LONDON, England - February 2024
Screendragon Ltd., a technology leader in SaaS-based workflow automation, announced today that Kennet Partners and Federated Hermes Private Equity, have invested €25m in the software company to drive the continued expansion of the business.
Screendragon is a highly awarded platform serving the agency and marketing sectors. Their platform is designed to automate complex workflows, connect distributed teams and provide visibility and agility at scale. Powering many of the most well-known brands and agencies, it helps teams plan, innovate, create and deliver content to market efficiently and effectively. In a margin-compressed, P&L-constrained environment, where teams are asked to take on increasingly heavier workloads, Screendragon eliminates unnecessary work and compresses cycle time enabling teams to be more efficient while focusing on the work they were hired to do versus managing workflow processes.
The €25 million investment aims to facilitate a commitment to invest in the company’s Irish operation, doubling Screendragon’s workforce in Cork and underpinning the further expansion of the company into the US market. The company’s executive leadership team, and founders, John Briggs, Jan Quant and Fergus Ashe will continue to lead the company with Executive Chairman, Clive Sirkin assuming the role of Chairman of a newly constituted Board of Directors.
Kennet is leading the round alongside Federated Hermes Private Equity, who have over two decades of experience investing alongside private equity firms with $6.3bn of assets under management.
In addition to Clive Sirkin, Cillian Hilliard, Director and Michael Elias, Managing Director of Kennet and Fidel Manolopoulos, Partner & Co-Head of EMEA Investment at Federated Hermes Private Equity will also join Screendragon’s board of directors. An independent board member will be named shortly.
“We were impressed with Screendragon’s bootstrapped growth story. The team has outcompeted software giants to win some of the world's largest brands as customers without raising any institutional capital. Our investment demonstrates the confidence we have in Screendragon’s differentiated technology, the existing team and its blue-chip customer base. With additional resources to strengthen the team in Cork and the US, and scaling of the existing leadership talent, we are confident we can transform the business into a global leader”, said Cillian Hilliard, Director of Kennet.
“Jan, Fergus, Clive and I vetted several investment firms over many months for possible investment,” said John Briggs co-CEO and founder of Screendragon. “Kennet Partners has a proven track record of growing successful businesses. We are looking forward to using this investment and adding resources to accelerate sales, product roadmap, and growth objectives while continuing to deliver the innovative technology and support our existing clients have come to expect.”
Screendragon is a work automation platform that powers many of the most well-known brand and agency organizations. Over 20+ years, they have developed an industry-leading technology that has been recognized as best in class and highly differentiated. Their software helps brand and agency teams plan, innovate, create and deliver content to market efficiently and effectively. Screendragon’s unique no-code workflow technology enables the company to provide solutions to customers that are both agile and intuitive to use from the get-go.
About Federated Hermes Private Equity
Federated Hermes Private Equity is an active and long-time investor in global private equity. For over 30 years, the firm has specialized in investing in what Federated Hermes considers to be the best and most relevant investment opportunities in global private equity. The objective is to create sustainable returns for investors, no matter what is happening on the global stage via pooled funds and bespoke client solutions. Focus on fund investments and co-investments in buyouts and growth businesses with $6.3bn of assets under management, as of 30 September 2023.
LONDON, England - January 2024
Kennet Partners, Great Hill Partners and EIFO have recently entered into an agreement to sell co-owned portfolio company, Eloomi, a Learning and Development platform provider to Ceridian, a global human capital management (HCM) software company. Kennet will generate a return in excess of 3x their investment in Eloomi.
Founded in 2015, Eloomi is a SaaS learning and development platform that makes it easy for companies worldwide to train and develop their people. Today, thousands of organizations trust Eloomi to manage their learning and people development. Since Kennet first invested in Eloomi in 2019, the company has grown rapidly to 150 employees and now has a significant presence in the Nordics, UK and USA.
Over the last five years Kennet has supported Eloomi’s founder and CEO, Claus Johansen to build Eloomi’s management team, expand Eloomi internationally and to accelerate the company’s growth.
Hillel Zidel, Managing Director, Kennet Partners, said:
“Eloomi is a great example of the type of company in which we seek to invest. It was clear that the business had solid foundations but needed support and capital to scale-up and expand into the UK and US. We were able to support Claus Johansen and the team to accelerate Eloomi’s growth trajectory and are proud of what we have collectively achieved. We wish the company all the best as it moves into the next chapter in its exciting development.”
Claus Johansen, Founder and CEO, Eloomi, said:
At Eloomi we are proud of the journey and collaboration with Kennet Partners over the past 5 years. Kennet gave us great support when needed, challenged us in the right moments, and were professionals that had a real interest in the team, the business and the sector. It has been a blast for us to work with Kennet on our journey. Kennet has been a strong contributor to our success so far. We now look forward to working with the team at Ceridian”
Founded in 2015 with offices in Copenhagen, London and Orlando, Eloomi offers a cloud-based Learning and People Development platform to global corporates. Eloomi has succeeded in taking large market share due to its understanding of customer demands and a focus on innovation. Eloomi offers an intuitive, easy to use and out of the box product with strong AI features. For more information: www.eloomi.com
LONDON, England - August 2022
Jiminny, a UK headquartered conversation intelligence provider supporting sales teams across the world, has closed a $16.5 million series A funding round. The round was led by Kennet Partners, a transatlantic growth equity firm, adding to its targeted portfolio of technology growth stage investments.
Sales teams use Jiminny’s platform to record and analyse new and existing customer conversations in real-time. These insights are used by the business to improve performance and ultimately drive revenue and growth. A range of organisations, from FTSE 100 constituent Informa to Europe's leading expense management solution, Pleo, are using the platform.
Jiminny is a market leader in the rapidly growing conversation intelligence market for B2B teams. Demand for conversation intelligence solutions has increased in recent years with more sales teams looking to utilise tools suited to hybrid working, scale up operations and professionalise sales team coaching. In parallel, senior business leaders are looking to use technology to upskill current sales teams against the backdrop of challenging job markets and narrowing budgets.
The funding round will accelerate Jiminny’s recruitment, including its expansion in international markets, and ambitious product development plans. The company will double its R&D budget to continue driving innovation in the nascent conversation intelligence market. Key areas marked for development include solutions to analyse emotion in video, automated scoring of call interactions and real time insights generated from live transcriptions to drive true visibility of performance.
Tom Lavery, CEO and Founder, Jiminny said:
“I’m delighted to announce details of today’s funding round which will further propel Jiminny’s growth and enable us to keep supporting and serving our customers to the high standards we set."
“The pandemic saw a big uptick of interest in solutions that draw insights and analytics from customer conversations to enhance the productivity and internal cultures of hybrid sales teams. Our platform gives the whole revenue team visibility of performance like never before and helps them to collaborate and coach to drive tangible improvements across the team. "
“Kennet’s investment is a resounding vote of confidence in a rapidly growing company and one of the fastest growing verticals in sales technology, despite current global economic headwinds."
Hillel Zidel, Managing Director, Kennet Partners said:
“We believe that conversational intelligence is a long term growth industry and view Jiminny’s value proposition as unique and potentially transformational. The company is a great example of the kind of founder-led, customer centric, capital efficient business that we love to invest in”
“We are hugely excited to be partnering with Jiminny on the next stage of its development.”
Jiminny currently employs 60+ people split across London, UK and Sofia, Bulgaria. Post investment round, the company is aiming to add a further 30+ people to its headcount with plans to establish a larger presence in international markets.
LONDON, England — April 2022
Kennet and Goldman Sachs were recognised as the winners of the ‘France and Benelux Deal of the Year’ Award at the 2022 Private Equity Awards for their investment and exit of Nuxeo. The Private Equity Awards are the longest running and most prestigious Private Equity awards in Europe. Finalists are established through research undertaken by Real Deals. Following this, a panel of expert judges meet to deliberate and select the winner.
Nuxeo is an open source provider of extremely high performance Digital Asset Management and Enterprise Content Management software.
In May 2016, Kennet proactively sourced the opportunity and backed the CEO, Eric Barroca, with an initial direct investment into Nuxeo. Kennet subsequently introduced Goldman Sachs to co-invest as part of a majority buyout transaction. Both Kennet and Goldman Sachs worked to build Nuxeo’s world-class management team and to accelerate the company’s growth as it secured half of the Fortune 10 companies as customers. In March 2021, Hyland Software acquired Nuxeo, generating in excess of a 5x return for its investors.
Nuxeo’s CEO, Eric Barocca, has subsequently joined the Executive Advisory Board of Kennet.
COPENHAGEN, Denmark & BOSTON — June 2021
eloomi A/S (“eloomi” or the “Company”), a global cloud-based people development software company, today announced a $55 million strategic investment from Great Hill Partners, a private equity firm that invests in high-growth, disruptive businesses. eloomi offers a leading SaaS corporate learning and performance management platform that enables HR Directors to easily distribute training content to internal and external users, while monitoring their progress and streamlining coaching, reviews, and 360 feedback. Great Hill’s investment is expected to accelerate eloomi’s growth in the United States and support further expansion of the Company’s go-to-market and product development efforts.
eloomi's unique people solution helps businesses develop their employees and leaders with ease and simplicity throughout the entire employee journey. The software is easy to deploy, and ensures that organizations can efficiently onboard new employees, strengthen productivity and performance, and continuously deliver relevant content that accelerates employee development and growth. eloomi has experienced significant growth historically with uninterrupted revenue increases month-after-month since it was founded in 2015. Today, eloomi has more than 500 customers in over 25 countries, with strong demand across all geographies and market segments.
“In just a few years, eloomi has shown how a quality product and skilled leadership team can build a market-leading business,” said Chris Busby, Partner at Great Hill Partners. “The Company has differentiated itself from others in their space and we look forward to partnering with Claus and the entire team to help eloomi scale to its next level of growth, particularly in the U.S. market.”
Claus Johansen, Founder and CEO of eloomi, stated, “We have succeeded in positioning eloomi for success in a highly competitive market where our solutions deliver immediate value for our customers. We have a strong product that is user-friendly and solves the challenges of many businesses seeking to acquire, develop, and retain their employees. Through upskilling and development of their people, our customers achieve substantial benefits with eloomi, such as increased motivation, engagement, and productivity, often resulting in increased employee retention rates. Great Hill has an established and proven track record of partnering with companies like ours, specifically within the HR software space, and we’re pleased to have them as strategic investors to support our continued growth.”
Great Hill Partners joins the group of existing investors in eloomi, including Claus Johansen, Kennet Partners, and VF Ventures.
Nielsen Nørager served as legal counsel to eloomi, and Kirkland & Ellis LLP and Moalem Weitemeyer served as joint legal counsel to Great Hill Partners.
At eloomi, we focus on changing people outcomes by combining learning & performance. Founded in 2015, we realized the market was lacking a solution with a focus on the employee experience, that ensures continuous employee development, while engaging and motivating them. Today, we have created the leading employee experience platform for mid-sized businesses. Our platform connects the dots between learning and performance to gain greater employee outcomes, engagement and productivity. Changing the traditional organizational people approach from “one size fits all” to a tailored, automated, and guided approach to increase engagement and change people outcomes for the modern workforce has been our north star. We are all about giving you more impact with less effort!
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, visit www.greathillpartners.com.
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LONDON, England — June 2021
eStoreMedia, the digital shelf software for Fortune 500 brands has raised $30 million in its first fundraise through investment by Kennet Partners and Digital+ Partners. The firm, which already counts many of the Fortune 500 brands as its clients, will use the investment to accelerate eStoreMedia’s digital shelf automation suite for brands, as well as for expansion into new markets.
This is the first external investment in the company and both investors have significant experience in building SaaS and B2B focused businesses as they look to accelerate their growth. Kennet Partners is a leading European technology growth equity investor focused on bootstrapped and capital efficient companies, and it has invested alongside Digital+ Partners, a leading growth equity investor focused on B2B technology companies.
In addition to the $30 million invested in the company, eStoreMedia plans to bolster its Board of Directors with leading industry experts to support and drive the company’s international growth strategy as it looks to expand into the US market and accelerate in existing markets such as the UK, Mexico, Poland, and the DACH region.
eStoreMedia uses the knowledge of branding experts combined with tech engineers to develop solutions which change the way brands, and their e-commerce retail partners, work together. It creates seamless platforms for integrated analytics, e-content automation, and shopper research for ultimately better brand positioning and consequently sales. It has a global footprint with over 1000 e-retailers and hundreds of global brands.
Bartosz Kielbinski, founder and CEO, eStoreMedia, said: “We are extremely excited about the opportunities our new investment will bring. We plan to accelerate our vision of creating the most complete Digital Shelf Automation platform for brands, revolutionizing how they manage their e-commerce retail partners. We recognise the value of our people and the expertise we have from a branding perspective which makes us unique when it comes to developing technology which makes a difference. This new investment is exciting for our global teams as we can make even more great ideas come to life.”
Hillel Zidel, Managing Director, Kennet Partners, said: “eStoreMedia is a great example of the type of bootstrapped B2B SaaS company that we love to invest in. We see huge potential in the business: they are revolutionising how brands manage e-commerce and have ambitious plans for tech development which will retain their industry leading offering. We look forward to working with the team as they embark on the next stage of growth.”
Dirk Schmuecking, Partner at Digital+ Partners said: “We have been thoroughly impressed by eStoreMedia’s accomplishments to date and look forward to supporting the team’s growth strategy to become the category leader for digital shelf analytics. With the new financing, eStoreMedia is well-positioned to accelerate product roadmap opportunities, attract further top talent and scale up the go-to-market organization globally.”
eStoreMedia was advised by Michal Frys and CP Legal. The investor consortium was advised by Goodwin as legal advisor, Smith & Williamson and Code & co as financial and technical advisors respectively.
eStoreMedia provides an e-commerce automation suite that helps Fortune 500 Brands accelerate online sales. eStoreMedia’s suite of SaaS tools integrates Digital Shelf Analytics, Product Information Management and Al‑based Research Methodologies to streamline e-commerce processes and drive Perfect Store implementation across thousands of online e-retailers in over 50 markets globally.
About Digital+ Partners
Based in Frankfurt and Munich, Germany, Digital+ Partners is a leading technology growth equity investor focused on European and US technology companies with over €500 million assets under management. Digital+ Partners aims to support ambitious entrepreneurs build global technology leaders, providing them with strategic advice and long-term financial support to help them define and execute their growth plans. Digital+ Partners focuses exclusively on B2B technology companies and leverages a deep corporate network to help portfolio companies access new markets and build new partnerships. For more information please visit: www.dplus.partners