 |
Investment from leading growth equity investor to fuel continued innovation and growth of #1 independent provider of SaaS contingent workforce solutions
JACKSONVILLE, Florida and NEW YORK, July 26, 2018 /PRNewswire/ -- Beeline, a global leader in cloud software solutions that help Fortune 2000 companies manage their non-employee workforces, today announced it has partnered with New Mountain Capital, LLC ("New Mountain"), a growth-oriented investment firm that currently manages over $20 billion in assets.
Beeline, founded in 1999, is the world's largest independent provider of cloud-based vendor management solutions. Beeline's enterprise-grade, end-to-end sourcing, workflow, and decision-optimization platform allows employers to effectively manage their extended workforce. Beeline enables procurement, finance, and human resource professionals to optimize costs, manage complex regulatory and compliance risks as well as gain actionable, real-time business intelligence into their non-employee workforce programs.
"We are thrilled to partner with New Mountain," said Doug Leeby, CEO of Beeline. "With a robust history of supporting and growing software companies as well as companies in the human capital ecosystem, New Mountain is an ideal partner for us, and we look forward to leveraging their expertise. Our existing customers will greatly benefit as we make even more technological advancements, such as the continued application of artificial intelligence and machine learning, to our industry-leading products."
The way enterprises identify, attract, and engage with talent is rapidly evolving, creating new challenges. The partnership with New Mountain will provide Beeline with significant strategic resources and financial capital to accelerate Beeline's innovative product roadmap, expand globally, and best meet customers' evolving needs.
"Doug and his management team have built a fantastic company," commented Mat Lori, Managing Director at New Mountain Capital. "The nature of the 21st Century workforce is rapidly evolving and becoming increasingly complex for employers to manage. For over two decades, Beeline has been the technology solution of choice for Fortune 2000 employers seeking to handle such complexities, derive necessary business insights, and realize substantial value."
"We look forward to working closely with the Beeline team in its next phase of growth," added Lars Johansson, Managing Director at New Mountain Capital. "We are excited to support Beeline's continued investment in its innovative, market-leading product. We believe there is a significant opportunity to continue the company's global growth and commitment to customer success."
The transaction is expected to close in August 2018, following customary regulatory approvals. Additional terms of the deal were not disclosed.
William Blair & Company and Lazard served as financial advisors to Beeline while Kirkland & Ellis LLP provided legal counsel. UBS served as financial advisor and Ropes & Gray LLP served as legal advisor to New Mountain Capital while Owl Rock Capital is providing the financing in support of the transaction.
About Beeline:
Enabling companies to increase profitability, mitigate risk, and attain qualified talent by utilizing the extended workforce, Beeline is the world's largest independent provider of solutions for sourcing and managing the complex world of contingent labor. Our software helps procurement, sourcing, and human resources professionals optimize costs, reduce risks, and add value to their services procurement and contingent workforce programs.
We have the deepest, most seasoned team of contingent workforce solution professionals. From our locations around the world, we deliver innovative technology, end-to-end global and localized customer engagement services, and value-added capabilities which help many of the world's largest enterprises meet their most critical talent needs. To learn more, visit beeline.com.
About New Mountain Capital:
New Mountain Capital is a New York based investment firm that emphasizes business building and non-cyclical growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. http://www.newmountaincapital.com
For additional information, please contact Brian Hoffmeyer, SVP Market Strategies at hoff@beeline.com.
Logo - https://mma.prnewswire.com/media/525059/Beeline_Logo.jpg
