One of the leading global modern governance company used by nearly 700,000 board directors and leaders, Diligent Corporation (‘Diligent’), today announced that it has received an increased investment from Clearlake Capital Group, L.P. and a new investment from funds managed by Blackstone Tactical Opportunities.
Since Insight Partners, Diligent’s largest investor, took the company private in February 2016, Diligent has scaled from 4,400 to more than 19,000 clients and transformed its product portfolio into an integrated suite of SaaS solutions that facilitates secure collaboration, communication and meeting management for boards, committees and leadership teams. Diligent further empowers leaders to turn effective governance into a competitive advantage by driving accountability and transparency in their organizations, while addressing stakeholder and shareholder priorities and satisfying security and compliance requirements.
“Over the past few years, Insight and Clearlake have provided the resources, guidance and support that have allowed us to pursue our vision at Diligent, and I am thrilled to expand the partnership with an increased investment from Clearlake and a new investment from Blackstone,” said President and Chief Executive Officer of Diligent Brian Stafford.
“Modern governance matters more than ever in today’s world and our solutions are essential in helping board directors and executives confidently lead and drive change within their organizations. I look forward to working together with our investors to pursue our next stage of growth and continue to build transformative solutions for our clients.”
“We knew Diligent was a great company when we invested two years ago, and the Diligent team has exceeded our expectations in all respects,” said Co-Founder and Managing Partner at Clearlake Behdad Eghbali.
“We believe Diligent is uniquely positioned to build the modern governance category with its leading software and unwavering vision. We look forward to supporting Brian and his team, alongside Insight and Blackstone, as Diligent continues to provide best-in-class solutions to its global customer base.”
“Diligent’s world-class software offering is widely trusted by corporate leaders, including many of Blackstone’s more than 250 portfolio companies,” said a Senior Managing Director at Blackstone Viral Patel.
“As the focus on strong corporate governance only increases in the years ahead, we’re excited to partner with their management team and help fuel their continued growth moving forward.”
John Stecher, Chief Technical Officer (CTO) at Blackstone added that: “We were impressed by how advanced and forward thinking the Diligent product and technology team are. They are delivering cutting-edge secure digital solutions in an area of corporate governance that is clearly growing at a rapid pace. I look forward to working with the team to advance their products and drive deeper adoption across Blackstone.”
“Since our partnership with Diligent in February 2016, the company has successfully executed against its growth strategy, accelerating revenue growth, delivering significant product innovation and deepening its presence in international markets,” said Managing Director at Insight Deven Parekh.
“It has been a pleasure to partner with and support Brian and his management team as they solidified Diligent’s leadership in the software industry. We look forward to continuing to support Diligent and partnering with Clearlake and Blackstone as the business continues to create a category.”
Terms of the transaction were not disclosed. UBS Investment Bank served as financial advisor and Willkie Farr & Gallagher LLP served as legal advisor to Diligent. Sidley Austin LLP and Kirkland & Ellis LLP served as legal advisors to Clearlake and Blackstone, respectively. PJT Partners served as financial advisor to Blackstone.