Gryphon Investors, a middle-market private equity firm, has acquired a majority stake in the ServiceNow division of Highmetric, a global digital IT services provider, from The Acacia Group, which has retained a minority investment in the company. The standalone ServiceNow business will continue to be known as Highmetric, while the non-ServiceNow divisions have been rebranded as MajorKey Technologies and will continue to be backed by The Acacia Group.
Gryphon also announced its first two additions to the Highmetric family, with definitive agreements to acquire Fishbone Analytics, Inc. and Iceberg Networks.
Gabe Stephenson, managing director at Gryphon said, “Gryphon is extremely excited to be partnering with the talented teams at Highmetric, Fishbone, and Iceberg. We have a well-developed thesis around the power of ServiceNow to optimize digital transformation workflows and believe that these are the best three businesses for us to initially invest behind to create a differentiated market leader in this space.” Alex Earls, Deal Partner and Head of Gryphon’s Business Services Group, added, “This investment is a strong match with our past track record and we are looking forward to supporting management to rapidly scale the business organically and through additional strategic acquisitions.”
As part of the transaction, Matt Stoyka has joined Highmetric as CEO and Den Roenfeldt has become executive chair.
Stoyka said, “The combination of Highmetric, Fishbone Analytics, and Iceberg Networks represents a complete and total commitment to the ServiceNow ecosystem and to our customers. Our customers have told us they need a full-service firm with domain expertise enhanced by deep industry focus. We are primed and ready to work closely with our clients and ServiceNow to introduce powerful workflow solutions that drive meaningful business results. With the support of Gryphon Investors, we will also continue to invest heavily in the growth of our amazing and talented team. It is a privilege to be part of this transformation and to have the ability to influence and positively impact our customers, our partners, and our communities.”
Guggenheim Partners and 7Mile Advisors served as financial advisors to Gryphon, and Kirkland & Ellis served as Gryphon’s legal advisor. Jefferies served as the exclusive financial advisor to Highmetric and Miles & Stockbridge PC served as Highmetric’s legal counsel. Transact Capital Partners LLC served as the exclusive financial advisor to both Fishbone Analytics and Iceberg Networks, with Labarge Weinstein as legal counsel to both companies.