By ET Bureau - May 28, 2021 4 Mins Read
Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, announced today that it has acquired a majority stake in the ServiceNow division of Highmetric, a global digital IT services provider, from The Acacia Group (“Acacia”), which has retained a minority investment in the company.
The standalone ServiceNow business will continue to be known as Highmetric, while the non-ServiceNow divisions have been rebranded as MajorKey Technologies and will continue to be backed by The Acacia Group. Terms of the deal were not disclosed.
Highmetric is an Elite Partner of ServiceNow, the cloud computing platform that helps companies optimize digital workflows, and offers significant capabilities in Customer Service Management, HR & Employee IT Service Management, and IT Operations Management.
Named ServiceNow’s Americas Partner of the Year in 2021 for its Customer Service Management offering, Highmetric serves customers across many industries, including the financial services, business services, technology, industrials & energy sectors, as well as the U.S. Government.
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Gryphon also announced its first two additions to the Highmetric family, with definitive agreements to acquire Fishbone Analytics, Inc. and Iceberg Networks. These strategic additions will make the combined Highmetric the largest pure-play ServiceNow partner in the world, with 300 team members who bring expertise and experience across ServiceNow offerings with the added benefit of global delivery capabilities.
Calgary-based Fishbone Analytics, led by Matt Nielsen, CEO, is an Elite ServiceNow Partner that brings domain expertise in the areas of Integrations, HR Service Delivery, Customer Service Management, IT Operations Management, IT Asset Management, IT Business Management, and IT Service Management.
Iceberg Networks, led by Ken McPherson, CEO, is the 2021 ServiceNow Global Premier Partner of the Year and 2021 Americas Premier Partner of the Year, and brings sophisticated Security Operations Management and Governance, Risk & Compliance / Integrated Risk Management to the combined entity. Iceberg Networks’ deep domain expertise and security operations enable their customers to make trusted, aggregated, and transparent business decisions.
Gabe Stephenson, Managing Director at Gryphon said, “Gryphon is extremely excited to be partnering with the talented teams at Highmetric, Fishbone, and Iceberg. We have a well-developed thesis around the power of ServiceNow to optimize digital transformation workflows and believe that these are the best three businesses for us to initially invest behind to create a differentiated market leader in this space.”
Alex Earls, Deal Partner and Head of Gryphon’s Business Services Group, added, “This investment is a strong match with our past track record and we are looking forward to supporting management to rapidly scale the business organically and through additional strategic acquisitions.”
As part of the transaction, Matt Stoyka has joined Highmetric as CEO and Den Roenfeldt has become Executive Chair. Mr. Stoyka has over 20 years of experience in both the technology services and manufacturing industries and most recently served as the Chief Solutions Officer and Chief Relationship Officer at Rackspace. Mr. Roenfeldt was most recently a Deloitte Consulting Senior Principal and served as the Global Lead Client Services Partner for Deloitte’s ServiceNow business across the firm.
Mr. Stoyka said, “The combination of Highmetric, Fishbone Analytics, and Iceberg Networks represents a complete and total commitment to the ServiceNow ecosystem and to our customers. Our customers have told us they need a full-service firm with domain expertise enhanced by deep industry focus. We are primed and ready to work closely with our clients and ServiceNow to introduce powerful workflow solutions that drive meaningful business results.
With the support of Gryphon Investors, we will also continue to invest heavily in the growth of our amazing and talented team. It is a privilege to be part of this transformation and to have the ability to influence and positively impact our customers, our partners, and our communities.”
Guggenheim Partners and 7Mile Advisors served as financial advisors to Gryphon, and Kirkland & Ellis served as Gryphon’s legal advisor. Jefferies served as the exclusive financial advisor to Highmetric and Miles & Stockbridge P.C. served as Highmetric’s legal counsel. Transact Capital Partners LLC served as the exclusive financial advisor to both Fishbone Analytics and Iceberg Networks, with Labarge Weinstein as legal counsel to both companies.
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