Clearhaven Partners LP, a technology-focused private equity firm based in Boston, announced today that its portfolio company, TimeTrade Systems, the category creator in enterprise appointment scheduling software, has acquired SilverCloud LLC, a leading provider of customer and knowledge management software for financial institutions. The combined company will initially be called TimeTrade SilverCloud. Financial terms were not disclosed.
Michelle Noon, Managing Partner and Co-Founder at Clearhaven Partners and Chairman of the Board of TimeTrade commented, "TimeTrade's acquisition of SilverCloud reflects Clearhaven's continued belief in the importance of technology solutions to reduce friction in the interaction between a business and its constituents and to enable seamless customer experience. SilverCloud is a high-quality SaaS business with a loyal customer base and a complementary solution set that optimizes customer and employee experience. The acquisition is an ideal strategic fit for TimeTrade."
Clearhaven is a lower middle market private equity firm founded by an investor-operator team for the exclusive purpose of partnering with differentiated, growing software and technology companies. Clearhaven acquired TimeTrade in 2020. The acquisition of SilverCloud comes less than nine months following Clearhaven's original investment in TimeTrade. The combination of TimeTrade and SilverCloud results in a scaled SaaS provider of customer experience ("CX") software to essential end markets including financial services, healthcare, retail and technology.
TimeTrade SilverCloud's CEO, Bill Clark, commented, "Our partnership with Clearhaven Partners has accelerated our business on a standalone basis, and we recently completed a year of record financial performance. With the acquisition of SilverCloud, we're excited to enter the next chapter of growth with greater scale, a broader portfolio of complementary CX products, and a large addressable market."
The combined company counts more than 600 enterprises as customers. These organizations trust TimeTrade SilverCloud's solutions to help enhance business productivity, improve resource efficiency and increase customer satisfaction. The acquisition accelerates TimeTrade SilverCloud's investment in technology, team capabilities and industry depth.
"The opportunity to combine SilverCloud and TimeTrade with backing by Clearhaven Partners, was unparalleled relative to our strategic and financial alternatives. Among many choices, this transaction offers the greatest benefits for our collective customers and employees. I look forward to working with the Clearhaven and TimeTrade teams through the next phase of growth," said Scott Cornell, founder and CEO of SilverCloud.
"Our approach to maximizing the value of any acquisition is to thoughtfully integrate companies in order to realize the full potential of the investment and to deliver high value to customers," added Kevin Wood, Operating Partner and Co-Founder at Clearhaven Partners. "I look forward to continuing to work with the TimeTrade SilverCloud team to realize that potential."
Kirkland & Ellis LLP served as legal counsel and RSM US LLP provided transaction advisory support to Clearhaven Partners and TimeTrade.
About Clearhaven Partners
Clearhaven Partners is a lower middle market technology focused private equity firm, based in Boston. Clearhaven was founded by an investor-operator team for the exclusive purpose of partnering with differentiated, growing software and technology companies with a minimum of $20 million in revenue. Clearhaven brings a combined 50 years of software investing and operating experience to its portfolio companies through its partnership-oriented, operational approach to value creation in order to help portfolio companies scale. Visit us at www.clearhavenpartners.com
About TimeTrade SilverCloud
With more than 35 years of combined experience, TimeTrade SilverCloud provides organizations with the most effective and efficient way for business and customers to interact. Trusted by more than 600 enterprises as customers, TimeTrade SilverCloud solutions reduce friction for organizations as they seek to seamlessly coordinate interactions with constituents while providing employees the information they need to quickly and consistently answer their questions. By combining expertise, solutions and technology, TimeTrade SilverCloud connects the right resources with the right skills to provide the right answer for every question, wherever and whenever. TimeTrade SilverCloud is a portfolio company of Clearhaven Partners, a Boston-based private equity firm. Find out more at www.timetrade.com.
