Serent Capital Portfolio Company Avionté Acquires Applied Systems Technology
San Francisco, CA – July 5, 2017 — Serent Capital, a San Francisco-based private equity firm focused on investing in fast-growing software and services businesses, announced that its portfolio company Avionté has acquired Applied Systems Technology (“AST”), a software provider to the staffing industry and creator of Persona Staffing Software, which is based out of Cornwall, New York.
AST clients will have the opportunity to take advantage of Avionté’s staffing software technology platform, which is focused on enabling growth and business efficiency. The Avionté platform offers improved solutions to AST clients to help them stay competitive, with features and functionality that were not available to them with Persona’s software.
“We evaluated our options, and there was really only one choice,” said Doug Newman, President of AST. “Based on Persona’s software architecture we knew we faced difficulties keeping our clients at the forefront. We wanted to find a company with not only great technology and a great culture, but the resources to make the transition smooth and seamless for our clients. Avionté’s high integrity and customer-centric values align well with AST’s. We are confident that our customers and our employees have a great home that will give them the best opportunity to thrive and compete.”
The transaction closed on June 2, 2017, following months of evaluation and planning done by both AST’s and Avionté’s leadership teams to ensure the highest potential of success for all AST clients and employees involved. AST’s staff immediately transitioned to become Avionté employees and will continue to support the AST Persona solution from Cornwall, NY.
“As the industry consolidates its technology and service providers, we want to be a good home for customers that have outgrown their current technologies,” said John Long, CEO of Avionté. “The thing that really stood out to me was AST’s commitment to their employees and customers and I’m honored to be selected as a partner who can carry out these high expectations. We will continue their legacy of excellence in customer care as the clients transition to the Avionté platform in the coming months.”
“Avionté has established itself as a leader in the staffing software industry,” said Kevin Frick, a partner and co-founder at Serent Capital. “We anticipate more opportunities for market consolidation and are committed to helping Avionté grow both organically and via M&A.”
AST is the second acquisition Avionté has completed in the last 12 months. In July 2016, Avionté purchased Questek Systems, Inc., the Canadian-based development company of Humanis Staffing Software.
Serent's investment in AST represents its sixth investment in the Human Resources Technology space in the last four years —Avionté (2014), ICon Professional Services (2015), Synergy Services (2015, combined with ICon to form TalentWave), Humanis (2016, combined with Avionte), Apex Payroll Software (2016), and AST (2017, combined with Avionte).
Founded in 2005, Avionté offers a commitment to staffing paired with excellent technology. With this commitment to employees and customers, Avionté delivers a best of breed product, with a fully integrated front and back office staffing software system, a full suite of reports and metrics, compliance management, a robust partnership program and on-the-go mobile response.
AST, founded by David Reiss, has been servicing the staffing and recruiting industry since 1985. The company provides front and back-office enterprise solutions in addition to management and financial tools. For over 25 years, the company has served staffing firms of all sizes in leverage technology to achieve greater business efficiencies.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent helps growing businesses thrive.