SAN FRANCISCO, PARIS, CHICAGO January 24, 2022 –True Wind Capital (“True Wind”), a San Francisco-based private equity firm focused on investing in leading technology companies, and Elyan Partners (“Elyan”), a member of the Edmond de Rothschild Private Equity partnership, today announced a growth investment in Envoy Global (“Envoy”), a leading, mission-driven provider of software and services solutions to the global business immigration market. True Wind and Elyan are partnering with Palladium Equity Partners (“Palladium”), affiliates of which acquired Envoy in September 2021 and which will remain the company’s largest shareholder.
Based in Chicago, Envoy is a leading provider of workforce management solutions that empower companies to hire the best talent regardless of where they live while enhancing transparency and efficiency for both employees and employers. The company serves nearly 1,000 customers, including many Fortune 500 companies, across a broad range of industries, such as technology, healthcare, and finance, with an emphasis on STEM workforce needs. Envoy leverages proprietary technology and expert legal representation to help simplify and assist highly skilled foreign nationals, HR professionals and enterprises with immigration filing processes and human capital business needs.
Sean Giese, a partner at True Wind who will join the board of Envoy as part of this transaction, said, “Envoy is a dynamic, market leading company with a compelling value proposition that has become an important resource for companies and employees navigating the increasingly complex global immigration process. We look forward to supporting the company by leveraging our proven capabilities in building and scaling technology businesses, and working alongside management and our partners, Palladium and Elyan, to accelerate growth.”
“We welcome True Wind and Elyan as partners as we continue to simplify global immigration compliance programs and the sponsorship and management of work authorizations in key markets around the world,” said Dick Burke, President and Chief Executive Officer of Envoy. “Importantly, True Wind and Elyan share our values and recognize the critical work we do every day for the coalition of cultures, ethnicities and nationalities hoping to maximize their opportunities and reach their potential.”
Alex Funk, Principal at Palladium, added, “As Envoy continues on its growth trajectory, we are glad to have True Wind and Elyan join us in supporting the management team. We believe True Wind’s operational approach and legacy of helping build and transform software businesses, coupled with Elyan’s deep international presence and global relationships, make them valued partners in our collective efforts to expand and enhance Envoy’s impressive platform and reach.”
Jean-François Felix, Managing Partner at Elyan, commented, “Envoy is uniquely positioned in the U.S. immigration services market with its innovative and market-leading solution for businesses. We look forward, together with our partners Palladium and True Wind, and with the support of the Edmond de Rothschild group’s deep European network, to helping Envoy expand its services outside the U.S. and particularly in Europe, where similar market complexities create a strong opportunity to assist international companies with their staffing needs and facilitate the onboarding of international talent.”
Orrick served as legal advisor to True Wind, Dechert served as legal advisor to Elyan, and O’Melveny and Myers served as legal advisor to Envoy and Palladium.
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind has a broad investing mandate, with deep industry expertise across software, data analytics, tech-enabled services, internet, financial technology, and hardware. Founded in 2015, True Wind has completed 11 platform investments and 20 add-on acquisitions. For more information, please visit https://www.truewindcapital.com.
Founded in 1998, Envoy is a global immigration services provider with an international footprint, working across offices in APAC, EMEA and the Americas. Envoy offers an immigration management platform that makes it seamless for companies to hire and manage an international workforce by combining expert legal representation — for both inbound and outbound immigration — and proprietary technology. Envoy empowers companies to acquire the best talent regardless of their global footprint; helps mobilize employees around the world to take advantage of business opportunities; and enables the management of entire global workforces, providing a strategic, proactive view into workforce and financial forecasting and compliance. Envoy has managed more than 30,000 cases and served more than 2,000 customers in a broad range of industries.
Website, technology platform and administrative services are provided by Envoy Global Inc., a Delaware corporation. U.S. legal services are provided by two U.S. law firms — Global Immigration Associates, PC and Corporate Immigration Partners, LLP. Global immigration services are provided by Envoy or Envoy’s global immigration service providers. All U.S. legal and global immigration services are fully integrated with the Envoy Platform for a seamless customer experience. Please visit www.envoyglobal.com for more information.
Palladium is the oldest minority-owned private equity buyout firm in the industry with over $3 billion of assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $3 billion of capital in 38 platform investments and 148 add-on acquisitions, realizing 22 of these platform investments. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have meaningful experience in consumer, services, industrials, and healthcare businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com.
Elyan Partners is a member of the Edmond de Rothschild Private Equity partnership and is the exclusive financial advisor for the ERES (Edmond de Rothschild Equity Strategies) and Privilege funds, together totaling close to €1 billion in assets under management. Through a collaborative investment strategy with management teams and shareholders, Elyan is committed to supporting the sustainable growth of midcap companies in Europe and the United States.
Edmond de Rothschild Private Equity is an independent firm, part of Edmond de Rothschild Asset Management, with over CHF3 billion in assets under management. With an entrepreneurial approach to finance and backed by strong convictions, Edmond de Rothschild Private Equity builds and develops differentiating investment strategies that provide a sustainable response to environmental and social issues. Created in 1953, the Edmond de Rothschild group has CHF 168 billion in assets under management, 2,500 employees and 33 locations worldwide.
For True Wind Capital:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
For Elyan Partners and Edmond de Rothschild Private Equity:
Steele & Holt
No compensation was provided to the portfolio company executives for their feedback although they may have an incentive to make a positive statement due to the executive’s ongoing relationship with the firm.