Our Approach
We engage in collaborative partnerships with management teams that love what they do and believe that making investments across select industries and applying extensive sector experience drives superior results.
Sectors
Commerce Enablement
Services and solutions that enhance digital presence, facilitate customer engagement and enable commerce
Cloud, IT, & Security
Development, integration and managed services to support and/or secure digital infrastructure
Healthcare IT
Pharma, Payor and Provider services to enable delivery of clinical care, drug development and employee benefits
Talent, Risk, & Operations
Compliance, HR, administration and other outsourced services to support the office of the CFO, CHRO or COO
Criteria
Revenue
EBITDA of
Additional Criteria
People First
Technology Advantage
Exceptional Leadership
Platform for M&A
Case Studies
WPAS
- WPAS is a Taft-Hartley-focused third-party administrator (“TPA”) that provides comprehensive health, welfare, and pension benefits administration services to union members and their families
- Periscope made its initial investment in December 2020
- Periscope sourced the investment and controlled a majority of the Board of Directors; John Findlay led the deal
- WPAS has a stable and recurring business model with long-tenured, customer contracts (3-5 years) offering tech-enabled services such as eligibility determination, contribution collections, claims processing, pension disbursements, and other administrative services
- At investment in 2020, the Taft Hartley TPA market is ~$3B+ and highly fragmented (200+ TPAs) with few companies of scale due to the legacy nature of relationship-based purchasing processes. Due to increased complexity surrounding a multi-stakeholder decision-making process, rising healthcare costs are driving outsourcing to TPAs and generating strategic and private equity interest in the space
- Upgrade claims processing system and accelerate customer adoption of digital eligibility in order to increase margins
- During Periscope’s investment period, WPAS evolved from a regional to a national platform, onboarded material new customers, and accelerated revenue growth
- Services: Launched the managed care cost containment service to facilitate material client health savings by reducing out-of-network claim spend, auditing hospital bills, securing prepayment discounts, and eliminating fraud
- M&A: Consolidated West Coast, Taft Hartley Market by acquiring BPA, a Los Angeles-based, independent Taft Hartley TPA
- Technology: Reduced reliance on inefficient and error-prone paper-based processes by deploying digital employer remittance web portals to automate contribution collections
- GTM: Formalized business development process to focus on new customers and incentivize existing staff with commissions for the first time
- Sold to Rainier Partners in December 2024
Power
- Power Digital (“Power”) is a data-driven, digital performance marketing business built on proprietary technology (SPRnova) that drives commerce, engagement, and growth for brands
- Periscope made its initial investment in January 2019
- Periscope sourced the investment and controlled a majority of the Board of Directors; John Findlay led the deal
- As a full-service firm that is built on top of SPRnova, Power helps brands scale revenue and increase profits by using data and analytics to guide strategy and ultimately ROI
- SPRnova and robust KPI and performance reporting has driven revenue growth rates, margins, and customer and employee retention rates well above industry benchmarks
- At investment in 2019, digital marketing is expected to grow over 54% by 2022, making it a fast growing segment of the $600+ billion global marketing and advertising sector
- Power’s direct addressable market is the services component of the overall industry, which represents an estimated 8-10% of the worldwide spend, or ~$50 billion
- Well-positioned to consolidate a fragmented market and integrate complementary add-on acquisitions
- Complete significant investment in proprietary technology platform to enable a pathway to a PaaS offering with potential for revenue-based valuations
- Ramp investments in sales organization, production, and executive team to support scaling and integration of add-on acquisitions
- During Periscope’s investment period, Power evolved into a fast growing, disruptive technology-enabled digital performance marketing services company that utilizes data, analytics, and proprietary technology to drive digital commerce, engagement, and high ROI outcomes for leading and emerging brands
- Services & M&A: Built out new service offerings and acquired 4 platforms to further augment core capabilities
- Product: Fully integrated existing proprietary apps and
third-party tools under one unified umbrella: SPRnova - GTM: Eliminated CEO-led selling by building sales organization and invested in internal marketing engine to drive national brand recognition
- Sold to Court Square Capital Partners, in March 2022
MicroMass
- MicroMass is a medical marketing agency providing the pharmaceutical and medical device industries with strategic, creative and digital services
- In December 2015, SPS acquired MicroMass, a marketing agency focused on applying evidence-based behavior change strategies to create real-world solutions that optimize patient health outcomes
- Substantial expertise and holistic offering of human health behavior, patient engagement and support, and professional advocacy
- Focus on a strong core of therapeutic areas, including respiratory and rare disease, oncology, infectious diseases, and ophthalmology
- Periscope sourced the investment and controlled a majority of the Board of Directors; Steve Jarmel served as Chairman
- Pharmaceutical companies are employing outsourced service models to reduce costs
- Pharmaceutical is conforming to the evolving needs of the digitally inclined constituents as well as more-involved consumers/patients
- Direct-to-physician marketing model is becoming obsolete creating high demand for targeted communication and marketing strategies
- Digital has become the preferred communication channel for physicians
- Built out the Company’s sales organization
- Enhanced business development initiatives with sales best practices
- Built out a digital strategy capability to expand service offerings to current customer base
- Entered new or expanded further into therapeutic areas with strong growth trends such as rare diseases, oncology, and women’s health
- Instituted KPI’s, financial dashboards, budget process and cash flow management
- After reviewing six other add-on opportunities, Periscope sourced MicroMass Communications through proprietary transaction
- Merger doubled the size of the business while accelerating exit timing expectations
- Sold to UDG Healthcare plc (LON: UDG), in September 2017