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Austin, Texas – (BUSINESS WIRE) – Periscope Holdings, Inc. (“Periscope”) announced today that it has entered into a definitive agreement to be acquired by mdf commerce inc. (“Mdf-Commerce”). The transaction will create a leading eProcurement company in North America and create the opportunity to offer Periscope eProcurement solutions to the existing Canadian and US government agencies of mdf commerce. As part of the transaction, Periscope’s current financial sponsor, Parthenon Capital Partners (“Parthenon Capital”), will remain a shareholder in the combined company.
Brian Utley, Periscope President and Chief Executive Officer, said, “Today marks an important milestone in Periscope’s history since I founded the company with John Walters in 2001. I am very excited to be joining the mdf Commerce team. Together with our combined operational strengths, I am convinced that we can accelerate the transformation of the public sector eProcurement industry. mdf commerce shares the same values as we do and enables us to continue our tradition of excellent service, in-depth know-how and an environment in which our employees want to get involved. We are pleased that our entire company, including the current management team, can continue to do business after the transaction. ”
“Periscope will strengthen our leading position in the North American public eProcurement industry,” said Luc Filiatreault, President and Chief Executive Officer of mdf commerce. “This accelerates our vision of becoming a leading player enabling the flow of trade for the B2B and B2G markets.”
Headquartered in Austin, Texas, Periscope is transforming government procurement with technology and solutions exclusively for public sector buyers and suppliers. Driven by the goal of reducing waste and maximizing the value of every dollar spent, Periscope Holdings is trusted by 500,000 suppliers and operates more US government eProcurement systems than any other eProcurement provider.
“Our growth over the past 20 years is directly related to success and partnership with our customers,” added Brian. “We have always been committed to customer success and this will continue to be the case for the weeks, months and years to come. We pride ourselves on providing a full range of procurement solutions to public sector buyers and suppliers. This new affiliation to mdf commerce expands our product range and the markets in which we can offer our transformative eProcurement solutions. Parthenon Capital has been a real partner for us on this path since 2014. It was a pleasure to work with such a committed and strategic team. ”
Stephens Inc. is the exclusive financial advisor to Periscope. Periscope has received legal advice from Jackson Walker LLP, Kirkland & Ellis LLP and Blake, Cassels & Graydon LLP
About Periscope Holdings, Inc.
Periscope is a leading eProcurement solution provider with over 20 years of industry experience, providing a fully integrated end-to-end procurement solution for US government agencies to both state and local government agencies and suppliers, enabling them to work on one public procurement platform that offers a consumer-like shopping experience, more efficient purchasing of goods and services, procurement contracts, analyzing expenses, placing bids and processing transactions. More information is available at www.periscopeholdings.com
About mdf commerce inc.
mdf Commerce Inc. (TSX: MDF) enables the flow of trade by delivering a wide range of SaaS solutions that optimize and accelerate commercial interactions between buyers and sellers. Our platforms and services support companies around the world and enable them to generate billions in transactions every year. Our platforms for Strategic Sourcing, Unified Commerce and E-Marketplace are supported by a strong and dedicated team of around 700 employees in Canada, the USA, Denmark, Ukraine and China. For more information, please visit us at mdfcommerce.com, follow us on LinkedIn, or call us at 1-877-677-9088.
About Parthenon Capital
Parthenon Capital Partners is a leading midsize private equity firm with offices in Boston, San Francisco and Austin. Parthenon leverages niche industry expertise and an extensive execution team to invest in growth companies in the service and technology industries. Parthenon strives to be an active and coordinated partner to management, either through recapitalization transactions or by supporting new executives. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery company with a strong value proposition and proprietary expertise. More information is available at www.parthenoncapital.com.
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