Spire Capital Announces Sale of Portfolio Company, Advocate Networks, to Accenture

NEW YORK, June 9, 2022 /PRNewswire/ -- Spire Capital Partners ("Spire Capital" or "Spire"), a leading private equity firm with an investment focus in companies within the technology-enabled business services, media, communications, and education sectors, announced that it has closed on the sale of the majority of Advocate Networks, LLC ("Advocate" or the "Company"), a leading Technology Business Management ("TBM") and advisory services business, to Accenture. Financial terms were not disclosed.

Advocate provides technology-enabled managed services, IT expense management and advisory services to enterprise clients. During Spire's partnership, Advocate exhibited strong organic growth by expanding its customer base rapidly, developing exceptional solutions and providing outstanding services to its clients.

"Tim Wise, Scott Fogle and their team led Advocate to achieve extraordinary growth and operational excellence that has positioned the Company as an industry leader in TBM services," said David Schaible, Partner of Spire Capital. "The entire Advocate team has contributed to its success; we are proud of their accomplishments and look forward to seeing Advocate accelerate its market position within Accenture. It has been an amazing partnership and they are leading adoption of TBM services in the broader technology market. We wish them continued success as they continue to serve the rapidly changing needs of the technology ecosystem."

"We are tremendously proud of the Company's results during our partnership with Spire," commented Tim Wise and Scott Fogle, Advocate's Co-Founders and Co-CEO's. "The Spire team believed in our vision and was instrumental in their strategic support to help us achieve our goals. We appreciate all of our clients, partners, team members and Spire's efforts and contributions to enable our Company's success. The Spire team were great partners in all aspects and their partnership enabled us to achieve this next stage for the Company." Tim Wise and Scott Fogle will join Accenture alongside their team members to continue TBM adoption globally.

Eisner served as legal counsel to Spire Capital and Advocate.

Spire Capital Partners (https://spirecapital.com/) is an active and experienced private equity firm with an investment focus in small market companies within the technology-enabled business services, media, communications, and education sectors. Spire Capital Partners was founded on the principle of partnering with management teams and founders to help effectuate the next stage of growth for their companies. Spire Capital Partners professionals have a broad array of past operating, investing and advisory experiences they leverage to help portfolio companies accelerate growth, guide strategic direction and execute their business plan. Spire Capital Partners is a New York-based investment advisor registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.

Founded in 2001, Advocate (https://advocateinsiders.com/), the Premier TBM Services Company, provides technology business management ("TBM") services to enterprise organizations looking to optimize their technology strategy and infrastructure. Advocate is headquartered in Atlanta, GA. Follow Advocate on LinkedIn (https://www.linkedin.com/company/advocate/), Twitter (https://twitter.com/advocateinsider), and Facebook (https://www.facebook.com/AdvocateInsiders/).

SOURCE Spire Capital Partners