April 9th 2019
Clearlake to Become Equal Partners with Insight Partners and Management;
New Capital Will Accelerate the Data & Analytics Platform’s Growth
Louisville, KY, New York, NY and Santa Monica, CA (April 9, 2019) – Appriss Holdings, Inc. (“Appriss” or the “Company”) today announced that leading private equity firm Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) will make a significant new equity investment in the Company to further support Appriss’s rapid growth and expansion into new markets. With the investment, Clearlake will become an equal partner in Appriss alongside management and Insight Partners, which invested in Appriss in 2014.
“Appriss is excited to welcome Clearlake, another premier investor, as we continue our mission to leverage data and analytics to solve some of the world’s hardest problems surrounding crime, fraud and addiction. Clearlake and Insight Partners’ strong partnership will enable us to continue delivering differentiated solutions to the market,” stated Michael Davis, CEO of Appriss. “Appriss has always counted on its deep and trusted relationship with customers to identify ways in which technology and analytics can tackle problems. With these leading investment firms, we expect to increase the rate at which we invest in our solutions, both in our current markets and in new opportunities.”
Since its founding in 1993, Appriss has focused on leveraging unique data and analytics to tackle issues related to crime, fraud and addiction. With thousands of customers spanning federal, state and local governments, health systems and retailers, Appriss supports users in over 40 countries.
Deven Parekh, Managing Director at Insight Partners, stated, “Since our investment five years ago, Appriss has significantly expanded its breadth of data services and analytics and rapidly grown its addressable market. Under Insight’s guidance, Michael and his team have been able to execute on an organic and inorganic growth strategy that has delivered accelerated growth as Appriss continues to solve difficult problems for a greater number of customers than ever before. We look forward to having Clearlake join us to continue supporting Appriss’s “knowledge for good™” platform.”
Behdad Eghbali, Co-Founder and Managing Partner at Clearlake, commented, “Clearlake is thrilled to partner with the world-class management team at Appriss, and join Insight Partners as the Company’s lead investors. We see a significant opportunity to build upon Appriss’s leadership position as a provider of critical data and analytics and accelerate its rapid growth. We look forward to leveraging our O.P.S.® approach to further support Michael and his team as they find new ways to make data and analytics serve a critical purpose in solving real world problems.”
The transaction is expected to close in the second quarter of 2019. Golub Capital, Antares Capital and Bain Capital Credit provided fully committed financing for the transaction. William Blair and Jefferies served as co-financial advisers to Appriss and Insight Partners. Macquarie Capital and UBS Investment Bank served as financial advisers to Clearlake.