Chicago, IL, November 13, 2014 – Waud Capital Partners ("WCP"), a leading middle-market private equity firm, today announced that it has entered into a partnership with accomplished software executive Mark Layden to form Greenwood Technology Partners LLC ("Greenwood" or the "Company"). Mr. Layden will serve as the Company's Chief Executive Officer. Greenwood will focus on creating customer value as a leading vertical market software company through a series of acquisitions, integration and organic growth and development. To establish a platform, Greenwood is looking to acquire a software company serving a variety of potential industry verticals, including, but not limited to: healthcare, financial services and retail. WCP has initially
committed $75 million of equity capital to Greenwood.
Mr. Layden was most recently Chief Operating Officer of Applied Systems, Inc. During his tenure, Applied Systems doubled its revenue and EBITDA to become the largest provider of insurance agency management software in North America. Mr. Layden led several key value-creation initiatives, including the launch of the company's flagship Epic software platform, the fastest growing industry application adding more than 30,000 new users in five years. Mr. Layden's efforts helped enable the company to generate a $1.8 billion valuation at the time of its sale in January 2014. Prior to joining Applied Systems, Mr. Layden had senior management roles at leading global software companies including FICO (f/k/a Fair Isaac Corporation) and SAP, as well as at smaller entrepreneurial firms such as Temposoft and Campbell Software.
"Given the continued evolution of software towards cloud-based business models and the increasing importance of data and analytics, we believe this is the opportune time to build a leading vertical software platform," said Mr. Layden. He continued, "I have spent my entire career building and managing software companies, and WCP's focus on growth and prior success with similar management-led acquisition initiatives provides me great confidence in our collective success. I look forward to working with Waud Capital to develop Greenwood into an
Matt Clary, Partner at WCP, noted, "Mark is a tremendously accomplished software executive with a history of value creation. He brings all the necessary tools and experience to drive similar outcomes at Greenwood." Mr. Clary added, "Our financial commitment underscores Waud Capital's strategy to partner with successful executives to build market-leading companies in specific business niches."
About Greenwood Technology Partners
Greenwood was formed by WCP to create a leading vertical software company through a series of acquisitions, integration and organic growth and development.
For additional information on Greenwood click HERE.
About Waud Capital Partners
WCP is a leading middle-market private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle market growth equity investments, industry consolidations, buyouts and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the healthcare and businesses services sectors. Typically, the companies in which WCP invests have enterprise values of $30 million to $300 million.
For additional information on WCP, visit www.waudcapital.com.
For Further Information:
Mark Layden, Chief Executive Officer
Greenwood Technology Partners
Matt Clary, Partner
Waud Capital Partners
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