WALNUT CREEK, Calif. ,
Oct. 27,
2022 /PRNewswire/ -- Insignia Capital Group is
pleased to announce it has entered into a definitive agreement to
sell its majority interest in WillowTree ("WillowTree" or the
"Company") to TELUS International (NYSE and TSX: TIXT) for a total
enterprise value of US$1.225 billion.
The deal is anticipated to close in January
2023, and is subject to customary closing conditions and
regulatory approvals.
Founded in 2008 and headquartered in Charlottesville, Virginia, WillowTree is a
digital product consultancy that provides end-to-end, strategy,
design, full-stack development, and growth marketing services to
the world's leading brands. WillowTree's client roster includes
Fortune 500 companies across key verticals including
telecommunications and media, healthcare and life sciences,
financial services, and technology and software.
Insignia Capital Group invested in WillowTree in 2018. Since
then, the company has quadrupled revenue and scaled from two
locations in Virginia and
North Carolina to thirteen global
studios across three continents. Together, WillowTree and Insignia
made significant investments in the organization and completed
three highly strategic acquisitions, all of which accelerated the
company's growth and strengthened its market positioning.
"It has been an honor to partner with the world-class team at
WillowTree during a period of transformative growth over the last
four years. Management's execution of the strategic plan we
envisioned at the outset of our partnership has been truly
exceptional," said Tony Broglio,
Partner at Insignia Capital Group.
"The team at Insignia were outstanding partners during a
critical period of explosive growth, and we are grateful for their
insight, support, and commitment to our vision," said Tobias Dengel, CEO of WillowTree. "We believe
the best is yet to come for WillowTree, and we're excited to
execute on the major opportunities ahead with TELUS
International."
Canaccord Genuity served as exclusive financial advisor and
Kirkland & Ellis LLP and Davis & Gilbert LLP served as
legal counsel to Insignia Capital and WillowTree.
About Insignia Capital
Group
Insignia Capital Group is a San
Francisco Bay Area private equity firm focused on lower
middle-market companies. Insignia partners with company founders
and management teams to help drive growth and achieve true business
potential. The firm's principals have significant experience
building businesses across a range of industries including consumer
and business services. For more information, please visit
www.insigniacap.com.
About WillowTree
WillowTree helps the world's most admired brands on their path
to digital leadership—from product to process. Founded in 2008 as a
pioneering mobile app development company, WillowTree has grown
into a full-service digital product consultancy, helping our
clients anywhere humans and technology intersect. Our teams provide
end-to-end, full-stack development, strategy, design, and growth
marketing services. To learn more, please
visit www.willowtreeapps.com.
About TELUS
International
TELUS International (NYSE & TSX: TIXT) designs, builds and
delivers next-generation digital solutions to enhance the customer
experience (CX) for global and disruptive brands. The company's
services support the full lifecycle of its clients' digital
transformation journeys, enabling them to more quickly embrace
next-generation digital technologies to deliver better business
outcomes. TELUS International's integrated solutions span digital
strategy, innovation, consulting and design, IT lifecycle including
managed solutions, intelligent automation and end-to-end AI data
solutions including computer vision capabilities, as well as
omnichannel CX and trust and safety solutions including content
moderation. Fueling all stages of company growth, TELUS
International partners with brands across high growth industry
verticals, including tech and games, communications and media,
eCommerce and fintech, banking, financial services and insurance,
healthcare, and travel and hospitality.
TELUS International's unique caring culture promotes diversity
and inclusivity through its policies, team member resource groups
and workshops, and equal employment opportunity hiring practices
across the regions where it operates. Since 2007, the company has
positively impacted the lives of more than one million citizens
around the world, building stronger communities and helping those
in need through large-scale volunteer events and charitable giving.
Five TELUS International Community Boards have provided
$4.8 million in funding to grassroots
charitable organizations since 2011. Learn more at:
telusinternational.com.
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SOURCE Insignia Capital Group
