Category: Sverica News

San Francisco, CA – July 11, 2023 – Sverica Capital Management (“Sverica”), a private equity investment firm, announced today that it has made a strategic growth investment in Zyston (“Zyston” or the “Company”).

Founded in 2016, Zyston is a provider of comprehensive end-to-end cybersecurity solutions that enable businesses to improve their security posture and program management maturity. The Company offers managed detection and response services through its 24 / 7 / 365 security operations center in Dallas, Texas, where Zyston monitors, investigates, and disrupts advanced threats in real time. Zyston’s managed services offerings are bolstered by CyberCAST, an AI-driven automated security program maturity software solution which generates program scoring and converts takeaways into a business language easily understandable by executives and insurance providers.

“Since our inception, Zyston’s mission has been to serve our clients as their trusted security partner and to help them achieve growth and maturation of their information security programs,” said Craig Stamm, Founder and CEO of Zyston. “As we evaluated potential capital investors, Sverica differentiated itself as a committed partner who not only understood and shared our vision, but also appreciated the importance of preserving our firm’s culture. We are eager to start collaborating with the Sverica team to take Zyston to new heights.” Stamm will continue to lead the Company, while Frank Young, Managing Partner at Sverica, and Michael Dougherty, Principal at Sverica, will join Zyston’s Board as part of the transaction.

“Cybersecurity has long been a key focus area for Sverica, and the solutions that Zyston provides are more crucial than ever before as cyberattacks grow in both prevalence and sophistication,” said Frank Young, Managing Partner at Sverica. “Zyston is well positioned to capture the tremendous market opportunity at hand and has established strong marquee customer and partner relationships. We are very excited to build upon the great foundation that Craig and his team have created at Zyston to support their continued growth.”

Michael Dougherty, Principal at Sverica, added, “Organizations across all industries are looking to improve their cybersecurity posture. With the shortage of cyber talent and the level of expertise required to maintain an effective cybersecurity program, working with a specialized service provider like Zyston makes a ton of sense, and we believe Zyston is poised to be a winner in the managed security space. Craig and his team have fostered an outstanding customer-first culture.”

Sverica’s investment in Zyston represents its fourth platform investment in the cybersecurity space, including DeFY Security (active), ShadowDragon (active), and Optiv (realized).

About Zyston

Zyston is a managed services provider dedicated to providing businesses with a comprehensive range of end-to-end services required to build and operate a mature and cost-effective information security program. The company combines consulting, staffing, managed security services and AI-driven software to provide superior cyber program management. For more information, visit www.zyston.com.

Boston, MA – June 22, 2023 – Sverica Capital Management LP (“Sverica”), a private equity investment firm, announced today that it has made a strategic growth investment in First Stop Health (“FSH” or the “Company”).

Headquartered in Chicago, IL, FSH is an innovative, high-growth virtual care solution provider that works with mid-size and enterprise employers to help reduce healthcare costs and provide convenient care options for their employees. FSH delivers virtual access to urgent care, primary care, and mental health providers for a per employee per month (“PEPM”) fee with no cost to patients. The Company drives market leading employee engagement and satisfaction because of its intuitive user interface, and robust provider network. Founded by Patrick Spain and Dr. Mark Friedman, FSH works with more than 700 unique employers which they sell to via a nationwide network of employee benefit brokers and consultants. 

“Our search for a capital partner focused on firms that embraced our commitment to the patient experience. We are thrilled to partner with Sverica, who understands how to leverage our strengths to accelerate our growth,” said Teira Gunlock, CEO of FSH. Gunlock will continue to lead the Company, while Gregg Osenkowski, Partner at Sverica, and Doug Patrican, Vice President at Sverica, will join the First Stop Health Board of Directors.

“We are excited to partner with the First Stop Health team and to advance their mission to provide employers and employees with the highest quality virtual health services.  First Stop Health’s market leading user engagement delivers on the promise of virtual care as the digital front door to the healthcare system, resulting in tangible ROI to employers,” said Gregg Osenkowski, Partner at Sverica.

Doug Patrican, Vice President at Sverica, added “First Stop Health’s focus on delivering exceptional patient care permeates the entire organization and we look forward to supporting the FSH team as they continue to execute on their vision and growth plans.”

About First Stop Health

First Stop Health (FSH) provides care that people love with various digital healthcare services. Patients can access virtual care 24/7 via app, website, or phone. FSH helps patients save time and money with safe, convenient, high-quality virtual care solutions – Primary Care, Urgent Care & Mental Health. FSH was named one of Inc. Magazine’s Best Workplaces of 2022 and 2023 and ranked one of the fastest-growing private companies for the past 5 years by Inc. 5000. For more information, please visit www.fshealth.com.

Boston, MA – March 29, 2023 – Sverica Capital Management LP (“Sverica”), a private equity investment firm, today announced that on March 24^th it made a strategic investment in Hirebotics, an innovative, high-growth automation company that has created a differentiated collaborative robot solution designed specifically for welding applications.

Based in Nashville, Tennessee, Hirebotics’ Cobot Welder is a revolutionary product that combines premium welding equipment and a robotic arm with easy-to-use robust proprietary software to help address an acute shortage of skilled welding technicians.  Founded in 2015 by Rob Goldiez and Matt Bush, then later joined by Zach Boyd, Hirebotics delivers a “cobot” solution that is controlled using a groundbreaking software application, Beacon, that was internally developed and is cloud-based.  In addition to direct sales, Hirebotics maintains key industry partnerships with leading manufacturers and distributors of welding equipment to extend its market reach.

Hirebotics’ approach to tool-in-hand applications like welding can readily be applied to adjacent use-cases. Sverica’s strategic investment is intended to facilitate Hirebotics’ realization of its full-potential within the welding automation market and expansion into new markets. Rob Goldiez, founder and CEO commented, “Our search for a capital partner focused on firms that understood Hirebotics’ business model and growth opportunities and would allow us to take full advantage of a rapidly growing market need due to the shortage of skilled labor. Sverica is a great fit for our needs and we are excited about partnering with them to take Hirebotics to the next level.”

Dave Finley, Managing Partner at Sverica said “We are pleased to partner with Rob, Matt and Zach to help them develop and execute a growth strategy into an exciting and evolving area of manufacturing.  Hirebotics’ impressive performance has them literally leading the development of a new market and is a testament to their collective business acumen, corporate culture and customer-focused model.”    

About Hirebotics

Founded in 2015, Hirebotics is a cobot technology developer headquartered in Nashville, Tennessee. Hirebotics designs and develops tools to improve the productivity, usability and affordability of collaborative robot systems. Hirebotics entered the welding automation space in 2019 as a key collaborator in the development of an early cobot welding system. In 2020, Hirebotics launched Beacon, a powerful robot software platform with support for applications, remote monitoring, and 24/7 global support functionality.

For more information, please visit www.hirebotics.com.

Boston, MA and San Fransisco, CA – March 22, 2023  – Sverica Capital Management (“Sverica”), a leading growth-oriented middle market private equity firm, announced today the close of its sixth private equity fund, Sverica Capital Partners VI (“Fund VI”) on March 15, 2023. Fund VI exceeded its target, was oversubscribed and closed at its hard cap of $750 million of total limited partner commitments. Sverica will use Fund VI to continue its strategy of investing in companies that are, or have the potential to be, category leaders within their respective industries. Sverica will also remain focused on businesses within the technology, business services, healthcare and advanced industrial sectors.

Dave Finley, Managing Partner at Sverica, said, “Maintaining the interest and trust of our limited partners to manage this new pool of capital is an honor. We have built a great team here at Sverica and are excited to continue following the investment and portfolio management strategies that have been proven through successive funds.”

Sverica invests in companies at the lower end of the middle market in its sectors of focus. Fund VI will target businesses with enterprise values of up to $250 million with strong growth characteristics and differentiated solutions or products. Sverica looks for opportunities to partner with talented business leaders and assist them on their growth journeys, with the hope of achieving goals together that they would be challenged to meet without Sverica’s support. Sverica’s investment returns are driven by identifying areas to reinvest back into businesses, augmenting a company’s talent, and building systems, processes and infrastructure to scale an organization during its investment period.  Over many years, Sverica has built its own set of best practices and standard operating procedures to support a repeatable and consistent investment process that will endure over the long-term.

Jordan Richards, Managing Partner said, “We are humbled and honored by the support from our longstanding limited partners and small group of new investors.  Fund VI will enable Sverica to invest in the next generation of entrepreneurs striving to be leaders in their industries as we actively provide support to achieve their goals.” 

Frank Young, Managing Partner commented, “The success of this fundraise, despite a very challenging environment for raising capital, is a testament to our outstanding team. We are fortunate to work with many talented, high character individuals, and are grateful for their passion, dedication and hard work.”

Sverica has raised nearly $2 billion across six funds and invested in 44 portfolio companies since inception. 

Charlottetown, PE, Canada – October 20, 2022 – Sverica Capital Management LP (“Sverica”) announced today the sale of its portfolio company iWave (or the “Company”) to private equity firm Incline Equity Partners (or “Incline”). This marks the culmination of a five-year successful partnership with iWave, during which the Company tripled in size, increased profitability and solidified its market leadership in the fundraising intelligence industry.

Founded in 1991 and headquartered in Charlottetown, PE, Canada, iWave provides education, healthcare, and nonprofit organizations with an intuitive platform that aggregates wealth, philanthropic and biographic data and turns it into actionable intelligence that fundraising teams need to identify, cultivate, and retain donors. In addition to offering customers the world’s largest and most up-to-date charitable giving database, the Company’s comprehensive platform offers proprietary analytics and actionable insights to help clients improve their fundraising efforts.

iWave has experienced significant growth since Sverica’s initial investment in June 2017. Under Sverica’s ownership, iWave launched multiple differentiated features to broaden its user base, accelerated investments in integrations, and expanded its team with talented executives. As a result of these efforts, iWave has received numerous accolades including G2’s top-rated fundraising intelligence solution for ten consecutive quarters, a Platinum and two Gold Titan Awards for Customer Service Strategy, a 3-time Stevie winner for Customer Service, Top 50 Best Workplaces in Canada by Great Place to Work, and others.

Jordan Richards, Managing Partner at Sverica, said, “It has been gratifying helping build and grow a company that has enabled us to do well by doing good for so many charitable organizations that make up iWave’s client base.  I want to thank Ross Beattie, Colin Paddington and the entire iWave team who tirelessly pursued their mission to be the thought and innovation leader in the fundraising intelligence space. I am proud of what they have been able to accomplish, thankful to have been able to join them to help scale the company and wish them much success on their next chapter with Incline.”

Ross Beattie, CEO of iWave, said, “Over the past five years iWave has been transformed and engineered into a world class fundraising intelligence organization that, on a daily basis, has the privilege of serving and supporting its clients as they fulfill their respective missions to make the world a better place. This rapid evolution of iWave would not have been possible without the guidance, support and collaboration with Sverica. They have played a very strategic role in our transformation and growth and I would like to thank Jordan Richards, Ryan Harstad, and the rest of the Sverica team for their consistent engagement, steady hand, and unwavering support of the iWave leadership team and all iWave’s staff. The past five years have been an incredible journey and now the voyage continues with Incline!”

“What an honor it has been to partner with iWave – a company that thousands of purpose-driven organizations rely upon to fuel their missions, a business that grew substantially stronger during our partnership together, and a group of wonderful people. Ross, Colin, and the iWave team have built something really special, and it has been a pleasure working with them as iWave expanded its leadership in fundraising intelligence. I’m excited that iWave will empower many more of the world’s great organizations with Incline as its new partner,” said Ryan Harstad, Partner at Sverica.

About iWave
iWave, the industry’s top-rated fundraising intelligence solution, enables nonprofit organizations to fundraise with confidence. In a new era of nonprofit fundraising, iWave solves critical challenges facing fundraising professionals today: how to identify, qualify, and retain donors to raise more gifts. iWave’s intuitive and easy-to-use solutions give access to the industry’s highest quality wealth and philanthropic information so organizations can determine who to ask, how much to ask for, and when to ask. Many of the largest education, healthcare, and nonprofit organizations in the world rely on iWave to power their fundraising efforts. iWave has been recognized as G2’s top-rated fundraising intelligence solution for nine consecutive quarters and was recognized as a Top 50 Best Workplaces in Canada by Great Place to Work in 2022. Discover more at www.iWave.com, or connect with iWave on Facebook, Instagram, Twitter and LinkedIn.

Irvine, CA – September 27, 2022 – Sverica Capital Management LP (“Sverica”) announced today that its portfolio company, Synoptek (or the “Company”), has sold a majority stake to investment firm Quad-C Management (or “Quad-C”). Sverica will retain a minority position as a result of the transaction.

Founded in 2001 and headquartered in Irvine, CA, Synoptek is a leading full-service business technology solutions provider. The Company partners with customers to envision, transform and evolve their businesses to achieve better results using technology. The Company’s global technology services implementation and management platform enables customers to accelerate their use of technology and reduce technology operating expenses.

Synoptek has experienced significant growth since Sverica’s initial investment in October 2015. Under Sverica’s ownership, Synoptek completed five strategic acquisitions which helped increase the Company’s delivery capacity in various geographies and meaningfully expanded its portfolio of services. Today, Synoptek employs over 1,000 technology professionals spanning 12 offices globally. The demand for Synoptek’s services is fueled by growing business dependence on technology and the widespread adoption of cloud platforms such as Microsoft Dynamics, Salesforce, ServiceNow, Azure, AWS, Microsoft 365, and Google G-Suite.

Frank Young, Managing Partner at Sverica, said, “Synoptek has accomplished a tremendous amount since we first joined forces with Tim to further scale the business. During our partnership, the Company experienced dramatic growth, built out a global footprint, and materially expanded its portfolio of service offerings, all of which were beneficial to customers. Tim, the management team, and the employees of Synoptek were great partners throughout. The Company is extremely well positioned for the future, and we look forward to continuing to retain a minority position under the leadership of the Company by Tim and Quad-C.”

Tim Britt, CEO of Synoptek, said, “Sverica became a valuable extension of our team. They had an immediate impact by initiating a pivotal discussion of service portfolio strategy and a shift to cloud-related services. They were great partners and provided important input on the overall direction of the Company which drove accelerated growth.”

“Synoptek and Sverica forged a strong partnership, and the Company’s expanded capabilities, expertise, and resources resulting from strategic investments made with Tim and the Synoptek team position the Company well to deliver valuable full-stack service to customers. We’re excited to continue supporting the Synoptek team as they embark on a new chapter in the Company’s growth,” said Ryan Harstad, Partner at Sverica.

About Synoptek

Synoptek is a global Business and Technology Consulting and Advisory firm that helps companies envision, transform, and evolve. As a Global Systems Integrator and managed Technology Services Provider, Synoptek partners with organizations worldwide, helping them navigate the ever-changing technology landscape and build solid tech foundations for their business. With its comprehensive offerings, global workforce, and strategic technology partnerships, Synoptek helps organizations grow their business while optimizing and protecting their IT ecosystem. With growth, ownership, inclusivity, and philanthropy embedded in its DNA, Synoptek is committed to delivering improved business results and unmatched service to all its stakeholders. Discover more at www.synoptek.com, or connect with Synoptek on Facebook, Twitter and LinkedIn.