Our Operating Successes
Explore our past operating successes to see how we've partnered with our portfolio companies to help drive steady and structured growth.
Alliance Data Systems
Company Description: Alliance Data Systems (ADS) is a leading provider of private-label and co-branded credit card programs. Over 100 retailers and other brand partners rely on ADS’s programs to drive engagement, maintain customer loyalty and deliver unique insights on customer behavior. The company serves some of the most prominent brands in the world, including Caesars, Michaels, the NFL and Victoria’s Secret.
Deal Description: WCAS formed ADS by combining two corporate carve-outs: the card-issuing business from JC Penney and the merchant-acquiring business from The Limited. WCAS partnered with ADS management to (i) integrate the two entities and build standalone corporate infrastructure, (ii) professionalize go-to-market capabilities and (iii) expand product offerings via M&A.
ADS completed a successful IPO in 2001 and remains publicly traded today.
Headquarters: Columbus, OH
Investment Year: 1996
Exit Year: IPO in 2001
Fund: WCAS VI, VII and VIII
Sector: Payments
Avetta
Company Description: Avetta is a global leader in supply chain risk management (SCRM) software, offering a cloud-based platform that enables clients to manage risks related to health, safety, sustainability, and other critical factors. With operations in over 130 countries, Avetta connects more than 500 hiring clients with 130,000+ contractors, reducing accidents, improving compliance, and fostering operational excellence across complex supply chains. The Company’s global reach and purpose-driven solutions position it as a trusted partner for businesses seeking to navigate the complexities of modern supply chains.
Deal Description: Since acquiring Avetta in 2018, WCAS partnered with Avetta management to implement a Value Maximization Plan (VMP) focused on four key levers: (i) upgrading talent by building out the executive team, including the hiring of experienced CEO Arshad Matin, (ii) enhancing product and technology through investments in new offerings like ESG and automation using generative AI, (iii) promoting strategic M&A to expand the supplier and worker network and broaden its product base, and (iv) improving the go-to-market strategy by optimizing pricing, maturing the sales team, and sharpening focus on core vertical markets with a heightened right to win.
These efforts resulted in significant growth, culminating in the sale to EQT in 2024, positioning Avetta for continued innovation and success under new ownership.
Headquarters: Houston, Texas
Investment Year: 2018
Exit Year: 2024 to EQT
Fund: WCAS XII
Sector: GRC
Acquisitions: eWebOQ, Browz, Pegasus
Clearwater
Company Description: Clearwater Analytics is a leading SaaS provider of investment accounting, reporting, and analytics solutions, serving institutional investors, insurers, asset managers, and corporations. Clearwater’s platform delivers near real-time, daily reporting on portfolios, providing clients with unmatched transparency and insight. With over $7 trillion in assets under reporting, Clearwater enables clients to manage complex investment portfolios, improve operational efficiency, and reduce risk.
Deal Description: Since acquiring Clearwater in 2016, WCAS has driven a series of strategic initiatives that have reinforced Clearwater’s leadership in its core market, unlocked new growth avenues and sustained industry-leading client satisfaction and unit economics. These efforts include: (i) assembling a world-class management team, (ii) enhancing the go-to-market strategy, (iii) expanding global presence, (iv) accelerating product innovation, (v) strengthening operational and platform capabilities and (vi) pursuing targeted M&A opportunities.
The successful execution of these strategic initiatives has driven consistent >20% annual revenue growth since 2016 and supports Clearwater’s highly differentiated Rule of 50 profile as of 2024. Clearwater is publicly traded on the NYSE (IPO in September 2021).
Headquarters: Boise, Idaho
Investment Year: 2016
Exit Year: 2021 IPO
Fund: WCAS XII
Sector: Financial
Fiserv
Company Description: Fiserv is a global leader in financial technology and payments offering core banking solutions, merchant acquiring services, card issuer processing, and network services. The company’s software is used by 10,000 financial institutions to process customer deposits and loan applications, manage the general ledger, analyze financial risk and enable digital account access. Six million merchant locations rely on Fiserv to accept electronic payments, and the company processes over 12,000 financial transactions per second.
Deal Description: WCAS formed Fiserv by merging First Data Processing and Sunshine State Systems and partnered with the management team to integrate the two entities to create a market leader. Fiserv acquired 58 companies and significantly broadened its product offering during WCAS’s investment horizon.
Fiserv completed a successful IPO in 1986. The company remains publicly traded today and is a member of the S&P 500.
Headquarters: Brookfield, WI
Investment Year: 1984
Exit Year: IPO in 1986
Fund: WCAS III
Sector: Fintech
Green Street
Green Street is a leading provider of commercial real estate (CRE) intelligence, including research, data, analytics and exclusive news in North America and Europe through a cloud-based software platform. The company serves a blue-chip client base, including institutional investors, investment banks, brokers and REITs who use its intelligence to inform mission-critical decisions and industry knowledge.
Since acquiring Green Street in August 2019, WCAS partnered with Green Street management to implement several transformation initiatives, including (i) improving revenue quality, (ii) enhancing customer value proposition and competitive differentiation, (iii) professionalizing go-to-market capabilities, (iv) addressing market expansion opportunities, (v) reducing regulatory burden and (vi) executing on M&A. These efforts accelerated organic growth, doubled the size of the business and expanded the addressable market opportunity for Green Street.
In July 2022, WCAS announced a majority sale of Green Street to TA Associates while retaining a meaningful minority ownership.
Headquarters: Newport Beach, CA
Investment Year: 2019
Exit Year: 2022 (partial exit)
Fund: WCAS XIII
Sector: Data & Analytics / Property Technology
Acquisitions: Harrison Scott Publications, React News, IJ Global, Local Data Company, Locatus
Intoxalock
Company Description: Intoxalock is the market leader and fastest-growing provider of ignition interlock devices (IIDs) and related DUI services in the U.S. IIDs and related monitoring software/services are mandated for drunk driving (“Driving Under the Influence” or “DUI”) offenders in most states. Over WCAS’s hold period, Intoxalock prevented over 1 million drunk driving attempts, translating to 12,000+ potential lives saved.
Deal Description: Since acquiring Intoxalock in March 2017, WCAS partnered with management to accelerate growth while maintaining profitability by (i) doubling marketing-generated leads and improving lead conversion, (ii) increasing the service center footprint from approximately 1,400 to over 4,800, (iii) growing and cross-selling products developed organically as well as acquired via M&A and (iv) strengthening government regulations around drunk driving. These efforts doubled Intoxalock’s market share, expanded the addressable market and optimized operating efficiency.
In October 2022, WCAS announced the sale of Intoxalock to L Catterton.
Headquarters: Des Moines, IA
Investment Year: 2017
Exit Year: 2022
Fund: WCAS XII
Sector: GovTech
Acquisitions: Breathe Easy Insurance, ADS, New Directions Assessments
Quickbase
Company Description: Quickbase is a leading cloud-based, no-code application development platform that empowers business users to rapidly develop, customize and deploy new business applications without the need to create or edit software code. Over 6,000 customers rely on Quickbase to quickly and efficiently build customized applications to manage bespoke projects with end-to-end visibility.
Deal Description: Since acquiring Quickbase from Intuit in April 2016, WCAS partnered with CEO and former WCAS Operating Partner Rick Willett to (i) set up standalone corporate infrastructure, (ii) shift technology strategy to a customer-centric product development approach, (iii) reorganize go-to-market efforts to focus on enterprise segments, and (iv) optimize customer contracts. These efforts improved the company’s competitive positioning, accelerated new logo bookings and improved revenue retention.
In April 2019, WCAS completed a majority sale of Quickbase to Vista Equity Partners while retaining a meaningful minority ownership.
Headquarters: Boston, MA
Investment Year: 2016
Exit Year: 2019 (partial exit)
Fund: WCAS XII
Sector: B2B Software
Investments shown above are for illustrative purposes and do not represent all investments made by WCAS funds and are not necessarily representative of Fund portfolios as a whole. Please see here for a full list of investments
News & Perspectives
Welsh, Carson, Anderson & Stowe Expands Operating Partner Team with Three Strategic Hires
New York, New York, November 21, 2024 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm specializing in the technology and healthcare industries, is pleased to announce
Ann Hickey Named to WSJ’s list of Five Women Poised to Shape Private Equity’s Future
New York, New York, November 18th, 2024 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused on the healthcare and technology industries, announced today that Ann
Welsh, Carson, Anderson & Stowe Appoints Four New General Partners
New York, NY – November 14, 2024 -- Welsh, Carson, Anderson & Stowe (“WCAS” or the “Firm”), a leading private equity firm focused exclusively on the technology and healthcare industries,
EquiLend Announces Appointment of New Chief Executive Officer
New York, October 23, 2024 – EquiLend, the global leader in technology, data, and analytics solutions for the securities finance industry, today announced the appointment of Rich Grossi as its new
Jennifer Martin Joins WCAS as Chief Financial Officer and General Partner
New York, NY – September 19, 2024 -- Welsh, Carson, Anderson & Stowe (“WCAS” or the “Firm”), a leading private equity firm focused exclusively on the technology and healthcare industries, announced
WCAS Completes Acquisition of EquiLend
Private equity backing to accelerate growth initiatives for EquiLend New York, September 5, 2024 – EquiLend, the global technology, data and analytics company for the securities finance industry, today announces the