- EverCommerce — a leading service commerce platform — announced it has received an investment from private equity firm Silver Lake
EverCommerce — a leading service commerce platform that connects best-of-breed technologies and solutions for service sector businesses — has announced an agreement where Silver Lake is going to acquire a significant ownership stake in the company. Silver Lake is going to partner with existing majority shareholder Providence Strategic Growth — which is the growth equity affiliate of Providence Equity Partners.
“Silver Lake’s deep expertise in supporting the development of premier technology and tech-enabled businesses will benefit EverCommerce for years to come,” said EverCommerce CEO and founder Eric Remer in a statement. “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.”
What does EverCommerce do? EverCommerce provides more than 200,000 services businesses across a wide variety of industries (such as Home & Field Service, Health Service, and Fitness & Wellness) with a breadth of technology solutions for business management, payment processing, marketing, and customer retention.
“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,” Joe Osnoss — a managing director at 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.”
And 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. And the investment from Silver Lake and continued backing from PSG is going to 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.
Upon the closing of the transaction — which is subject to certain customary closing conditions — Osnoss and Jonathan Durham of Silver Lake are joining Mark Hastings and John Marquis of PSG as well as Remer on EverCommerce’s Board of Directors.
“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,” explained PSG CEO Mark Hastings.
Goldman Sachs & Co. LLC had acted as financial advisor and Weil, Gotshal & Manges LLP and Greenberg Traurig LLP acted as legal counsel to EverCommerce. And Ropes & Gray LLP served as legal counsel to Silver Lake.
