below Clearlake’s owned, Brightly transformed into a leading cloud-based asset management software platform with a broad range of products that solve operational and planning needs
SANTA MONICA, California. and CARY, NC, Aug 4, 2022 /PRNewswire/ — Clearlake Capital Group, LP (along with certain of its affiliates,”clearlake“) announced today that it has completed the sale of Brightly Software, Inc. (“Brightly Software”, “Brightly” or the “Company”) to Siemens AG (“Siemens”) (FRA:SIE) for $1.575 billion of cash prepayment, together with $300 million in cash earn-out payments, for a total of $1,875 billion.
Brightly Software (PRNewsfoto/Brightly Software, Clearlake Capital Group)
Brightly is a software-as-a-service (“SaaS”) provider of cloud-based enterprise asset management and facility operations management. clearlake acquired Brightly, formerly known as “Dude Solutions”, in June 2019.
Brightly executed on an investment thesis focused on scaling the company into a leading provider of enterprise asset management SaaS solutions for a diverse range of applications, end markets and geographies. In collaboration with the board, clearlake implemented his OPS® strategy to support the company in various organic and inorganic growth initiatives. Organic growth initiatives focused on reshaping the company’s operating cost structure to enable profitable growth while improving the quality of the company’s revenue streams. These efforts were complemented by the completion of four strategic acquisitions, including Assetic, Confirm, Energy Profiles and Facility Health.
The combination of these initiatives under Clearlake’s ownership resulted in a significant increase in annual recurring revenues and a significant expansion of the company’s EBITDA margins.
Kevin KemmererChief Executive Officer at Brightly Software, said: “The Brightly team and I have had an exciting partnership with clearlake, and together we built the business into a SaaS platform that addresses a variety of business asset management use cases. During Clearlake’s Owned for three years, our team has been able to leverage the company’s software expertise and best practices from their portfolio to establish us as a high-performing software solutions provider. We are proud and grateful for clearlake We thank them for their partnership and believe we have collectively positioned the company well to continue to advance our market leadership and achieve our goal of helping our customers create more sustainable communities as part of Siemens.”
“Clearlake’s Software investment approach involves working with management to scale promising SaaS businesses while focusing on profitable growth and sales efficiencies. Since investing in the company, Brightly has reconfigured its go-to-market movement, moving many customers to a longer-term partnership model, while retaining the platform innovation that has always set Brightly apart. We have valued our partnership with Kevin and his team over the years, which has resulted in Brightly’s success throughout our ownership,” said Behdad EghbalicCo-Founder and Managing Partner, and Prashant MehrotraPartner and Managing Director, at clearlake. “We are very excited about this result as it unlocks the potential of Clearlake’s investment approach and the foundation Kevin and his team have developed to drive continued growth. We thank the Siemens team for their cooperation over the past months and wish the Brightly team every success for the future.”
During Clearlake’s ownership, Brightly expanded into new end markets and geographies, and expanded its product offering and expanded into solutions with a focus on ESG and sustainability management. Today, Brightly has a global customer base of more than 12,000 clients in education, public infrastructure, manufacturing, healthcare, commercial real estate and other end markets, and was recently recognized as a “Leader in Enterprise Asset Management Software” by Verdantix, an award-winning independent research firm.
William Blair & Company LLC and SVB Securities LLC acted as lead financial advisors to Brightly. Sidley Austin LLP provided legal advice to Brightly and clearlake.
About clearlake
Clearlake Capital Group, LP is an investment firm founded in 2006 that operates integrated businesses in private equity, credit and other related strategies. Taking an industry-focused approach, the company seeks to partner with experienced management teams by patiently providing long-term capital to dynamic companies that can benefit from Clearlake’s operational improvement approach, OPS® The company’s core target sectors are technology, industry and consumer. clearlake currently has left $72 billion of its assets under management and its senior investment principals have led or co-directed more than 400 investments. The company is located in Santa Monica, California with branches in Dallas, Texas, London, United Kingdom and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @clearlake.
About Brightly software
Brightly, the global leader in intelligent asset management solutions, empowers organizations to transform the performance of their assets. Brightly’s advanced cloud-based platform leverages more than 20 years of data to deliver predictive insights that guide users through the key stages of the full asset lifecycle. More than 12,000 customers of all sizes worldwide depend on Brightly’s complete suite of intuitive software – including CMMS, EAM, Strategic Asset Management, IoT Remote Monitoring, Sustainability and Community Engagement. Combined with award-winning training, support and advisory services, Brightly helps light the way to a brighter future with smarter assets and sustainable communities. For more information, visit www.brightlysoftware.com.
Media contacts
In front of clearlake:
Jennifer Huson
Lambert & Co.
[email protected]
(845) 507-0571
For Brightly software:
Adam Nova
PAN communication
[email protected]
SOURCE Clearlake Capital Group
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