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Thoma Bravo to Acquire Majority Stake in USU Product Business

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– Thoma Bravo and USU Software AG invest to accelerate growth and product innovation to support leading pan-European provider for IT management solutions
Benjamin Strehl to lead USU’s Product Business at USU GmbH as CEO together with existing management
– Transaction marks Thoma Bravo’s second investment in Germany within one year, reaffirming the firm’s commitment to the German enterprise software market

MÖGLINGEN, Germany and LONDON, Oct. 1, 2024 /PRNewswire/ — Thoma Bravo, a leading software investment firm, today announced the acquisition of a majority stake in USU Product Business (“USU Product”). Combining Thoma Bravo’s extensive experience and global software investment expertise with USU’s product portfolio is expected to accelerate the company’s growth trajectory and enhance its ability to deliver innovative solutions to customers. USU Product will continue to operate under the leadership of its existing management team. Benjamin Strehl, currently Co-CEO of USU Software AG, will become CEO of USU Product and Bernhard Oberschmidt will join the board of directors.

USU Product provides customers around the world with IT management solutions that enable mastery of disparate IT landscapes and workflows. The company has served as a strategic partner to clients by enabling them to lower cost, increase productivity, and manage growing technological complexity. Thoma Bravo’s extensive network and industry experience will support USU in the development of its product portfolio and the expansion of its geographical footprint, with the goal of making USU Product a leading pan-European provider of IT management solutions.

“With its expertise in software, collaborative culture and passion for investing in companies that deliver transformative technologies, Thoma Bravo is the right partner to enhance our market offering and support our growth ambitions. Together, we can create more value for our customers by enhancing our USU platform and solution offering and expanding our partnership program,” said Bernhard Oberschmidt, CEO of USU Software AG.

“We are thrilled to invest in USU and intend to help build on USU’s storied legacy, unwavering commitment to customers, and product-centricity while helping the team scale further,” said David Tse, a Senior Vice President at Thoma Bravo. “We look forward to working with Bernhard and Benjamin, and their team to further grow their business through innovation and M&A.”

“Our investment in USU marks the second transaction in the DACH region within one year. We see Germany as a significant growth market with strong technology and are excited to support this ecosystem with another investment,” said Irina Hemmers, a Partner at Thoma Bravo. “Thoma Bravo’s investment in USU Product aligns with our broader strategy of working with market-leading software companies to drive transformative growth.”

Thoma Bravo will invest in USU Product alongside USU Software AG to accelerate the business’s growth. USU founder Udo Strehl and the Strehl family remain committed to the product business and will contribute to its future growth path. Going forward, the product business, comprising its leading IT Service Management, IT Asset Management, IT Operations Management and Knowledge Management products, will be an independent entity.

The transaction is part of Thoma Bravo’s strategic expansion into the German market and its commitment to investing in the growth of innovative software companies across Europe. The deal is expected to close by the end of the year, pending regulatory approval.

Guggenheim is the exclusive investment bank advising USU on the transaction, Heuking is serving as legal advisor to USU and RSM Ebner Stolz supported USU with a financial fact book. Raymond James is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Thoma Bravo.

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world, with approximately US$160 billion in assets under management as of June 30, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in more than 490 companies representing approximately US$265 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

About USU Software AG

As a leading provider of software and service solutions for IT and customer-service management, USU enables companies to manage the requirements of today’s digital world. Global organizations use our solutions to cut costs, become more agile, and reduce risks – with smarter services, simpler workflows, and better collaboration. With more than 45 years of experience and locations worldwide, the USU team brings customers into the future. The USU Digital Consulting business will remain a wholly owned subsidiary of USU Software AG. For more information, visit https://www.usu.com/en-us/.

 

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SOURCE Thoma Bravo

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Horizon Media Taps Tech Titan Domenic Venuto as EVP, Chief of Product & Data

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NEW YORK, Oct. 1, 2024 /PRNewswire/ — Horizon Media, the largest media agency in the U.S. and the largest independent globally, today announced the appointment of Domenic Venuto as Executive Vice President, Chief of Product & Data, effective immediately.  In this newly created enterprise role, Venuto will drive Horizon’s product innovation and data integration across the company, reporting to Gene Turner, President, Horizon Next.  Venuto’s appointment underscores Horizon’s commitment to being at the forefront of data-driven marketing solutions and delivering innovative strategies that give its clients a competitive edge in a rapidly evolving marketplace.

Venuto brings a cross-disciplinary background in product development, data analytics, and client services to Horizon, as well as an extensive overview of the market — with executive roles across agency, digital publishing, advertising technology, and data-driven businesses.  Venuto joins Horizon from Progress Partners, where he served as Chief Operating Officer and supported early stage investing and M&A transactions in advertising, marketing, and media B2B technology companies. In this role, he frequently evaluated the advertising innovation and advancements in AI, data and B2B marketing solutions that impact the future of the business.  His career also includes leadership positions at Amobee (COO), The Weather Channel (General Manager), Publicis Groupe (Global President – Data, Technology & Partnerships), and Razorfish (Managing Director), where he consistently delivered transformation and become renown for his ability to operationalize complex concepts and build strategies for disruptive global markets.

“As we continue to innovate and build transformative solutions for our clients, Domenic is the ideal leader to help us accelerate our vision,” said Turner. “His deep expertise in product development and data integration will be pivotal as blu., our proprietary connected marketing platform, expands into an even more intuitive AI-powered asset for our clients. Domenic’s ability to harness technology and simplify complex strategies brings significant value to our clients and teams, and we look forward to what we will accomplish together.”

As part of his innovation and integration remit, Venuto will focus on setting the technology and product vision for Horizon, overseeing development and monetization strategies, and ensuring that blu. drives increased measurable business outcomes for clients.

“I’m thrilled to join Horizon Media at such an exciting time, where data and product innovation are driving market-shifting opportunities,” said Venuto. “Partnering with Gene and the incredibly talented people at Horizon brings a tremendous opportunity to join a team that is redefining the future of agencies. I look forward to leveraging my extensive background in product and data within Horizon’s entrepreneurial environment to develop cutting-edge technology solutions that unlock new value for our clients, as well as set the industry standard for what is now and next.”

About Horizon Media
Horizon Media, the largest U.S. media agency and the largest independent globally, delivers data-driven business outcomes for some of the most innovative and ambitious brands. Founded in 1989, headquartered in New York, and with offices in Los Angeles and Toronto, the company employs 2,400+ people and has media investments of more than $8.5 billion. Horizon Media’s fundamental belief is that business is personal, which drives its mission to lead with humanity to build trusted relationships and deliver unmatched insights, innovation, and outcomes to its clients, partners, and communities. Awarded as one of the most innovative companies in the industry and with market-leading workplace satisfaction levels, the company is frequently recognized for its client excellence and has earned numerous “Best Workplace” awards reflecting its commitment to the diversity, equity, inclusion, and well-being of everyone in the organization.

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SOURCE Horizon Media

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Mark Bendza Joins Modine Board of Directors

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RACINE, Wis., Oct. 1, 2024 /PRNewswire/ — Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced today that Mark Bendza will join the company’s Board of Directors effective immediately. Mr. Bendza currently serves as Chief Financial Officer at Telos Corporation, a leading provider of cyber, cloud, and enterprise security solutions for the world’s most security-conscious organizations. Prior to joining Telos Corporation as CFO in 2021, he served as the head of investor relations for Honeywell International. Prior to that, he held executive roles in finance and international business at Northrop Grumman Corporation and investment banking roles with global investment banks in the United States and overseas.

“We are very pleased to welcome Mark to the Modine Board,” said Marsha Williams, Chairperson, Modine Board of Directors. “Mark’s extensive experience serving as a strategic financial leader with publicly traded companies in the technology and manufacturing sectors, both in the United States as well as internationally, will be valuable as we continue to advance our transformation at Modine.”

Mr. Bendza holds an MBA in Finance and Economics from Columbia Business School, a Bachelor of Arts in Government from Wesleyan University, and is an executive member of the Latino Corporate Directors Association. Mr. Bendza will serve on the Audit Committee and will stand for election at Modine’s 2025 annual meeting of shareholders.

About Modine
At Modine, we are Engineering a Cleaner, Healthier World™. Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources. More than 11,000 employees are at work in every corner of the globe, delivering the solutions our customers need, where they need them. Our Climate Solutions and Performance Technologies segments support our purpose by improving air quality, reducing energy and water consumption, lowering harmful emissions and enabling cleaner running vehicles and environmentally-friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe and Asia. For more information about Modine, visit www.modine.com.

Investor Contact
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com

Media Contact: pr@modine.com

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SOURCE Modine

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PCL Aims for Zero Incidents Under New Deal with Safety Software Leader HammerTech

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HammerTech to provide PCL with efficiency boost through optimized safety reporting and data managementDeal will empower 4,000+ employees, trade partners & up to 50,000 workers dailyPartnership proves HammerTech is a ‘mission-critical solution’ in a contractor’s tech stack

MELBOURNE, Australia and EDMONTON, AB, Oct. 1, 2024 /PRNewswire/ — PCL Construction (PCL) has signed a multi-year deal with safety intelligence software company HammerTech to help make job sites safer and boost efficiencies across global operations.

“HammerTech will allow us to gather more sophisticated data around our safety programs,” says Mark Bryant, CIO, PCL.

PCL, one of the largest construction firms in North America, has built a strong culture of accountability, measurement and innovation – delivering over $10 billion-dollar CAD of annual construction volume and an outstanding safety record with injury rates below the industry average.

Built on the premise that efficient and effective workflows are key to robust safety programs, HammerTech’s safety intelligence platform will provide PCL with agility and adaptability to changing processes; enhanced reporting and data management; and greater efficiencies when collecting and analyzing safety documentation.

“Safety is a guiding principle that shapes every decision we make at PCL,” says Jim Barry, Vice President of Health, Safety and Environment, PCL. “HammerTech will arm our teams with the technology they need to streamline administration, collaborate more easily with our trade partners, and propel us towards our pursuit of a ‘zero-incident’ future.”

“As the latest addition to our technology ecosystem, HammerTech will allow us to gather more sophisticated data around our safety programs,” says Mark Bryant, Chief Information Officer, PCL. “Robust data helps inform decision-making, improve process and ultimately creates a safer workplace for everyone on our job sites.”

Founded in 2013, HammerTech has posted impressive growth and now serves over 500 clients across North America, Australia, and Europe. The platform is used on over 20,000 live construction projects worldwide, with more than 3.6 million workers having completed orientations via the platform to date.

“Jim and PCL’s leadership team share the same fierce commitment to worker safety and continuous innovation as we do at HammerTech,” says HammerTech Co-Founder and CEO Ben Leach.

“This new partnership underscores HammerTech’s ability to solve the most sophisticated safety operations and intelligence needs of a global construction industry leader. I’ve no doubt this partnership will have a positive impact on the culture of safety in the construction industry.”

At PCL job site safety is paramount. The partnership will support the PCL safety program in helping prevent the known risks of working on a construction site. According to data from the US Department of Labor, nearly one in five workplace deaths in 2022 occurred in the US construction industry1. The sector accounted for nearly half (47.4 percent) of all fatal falls, slips and trips in the same year.

HammerTech’s multi-year deal with PCL comes shortly after the software firm announced US $70 million (CAD $97 million) of growth investment from US-based private equity firm Riverwood Capital. The new capital will spur growth and accelerate research and development, including the integration of AI and other technologies into the HammerTech platform.

About HammerTech: Built for construction, HammerTech’s safety intelligence software platform was created to improve worker safety and solve site efficiency challenges. Launched in 2013, the breadth, deep insights and expertise of HammerTech is trusted by over 20,000 projects led by construction’s best contractors including Hutchinson, DPR Construction, Shawmut Design and Construction, and John Paul Construction to make their jobsites among the safest in the world. Visit www.hammertech.com to learn more.

About PCL Construction 
PCL is a group of independent construction companies that operates throughout Canada, the United States, the Caribbean and Australia. As one of the largest contracting organizations in North America, PCL completes more than $10 billion CAD in work annually, building projects that shape communities. The company’s 100% employee ownership model fuels a culture of commitment for clients in the buildings, civil infrastructure, heavy industrial and solar markets. With a strategic presence in more than 30 major centers, PCL’s leadership teams consistently drive innovation and set new benchmarks for excellence, bringing unparalleled skill to every project. Watch us build at PCL.com.

For media inquiries please contact: 

Georgia Bergers, VP Marketing, HammerTech: georgia.bergers@hammertech.com
Shane Jones, Media Relations, PCL Construction: +1 780 733 5107 or SRJones@pcl.com

1 https://www.bls.gov/opub/ted/2024/a-look-at-falls-slips-and-trips-in-the-construction-industry.htm

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SOURCE HammerTech; PCL Construction

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