Mainsail Partners is a growth equity firm that partners with founders of bootstrapped software companies to help them realize their potential. For more than 20 years, Mainsail has been helping management teams navigate the challenges and opportunities that come with rapidly scaling a software company. The firm includes women and men who are former software company operators who have seen these challenges first-hand. Mainsail offers assistance across various functional areas, including talent, finance, customer success, sales and marketing, product management, and R&D. With offices in Austin and San Francisco, the firm has raised over $2.2 billion in committed capital and invested in more than seventy companies. For more information, visit www.mainsailpartners.com or follow the firm on LinkedIn.

Contact:

Sarita Ray
(415) 820-4361
sarita@mainsailpartners.com

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