FRANKLIN, Tenn. and FAYETTEVILLE, Ark., April 19, 2018 /PRNewswire/ -- Metova, a world leading provider of mobile, connected car, connected home and IoT Solutions, today announced Lightview Capital, a Summit, N.J.-based private equity firm and members of Metova's senior management led the recapitalization of Metova Inc. The transaction supports Metova's focus on providing innovative solutions in areas including the Internet of Things, mobile self-service as well as the connected car and home.
"As technologies develop and mature around connected services, homes, vehicles and more, businesses are often overloaded with the many options and directions for a meaningful and powerful digital transformation," said Josh Smith, CEO at Metova. "At Metova, we work alongside our partners, understand their vision and then help get them there with innovative solutions."
In addition, Metova is announcing an experienced new leadership team to support the company's focus on enabling transformation and digital disruption through technology solutions. New appointments include Josh Smith, co-founder of PrivacyStar as CEO, Ed Horton, former CMO at Acxiom as CRO, Andrew Cowart, previously vice president of technology at Metova as CTO, Jonathan Sasse, former CEO of iriver and senior vice president of marketing at Slacker as CMO, GB Cazes, former vice president at the Cyber Innovation Center and executive director at the National Integrated Cyber Education Research Center as COO, and Julie Gillaspy, former HR Director and Corporate Recruiter at Acxiom as EVP of People and Organizational Development.
The transaction with Metova is consistent with Lightview's strategy of investing in tech-enabled and outsourced services businesses with unique domain expertise and recurring revenue who can benefit from Lightview's collaborative investment approach.
"The average mobile application is updated every 18 days and the average smartphone user spends over two hours per day on apps," said Rich Erickson, Managing Director of Lightview. "The shift to mobile applications drives the need for the specialized expertise Metova provides to customers. We are extremely pleased to be able to partner with the Metova team to continue building upon their tremendous success in being a market leader in digital transformation services."
Lightview's investment partners for the transaction were Harbert Management Corporation and Eagle Private Capital. Lightview's Operating Advisor Tim Murray, an experienced industry executive, will also provide guidance to Metova and the company and serve on the Board of Directors.
ABOUT METOVA Founded in 2006, Metova set out to build beautiful mobile applications while creating a great place for people to work. Today, Metova continues those traditions, while focusing on creating solutions for mobile self-service industries as well as complete solutions for the connected home and vehicle and the Internet of things. Metova's work environment promotes a unique culture of teamwork, creativity and personal development that has attracted leading engineering, strategy and design talent. To learn more, please visit metova.com or metova.com/jobs
ABOUT LIGHTVIEW CAPITAL Lightview Capital is a leading private equity firm investing exclusively in business services sectors across the lower middle market. Lightview is focused on providing its portfolio companies deep industry knowledge, insightful experience, and active resources to unlock growth and drive value. Lightview Capital's approachable investment style combines deep operational and financial experience with an entrepreneurial spirit that delivers measurable results.
Headquartered in New Jersey and founded in 2012, Lightview Capital founders have successfully led direct investments in more than 20 companies over 75% of which have led to IPOs or strategic exits. Over the course of their combined 50+ years of experience, they have founded and managed both operating businesses and investment firms where they were instrumental in raising over $500 million from leading institutional investors.