L Squared Capital Partners has lead the recapitalization of Lumaverse Technologies, a provider of constituent management and engagement software for education, nonprofits and businesses, alongside existing investor PSG, a growth equity firm partnering with middle-market software and technology-enabled services companies.
“Lumaverse has built a differentiated software platform within an attractive market segment that we believe is poised for strong growth,” said Adam Kimura, Partner at L Squared, who will join the Lumaverse board. “We are excited to partner with PSG and management to support the company’s next phase of growth. We plan to accelerate the company’s development both organically and through acquisitions to further enhance the value proposition for its large, growing customer base.”
“We are eager to collaborate with L Squared with its strong track record in our core markets. We value our partnership with PSG, which led to robust growth over the past three years, including the opportunity to serve over 55 million users,” said Mike Barros, CEO at Lumaverse. “The agility, commitment, and passion of our team, especially through the pandemic, will fuel continued success in our next chapter. Every day, we steadfastly meet our customers where they are and empower them to change the world, together.”
“In our view, Mike and the rest of the Lumaverse team have done a stellar job building and scaling a platform to help education and nonprofit organizations connect with their constituents more effectively and efficiently,” said Matt Stone, managing director at PSG, who will remain on the Lumaverse board. “We look forward to building on our partnership with Lumaverse as it seeks to continue its growth and continues to expand its platform with new capabilities to deliver value to its customers.”
Canaccord Genuity advised Lumaverse and PSG on the transaction. Weil, Gotshal & Manges LLP served as legal counsel to PSG, and Morgan, Lewis & Bockius LLP served as legal counsel to Lumaverse. Vedder Price served as legal counsel to L Squared.