Beeline, a global leader of workforce management software, announced its partnership with New Mountain Capital, an NYC-based firm that currently manages over $20 billion in assets.
Founded in 1999, Beeline is the world's largest independent provider of cloud-based vendor management solutions. It's enterprise-grade, end-to-end sourcing, workflow, and decision-optimization platform allows employers to manage their extended workforce effectively. Beeline enables procurement, finance, and human resource professionals to optimize costs, manage complex regulatory and compliance risks as well as gain actionable, real-time business intelligence into their non-employee workforce programs.
Doug Leeby, CEO of Beeline said "We are thrilled to partner with New Mountain. With a robust history of supporting and growing software companies as well as companies in the human capital ecosystem, New Mountain is an ideal partner for us, and we look forward to leveraging their expertise. He added, ''Our existing customers will greatly benefit as we make even more technological advancements, such as the continued application of artificial intelligence and machine learning, to our industry-leading products."
This partnership with New Mountain will provide Beeline with significant strategic resources and monetary benefits to accelerate Beeline's innovative product roadmap to expand globally, and meet the client’s evolving needs.
Lars Johansson, MD at New Mountain Capital, added, "We are excited to support Beeline's continued investment in its innovative, market-leading product. We believe there is a significant opportunity to continue the company's global growth and commitment to customer success."
The transaction is expected to close in August 2018, following customary regulatory approvals without disclosing the additional terms of the deal.
William Blair & Company and Lazard served as financial advisors, and Kirkland & Ellis LLP provided legal counsel to Beeline. UBS served as financial advisor to New Mountain Capital while Ropes & Gray LLP served as their legal advisor and Owl Rock Capital is providing the financing in support of the transaction.