PSG, a growth equity firm partnering with middle-market software and technology-enabled service companies, has made a strategic growth investment in Kenect, a provider of business texting and communications technology. Kenect offers cloud-based, two-way text messaging platform to support customer communications and payments.
“We couldn’t be more excited to work with PSG to continue our mission of connecting businesses with consumers through our messaging platform,” said Shaun Sorensen, co-founder and CEO of Kenect. “Businesses are looking for better ways to improve their customer experience, communicate more efficiently, collect payments via text message and more. We believe we are uniquely positioned to provide an innovative solution for this new era of local business.”
“We look forward to working with Kenect’s experienced management team who, in our view, has done a tremendous job rapidly growing Kenect through a differentiated, vertically-focused approach,” said Rick Essex, managing director at PSG. “We believe the Kenect team has developed a strong, highly scalable software platform and is well-positioned to address the extensive market opportunity as adoption of text communication with customers in the small and medium sized business community continues to grow.”
Arbor Advisors acted as financial advisor and DLA Piper served as legal advisor to Kenect. Weil, Gotshal & Manges LLP served as legal advisor to PSG.