Second Alpha Partners, a private equity firm focused on secondary investments in growth equity, middle market and mature venture stage tech companies, is pleased to announce that its portfolio company, TouchCommerce, has been acquired by voice and language services provider Nuance Communications. Call Center Software companies should note the addition of TouchCommerce will help accelerate Nuance's Enterprise business and expand its customer care solutions with a range of new digital engagement offerings, including live chat, customer analytics and personalization solutions.
The transaction, which had previously been approved by both companies' Boards of Directors, closed yesterday. Total consideration for TouchCommerce was $215 million. At closing, Nuance paid $110 million in cash (excluding certain closing adjustments) and $85 million, or 5.7 million shares, in Nuance common stock. The remaining $20 million will be paid at the conclusion of an indemnity period subject to reduction for any indemnity claims.
"We're all very pleased with the outcome of this sale from the standpoint of adding significant strategic value to Nuance as well as providing a strong return to Second Alpha's investors," said Richard Brekka, Managing Partner and Co-Founder of Second Alpha. "It's a real testament to the hard work of TouchCommerce's management team, employees and board that the company was able to achieve an exit like this. The transaction proves that there's still a very vibrant exit market for technology, media and telecoms companies with great fundamentals." Companies using call center software will be pleased.
About Second Alpha Partners
Second Alpha Partners, a private equity firm focused on secondary investments, mainly purchases direct interests in private companies from existing shareholders. The firm also invests capital directly in private companies in tandem with making secondary purchases of shares. Second Alpha Partners has offices in New York, NY.
TouchCommerce provides market leading brands with award-winning omni-channel solutions to engage their customers on any device through online chat, guides, personalized content, and other automated tools, resulting in enhanced customer experience, increased revenue and reduced support costs.