Periscope Holdings, Inc. (“Periscope”) announced today it has entered into definitive agreement to be acquired by mdf commerce inc. (“mdf commerce”). The transaction will create an eProcurement leader in North America and enable the opportunity to offer Periscope’s eProcurement solutions to mdf commerce’s existing Canadian and U.S. government agency customers. As part of the transaction, Periscope’s current financial sponsor, Parthenon Capital Partners (“Parthenon Capital”) will remain a shareholder in the combined entity.
Brian Utley, President and Chief Executive Officer of Periscope, said, “Today marks an important milestone in the history of Periscope since I co-founded the company with John Walters in 2001. I am thrilled to join the mdf commerce team. Together, with our combined operational strengths, I am convinced we can accelerate the transformation of the public sector eProcurement industry. mdf commerce shares the same values we do, allowing us to continue the tradition we have for excellent service, deep expertise, and an environment our employees want to be a part of. We are excited for our entire company, including the current leadership team, to continue with the business following 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 to become a leading player enabling the flow of commerce for the B2B and B2G markets.”
Headquartered in Austin, Texas, Periscope transforms public sector procurement with technology and solutions exclusively for public sector buyers and suppliers. Driven by a purpose to eradicate waste and maximize the value of every dollar spent, Periscope Holdings is trusted by 500,000 suppliers and powers more U.S. government eProcurement systems than any other eProcurement provider.
“Our growth over the past 20 years has been in no small way directly related to the success of and partnership with our customers,” added Brian. “We have always been dedicated to customer success, and this will continue through the coming weeks, months and years. We are proud to provide a comprehensive suite of procurement solutions to public sector buyers and suppliers. This new affiliation with mdf commerce expands our product offerings and the markets into which we can deliver our transformational eProcurement solutions. Since 2014, Parthenon Capital has been a true partner to us throughout this journey. It has been a pleasure working with such a dedicated and strategic team.”
Stephens Inc. is the exclusive financial advisor to Periscope. Periscope 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 that offers a fully integrated, end-to-end procurement solution to both state and local government agencies and suppliers in the U.S. Periscope’s end-to-end eProcurement solution is built specifically for U.S. government agencies, allowing them to more efficiently purchase goods and services, source contracts, analyze spend, post bids and transact on a public procurement platform that offers a consumer-like shopping experience. For more information, visit www.periscopeholdings.com
About mdf commerce inc.
mdf commerce inc. (TSX: MDF) enables the flow of commerce by providing a broad set of SaaS solutions that optimize and accelerate commercial interactions between buyers and sellers. Our platforms and services empower businesses around the world, allowing them to generate billions of dollars in transactions on an annual basis. Our Strategic Sourcing, Unified Commerce and emarketplace platforms are supported by a strong and dedicated team of approximately 700 employees based in Canada, the United States, Denmark, Ukraine and China. For more information, please visit us at mdfcommerce.com, follow us on LinkedIn or call at 1-877-677-9088.
About Parthenon Capital
Parthenon Capital Partners is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.
I am thrilled to join the mdf commerce team. Together, with our combined operational strengths, I am convinced we can accelerate the transformation of the public sector eProcurement industry.– Brian Utley, CEO, Periscope Holdings