Leading Technology Investment Firm Joins Providence Strategic Growth as Major Investors Supporting EverCommerce's Impressive Trajectory
DENVER, July 23, 2019 /PRNewswire/ -- EverCommerce (the "Company"), the leading service commerce platform connecting best-of-breed technologies and solutions for service sector businesses, today announced an agreement under which Silver Lake will acquire a significant ownership stake in the Company. Silver Lake is the leading global investment firm dedicated to building and growing great technology and tech-enabled companies. The firm will partner with existing majority shareholder Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners.
EverCommerce provides more than 200,000 services businesses – across industries including home & field services, health services, and fitness & wellness services – with a breadth of technology solutions for business management, payment processing, marketing, and customer retention. EverCommerce provides access to these software-as-a-service (SaaS) platforms under one umbrella, which helps service business owners fuel business growth and improve day-to-day workflow. The investment from Silver Lake and continued backing from PSG will support the Company's acquisition of additional best-in-class technology solutions in target industries and further development of EverCommerce's shared services and center of excellence departments.
"Silver Lake's deep expertise in supporting the development of premier technology and tech-enabled businesses will benefit EverCommerce for years to come," said Eric Remer, the Company's Founder and CEO. "Silver Lake's investment and technology experience and relationship network will augment the industry and operational expertise PSG has brought to EverCommerce over the past several years and advance our mission to support the success of millions of service business owners around the world."
"The services sectors are critical contributors to economic growth, and EverCommerce enables its clients in these attractive verticals with best-in-class technology and solutions," said Joe Osnoss, Managing Director of Silver Lake. "The Company has proven itself as a clear leader and innovator, and we are excited to partner with PSG to back management to accelerate growth, both organically and via acquisitions."
Mark Hastings, the CEO of PSG, added "Since investing in EverCommerce in 2016, the Company has achieved tremendous growth, both organically through best practice leadership and shared services for its subsidiaries, and inorganically through acquisitions. It has been a privilege to partner with Eric and his team to help them realize their vision, and we look forward to working alongside Silver Lake to help EverCommerce reach new heights during its next phase of growth."
Upon closing the transaction, which is subject to certain customary closing conditions, Joe Osnoss and Jonathan Durham of Silver Lake will join Mark Hastings and John Marquis of PSG, as well as CEO Eric Remer, on EverCommerce's Board of Directors.
Goldman Sachs & Co. LLC acted as financial advisor and Weil, Gotshal & Manges LLP and Greenberg Traurig LLP acted as legal counsel to EverCommerce. Ropes & Gray LLP served as legal counsel to Silver Lake.
EverCommerce is the leading service commerce platform, connecting best-of-breed marketing, business management, and customer retention technology solutions for more than 200,000 service sector organizations across the globe. Born from the leadership team of successful software start-ups, renowned private equity firms, and Fortune 500 enterprises, EverCommerce provides comprehensive solutions for businesses in the high-growth Home & Field Service, Health Service, and Fitness & Wellness industries. EverCommerce clients are able to attract customers at scale, provide services efficiently, act on business insights, and increase customer loyalty and value. Learn more at www.evercommerce.com.
About Silver Lake
Silver Lake is the global leader in technology investing, with over $43 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake's portfolio of investments collectively generates more than $210 billion of revenue annually and employs 370,000 people globally. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.
About Providence Strategic Growth Capital Partners LLC
Providence Strategic Growth ("PSG") is an affiliate of Providence Equity Partners ("Providence"). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
For Silver Lake:
Kelsey Markovich / Hayley Cook