Strategic Acquisition of Winshuttle Allows Precisely to Bolster its Market-Leading Data Management Capabilities

 

Spurrier Capital Partners (“SCP”) is pleased to announce our role as the sole strategic advisor to Winshuttle in its sale to Precisely.  This acquisition further entrenches Precisely as a leader in the Data Management category with the addition of industry-leading Data Process Automation and MDM capabilities.  Winshuttle is based in Bothell, WA, and was backed by Symphony Technology Group (“STG”).

“The team at SCP was an integral part of our process.  Their thoughtful approach allowed us to maximize value with a market-leading strategic partner,” said William Chisholm, STG’s Co-Founder and Managing Partner.  “SCP’s market insight and connections with decision-makers at strategic and financial buyers were critical in finding the best home for Winshuttle.”

“This is our second transaction with SCP.  We continue to be impressed with their extensive Data Management experience and ability to craft positioning with each party,” stated John Pierson, CEO of Winshuttle.  “We had complete confidence in SCP as an advocate for Winshuttle given their unwavering support of the Company over the past four years.”

“This process showcased everything that we have come to expect from SCP in our fifth transaction together,” added Harry Taylor, a Managing Director at TA Associates.  “The team provided extensive data and positioning materials, and executed an efficient and transparent process.  They acted as a partner to their client while offering a collaborative approach to structuring the transaction.”

“To be able to achieve such a fantastic outcome working alongside this Winshuttle team once again was particularly rewarding,” noted Clark Spurrier, Founder and CEO of Spurrier Capital Partners.  “Earning the Winshuttle mandate in 2018 and again this year is a ringing endorsement of our Consigliere Approach and unmatched execution ability.  We are eager to see Winshuttle and Precisely execute on this opportunity.”

“This transaction underscores SCP’s deep commitment to partnering with great companies and supporting them with their continued success,” emphasized Griffin Bealle, Director of Spurrier Capital Partners.  “It solidifies our leading position in both Data Management and Low-Code / Process Automation, representing our eighth and seventh transactions in those respective categories.  Further, it reflects our eighth deal in the Seattle area, a strategic geography for SCP.”

SCP Experience in Data Management and Low-Code / Process Automation Software

The deal team was led by Clark Spurrier, Griffin Bealle, Mike DeMatteis, Brad Hale, and Sam Dardani.
Please do not hesitate to reach out to us with any questions at (212) 486-7100.

Spurrier Capital Partners Advises eSignature Software Leader AssureSign on its sale to Nintex

Spurrier Capital Partners is pleased to announce our role as the exclusive financial advisor to leading cloud-based electronic signature software provider AssureSign on its sale to Nintex, a Thoma Bravo portfolio company, to meet customer demand and to bring a native eSignature capability to the Nintex Process Platform.

Founded in 2007 by David Brinkman, Atlanta-based AssureSign was developed with a vision to streamline the digital transaction process with the highest levels of signature integrity and security. By building a fully credentialed signature solution alongside extensive custom workflow capabilities, AssureSign stands in a unique position to continue leading across highly regulated industries such as insurance, legal, and financial services.  When coupled with Nintex’s full suite of workflow and document automation solutions, AssureSign will continue to drive incredible value to customers.

“We are thrilled to join a market leader like Nintex to accelerate our combined visions, and the Spurrier team was critical to our success in not only finding the best outcome, but the best home for the business we’ve built,” said Founder & CEO, David Brinkman of AssureSign. “This was our first time looking for a true partner for our business, and SCP helped us prepare and execute a successful outcome.” 

“We knew what a best-in-class solution like AssureSign would create within the Nintex product suite, but SCP’s work and facilitation made it easier to get to the right answers quickly,” said Eric Johnson, CEO of Nintex. “We were impressed with how the SCP team acted as a partner to drive an optimal outcome for all parties within a very efficient time frame.”

“SCP ran a smooth and efficient diligence process that allowed us and our advisors to get into a winning position,” added Baran Erkel, SVP Corporate Development of Nintex. “Their knowledge of the AssureSign business and digital transaction management space helped us forge a strong partnership with the management team and align on the go-forward vision.”

Clark Spurrier, Founder and CEO of Spurrier Capital Partners emphasized, “This transaction underscores SCP’s approach to supporting founder-led businesses in finding the right home for continued success. There is a massive market opportunity in the digital transaction management space that AssureSign’s premium electronic signature solution supports, which will continue to provide value alongside Nintex’s workflow automation capabilities. SCP is eager to see the AssureSign and Nintex relationship flourish as they embark on this next chapter.”

Select SCP Experience in Application Software

The deal team was led by Clark Spurrier, Chris Cavanaugh, Jason Cleary, and Mark Tornetta.  Please do not hesitate to reach out to us with any questions at (212) 486-7100.

Spurrier Capital Partners Advises Vista Equity Partners and Four Winds Interactive on Merger with Poppulo to Create a Global Employee Communications Leader for New World of Work

Spurrier Capital Partners is pleased to announce our role as exclusive financial advisor to Four Winds Interactive and Vista Equity Partners on the Company’s merger with leading Employee Communications software provider, Poppulo.  Through this merger, the combined business will become the market’s most comprehensive omni-channel Employee Communications platform with unmatched personalization and measurement capabilities, supplemented by its class-leading space management solution for flexible desk and conference room booking.  The combined business will provide a compelling solution for enterprises that are transforming from traditional working environments into venues for collaborative work.

“We are excited to partner with the Vista team and Four Winds Interactive on this transformative transaction and look forward to the continued success of the new platform as the Company expands into adjacent markets,” said Mark Yurko, Managing Director at Spurrier Capital Partners.  “This transaction builds upon SCP’s longstanding focus on the Employee Communications and Digital Workplace sectors and further demonstrates our commitment to the rapidly-evolving Communications Technology landscape.”

The deal team was led by Mark Yurko and Cam Lewis.  Please do not hesitate to reach out to us with any questions. (212) 486-7100

The Healthcare Digital Revolution Catalyzed by COVID-19

As we turn the page on 2020, Spurrier Capital Partners (“SCP”) is entering 2021 with true optimism that this past year was a wake-up call to all stakeholders across the U.S. Healthcare continuum as it pertains to the adoption and usage of healthcare technology solutions. The COVID-19 epidemic placed a spotlight on inefficient practices within traditional care delivery models, recognizing the critical nature of digital technology in the current provider-patient landscape and in pandemic preparedness planning. In effect, this has led to a confluence of events that has generated strong secular tailwinds in which macroeconomic and healthcare forces have converged to accelerate the digital transformation of healthcare by years,
if not decades.

The COVID-19 pandemic dramatically pulled forward technology adoption, acceptance of virtual care as a viable alternative, highlighted structural deficiencies in our brick-and-mortar health system, and significantly elevated public recognition of the need to address “whole-person” health.

Key healthcare stakeholders are now becoming long-term partners in harnessing digital technologies, rather than being late adopters or partners only in times of emergency. Ultimately, this crisis has sparked a Healthcare Digital Revolution that has accelerated the trajectory of technological adoption and rekindled a fire of innovation within all facets of the healthcare ecosystem. SCP is committed to partnering with healthcare technology companies that are transforming the healthcare ecosystem through disruptive digital solutions.

 

TECHNOLOGICAL INNOVATION DISRUPTING THE STATUS QUO

A longstanding perception of the U.S. Healthcare system is the paradox that America has the best providers, the best scientists, the best therapeutics, and the best diagnostics and devices that are needed for outstanding patient care; but the delivery is not what it should or could be. As a system that had yet to fully embrace the Digital Revolution, the U.S. Healthcare system was ill-equipped to cope with the pandemic and all stakeholders were forced to embrace technology to successfully face the crisis. COVID-19 has sparked the transformation of stakeholders by unleashing the power of digital technologies and beginning to address the current deficiencies in the healthcare operations landscape.

Healthcare providers are digitizing existing infrastructure at break-neck speeds, but many are still managing the crisis through traditional methods.  The past year has created a tipping point, and both consumers and employers now demand digital tools be tightly integrated with traditional care delivery to create a streamlined and safer patient experience. The pandemic catalyzed an accelerated shift within hospitals from legacy systems to next generation solutions across many key areas, including interoperability / data management technology, patient flow, capacity and equipment tracking, as well as improved healthcare workforce management. SCP anticipates tailwinds from COVID-19 will continue to drive adoption of Telemedicine, patient engagement, and other remote patient monitoring technologies that are helping to facilitate the shift outside the four walls of the hospital to outpatient facilities, post-acute care settings, and patient homes.

THE RISE AND SUSTAINABILITY OF TELEHEALTH

At the onset of the pandemic, healthcare organizations raced to implement all types of Telehealth solutions to support their communities under shelter-in-place orders. Today, the healthcare industry stands lightyears ahead in its adoption of Telehealth systems, including providers using technology to deliver care through Telemedicine, communicate with patients through innovative patient engagement platforms and enable data collection directly from patient homes. There has been a structural shift where COVID-19 accelerated Telehealth adoption and utilization by healthcare providers, patients, and payers. Pre-pandemic, Telemedicine visits attributed less than 1% of office visits; Telemedicine visits peaked to 50% during April and now sit around 11%. CMS’ most recent fee schedule made the temporary reimbursement change permanent which not only further solidifies the acceptance and value of Telemedicine by patients and providers, but also demonstrates CMS’ commitment to a technology-driven delivery model.

Increasing access to care at home and outside the four walls of the hospital provides a safer, cost-effective, and high-quality alternative to traditional care models. Through this rapid adoption of Telehealth solutions, providers will reduce costs for consumers and insurers, increase convenience to users, and improve capacity restraints. COVID-19 provided a much-needed catalyst for the widespread utilization of Telehealth solutions and proved that it is a viable platform for patient and provider interaction. As we enter 2021, SCP expects to see adoption of Telehealth solutions to continue and remain in place long after the current pandemic.

A great example of investment in Telehealth solutions involving an innovative patient engagement platform transpired just ahead of the current pandemic when SCP advised a leading patient engagement platform, Relatient, on its sale to Brighton Park Capital. Brighton Park invested in Relatient to improve the patient experience through their innovative engagement platform which drives better outcomes for healthcare organizations.

 

HEALTHCARE AND GOVERNMENT POLICIES

With a spotlight placed on inefficient practices, technology became necessary for some patients to access care, thus relaxing industry barriers, driving new collaborations, and creating market opportunities. To expand access and reduce costs, regulators have rushed to ease restrictions to proactively manage an individual’s health. This is likely to be a significant catalyst for the healthcare landscape that could have long-term ramifications as patients, providers, and payers (both private and public) grow accustomed to the newly digitized climate.  We have already seen regulators take steps to make some of these changes permanent, such as with Telehealth.

Such innovations will ultimately bring about better patient outcomes, as well as cost savings for patients, providers, and society.  Successful and responsible implementation of new technologies in healthcare presents an extraordinary opportunity for governments to better support innovation and meet the evolving needs of the patient population. The current political arena has already demonstrated willingness to support regulations that bring these new technologies to market, such as the HHS’s 2020-2025 Federal Health IT Strategic Plan. Likewise, during the pandemic, the U.S. government has created numerous public-private partnerships with companies, such as TeleTracking, who for the past 30 years has been focused on mitigating the operational challenges hampering our nation’s ability to provide consistent access to quality health care across all of America. TeleTracking’s partnership with HHS has enabled real-time nationwide visibility into bed capacity, staffing, PPE, and therapeutics just when the U.S. Government needed it most. A predictable and transparent public policy environment open to public-private partnerships will fundamentally underpin the digitization efforts needed to transform the healthcare system beyond the COVID-19 epidemic.

 

CONCLUSION

Despite the sobering reality of COVID-19 regarding the lives lost and forever changed, the pandemic has nonetheless created a fundamental shift in the Healthcare Technology landscape. Gartner expects worldwide healthcare spending on IT to achieve a five-year compound annual growth rate (CAGR) of 6% and to reach an estimated ~$170 billion by 2024. While the shift towards digitization was well underway before the pandemic, we only expect the accelerated trends experienced in 2020 to continue in 2021 and beyond in order to meet newfound patient demand for connected care.

As companies are looking to accelerate growth of their business through M&A, additional capital or strategic partnerships, SCP is the trusted advisor who can best help you achieve your strategic objectives.

Spurrier Capital Partners Advises Construction Management Software Leader Buildertrend on its Strategic Investment Led by Bain Capital Tech Opportunities

Spurrier Capital Partners is pleased to announce our role as the exclusive financial advisor to Buildertrend on its investment from Bain Capital Tech Opportunities and HGGC.  Buildertrend is the leading cloud-based project management software solution used by homebuilders, remodelers and specialty contractors.  Based in Omaha, Nebraska, Buildertrend is a mission-critical platform that is transforming residential construction project management, serving more than one million users across over 100 countries.

Founded in 2006 by brothers Steve and Jeff Dugger, and friend Dan Houghton, Buildertrend’s platform was developed with a vision to disrupt the construction industry by standardizing scheduling and workflows, handling payments, purchase and change orders, and improving customer communication and visibility.  This first institutional investment will accelerate Buildertrend’s growth and expand the services it currently provides to more than 16,000 homebuilding, remodeling, and specialty construction businesses.

“It was a huge decision for us to bring in an investor and partner for the first time and the Spurrier team was critical to our success in finding the best outcome,” said co-Founder, Dan Houghton. “They’ve helped us over the past few years to develop the right relationships and navigate interest from a variety of folks, some of which became great commercial partners.  Now we’re thrilled to partner with the team at Bain Capital to accelerate our efforts in the next phase of the Company.”

“We knew this would be a competitive process, but SCP’s work and facilitation made it easier to get to the right answers,” said Phil Meicler, a Managing Director at Bain Capital Tech Opportunities. “We were impressed with how the SCP team acted as a partner to drive an optimal outcome for all parties.”

“SCP ran a smooth diligence process that allowed us and our advisors to get into a winning position,” added Scott Kirk, a Partner at Bain Capital Tech Opportunities. “Their knowledge of the business and the sector helped us forge a strong partnership with the Buildertrend management team and aligned vision on the growth of the business.”

Clark Spurrier, Founder and CEO of Spurrier Capital Partners emphasized, “The Buildertrend transaction underscores SCP’s deep commitment to partnering with great companies and supporting them with their continued success.  There is a massive market opportunity in residential construction tech that the Bain Capital Tech Opportunities and Buildertrend teams are excited to tackle together, and we are so grateful for the opportunity to work with them on this outcome.  We are eager to see Buildertrend execute on this opportunity in its next chapter and look forward to working with each of these parties soon.”


SCP Experience in Vertical Application Software

Spurrier Capital Partners Advises Liberty Hall Capital Partners on the Acquisition of Operational Content and Compliance Management Solutions Leader Comply365

Spurrier Capital Partners is pleased to announce our role as the sole financial advisor to Liberty Hall Capital Partners in its acquisition of Comply365.  Comply365 offers a 100% SaaS platform to facilitate collaborative execution across the entire operational and compliance document lifecycle. The Company provides document authoring management and creation, compliance tracking, workflow management, and document distribution currently focused on the Aviation and Rail end-markets. Comply365 is based in Beloit, WI, and was previously backed by Luminate Capital Partners.

“The team at SCP was an integral part of our process,” said Rowan Taylor, Liberty Hall’s founding and Managing Partner.  “Their extensive experience with every aspect of a software transaction, including typical terms and process specifics, helped ensure an organized and efficient process that achieved an optimal outcome for all parties.”

“SCP’s detailed knowledge of SaaS business models and economics was critical to executing a successful transaction,” stated Jack Nadal, Partner at Liberty Hall.  “This knowledge allowed us to fully appreciate the magnitude of this opportunity and focus our diligence on critical issues.”

“We were incredibly excited to partner with the Liberty Hall team on this process,” noted Clark Spurrier, Founder and CEO of Spurrier Capital Partners.  “This transaction bolsters SCP’s leadership position in the Vertical Application, Compliance, and Content Management Software categories.  We are grateful to have had the opportunity to work with Liberty Hall, Comply365, and Luminate Capital Partners.”

“This announcement is an exciting development in the Compliance and Knowledge Management sectors,” said Griffin Bealle, Director at Spurrier Capital Partners.  “This validates the notion that digitalizing the creation, delivery and compliance-tracking of critical operational content is increasingly important in the transportation sector.  We look forward to watching Comply365 continue to expand its leadership position with Liberty Hall as a partner.”


SCP Experience in Vertical Application Software