by Larry Mead, Kate Kompelien and Kurt Schroeder
NEP’s Investment will Provide Avtex Significant Opportunity for Continued Growth
MINNEAPOLIS, MN – February 12, 2018 – Avtex (or the Company), a customer experience (CX) focused consulting and technology company, announced today its acquisition by Norwest Equity Partners (NEP), a leading market investment firm based in the Twin Cities. Avtex was previously managed by LaSalle Capital. The transaction closed on February 8, 2018; financial terms were not disclosed.
This ownership transition is a significant milestone that will help Avtex add incremental product and service offerings, invest in R&D and innovation, and position the Company for strategic add-on acquisitions.
“NEP’s investment opens many doors for us to provide additional products and services to our current client base and to attract new clients,” George Demou, Avtex President & CEO, stated. “The aligned vision of the Avtex leadership team and NEP makes for a truly perfect fit and has many within our organization excited for the future.”
Avtex has made strides in the last four years to become a dedicated Customer Experience (CX) consultancy. Through strategic acquisitions and strong industry partners, the Company continues to align technologies within the CX ecosystem to clients’ overarching CX vision, helping fuel exceptional customer experiences.
Todd Solow, NEP Partner, stated, “Customer experience technology is a growing need being driven through shifting customer expectations. Avtex has an attractive business model and offers unique and differentiated customer experience solutions that help the Company win new customers, expand its reach within existing customers, and strengthen value to OEMs. We look forward to working together with George Demou and his team to leverage their existing growth momentum to further build and grow Avtex for the future.”
Demou added, “We are truly excited to make the most of the newly available resources, financially, technologically, and in terms of the strategic support NEP has to offer.”
In addition to leveraging NEP’s business services platform, Avtex will work closely with Kevin Torgerson, an NEP Operating Partner with more than 20 years of business services and technology strategy, marketing and growth experience. “Avtex has significantly grown over the last several years, and our investment partnership with them is going to focus on a continuation and acceleration of growth in areas that provide Avtex customers increasing value. Customer experiences are the result of a complex combination of tools, processes and strategy, and Avtex has developed a leading-edge way to effectively coordinate all of these components. The Company is in a great position for continued success, and the right team is in place to help lead the way,” Torgerson shared.
Investing locally is a key tenet of NEP’s investment approach. Avtex is excited to join NEP’s portfolio of Twin Cities-based companies, including Marco, Bailiwick, Apothecary Products, Bix Produce, eyebobs, Gopher Resource, and Minnesota Rubber & Plastics. Representative former local investments include Life Time Fitness, Shock Doctor, Wealth Enhancement Group, Data & Contact Management, Norwesco, Select Comfort, and Lindstrom Metric.