SAN DIEGO--(BUSINESS WIRE)--Wrike, a leader in collaborative work management, today announced the completion of its recapitalization and ownership transition to Symphony Technology Group (STG), a private equity firm specializing in software, data, and analytics. Under the terms of the deal, Vista Equity Partners and Elliott Investment Management L.P. will transfer full ownership of Wrike to STG, marking the final chapter in Wrike’s reestablishment as a private company.
Together with STG, Wrike will be well positioned to continue building on the foundations of its leading intelligent work management platform that automates work and enables teams to be increasingly productive, efficient, and outcomes driven. Wrike plans to continue its momentum in product and market reach as the need for greater efficiency and productivity becomes paramount to organizations that are faced with a higher volume of complex, interrelated workstreams despite limited resources and budgets.
Simultaneous with the transaction, Wrike Founder and Chief Executive Officer, Andrew Filev, will transition into the role of Board Advisor. Thomas Scott, Wrike’s current Chief Financial Officer, will step into the position of Interim Chief Executive Officer to continue to drive the company’s next stage of growth. Scott has been a key executive at Wrike, leading the Finance and Administrative teams as CFO since he joined the company in March 2022.
“We thank Andrew for his unwavering service and dedication to Wrike over his long and distinguished career, including building the company from the ground up and navigating the company through multiple key transitions,” said Sunit Mukherjee, Managing Director, STG. “Thomas has the deep respect of Wrike’s senior leadership team and has already played a critical role in building the operational infrastructure for growth at Wrike, setting the stage for a seamless transition of leadership. We are excited to partner with Thomas and believe he is uniquely positioned to lead the Company through its pivotal transition period.”
Scott has more than 20 years of experience as a top executive at several companies spanning a range of size and stage from startups to publicly traded companies, including Zebra Technologies, Fetch Robotics, Corning Optical Communications, and Spidercloud. Scott’s experience building and leading dispersed teams through transformative stages of growth will be highly applicable to his expanded duties at Wrike.
“The demand for a single work management platform that can meet the needs of individuals while providing an entire organization the collaboration, measurement, and visibility it needs to drive the business forward has never been greater,” commented Scott. “Wrike and STG share a vision for how to advance our market leadership in work management software, a category that is primed for growth.”
Over the last decade, Wrike has helped shape the collaborative work management category. Wrike has constantly developed and evolved its platform to answer the needs of its 2.4 million users for greater efficiencies and work management with innovations in the application of artificial intelligence (“AI”), custom workflows, and workflow automation.
“Wrike and its executive team have built a strong foundation, customer and partner ecosystem for its work management platform,” said Mukherjee. “We are excited to further expand Wrike’s capabilities as it continues to help its customers streamline project management, foster efficient team collaboration, and accelerate productivity.”
Lazard acted as exclusive financial advisor to Wrike, and Kirkland & Ellis LLP served as legal counsel for Wrike. Paul Hastings LLP served as legal advisor to STG on the transaction.
Wrike is a powerful work management platform. Built for teams and organizations looking to collaborate, create, and exceed every day, Wrike brings everyone and all work into a single place to remove complexity, increase productivity, and free people up to focus on their most purposeful work. Offering intuitiveness, versatility, and scalability, Wrike enables organizations to grow, optimize, and move fast in a competitive world. More than 20,000 happy customers power their future and come together in Wrike, including Estée Lauder, Hootsuite, Nielsen, Ogilvy, Siemens, and Tiffany & Co. For more information, visit www.wrike.com.
STG is a private equity partner to market-leading companies in data, software, and analytics. The firm brings experience, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market-winning portfolio companies, STG creates sustainable foundations for growth that bring value to existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world-class management teams. STG’s expansive portfolio has consisted of more than 50 global companies. For more information, please visit www.stg.com.