Ardian, a world-leading private investment house, and PRGX Global,
Inc. (“PRGX”), a global leader in recovery audit and spend
analytics services, announced the completion of Ardian’s
acquisition of PRGX.
In addition, Michael Lustig has been named PRGX’s new Chief
Executive Officer. Mr. Lustig, who serves as an advisor to Ardian,
has over 15 years of experience in the source-to-pay industry,
including having served as CEO of Apex Analytix, and during a prior
tenure, as President and Chief Operating Officer of PRGX. He
succeeds Ron Stewart, who will rejoin PRGX’s board of
directors.
PRGX is the world’s largest Accounts Payable and Merchandise
Recovery Audit firm, serving clients in more than 30 countries in
North and South America, Europe, Asia and Oceania. Headquartered in
Atlanta, Georgia, PRGX works with clients in the retail, grocery,
consumer packaged goods, manufacturing, telecommunications,
pharmaceuticals, natural resources, financial services, and
transportation industries.
PRGX provides leading technology-enabled source-to-pay solutions
to businesses by mining client data to deliver actionable insights
that increase cash flow and profitability through cost reduction,
business process improvement and risk management. PRGX’s advanced
solutions include recovery audit, preventive audit, contract
compliance, and advanced analytics, which leverage artificial
intelligence and machine learning to minimize leakage, maximize
value, optimize cash flow, and strengthen operations – creating a
complete audit assurance program, not only recovering cash, but
improving internal controls and resolving systemic issues to drive
total improvement. The company leads its industry in protecting the
privacy and security of client data through a robust combination of
technical, administrative and physical controls, in addition to
rigorous data privacy and security business practices.
With Ardian’s support, the company will develop core markets,
including accelerating the roll-out of the company’s proprietary
platform, the Verigon® Solution Suite, and grow strategic revenue
streams, including the launch of new advanced analytics solutions.
Ardian will leverage its global network and considerable experience
in business services to help PRGX identify new markets while
continuing to serve the company’s existing customer base.
“With digital transformation at the forefront of business
strategies across the globe, PRGX’s state-of-the-art platform for
recovery audit, contract compliance, advanced analytics, and
predictive audits, is tremendously impressive,” said Vince
Fandozzi, Head of Ardian North America Direct Buyouts. “We are
enormously grateful for Ron Stewart’s leadership, and we’re excited
to embark with PRGX on this next chapter under the guidance of
Michael alongside the incredible PRGX team,” said Mr. Fandozzi.
“With market leadership, innovative technology and with the full
support of Ardian, PRGX is well-positioned to help clients unlock
unprecedented value from their source-to-pay data. I’m excited to
work with PRGX’s outstanding team to produce value for our
long-tenured clients,” said Mr. Lustig.
Todd Welsch, Managing Director, Ardian North America Direct
Buyouts, added, “We look forward to working with the PRGX team,
which under Ron’s leadership, has transitioned into a
technology-enabled services and analytics powerhouse.”
Commenting on the news, Ron Stewart said: “Leading PRGX for the
last seven years has been an extraordinary honor. As PRGX continues
its technology transformation program, I’m excited about the
company’s potential for future growth and expanded client value
delivery, and look forward to working with Ardian and Michael.”
The transaction, which was initially announced on December 24,
2020, was approved by the majority of PRGX shareholders on March 2,
2021. In connection with the closing of the transaction, the
company, which will continue to operate as PRGX Global, Inc., will
be controlled by Ardian.
The Ardian North American direct buyout fund focuses on lower
middle market buyouts, specifically middle market industrial and
business service companies across a range of sectors in North
America.
About PRGXPRGX helps companies spot value in
their source-to-pay processes that other sophisticated solutions
didn’t get to before. Having identified more than 300 common points
of leakage, we help companies reach wider, dig deeper, and act
faster to get more value out of their source-to-pay data. We
pioneered this industry nearly 50 years ago, and today we help
clients in more than 30 countries take back $1.2 billion in annual
cash flow. It’s why 75% of top global retailers and a third of the
largest companies in the Fortune 500 rely on us. PRGX | See What
You’ve Been Missing™.
About ArdianArdian is a world-leading private
investment house with assets of US$110 billion managed or advised
in Europe, the Americas and Asia. The company is majority-owned by
its employees. It keeps entrepreneurship at its heart and focuses
on delivering excellent investment performance to its global
investor base. Through its commitment to shared outcomes for all
stakeholders, Ardian’s activities fuel individual, corporate and
economic growth around the world. Holding close its core values of
excellence, loyalty and entrepreneurship, Ardian maintains a truly
global network, with more than 700 employees working from fifteen
offices across Europe (Frankfurt, Jersey, London, Luxembourg,
Madrid, Milan, Paris and Zurich), the Americas (New York, San
Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and
Seoul). It manages funds on behalf of around 1,000 clients
through five pillars of investment expertise: Fund of Funds, Direct
Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com
Media ContactsPRGX Arketi GroupGrant
Tuckergtucker@arketi.comPhone: +01-404-819-1889
ARDIAN The Neibart GroupEmma
Murphyemurphy@neibartgroup.comPhone: +01-347-968-6800
PRGX Global (NASDAQ:PRGX)
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PRGX Global (NASDAQ:PRGX)
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부터 12월(12) 2023 으로 12월(12) 2024