Connect with us

Business Wire

TPG Acquires CollabNet VersionOne

Business Wire

Published

on

Reading Time: 3 minutes

Large-scale technology investor to create leading enterprise DevOps platform

SAN FRANCISCO & FORT WORTH, Texas & ATLANTA–(BUSINESS WIRE)–TPG Capital, the private equity platform of global alternative asset firm TPG, announced today it has signed a definitive agreement to acquire CollabNet VersionOne (“CollabNet”), a leading platform provider for Agile planning, DevOps, and Value Stream Management (VSM), from Vector Capital. The transaction is subject to customary closing conditions. Terms of the acquisition were not disclosed.

The investment marks the first step in a broader strategy in which TPG Capital will commit up to $500 million of equity capital to build a leading, integrated, enterprise-focused DevOps platform company. TPG Capital and CollabNet management will work together to accelerate the growth of the company’s existing portfolio, as well as aggressively pursue acquisitions in strategic adjacencies that complement Agile planning and delivery, as well as testing, release management, and the emerging market for VSM.

“We have studied the software delivery and DevOps space for several years. The space is highly fragmented with several smaller vendors addressing the low end of the market,” said Nehal Raj and Art Heidrich of TPG. “As large companies across industries continue to prioritize in-house software development and digital transformation initiatives, we see a compelling opportunity to build an integrated DevOps company focused on larger enterprises. CollabNet’s strong product footprint and commitment to enterprise customers make the company the right starting point from which to build and consolidate. We look forward to working together with management to create a leading, enterprise-focused DevOps platform.”

“We are grateful for Vector’s partnership over the past five years and look forward to continuing to expand the CollabNet platform with the resources and growth vision of TPG. This commitment will rapidly build on our success through organic innovation and outside acquisition,” said Flint Brenton, CEO of CollabNet. “We have served large global customers with an integrated, enterprise-scale software planning and delivery offering since our inception, along with some of the largest government accounts in the industry. Together with TPG we will continue to lead in Agile, DevOps, and VSM.”

CollabNet, a recognized leader in enterprise Agile planning and VSM by leading analyst firms Gartner and Forrester, focuses on enabling enterprises to develop and deliver high-quality software that drives business outcomes. CollabNet’s core products include VersionOne for enterprise Agile planning and management, VS for connected workflows and visibility throughout the entire delivery value stream, and TeamForge for enterprise-scale source code management and application lifecycle management. CollabNet also recently introduced Ossum, a SaaS DevOps offering that integrates and streamlines software development from idea to release.

“Under Vector’s ownership, through a combination of accelerated organic development and strategic M&A, we successfully transformed CollabNet from a point provider of developer tools to a leading enterprise-grade DevOps platform,” said Rob Amen, Managing Director at Vector Capital. “We are proud of the outcome we achieved for our investors and wish the management team and TPG continued success during the company’s next chapter.”

Barclays and RBC Capital Markets acted as financial advisors to TPG Capital, and Ropes & Gray LLP served as legal counsel. KeyBank Capital Markets, Inc. served as financial advisor to CollabNet, and Sidley Austin LLP served as legal counsel to CollabNet and Vector Capital.

About CollabNet VersionOne

CollabNet VersionOne is a leading platform provider for Value Stream Management, Agile planning, DevOps and source code management. Its offerings provide global enterprise and government industry leaders a cohesive solution that enables them to ideate, create and orchestrate the flow of value through continuous delivery pipelines with measurable business outcomes. To learn more visit: www.collab.net.

About TPG

TPG is a leading global alternative asset firm founded in 1992 with more than $108 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.

About Vector Capital

Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With more than $4 billion of capital under management, Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of businesses and enhance value for employees, customers, and all stakeholders. For more information, visit www.vectorcapital.com.

Contacts

Media Contacts

CollabNet

Terri Douglas

Catapult

303-581-7760

tdouglas@catapultpr-ir.com

TPG

Luke Barrett

415-743-1550

media@tpg.com

Vector Capital

Nathaniel Garnick

Gasthalter & Co.

(212) 257-4170

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

For the last half century, thousands of communications professionals have turned to us to deliver their news to the audiences most important to their business through the sources they trust most. Over that time, we've gone from a single office with one full time employee to more than 500 employees in 32 bureaus.

Business Wire

Shortages of Low-Skill, Middle-Skill, and High-Skill Workers Causing Revenue Declines and Other Headaches for Employers, TrueBlue’s Latest Study Finds

Business Wire

Published

on

Reading Time: 2 minutes

TACOMA, Wash.–(BUSINESS WIRE)–While there has been a lot of discourse around the shortage of high-skill workers in the U.S., a new study by staffing giant TrueBlue shows a significant percentage of employers are also struggling with deficits in low-skill and middle-skill workers – and dealing with a host of business challenges as a result.

According to TrueBlue’s nationwide survey, which included nearly 1,500 managers (HR, operational, and business), skills shortages are widening across skills categories:

  • 32% of managers can’t find workers to fill low-skill positions (generally classified as those that may or may not require a high school diploma and require little to no experience)
  • 46% can’t find workers for middle-skill jobs (typically require some experience and continuing education such as college courses, an apprenticeship or certification, but don’t necessarily require a four-year college degree)
  • 35% can’t find workers for high-skill jobs (typically require a four-year degree or higher and specialized experience)

Low unemployment coupled with globalization, accelerated technology advancement, and evolving work models are creating talent deficits across all skill levels within organizations,” said Patrick Beharelle, CEO of TrueBlue. “The skills supply is not keeping up with demand, which is fueling a greater intensity in an already competitive labor market and adversely impacting productivity, service quality, and revenue growth for businesses.”

Impact of Talent Shortages on Businesses

The top three business challenges managers are experiencing due to prolonged job vacancies within their organizations include:

  • Quality – More than a third of managers (35%) reported that extended job vacancies have caused lower product or service quality.
  • Turnover – 25% have seen higher employee turnover.
  • Revenue – 23% said their companies experienced a decline in revenue.

To address talent shortages and minimize associated business impact, 2 in 5 companies (41 percent) reported that they plan to raise compensation for entry-level workers and nearly half (46 percent) plan to train and hire the long-term unemployed in the coming year.

Survey Methodology

This SurveyMonkey survey was conducted online in the U.S. by TrueBlue between September 23 and October 15, 2019. It included 1,499 managers (HR, operations and general). The survey was across regions, industries, and company sizes.

About TrueBlue

TrueBlue (NYSE: TBI) is a global leader in specialized workforce solutions that help clients achieve business growth and improve productivity. In 2018, the company connected approximately 730,000 people with work. TrueBlue’s PeopleReady segment offers on-demand industrial staffing services, PeopleManagement offers contingent and productivity-based, on-site industrial staffing and driver staffing services, and PeopleScout offers recruitment process outsourcing (RPO) and managed service provider (MSP) solutions to a wide variety of industries. Learn more at www.trueblue.com.

Contacts

Jennifer Grasz

Vice President, Corporate Communications

jgrasz@trueblue.com
(312) 840-6327

Continue Reading

Business Wire

Law Firm of Estey & Bomberger Reports: Uber Says Nearly 6,000 Rapes, Sexual Assaults Occurred in Two-year Period

Business Wire

Published

on

Reading Time: < 1 minute

SAN DIEGO–(BUSINESS WIRE)–The law firm of Estey & Bomberger reported today that Uber’s long-awaited sexual assault report was released Dec. 5, with the ride-hailing company admitting that 5,981* passengers and drivers were raped or sexually assaulted between 2017-2018.

“I applaud Uber for releasing the data that acknowledges there is a problem with sexual assaults occurring in rideshare. While we believe these assaults were preventable, Uber’s report represents a tremendous step for ride-hailing safety,” said Estey & Bomberger attorney Mike Bomberger. “I think there are many positive measures Uber is taking. However, Uber still has an obligation to help the victims who have been raped and assaulted and facing a lifetime of emotional pain. They will need ongoing therapy.”

Estey & Bomberger represents more than 100 ride-hailing sexual assault victims.

“It’s important to remember when reading this report that only one in three women report their sexual assault,” Bomberger said. “Therefore, the number of women who have been sexually assaulted is certainly much higher than reported here.”

Bomberger reiterated his call for all ride-hailing trips to be digitally recorded.

“We’re pleased that Uber is now testing cameras in Texas. That’s the real solution to this problem – if drivers know they’re being recorded they won’t rape and assault,” Bomberger said.

Estey & Bomberger is asking Lyft and Uber sexual assault victims, along with former employees of the ride-sharing firms, to contact its office by calling 866-964-1708 or emailing info@lyftsexualassaultlawyers.com.

*statistic courtesy NPR “Uber Received Nearly 6,000 U.S. Sexual Assault Claims in Past 2 Years,” Dec. 5, 2019.

Contacts

for Estey & Bomberger

Ed Vasquez, 408-420-6558

ed@ejvcommunications.com

Continue Reading

Business Wire

Best’s Market Segment Report: AM Best Maintains Global Reinsurance Market Outlook at Stable

Business Wire

Published

on

Reading Time: 2 minutes

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has maintained a market segment outlook of stable on the global reinsurance industry for 2020, citing a stabilized pricing environment — albeit at levels below long-term adequacy — the continuing alignment between traditional and third-party capital and ongoing stability in the global life reinsurance segment.

A new Best’s Market Segment Report, titled, “Market Segment Outlook: Global Reinsurance,” states that although rates in the non-life reinsurance market have improved modestly, pricing has not kept adequate pace with the changing risk dynamics, as illustrated by loss development from events such as hurricanes Irma and Maria and Typhoon Jebi, and potential losses from more-recent events (e.g., Hurricane Dorian). Property catastrophe pricing still is being driven by the availability of third-party capital; however, the increasing interdependence between traditional capacity and third-party capital through joint ventures, retrocession and direct ownership should serve to more closely align return objectives for the market overall. Third-party capital also represents a benefit in the form of stabilized earnings of rated balance sheets, due to tail risk being assumed by this capital.

Overall market conditions are improving, but AM Best remains concerned about insufficient rate adequacy relating to certain U.S. casualty lines, a steady decline in the benefit of favorable reserve releases and the pervasive low interest rate environment. The collective effect of these factors requires underwriting discipline, and failure to react to these pressures could adversely affect the segment.

The report outlines other factors that are driving the stable market segment outlook, including:

  • AM Best believes alternative third-party capital will hold the line on future return expectations following the recent heavy catastrophe loss years;
  • A decline in capital consumption and earnings volatility, due in part to the increased utilization of third-party capital in retrocessionaire programs;
  • Greater emphasis on underwriting discipline due to pressure on interest rates and potential slower economic growth globally;
  • Improving pricing momentum driven by higher loss costs, coupled with lower loss reserve redundancies;
  • Increased demand for non-life reinsurance due to primary companies’ recent loss experience, as well as new risk transfer opportunities and mergers and acquisitions;
  • Stable operating performance among life reinsurers, which continue to maintain defensible market positions and offer services beyond risk transfer that create hurdles for new entrants.

To access the full copy of the overall global reinsurance briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=292334.

Separate briefings on the non-life and life reinsurance segments can be viewed at:

To view a video with AM Best Associate Director Scott Mangan about the global reinsurance market segment outlook, please visit http://www.ambest.com/v.asp?v=globalreoutlook1219.

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Contacts

Robert DeRose
Senior Director
+1 908 439 2200, ext. 5435
robert.derose@ambest.com

Greg Carter
Managing Director
+44 20 7397 0288
greg.carter@ambest.com

Michael Porcelli, FSA
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Continue Reading

Font Resizer

Subscribe to PICANTE via Email

Enter your email address to subscribe to PICANTE and receive notifications of new posts by email.

Follow us on Facebook

Read more from our authors

Follow our Tweets

Trending

Please turn AdBlock off