US-based investment firm Bridgewest Group has acquired Provoke Solutions, the owner of the popular Xero add-on, SuiteFiles.
The terms of the agreement will see Mason Pratt remain as CEO of the Provoke brand while, corporate services will become centralised, delivering back-office support for finance, human resource and technology functions.
“We have an amazing bunch of people working across our companies, and now have the resources to fast-track growth and create new job opportunities through Bridgewest’s expertise and financial support,” Pratt told Reseller News.
“Partnerships with global leaders like Bridgewest are extremely hard to come by in New Zealand, which makes this new relationship all the more exciting for our team.”
Headquartered in San Diego, Bridgewest is a global investment platform with expertise across technology, biotech, wireless communications, infrastructure for Internet of Things and semi-conductor sectors, in addition to real estate and financial services.
Bridgewest - which completed the deal through its Kiwi subsidiary Bridgewest NZ Holdings Limited - has been a major funder of Provoke for 18 months, working closely with the company directors since forming a strategic alliance in 2017.
“This is a very exciting transaction for us,” said Dr. Masood Tayebi, co-founder and CEO of Bridgewest Group. “Having spent the last 12-18 months looking to add a software services business to our high-tech portfolio, we wanted to take the time to ensure capability, culture and a focus on innovation were aligned with Bridgewest’s vision.
“We recognised that Provoke is a leader in enterprise software, especially in the cloud, artificial intelligence and machine learning disciplines, and believe their design-led approach makes them an excellent partner for Bridgewest.”
According to Dr Tayebi, securing the executive leadership and providing continuous service to Provoke’s client base was a “non-negotiable” component of the acquisition.
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Image credit: Provoke