Union Square Advisors Serves as Exclusive Financial Advisor to Permira in its Strategic Investment in Motus

in its strategic investment in
TMT
Business/Productivity Software
Mobile

Demonstrates Union Square Advisors’ expertise in providing strategic advice to leading financial sponsors and industry leading software companies in the mobile workforce management space

On October 6, 2021, Union Square Advisors announced it served as the exclusive financial advisor to Permira, the global private equity firm which backs leading, scaling, tech-enabled businesses, in its agreement with Thoma Bravo, a leading software investment firm, to make a significant strategic investment in Motus, the premier reimbursement software platform for the anywhere workforce. As part of the transaction, existing investor Thoma Bravo will reinvest and remain a significant investor in Motus. Financial terms of the transaction were not disclosed.

Established in 2004, Motus provides end-to-end, proprietary software to simplify the reimbursement and management of vehicle, device and remote work costs, and is a pioneer of the IRS-approved fixed and variable rate (FAVR) reimbursement methodology. Following its acquisition by Thoma Bravo in 2018, Motus merged with Runzheimer, the creator of the flagship FAVR product and provider of data that underpins the annual Internal Revenue Service (IRS) business mileage standard. Since the combination, Motus has experienced rapid growth over the last three years and today serves more than 280,000 users for customers including Bosch, Papa John’s, Yuengling, Kellogg’s, National Grid, and Coca-Cola Bottling Company.

“Motus is the clear US market leader with a compelling value proposition driven by its industry leading, compliance-driven solutions that help companies optimize mobile workforces across all industries,” said John Mulflur, Principal at Permira. “Thanks to its foundation of innovative technology and customer loyalty, Motus is well-positioned to capitalize on the growing needs of businesses as employees work more flexibly than ever before. Permira’s proven experience in both telematics and workflow digitization, through investments such as Lytx, sees us well placed to accelerate growth at Motus, and we look forward to partnering with the company and Thoma Bravo to take full advantage of this opportunity and drive further expansion at scale going forward.”

“Union Square Advisors was proud to once again partner with the Permira team,” said Carter McClelland, Chairman at Union Square Advisors. “Today’s announcement represents another successful transaction for us working with leaders in mobile workforce management, expense management and fleet management, following our recent work with companies like Lytx and Coupa.”

The deal, which is subject to customary regulatory approvals, is expected to close in the fourth quarter of 2021.

Read the full press release here.

About Permira

Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds with total committed capital of approximately US$50bn (€44bn) and makes long-term majority and minority investments. The Permira funds have made over 250 private equity investments in four key sectors: Technology, Consumer, Services and Healthcare. The Permira funds have an extensive track record in tech and tech-enabled investing, having invested over US$15bn in more than 50 companies across enterprise cloud adoption, SaaS, fintech and online marketplaces. Permira employs over 350 people in 15 offices across Europe, North America, and Asia.

The Permira funds have previously backed and helped scale some of the largest and fastest-growing software, e-commerce and technology businesses globally, including Lytx, Clearwater Analytics and Relativity, among others. For more information, visit www.permira.com.

About InterPrivate III Financial Partners Inc.

InterPrivate III Financial Partners Inc., led by Ahmed Fattouh, Sunil Kappagoda, and Nicholaos Krenteras, is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue initial business combination targets in any industry, the Company expects to pursue targets in the financial services industry with a particular focus on tech-enabled companies, with a focus on target companies with an enterprise value of $1 billion or more. InterPrivate III’s Board of Directors includes globally recognized financial services leaders including former BankOne Chairman, John McCoy; former Lucent and Verifone Chairman, Rich McGinn; and Pine Brook founder and former Warburg Pincus Vice Chairman, Howard Newman.

About Thoma Bravo

Thoma Bravo is one of the largest private equity firms in the world, with more than $83 billion in assets under management as of June 30, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired more than 325 companies representing over $100 billion in enterprise value. For more information, visit thomabravo.com.

About Motus

Motus is the definitive expert in anywhere workforce solutions. Its platform and proprietary software simplify the reimbursement and management of vehicle, device, work and living costs through personalized calculations. Powered by an unmatched pool of data, refined over more than 80 years, and updated in real time, Motus is the platform of choice for top Fortune 500 companies and organizations committed to workplace agility. Motus automotive data, captured and analyzed across the world’s largest retained pool of drivers, also underpins the annual Internal Revenue Service (IRS) business mileage standard, the amount an individual can deduct for business vehicle expenses. For more information please visit www.motus.com or connect with us on Twitter, Facebook, Instagram or LinkedIn.

About Union Square Advisors

Union Square Advisors is a leading technology-focused investment bank that offers strategic mergers & acquisitions advice and execution, agented private capital financing, and debt capital markets advisory services. Founded in 2007, with offices in San Francisco and New York, Union Square Advisors works with leading public and private technology companies, private equity, venture capital, and family offices. Our expertise spans many aspects of the technology landscape, including Enterprise Software and Infrastructure, FinTech, Healthcare IT, Internet+Digital Media, eCommerce, Consumer Software and other key segments. Since inception, Union Square Advisors has advised on over 140 transactions, valued in excess of $110 billion. For more information, please visit http://www.usadvisors.com.

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