Our Operating Successes

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 

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