BOSTON, May 12, 2020 /PRNewswire/ -- Clearhaven Partners, LP, a technology-focused private equity firm based in Boston, announced today that it recently completed a majority investment in TimeTrade Systems, Inc. ("TimeTrade" or the "Company"). Financial terms were not disclosed.
Clearhaven Partners is a lower middle market software and technology focused private equity firm. Clearhaven was founded by an investor-operator team for the exclusive purpose of partnering with differentiated, growing software and technology companies. Clearhaven works closely with its portfolio companies to accelerate value creation and help companies realize their full potential.
TimeTrade is an enterprise software company whose SaaS solutions simplify the complexities around large-scale enterprise scheduling between a company and its customers in order to create high quality, frictionless customer interactions across virtual and physical appointment channels. Founded in 1999, TimeTrade defined the business appointment scheduling category and now deploys its best-of-breed, Cloud-based software in more than 500 enterprises and more than 10,000 businesses.
Michelle Noon, Managing Partner and Co-Founder at Clearhaven Partners and Chairman of the Board of TimeTrade commented, "We are thrilled to partner with TimeTrade and its management team. In any environment, we seek to partner with high quality software businesses, such as TimeTrade, with a proven track record of delivering customer value. In the current environment, sensitive to the major disruptions to everyday life faced by all, we have been extraordinarily impressed with the responsiveness and ingenuity of TimeTrade's people and the ability of TimeTrade's solutions to reduce the burden for businesses seeking to interact seamlessly with their customers and constituents, whether through virtual or physical channels."
Kevin A. Wood, Operating Partner and Co-Founder at Clearhaven Partners and member of the TimeTrade Board continued, "TimeTrade exemplifies the kind of business we look to partner with to accelerate growth. As a long-standing market leader with a scalable technology platform addressing mission critical scheduling activities for its customers, we look forward to working closely with the TimeTrade team to support continued investment in the Company's technology and people to accelerate value creation."
In conjunction with Clearhaven Partners' investment, William Clark has been named Chief Executive Officer of the Company. Michelle Noon commented, "I am honored to be working with Bill again, now as CEO of TimeTrade. Bill's depth of prior executive experience at highly respected software companies such as Deltek, Savi Technology, Novell and Hyperion represents only part of what he brings to TimeTrade. Bill is also a practical and insightful leader who brings out the best in his teams and companies by his authentic hands-on approach to building businesses and delivering value to customers."
Bill Clark, CEO of TimeTrade, stated, "I'm excited to have the opportunity to lead TimeTrade's next chapter of growth and to build upon the Company's strong foundation and long-standing leadership position in enterprise appointment scheduling. In addition to the strength of the core business, the opportunity to partner with the team at Clearhaven was a key driver of my interest in joining the Company. I look forward to working with Clearhaven and the Board to continue to build our company and to deliver value to our customers and investors."
"In the early days of our ownership during the COVID-19 crisis, we have seen TimeTrade's Scheduler software streamline the complexities of scheduling virtual and physical interactions at scale for TimeTrade's customers in both essential and non-essential business categories across banking, financial services, retails, technology and healthcare, among other industries," continued Kevin A. Wood, "and the Company's software will provide continuing benefit long after we return to the next normal."
Kirkland & Ellis LLP served as legal counsel and RSM US LLP provided transaction advisory support to Clearhaven Partners.
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 at least $20 million in recurring revenue. Clearhaven brings 30 years of software investing and operating experience to its portfolio companies through its partnership approach and its Value Acceleration Playbook, which couples actionable insights with practical tools and guidance to help companies scale profitably. Visit us at www.clearhavenpartners.com.
TimeTrade is the leading SaaS provider for complex enterprise scheduling. TimeTrade's solutions help reduce friction for its enterprise and business customers as they seek to seamlessly coordinate interactions with their constituents across virtual and physical channels. Since its founding in 1999, TimeTrade defined the category of enterprise scheduling by delivering value to customers by helping to improve their business processes for customer interaction. TimeTrade counts more than 500 enterprises and 10,000 businesses among its customers and TimeTrade's Scheduler solution has helped these customers schedule more than 750 million appointments across banking and financial services, retail, technology, education and services industry verticals. TimeTrade is a portfolio company of Clearhaven Partners, a Boston-based private equity firm. Find out more at www.timetrade.com.
SOURCE Clearhaven Partners LP