Serent Capital Portfolio Company Avionté Acquires COMPAS Technology
San Francisco, CA - October 5, 2018 - Serent Capital, a San Francisco-based private equity firm focused on investing in fast-growing software and services businesses, announced that its portfolio company Avionté has acquired COMPAS Technology, a front-office recruiting and time & attendance provider to the staffing industry, which is based out of San Francisco, CA.
The acquisition bolsters Avionté’s front-office offerings and deepens its ability to serve clients in the IT and Professional Staffing end markets. Following the integration of both product suites, Avionté will be one of the only full featured front and back-office software providers to scale across multiple staffing verticals. “Avionté is driving growth and profitability for our customers and simplifying the lives of individuals in the staffing profession,” said Karl Florida, CEO of Avionté. “We are truly excited about entering this next chapter with COMPAS, which we believe will drive continued value for our Clerical and Light Industrial customers and expand our ability to serve clients in the IT and Professional markets.”
Brian Vesce, Founder and CEO of COMPAS, will join Avionté as President of Compas, an Avionté company. Prior to founding COMPAS, Brian founded another human capital management services business called Cypress HCM. In addition to Brian, the full COMPAS team will continue in their roles as part of the combined organization. “We are very confident that the Avionté and COMPAS combination will continue to deliver great results for our customers and our teammates.” said Brian Vesce, Founder and CEO of COMPAS. “We are very excited about the opportunity to work with the team at Avionte, which is known for its customer-first approach to serving staffing companies.”
The transaction closed on September 28, 2018, following months of evaluation and planning done by both the COMPAS and Avionté leadership teams to ensure the highest potential of success for all clients and employees involved.
“We are thrilled to welcome COMPAS into the Avionté family,” said Kevin Frick, Co-Chairman of Avionté and a Partner in Serent Capital. “Both companies share an intense focus on supporting their clients’ goals to drive higher revenue with lower costs than competitive solutions. Each also deeply shares an understanding that staffing is a people business, and have built deep and sustaining relationships with their clients.”
Serent's investment in COMPAS represents its eighth investment in the Human Resources Technology sector in the last four years —Avionté (2014), ICon Professional Services (2015), Synergy Services (2015, combined with ICon to form TalentWave), Humanis (2016, combined with Avionté), Apex Payroll Software (2016), AST (2017, combined with Avionté), TKO Systems (2017, combined with Avionte) and now COMPAS Technology.
Bowstring Advisors served as the exclusive financial advisor to COMPAS in the transaction.
Founded in 2005, Avionté offers a commitment to staffing paired with excellent technology. With this commitment to employees and customers, Avionté delivers a best of breed product, with a fully integrated front and back office staffing software system, a full suite of reports and metrics, compliance management, a robust partnership program and on-the-go mobile response.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent helps growing businesses thrive.
This information is intended exclusively for the use of the person to whom it was delivered on behalf of Serent Capital Management Company, L.L.C. (“Serent”) and may not be reproduced or used for any other purpose. It does not constitute an offer to sell or the solicitation of an offer to buy interests in any private investment vehicle managed by Serent (collectively, the “Funds”). Offers and sales will be made only pursuant to a confidential private placement memorandum (the “Memorandum”), which describes the terms and risks of an investment. Nothing presented herein is intended to constitute investment advice, nor sales material, and no investment decision should be made based on any information provided herein. Information provided reflects Serent’s views as of a particular time and are subject to change without notice. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. While Serent has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability, or completeness of third party information presented herein.
Past performance is not indicative of future results. There can be no guarantee that any investment strategy employed by Serent will be successful. An investment in the Funds managed by Serent is speculative, illiquid, and involves a high degree of risk, including possible loss of principal.
The portfolio companies highlighted do not necessarily represent all of the investments made or recommended by Serent, and it should not be assumed that the specific investments identified and discussed herein were or will be profitable. It should be specifically noted that not all transactions entered into by Serent will be profitable or will equal the performance of the companies described herein. No guarantee of investment performance is being provided and no inference to the contrary should be made.