Bowstring Advises Collaborative Solutions in its Recapitalization by WestView
September 26, 2016 | Atlanta, GA
Bowstring Advisors (“Bowstring”) served as the exclusive financial advisor to Collaborative Solutions (“Collaborative”), a leading business transformation consultancy, in its recapitalization by WestView Capital Partners (“WestView”), a Boston-based private equity firm.
WestView’s investment in Collaborative represents the first institutional funding taken by the company and will help fuel its continued rapid growth and expansion in the global cloud consulting services space. Collaborative Solutions is the longest-tenured and among the largest independent Workday services partners, deploying Workday’s solutions for Financial Management, HCM, Payroll, and Student, as well as providing key strategic and change management services to its 275+ customers. Dedicated to customer success, Collaborative has earned a 98% customer satisfaction rating, which includes global Fortune 500 companies, medium-sized businesses, and education and government institutions that operate in more than 125 countries. The investment by WestView will allow Collaborative to accelerate its strategic growth plans by enabling further innovation around its Cynergy™ deployment methodology and toolset, increasing the recruitment and development of its world-class expert consulting staff, and expanding its presence globally. Collaborative Solutions will continue to be majority-owned and operated by the company’s founders, with WestView Capital Partners joining Collaborative’s Board of Directors.
“I am excited about Collaborative’s partnership with WestView, and the experience that Rick and his team will bring us as we continue to grow our organization,” said Carroll Ross, CEO of Collaborative Solutions. “The Bowstring team’s expertise in IT services and consulting enabled us to get in contact with the right private equity firms and find the best partner to fit our needs. WestView’s experience in supporting growth-oriented companies such as Collaborative will help us as we aggressively ramp up our strategic initiatives around our people and our innovative services offerings, strengthening our ability to help our customers maximize their investments in the cloud and see the benefits of that investment more quickly.”
“We are excited to partner with the Collaborative team,” said Rick Williams, Managing Partner at WestView. “Carroll and his team have built an impressive company, highlighted by its industry-leading customer satisfaction, deep Workday experience, and strong financial performance. We look forward to supporting them as they continue to invest and build upon their strong position in the industry.”
Don Holbrook, Managing Director at Bowstring, said, “Collaborative has built an impressive firm, and we were pleased to have the opportunity to represent them in this transaction. Collaborative found a great match with WestView, and I am confident the two firms will have great success together.”
Bowstring Advisors served as Collaborative’s exclusive Investment Banking advisor on the transaction.
The Bowstring team’s expertise in IT services and consulting enabled us to get in contact with the right private equity firms and find the best partner to fit our needs.