Insight Partners’ Anika Agarwal
From our Women's PE Briefs - week commencing August 9, 2021
Two of Insight Partners’ Anika Agarwal’s portfolio companies have significant liquidity events. Appriss, Inc., which is backed by Insight and Clearlake Capital Group, is selling one of its wholly owned business units, Appriss Insights to Equifax for $1.825 billion. Meanwhile, another company on whose board Anika sits, EveryAction, is being acquired by private equity firm Apax and merged with two other companies, CyberGrants, and Social Solutions, whose CEO is Erin Mulligan Nelson. That combined company will have an enterprise value of $2 billion.
Based in Louisville, Ky., Appriss Insights provides data that is used in public and workplace safety, law enforcement, fraud detection and prevention, and health care credentialing. It is expected to generate approximately $150 million of revenue in 2021. Appriss will continue under the ownership of Insight and Clearlake and will focus on providing data and technology solutions to improve how health care is delivered, to mitigate fraud and risk, and to improve consumer experience at all touchpoints for omnichannel retailers. Insight originally invested in Appriss in November 2014. In April 2019, Clearlake became equal partners with Insight in the company.
As for EveryAction, it is being combined with CyberGrants and Social Solutions to create a sizable company providing technology to non-profits. Terms of Apax’s purchases of EveryAction from Insight and Social Solutions from Vista Equity Partners were not disclosed. But Apax said it intends to merge the two companies with CyberGrants, which it acquired earlier this year, to form a company that will have an annual revenue of more than $200 million and an enterprise value of $2 billion. It also said Vista will retain a stake in the newly created company. Apax said the company – whose name has not been disclosed – will support a unique network of 650,000 non-profit organizations, many of the most respected companies and foundations in the world, including half of the Fortune 500, and over 38 million donors and volunteers. The combined company will be positioned to match non-profits seeking more donations and volunteers with individuals, foundations, companies and employees looking for opportunities to help.
Erin took over as CEO of Social Solution last year. She was previously CEO of Calytera, a govtech platform provider. Based in Austin, Texas, Social Solutions provides impact and performance management software for human services. Vista invested in Social Solutions in 2014. Rachel Arnold, who was named earlier this year as co-head of Vista’s Endeavor Fund with René Yang Stewart, helped lead Vista into Social Solutions and ran the company for a time. CyberGrants, the third company, was founded by Karen Flanagan and her husband, Sean. In 2015, Waud Capital Partners acquired it and then sold it in June to Apax.
Anika led Insight into EveryAction three years ago and joined the Washington, D.C. company’s board at that time. EveryAction offers a suite of digital, fundraising and organizing SaaS products that, among other things, enable one-click contributions from email. The company’s clients have included Planned Parenthood, the National Audubon Society and the United Nations Foundation. A managing director at Insight, Anika is on the boards of or oversees the firm’s investments in iLobby, Bullhorn, CommerceHub, Community Brands, Enverus, Episerver, PDI and Inhabit IQ. She has spoken at the Women’s Alternative Investment Summit and the Virtual Women’s Leadership Unbound Summit.