News Archive
 
 
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Blue Ridge Announces Strategic Growth Investment from Great Hill Partners
Investment to Accelerate Company’s Next Phase of Growth in Large and Expanding Supply Chain Management Market

​Atlanta, GA and Boston, MA – September 21, 2021 – Blue Ridge, the leading supply chain planning and price optimization platform combining break-through demand sensing and shaping, today announced a strategic investment from Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies. Great Hill’s investment will support Blue Ridge’s ongoing efforts to capture more of the large and expanding market for supply chain management software in the U.S. and Europe by accelerating growth across its core verticals, as well as developing additional tools and modules to help further address customer needs. Financial terms of the transaction were not disclosed.

 

Blue Ridge uniquely blends the disciplines of supply chain planning and pricing together under a fully configurable cloud-based platform. The Blue Ridge platform uses AI and Machine Learning to accurately forecast demand and intelligently position inventory to capture sales and reduce costs, while optimizing pricing to maximize profit for distributors, retailers and manufacturers. With a sizable core addressable market and significant runway for future growth, Blue Ridge is well-positioned to capitalize on the large and growing $34 billion supply chain management ecosystem.

 

“Since our founding, Blue Ridge has aimed to create a transparent connection between inventory and pricing, helping customers make informed decisions while lowering risk, maximizing profits and improving agility,” said Blue Ridge Chief Executive Officer Jim Byrnes. “With Great Hill’s investment, we will be able to further penetrate our rapidly growing market and partner with more customers who are demanding our unique capabilities and solutions to manage their supply chains, optimize pricing and drive significant cost savings. We believe Great Hill’s experience partnering with innovative software companies like Blue Ridge is critical for our next stage of growth.”

 

“Supply chain software continues to see high demand, particularly in the current environment where retailers, distributors and manufacturers are looking for every opportunity to grow profits, and we believe Blue Ridge is best-positioned to take advantage of this tremendous market opportunity,” said Matt Vettel, a Managing Director at Great Hill Partners. “Blue Ridge offers a unique approach, seamless user experience, differentiated customer support and fast implementations – making it an essential partner to its diversified customer base. We are thrilled to partner with Jim and the entire team to help bring the company into its next stage of growth.”

 

As part of the transaction, representatives from Great Hill, including Matt Vettel, Nick Cayer, Bob Anderson and Tucker Albert, will join the Blue Ridge Board of Directors. In addition to Blue Ridge, Great Hill’s portfolio of software companies includes: eloomi, VersaPay, MineralTree, Jumio, Auvik and Intapp, among several others.

 

Lightning Partners served as financial advisor to Blue Ridge and Vocap Partners, the former majority shareholder in the company.

About Blue Ridge

Achieving a resilient supply chain sits at the intersection of demand, price, and inventory – where a company’s customers, suppliers, and their operations meet. Blue Ridge’s cloud-native planning and pricing platform gives distributors, retailers and manufacturers app simplicity that uniquely integrates data science-rich inventory forecasting capabilities with price optimization insights. From modeling, right-sizing inventory, and seamless collaboration, Blue Ridge bases success off increases in customer profitability and service levels. Learn more at https://blueridgeglobal.com or request a demo at https://blueridgeglobal.com/request-demo/.

 

About Great Hill Partners    

Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. Over the past two decades, Great Hill has raised nearly $8 billion of commitments and invested in more than 75 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. For more information, including a list of all Great Hill investments, visit www.greathillpartners.com.

About Lightning Partners

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

Contact

info@lightningpartners.com

 

 

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PhotoShelter Receives Significant Growth Investment from Clearhaven Partners
Investment in Content Technology Pioneer Will Accelerate Product Innovation and Growth

NEW YORK and BOSTON, Sept. 30, 2021 /PRNewswire/ -- PhotoShelter, Inc. ("PhotoShelter" or the "Company"), a leading provider of digital asset management (DAM) software for organizations and creative professionals, announced that it has received a significant growth investment from Clearhaven Partners, a dedicated software and technology focused private equity firm based in Boston. The partnership with Clearhaven will drive innovation and growth of PhotoShelter's cloud-based digital asset management solutions for brands and photographers. Financial terms were not disclosed.

Founded in 2005, PhotoShelter's purpose-built SaaS solutions enable enterprises and professionals to store, organize, access and share digital assets across their ecosystems seamlessly and in real time. PhotoShelter's customers benefit from improved content workflows and greater speed and efficiency, transforming the way creative people work. The Company is the partner of choice for over 1,300 enterprises and 80,000 professional photographers, including Delta Air Lines, Major League Baseball, the Associated Press, NASCAR, Special Olympics, NCAA Photos, FreshDirect, Sports Illustrated, and leading colleges and universities.

Clearhaven Partners ("Clearhaven") is a Boston-based private equity investment firm focused exclusively on growth-oriented software and technology businesses. Clearhaven invests thematically and works closely with its portfolio companies to accelerate value creation and help companies realize their full potential.

"I am extremely excited about PhotoShelter's next phase of growth in partnership with Clearhaven," said Andrew Fingerman, CEO of PhotoShelter. "Clearhaven's sector specialization and approach to providing their companies with operational support will enable us to accelerate innovation across our platform, continue to foster our loyal community of creative storytellers, and provide excellent customer experiences in the rapidly growing DAM market."

Christopher Ryan, Managing Partner at Clearhaven Partners, commented, "As long-term software investors we seek out differentiated and scalable businesses. Our partnership with PhotoShelter and its management team fits squarely into our strategy of backing successful companies who seek an operationally oriented investment partner. As partners to management, we are enthusiastic to support the Company's continued growth trajectory in this next phase of its journey."

"PhotoShelter is a direct fit for Clearhaven's investment thesis in enterprise data and content proliferation," mentioned Michelle Noon, Co-Founder and Managing Partner of Clearhaven. "The Company's highly discerning customers have already validated that PhotoShelter's scalable SaaS solutions meaningfully streamline visual asset workflows with speed and security for daily enterprise use cases. It's on this foundation of existing success that we look forward to our partnership with the PhotoShelter team to support the Company's growth in a market with increasingly rapid adoption."

The digital asset management market is growing upwards of 30% per year as businesses and professionals seek to organize and manage their valuable digital assets. PhotoShelter, a category leader in G2's Digital Asset Management Software rankings, has seen a significant increase in new business, adding nearly 200 organizations to its customer base in the first half of 2021, recording a nearly 60% increase year over year.

PhotoShelter is a pioneer in visual media cloud storage and distribution for enterprises and professionals. As a trusted and reliable creative technology partner, PhotoShelter currently maintains over 4.3 billion visual media assets, exceeding 18 petabytes of data under management, representing one of the largest collections of professionally captured content in the world. The Clearhaven Partners investment will accelerate platform development and allow PhotoShelter to continue its mission of transforming how creative professionals work. 

Lightning Partners served as the exclusive financial advisor and Foley Hoag LLP acted as legal counsel to PhotoShelter. Kirkland & Ellis LLP acted as legal counsel to Clearhaven Partners in the transaction.

About PhotoShelter, Inc.

PhotoShelter is a market-leading provider of SaaS digital asset management (DAM) solutions that enable photographers and creative teams to unlock the power of a moment through tools to seamlessly organize, manage and distribute digital content.  PhotoShelter's solutions are used by thousands of customers in the U.S. and worldwide, including in media, sports, education, travel & hospitality, healthcare, non-profits, and retail, among other end markets.  For more information on how to improve your organization's digital asset management and creative workflows, visit: https://brands.photoshelter.com/.

About Clearhaven Partners LP

Clearhaven Partners is a Boston-based private equity firm focused exclusively on investments in software and technology businesses. Clearhaven was founded by an investor-operator team to partner with differentiated, growing software and technology companies with at least $20 million in recurring revenue. Clearhaven brings a collective 50+ years of software investing and operating experience to its portfolio companies through its partnership approach and its value creation playbook, which couples actionable insights with practical tools and guidance to help companies scale profitably. Visit us at www.clearhavenpartners.com.

About Lightning Partners

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

Contact

info@lightningpartners.com

 

 

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Shutterstock Acquires PicMonkey, A Leading Creative Design Platform
The acquisition provides Shutterstock’s global customer community with professional-grade, easy-to-use design tools

New York, NY - September 7, 2021 - Shutterstock, Inc. (NYSE: SSTK), a leading global creative platform offering full-service solutions, high-quality content, and applications for brands, businesses and media companies, today announced the acquisition of PicMonkey, a leading online graphic design and image editing platform that enables creators of any skill level to design high-quality visual assets -- from presentations, advertisements and logos, to business cards and banners -- for an array of use cases, including digital marketing, advertising, and social media posts.

Visual content is the cornerstone of brand storytelling. At Shutterstock, democratizing creativity and empowering the creation of professional content by anyone, regardless of design experience, has always been at the heart of the company’s vision. Whether it’s a future business owner using a presentation to effectively pitch their concept, or a large marketing team creating a campaign that makes people sit up and take notice, there is a pervasive need among non-designers to create compelling, professional content seamlessly. While some professional design applications require formal training, the integration of PicMonkey into Shutterstock will further empower our customers, regardless of their skill level or expertise, to create beautiful, best-in-class content with efficiency and ease in just a few clicks.

 

Founded in 2012, PicMonkey allows creators to access thousands of templates, graphics and fonts, with tips and tutorials for producing sophisticated visual designs with an editorial look and feel for a diverse array of channels. This acquisition builds upon Shutterstock’s strategy to expand its offering to small businesses, by providing additional tools to non-professionals for elevating their visual content across a variety of platforms.

 

“Content is at the core of Shutterstock’s offering, and selecting an asset is just one step of the creative process. A key element of Shutterstock’s strategy and vision is providing a suite of solutions for the entire creative journey, regardless of experience or expertise level,” said Stan Pavlovsky, Chief Executive Officer at Shutterstock. “PicMonkey’s easy-to-use design and editing tools, collaboration features across teams, and robust library of pre-designed templates makes professional publishing assets accessible at scale to anyone, and is expected to allow Shutterstock to enhance and accelerate the delivery of our vision for our customers around the world.”

 

The acquisition of PicMonkey is an important element of Shutterstock’s workflow solutions, empowering creatives, business owners and marketers to design with ease. Key features of the PicMonkey tool includes photo editing, effects, touch-up tools, brand kits, cloud storage video, animations, and multi-page for creators, solopreneurs, social marketers, marketing professionals, pro designers and casual creatives. These design and editing features represent a natural extension of Shutterstock’s content offering, and on a combined basis, will enable the delivery of a more unified customer experience across the creation journey.

Transaction Highlights:

Complements Shutterstock’s content subscriptions with easy-to-use image and video design tools

 

Expands Shutterstock’s audience reach and addressable market by extending into the rapidly growing $8 billion market opportunity for creative software and design tools

 

Expected to contribute approximately 3% to Shutterstock’s annual revenues and to add more than 200,000 new subscribers

 

Consideration for the transaction consists of $110 million of cash paid at closing and the acquisition is expected to be immediately accretive to Adjusted EBITDA and Adjusted Net Income

 

Lightning Partners acted as financial advisor to PicMonkey in this transaction.

 

About Shutterstock, Inc.

Shutterstock, Inc. (NYSE: SSTK), is a leading global creative platform offering full-service solutions, high-quality content, and applications for brands, businesses and media companies. Directly and through its group subsidiaries, Shutterstock's comprehensive collection includes high-quality licensed photographs, vectors, illustrations, 3D models, videos and music. Working with its growing community of over 1.8 million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 380 million images and more than 22 million video clips available.

Headquartered in New York City, Shutterstock has offices around the world and customers in more than 150 countries. The Company also owns Offset, a high-end image collection; Shutterstock Studios, an end-to-end custom creative shop; PremiumBeat, a curated royalty-free music library; Shutterstock Editorial, a premier source of editorial images and videos for the world's media; TurboSquid, a leading 3D content marketplace; Amper Music, an AI-driven music platform; and Bigstock, a value-oriented stock media offering.

About Lightning Partners

 

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

Contact

info@lightningpartners.com

 

 

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B2Gnow Completes Acquisition of Panther International, Leading GovTech SaaS Provider
Lightning Partners advises the leading provider of public sector grant management and compliance software

Online PR News – 25-May-2021 – Phoenix, AZ – B2Gnow, the national leader in supplier diversity and diversity contract compliance software, recently completed the acquisition of Panther International, the leading provider of public sector grant management and compliance software. B2Gnow is a portfolio company of Polaris Partners, a Boston-based private equity firm. No financial terms were disclosed.

Lightning Partners served as the exclusive financial and strategic advisor to Panther International in the transaction.

 

B2Gnow and Panther International provide software platforms utilized across a wide spectrum of federal, state and local departments and agencies, and both have an extensive footprint in the transportation sector. Jointly, B2Gnow and Panther International provide software to 33 state departments of transportation (transit, aviation and rail), the Federal Aviation Administration (FAA), the Federal Highway Administration (FHWA), and numerous airports and transit authorities.

The B2Gnow platform allows diversity program administrators to manage the certification, tracking, contract compliance, spend analysis, and goals related to supplier diversity and contract compliance programs (i.e. DBE, MBE, WBE, SBE), facilitating meaningful increases in spending with historically underutilized businesses (HUB) and resulting in positive economic impact on communities across the country. The B2Gnow system also provides a comprehensive tool to navigate and manage the DBE program requirements mandated by the United States Department of Transportation (USDOT) and downstream state DOTs. The Panther International BlackCat platform serves many of the same types of public-sector transportation agencies, including state DOTs, allowing organizations to track grant requirements, grant-related spend, and grant progress.

“We are very excited to have Panther International join the B2Gnow family,” said Justin Talbot-Stern, CEO of B2Gnow. “Both organizations have a deep understanding of the complex compliance and regulatory organizations they serve – and many of those are shared clients in the transportation space. Together, the organizations can share and collaborate our respective domain expertise to ensure we continue to develop and provide best-in-class solutions to the client communities we are passionate about serving.”

The complete Panther International team has joined B2Gnow and will continue to serve their grant management clients, including Panther International CEO and aviation industry expert, Chase Stockon, Senior VP and transit expert Scott Entin, and Operations VP and DOT expert, Becky Mainardi. “We look forward to taking the Panther BlackCat platforms to new heights with the support and collaboration of the B2Gnow team behind us,” Stockon said. The combined B2Gnow and Panther International team will be nearly 100 employees strong across 11 states, with primary offices in Phoenix, Arizona and St. Petersburg, Florida.

About B2Gnow
Founded in 1999, B2Gnow is the most comprehensive and widely utilized Supplier Diversity and Compliance software solution in the United States. B2Gnow is utilized by hundreds of government, education, and private sector organizations that manage over one million vendors on the platform. The B2Gnow cloud-based solution allows organizations to track the participation, utilization and contracting details of disadvantaged businesses, such as minority business enterprises and women businesses enterprises. B2Gnow maintains the single largest database of disadvantaged business entities in North America, helping the federal government, more than half of state governments, and hundreds of counties, cities, airports, and Fortune 500 companies manage their supplier diversity and compliance programs through technology solutions. The modular platform addresses all aspects of supplier management on the diversity and compliance spectrum. For more information visit http://www.b2gnow.com.

About Panther International
Panther International is the leading provider of public transportation grant management and data solutions for state transportation agencies. Panther International products were designed by experienced industry experts to provide efficient data management solutions for granting and pass-through government transportation agencies. Panther International has been proudly serving and providing state and federal transportation agencies secure, hosted grant and data management solutions for over 25 years. For more information visit http://www.pantherinternational.com.

​​About Lightning Partners

 

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

Contact

info@lightningpartners.com

 

 

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Epicor Acquires KBMax, a Leader in Configure Price Quote (CPQ) Software
Lightning Partners Advises Leading Provider of Product Configuration Software for eCommerce

AUSTIN, Texas, May 27, 2021 (GLOBE NEWSWIRE) -– Epicor, a global leader of industry-specific enterprise software to promote business growth, announced today that it has acquired Configure Price Quote (CPQ) and visualization software provider KBMax. The transaction closed on May 27. Financial terms of the agreement were not disclosed.

 

KBMax software solutions will be marketed under the Epicor brand as a stand-alone module within the company’s productivity suite, aligning seamlessly with Epicor’s deep expertise in the global manufacturing engineer-to-order space. The ability to offer customers a highly customizable, industry specific one-stop solution that connects the front and back of the house supports Epicor’s mission to differentiate itself from the fleet of one-size-fits all off-the-shelf ERP solutions.

 

"Our customers are the essential businesses who make, deliver and sell the things everyone needs. We knew we needed to move fast, to enable them to be able to stay digitally competitive and build out scalable digital commerce capabilities,” commented Steve Murphy, Epicor CEO. “It's a perfect time for businesses to reach their customers in new and compelling ways. The integration of KBMax’s technology into our platform will solve that challenge for our customers, enabling them to create an information-rich and immersive online buying experience. The integration of next-gen CPQ tools with our ERP system will enable vital connectivity points to our customers across inventory, costs, pricing, and customer data.”

 

With complexity comes the need for real-time, reliable integration between systems, especially CPQ and ERP. Research shows that in 2020 80% of B2B buyer journeys took place online. Being able to configure a product in CPQ and instantly get 3D renderings and dimensioned drawings will dramatically reduce the time and cost it takes for Epicor customers to respond to RFP's, getting potential buyers the information they need to make a decision faster than ever before.

 

The integration of KBMax with Epicor’s ERP solutions will provide customers:

  • A seamless connection between sales and operation data improving demand planning and production.

  • A single source of truth for the most complex engineer-to-order projects delivering faster and more accurate sales quotes, fewer order mistakes and improved sales rep productivity.

  • The ability to navigate the escalating trend of self-service/online business by translating complex sales information into something easy to configure and visualize.

  • A centralized data hub that can be managed in a single application that delivers a full 360-degree view of a customer’s order/fulfilment status, allowing the front and back of house teams to work from the same playbook.

  • Supported business continuity for existing KBMax customers.

 

KBMax has transformed the buying experience for over 20,000 users and its CPQ software has delivered customers measurable improvements: on average a 168% increase in annual sales revenues, 38% faster sales cycle and a 35% increase in productivity.

 

“Epicor truly understands the industries it serves and its deep expertise in critical verticals from manufacturing to distribution make it the ideal home in which our technologies can nest seamlessly, deliver immediate customer value while allowing us to scale and expand the technology suite,” said Kevin Bennett, KBMax CTO. “The integration of our software into the Epicor portfolio will help ensure the world’s most essential businesses can digitally evolve and thrive.”

Lightning Partners served as the exclusive financial and strategic advisor to KBMax in the transaction.

 

About Epicor

Epicor Software Corporation equips hard-working businesses with enterprise solutions that keep the world turning. For nearly 50 years, Epicor customers in the manufacturing, distribution, LBM, retail, and automotive industries have trusted Epicor to help them do business better. Epicor’s innovative solution sets are carefully curated to fit customer needs and built to respond flexibly to their fast-changing reality. With deep industry knowledge and experience, Epicor accelerates every customer’s ambitions, whether to grow and transform, or simply become more productive and effective. Visit www.epicor.com for more information.

About Lightning Partners

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

Contact

info@lightningpartners.com

 

 

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Ceridian To Acquire Ideal, a Market Leader in Talent Intelligence Software
Lightning Partners Advises Provider of Artificial Intelligence Capabilities that Enable More Accurate, Efficient, and Fair Talent Decisions

TORONTO and MINNEAPOLIS, April 29, 2021 (GLOBE NEWSWIRE) -– Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced it has entered into a definitive agreement to acquire Ideal, a leading talent intelligence software provider based in Toronto, Ontario. This acquisition is anticipated to optimize Ceridian’s talent management offering once Ideal’s capabilities are integrated into the Dayforce platform. The acquisition is expected to close on April 30, 2021.

In today’s competitive global labor market, organizations are increasingly challenged to attract top talent while keeping pace with rapidly changing recruitment needs. Those that succeed will need to harness the power of modern technologies to reinvent their talent recruitment strategies.

“Together with Ideal, we stand to further our vision to make work life better by empowering our customers to make smarter, more efficient talent decisions and improve equity across their workforces,” said Joe Korngiebel, Chief Product and Technology Officer, Ceridian. “Today’s announcement reinforces that we continue to not just meet the needs of organizations today, but well into the future, and we are thrilled to welcome Ideal to the Ceridian family.”

Through the power of artificial intelligence-driven talent capabilities, Ideal’s talent intelligence products enhance recruiting processes, including screening, shortlisting, and matching top candidates. Dayforce customers will also have access to Ideal’s Diversity, Equity, and Inclusion (DEI) intelligence system, enabling employers to meet diversity head-on by ensuring that objectivity and inclusion happen up-front in the talent acquisition and management processes.

“At Ideal, we are passionate about providing our customers with powerful, actionable workforce insights to drive fair, accurate, and equitable decision making and help them achieve long-term organizational success,” said Somen Mondal, CEO and Co-founder, Ideal.

“We’re excited to take our innovation, fueled by artificial intelligence and machine learning, to a broader, global audience by joining forces with Ceridian, a recognized industry leader,” said Shaun Ricci, Chief Operating Officer and Co-founder, Ideal.

Lightning Partners served as the exclusive financial advisor to Ideal in the transaction.

About Ceridian 


Ceridian. Makes Work Life Better™. 

Ceridian HCM Holding Inc. (“Ceridian” or the “Company”) (NYSE:CDAY) (TSX:CDAY) is a global human capital management software company. Dayforce, our flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. Our platform is used to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes. Visit Ceridian.com or follow us @Ceridian

About Ideal

Ideal is a talent intelligence system that enhances HR software to help teams make more accurate, efficient, and fair talent decisions. Leveraging proprietary artificial intelligence technology, Ideal analyzes data across the entire employee lifecycle. Ideal is able to accurately screen and match talent and automate administrative tasks—all while providing concrete, data-driven insights on diversity, equity, and inclusion. For more information, please visit: Ideal.com.

About Lightning Partners

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

Forward-Looking Statement and Risk Factors 

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding the acquisition discussed in the press release and our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to the future and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. 

This press release should be read in conjunction with the risks detailed in the “Cautionary Note Regarding Forward-Looking Information,” “Forward-Looking Statement”, “Risk Factors” and other sections of Ceridian’s Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and other filings with the Securities and Exchange Commission.

Contact

info@lightningpartners.com

 

 

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Autodesk to Acquire Upchain to Accelerate Product Development Data and Processes in the Cloud
Lightning Partners Advises Provider of Instant-on, Cloud-based PLM and PDM Collaboration Solutions

SAN FRANCISCO, April 15, 2021 – Autodesk, Inc. (NASDAQ: ADSK) has announced it has signed a definitive agreement to acquire Upchain, a provider of instant-on, cloud-based product lifecycle management (PLM) and product data management (PDM) solutions. The acquisition positions Autodesk to deliver more value for engineers, manufacturers, suppliers and other product stakeholders by increasing collaboration across the decentralized product value chain, regardless of CAD system.

Upchain has created a unified cloud platform that eliminates the boundaries of traditional PLM and PDM technologies, helping manufacturers manage complexity across teams by putting data at the center of the product development process.

“Resilience and collaboration have never been more critical for manufacturers as they confront the increasing complexity of developing new products. We’re committed to addressing those needs by offering the most robust end-to-end design and manufacturing platform in the cloud,” said Andrew Anagnost, President and CEO of Autodesk. “The convergence of data and processes is transforming the industry. By integrating Upchain with our existing offerings, Autodesk customers will be able to easily move data without barriers and will be empowered to unlock and harness valuable insights that can translate to fresh ideas and business success.”

Autodesk will maintain Upchain’s open approach to data, supporting integration not only with solutions like Inventor, AutoCAD and Fusion 360, but also with other CAD systems commonly used in the manufacturing industry.

“The acquisition of Upchain is a big step toward meeting our customers where they are, removing the barriers to collaboration and bridging the gap between data management and process management technologies,” said Scott Reese, Executive Vice President of Product Development and Manufacturing Solutions at Autodesk. “Disruption has become a constant in the world of manufacturing. Being equipped with instant access to data across the product value chain gives companies the ability to remain agile and bring compelling products to market quickly and efficiently.”

Upchain serves a diversified customer base from across industries including automotive and aerospace, industrial machines, transportation, entertainment, and textiles and apparel.

“We’ve had a singular focus at Upchain to up-level cloud collaboration across the entire product lifecycle, changing the way that people work together so that everyone has access to the data they need, when they need it,” said John Laslavic, CEO and Founder of Upchain. “Autodesk shares our vision for radically simplifying how engineers and manufacturers across the entire value chain collaborate and bring a top-quality product to market faster. I look forward to seeing how Upchain and Autodesk, together, take that vision to the next level in the months and years to come.”

The transaction is subject to customary closing conditions and is expected to close during Autodesk’s second quarter of fiscal year 2022, ending July 31, 2021.

About Autodesk
Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk.

About Lightning Partners

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding: the planned acquisition of Upchain and the timing thereof, the impact of the acquisition on Autodesk’s business performance; the impact of the transaction on Autodesk’s and Upchain’s products and services capabilities, customers, and partners; and Autodesk’s strategic priorities.

Factors that could cause actual results to differ materially include the following: Autodesk’s ability to successfully integrate Upchain’s business; costs related to the acquisition; the evolution of cloud-based and traditional PLM and PDM technologies; changes in the manufacturing industry; the competitive environment in the PLM, PDM, and manufacturing industries and competitive responses to the acquisition; Autodesk and Upchain’s success developing new products or modifying existing products and the degree to which these gain market acceptance; general market and business conditions; unanticipated impact of accounting for acquisitions; and the ability to satisfy the conditions to the completion of the acquisition on the anticipated schedule, or at all.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Contact

info@lightningpartners.com

 

 

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ARCOS Receives Strategic Growth Investment from Vista Equity Partners
Utility and critical infrastructure resource-management leader will accelerate hiring, drive innovation in core products and expand suite of offerings

COLUMBUS, Ohio – March 17, 2021 – ARCOS® LLC, the market leader for utility and critical infrastructure resource-management solutions, today announced it has signed a definitive agreement to receive a majority investment from Vista Equity Partners, a leading global investment firm focused on market-leading enterprise software, data and technology-enabled businesses. ARCOS and Vista will partner to accelerate investment in hiring, continue driving innovation in its core products and expand its suite of offerings – solving the toughest resource management challenges for utilities and other critical infrastructure industries.

Since 2005, ARCOS’ technology has helped hundreds of the largest electric and gas utilities and airlines manage their crews and resources, especially in unplanned scenarios where resources are needed on short notice. ARCOS helps these organizations identify which crews and resources are available, reduce the time needed to assemble crews and perform callouts, and confront a host of other resource-management challenges such as overseeing contractors and managing service disruption incidents.

“For essential workers in industries like utilities and critical infrastructure, the ability to assess resources and respond quickly can make the difference between success and failure,” said Bruce Duff, CEO of ARCOS. “With Vista’s partnership, we will continue to bring our best-in-breed technology solutions to these industries, as well as explore new areas for product expansion and help our clients continue to modernize practices and processes, so they can respond and restore services quickly. We are thrilled to have Vista’s backing as we chart our next chapter.”

“The partnership between ARCOS and the utility industry has been one of collaboration that has provided us with solutions to effectively respond to, restore and report both planned and unplanned events that occur every day of the week,” said John Tyler Anthony, senior vice president and chief operating officer of Pepco Holdings. “We look forward to continuing to work with ARCOS as they begin their new partnership with Vista Equity Partners, and we appreciate their continued focus to expand their products and ensure comprehensive resource management capabilities for us and other critical infrastructure industries. Providing safe, reliable and affordable service is the industry’s primary mission and having technology providers like ARCOS is critical to our collective success.”

“Bruce and his team have built an indispensable business by helping their customers be nimbler and more responsive in managing their resources,” said Patrick Severson, senior managing director in Vista’s Foundation Fund. “ARCOS’ customers are providing power, water, gas and other essential services to people across North America, and these customers rely on ARCOS to keep those services online. The ARCOS team is extremely driven by this mission, and we are excited to help them have an even greater impact by investing in their people, products and customers.”

ARCOS and Vista Equity Partners expect the transaction to close in the second quarter of 2021.

 

The investment by Vista follows The Riverside Company’s investment in ARCOS in 2013. William Blair & Company and Lightning Partners served as the financial advisor to ARCOS and The Riverside Company, and Harris Williams & Co. served as the exclusive financial advisor to Vista Equity Partners. ARCOS management will remain meaningful shareholders of the company along with Vista Equity Partners.

About ARCOS LLC

ARCOS is a leader in delivering SaaS solutions for managing resources, ensuring accurate, compliant shift scheduling and automatically planning for all types of events. The ARCOS solution reports on the up-to-the-minute location and status of equipment and crews via mobile technology for utilities and other critical infrastructure like airlines, manufacturers and industrial facilities. The ARCOS resource management platform helps organizations save time and money, while improving customer satisfaction and the efficiency, safety and accuracy of operations. Learn about ARCOS resource management software at https://www.arcos-inc.com. Follow ARCOS on LinkedIn, @ARCOS LLC, and Twitter, @ARCOS

About Vista Equity Partners

Vista is a leading global investment firm with more than $73 billion in assets under management as of September 30, 2020. 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 Twitter, @Vista_Equity.

 

​About Lightning Partners

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

 

Contact

info@lightningpartners.com

 

 

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Harvest Hosts Raises $37 Million to Expand Offering of Unique RV Camping Options as Road Travel Accelerates
The Investment Allows the Travel Company to Expand Its Host Locations While Supporting Thousands of North American Small Businesses

VAIL, Colo., March 2, 2021 -- Harvest Hosts, a membership program that allows RVers to access unique overnight stays, today announces a $37 million growth investment from Stripes. As road travel and the RV industry experience a major surge, the investment will enable the company to drive its continued expansion of host locations to connect travelers with safe, one-of-a-kind overnight experiences, while supporting small businesses.

 

Harvest Hosts offers its members overnight stays at an extensive network of over 1,900 wineries, breweries, farms, golf courses, museums and other scenic attractions across North America. From a lavender farm to skydiving center and everything in between, Harvest Hosts is delivering a new kind of camping experience for road travelers. Harvest Hosts' membership base doubled in 2020, and members spent over $25 million with the small businesses they visited. The rapid growth of the RV community has continued accelerating as a new class of travelers begin exploring the safe and scenic world of RV travel.

 

"At Harvest Hosts, our mission is to help people live happier lives by getting off the couch and onto the open road, while also supporting the small businesses that are the backbone of America," says Joel Holland, CEO of Harvest Hosts. "We want Harvest Hosts to continue being a trusted resource for finding a unique RV experience. We are excited to be partnering with Stripes to double down on the investment in our host network and member experience. We want everyone who interacts with Harvest Hosts, members and hosts alike, to benefit from the experience."

 

As the RV industry continues to boom, RVers need great places to stay. According to RV Industry Association, 46 million Americans plan to take an RV trip in the next 12 months. In an effort to alleviate the growing camping inventory problem, Harvest Hosts is partnering with thousands of small businesses across North America to provide RVers with alternative overnight experiences while also helping to fuel the economy and keep small businesses afloat.

 

"It's an exciting time to partner with Joel and the Harvest Hosts team. We look to back ambitious entrepreneurs who are delivering amazing products, and it became clear as we spent more time in the space that Joel is building a really special product for RVers," says Chris Carey, Partner at Stripes. "As part of our research, we surveyed thousands of RVers and dozens of hosts to learn about their firsthand experiences, and the feedback was overwhelmingly positive from both members and hosts. And what got us even more excited is the significant opportunities to continue to expand the host network and offerings for RVers to make the experience even better. The energy and charisma from Joel to invest in making Harvest Hosts the leading RV experience platform was the final piece of the puzzle. His vision for the company is something we are excited to be part of."

 

Harvest Hosts currently has more than 1,900 locations and will continue expanding the network. As part of their membership fee, members can stay at an unlimited number of locations without any additional fees, other than the suggestion to support the local businesses they visit. Travel is evolving and the RV industry is primed for another monumental year ahead, with Harvest Hosts blazing the trail when it comes to alternative camping experiences.

 

Lightning Partners acted as exclusive financial advisor and Cooley served as legal advisor for Harvest Hosts. Dechert served as legal advisor for Stripes.

 

About Harvest Hosts

Harvest Hosts is a membership club for RVers offering unique overnight stays at 1,900+ farms, wineries, breweries, distilleries, golf courses, museums and other scenic small businesses all over North America. The company's mission is to help people live happier lives by getting off the couch and onto the open road, while also supporting small businesses that are the backbone of America. To learn more, visit: www.harvesthosts.com.

About Lightning Partners

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

 

Contact

info@lightningpartners.com

 

 

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Lightning Partners Advises Checkster on its Acquisition by OutMatch
Transaction Strengthens End-to-End SaaS Talent Decision Platform

DALLAS, TX – November 17, 2020 -- Lightning Partners, a growth technology investment bank, today announced the acquisition of its client Checkster, a global provider of pre-hire and post-hire talent insights solutions, by OutMatch, a leading provider of digital hiring technologies.

 

OutMatch is a portfolio company of Rubicon Technology Partners and Camden Partners.

 

Checkster’s offering will integrate into OutMatch’s Talent Decision Platform, which brings unique talent insights to rigorously measure quality of hire, drive increased agility throughout the talent selection process, and create higher-performing teams with improved retention.

 

“This is another example of Lightning Partners’ ability to drive a robust process in an accelerated timetable to deliver extraordinary results for our clients,” said Dan Williams, Managing Director, Lightning Partners.

 

Lightning Partners served as the exclusive financial advisor to Checkster in the transaction.

About Lightning Partners

Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

 

About OutMatch

OutMatch makes people decisions more scalable, predictable, and personal with an end-to-end talent decision platform. The world’s most recognized brands rely on OutMatch to scale recruitment, understand their talent, and personalize candidate and employee experiences. Over 1,000 global companies trust OutMatch technology to process millions of candidates annually, and to achieve 25X return on investment through better people outcomes. Visit www.outmatch.com for more information.

 

About Checkster

Using collective human intelligence, Checkster empowers talent and team leaders to make smarter, faster and more confident talent decisions and build high performing teams that compete to win. More than 500 organizations around the world use Checkster to power their people decisions and improve quality of hire. Learn more at www.checkster.com.

 

Contact

info@lightningpartners.com

 

 

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Lightning Partners Advises GovPredict on their Acquisition by Phone2Action
Transaction Will Create One of the Most Comprehensive Collaboration, Data and Workflow Solutions for Government Relations Teams

ARLINGTON, Va, November 06, 2020 – Lightning Partners, a growth technology investment bank, served as the exclusive financial advisor to GovPredict, a high growth, venture-backed technology company that provides legislative, regulatory and issue monitoring, and intelligence, in its acquisition by Phone2Action, the leading digital advocacy and civic engagement platform.

This transaction places the combined company at the forefront of the fast-paced and rapidly growing market for civic and government affairs software. With this acquisition, Phone2Action, the world’s leading provider of grassroots advocacy software, will now become a category-defining solution where public affairs and government relations professionals can collaborate on projects, gain insight into key bills and policies, galvanize people to act and influence public policy.

“We turned to Lightning Partners to help us navigate the M&A process. That was the best decision we could have made,” said Emil Pitkin, Founder & CEO, GovPredict. “Their experience managing the complexity of M&A, as well as their sound advice throughout the process, was invaluable in achieving this tremendous outcome for GovPredict.”

Phone2Action was launched in 2013 and in 2019 received a strategic investment from Frontier Growth, a Charlotte-based growth equity firm.

About Lightning Partners
Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

About GovPredict
GovPredict is an enterprise software platform for government affairs teams. Launched in 2015, it has allowed Fortune 500 clients, major trade associations, and nonprofits to track and report on legislation, regulations and policy issues; coordinate advocacy campaigns; and raise political and PAC donations.

About Phone2Action
Phone2Action is a comprehensive digital engagement and communications platform for grassroots advocacy, public affairs and government relations. Phone2Action's innovative, user-friendly products make government participation accessible in the digital age. The world’s leading nonprofits, associations and companies have used Phone2Action to build their advocacy programs and support their public policy goals since 2013. The Phone2Action platform includes solutions for grassroots advocacy, GOTV, strategic communications and stakeholder engagement. For more information, please visit: www.phone2action.com

Contact
info@lightningpartners.com

 

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Autodesk to Acquire Pype
Lightning Partners Advises Pype in Transaction that Will Empower Autodesk Customers to Automate Traditional Manual Workflows with Artificial Intelligence and Machine Learning

​HERNDON, Va. & SAN RAFAEL, Calif., July 22, 2020 — Lightning Partners, a growth technology investment bank, served as the exclusive financial advisor to Pype, a provider of cloud-based solutions for automating construction project management workflows, in its signing of a definitive agreement to be acquired by Autodesk, Inc. (NASDAQ: ADSK).

The transaction will empower Autodesk customers with Pype’s suite of software, which leverages artificial intelligence and machine learning, by automating critical workflows to increase productivity and mitigate project risk.

​“Artificial intelligence and machine learning are impacting every industry as companies seek a competitive edge through automation and efficiency,” said Dan Williams, Managing Partner, Lightning Partners. “This transaction is another example of how Lightning Partners delivers outstanding outcomes by unlocking the synergies between innovative companies like Pype that employ AI and ML technology with established industry leaders like Autodesk.”

​“The Lightning Partners team was a tremendous asset to us as we navigated the transaction process, said Sunil Dorairajan, CEO and co-founder of Pype. “They acted as an extension of our team, kept the process on track, and helped us think strategically through key decisions.”

​Headquartered in Herndon, Virginia, Pype was founded in 2015 by Sunil Dorairajan and Karuna Ammireddy.

​​The transaction is subject to customary closing conditions and is expected to close during Autodesk’s third quarter of fiscal 2021, ending October 31, 2020. Terms of the transaction were not disclosed.

About Lightning Partners
Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

About Pype
Pype is the construction industry's first SaaS provider for submittal log management and project closeout. Over 40% of the ENR top 400 use AutoSpecs, Closeout, and SmartPlans to provide unprecedented insights on spec and closeout data, help teams extract actionable information from specifications and plans to close communication gaps between design, construction, and operations teams, and ensure a higher level of quality assurance, efficiency, and risk management on projects coast-to-coast. For more information, visit www.pype.io/.

About Autodesk
Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk.​

Contact
info@lightningpartners.com

 

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Lightning Partners Advises Storyblocks on Its Acquisition By Great Hill Partners
Transaction Positions Storyblocks to Expand Access to Digital Content and Collaboration Tools

ARLINGTON, VA & BOSTON, MA, June 29, 2020 — Lightning Partners, a growth technology investment bank, served as the exclusive financial advisor to Storyblocks, the first and largest subscription-based stock media company, in its acquisition by Great Hill Partners, a leading private equity firm.

”This highly competitive process shows that there is still strong demand for growing, innovative, recurring revenue businesses with experienced leadership teams,” said Dan Williams, Managing Partner, Lightning Partners. “This industry shaping transaction is another example of how Lightning Partners delivers best in class outcomes for tech companies and their investors.”

“The Lightning Partners team was outstanding,” said TJ Leonard, CEO, Storyblocks. “They did an amazing job preparing us, guiding us and supporting us throughout the entire transaction process.  The team did an extraordinary job digging deeply into our business to make sure we were well positioned for success.  They created many attractive options for us to consider for our next stage of growth, and we couldn’t be happier with the results they delivered.”  

“Lightning Partners absolutely nailed the execution on this transaction,” said Carter Griffin, General Partner, Updata Partners.  “Their attention to detail and coaching of the team was evident throughout.  We thank them for their hard work in delivering a great outcome.”

This transaction highlights continued interest in the ongoing convergence of content, collaboration and workflow tools that is impacting almost every industry. In addition, it demonstrates that despite the global pandemic M&A transactions can be successfully managed in a virtual manner.

Storyblocks was founded in 2009 by Joel Holland. Investors included Updata Partners, North Atlantic Capital and QED Investors. Storyblocks has been recognized on the Inc. 5000 list seven consecutive years.

Cooley LLP provided legal advice to Storyblocks on the transaction.

Terms of the transaction were not disclosed.

 

About Lightning Partners
Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.

About Storyblocks
Built on the belief that all stories deserve a chance to be told, Storyblocks provides video, audio and images through its unique subscription model. By offering unlimited downloads and continually adding fresh content, Storyblocks challenges the paradigm that your ambitious creative vision requires deep pockets. The company was recently named as one of Washington D.C.’s Top Workplaces by The Washington Post, and among the Best Places to Work by the Washington Business Journal.  Headquartered in Arlington, Virginia, For more information, visit www.storyblocks.com.

About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the consumer, digital infrastructure, financial technology, healthcare, and software sectors. Over the past two decades, Great Hill has raised nearly $8 billion of commitments and invested in more than 75 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. For more information, visit www.greathillpartners.com.

Contact
info@lightningpartners.com

 

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“To say I’m impressed with the work Dan Williams and the Lightning Team did would be a massive understatement. I’ve worked with a number of banks over the years and Lightning Partners' diligent approach and work ethic blows them all out of the water. I look forward to recommending Lightning Partners and hopefully using them again in the future!

Joel Holland, Founder, Storyblocks