W&F Issue 7 2018

Wealth & Finance International - Issue 7 2018 5 Beeline, a global leader in cloud software solutions that help Fortune 2000 companies manage their non-employee workforces, today announced it has partnered with New Mountain Capital, LLC (“New Mountain”), a growth-oriented investment firm that currently manages over $20 billion in assets. Beeline, founded in 1999, is the world’s largest independent provider of cloud-based vendor management solutions. Beeline’s enterprise-grade, end-to-end sourcing, workflow, and decision-opti- misation platform allows employers to effectively manage their extended workforce. Beeline enables procurement, finance, and human resource professionals to optimise costs, manage complex regulatory and compliance risks as well as gain actionable, real-time business intelligence into their non-employee workforce programs. “We are thrilled to partner with New Mountain,” said Doug Leeby, CEO of Beeline. “With a robust history of supporting and growing software com- panies as well as companies in the human capital ecosystem, New Mountain is an ideal partner for us, and we look forward to leveraging their exper- tise. Our existing customers will greatly benefit as we make even more technological advancements, such as the continued application of artificial intelli- gence and machine learning, to our industry-lead- ing products.” The way enterprises identify, attract, and engage with talent is rapidly evolving, creating new chal- lenges. The partnership with New Mountain will provide Beeline with significant strategic resources and financial capital to accelerate Beeline’s inno- vative product roadmap, expand globally, and best meet customers’ evolving needs. “Doug and his management team have built a fan- tastic company,” commented Mat Lori, Managing Director at New Mountain Capital. “The nature of the 21st Century workforce is rapidly evolving and becoming increasingly complex for employers to manage. For over two decades, Beeline has been the technology solution of choice for Fortune 2000 employers seeking to handle such complexities, derive necessary business insights, and realise substantial value.” “We look forward to working closely with the Bee- line team in its next phase of growth,” added Lars Johansson, Managing Director at New Mountain Capital. “We are excited to support Beeline’s con- tinued investment in its innovative, market-leading product. We believe there is a significant opportu- nity to continue the company’s global growth and commitment to customer success.” The transaction is expected to close in August 2018, following customary regulatory approvals. Additional terms of the deal were not disclosed. William Blair & Company and Lazard served as financial advisors to Beeline while Kirkland & Ellis LLP provided legal counsel. UBS served as financial advisor and Ropes & Gray LLP served as legal advisor to New Mountain Capital while Owl Rock Capital is providing the financing in support of the transaction. ProAssurance Promotes Dana S. Hendricks to Chief Financial Officer ProAssurance Corporation announced that Dana S. Hendricks will assume the role of Chief Financial Officer for the company effective on the 1st September 2018. ProAssurance Corporation announced on the 25th July 2018 that Dana S. Hendricks will assume the role of Chief Financial Officer for the company effective on the 1st September 2018. Ms. Hendricks is currently the Senior Vice President of Business Operations for the Podiatry Insurance Company of America (PICA), a ProAssurance subsidiary. Ms. Hendricks joined PICA in 2001 and has served in a number of executive-level positions; prior to being promoted to her current position, she was the Vice President of Finance and Corporate Controller for PICA. Prior to her tenure at PICA, she held various finance and data analysis positions with American General Life & Accident Insurance Company and held finance and accounting positions in both public and non-public companies. News “Dana brings a wealth of experience to her new role at ProAssurance, and her track record of success within our organisation reflects her business and financial acumen as well as her dedication to the core values that drive our employees to deliver on our promise of Treated Fairly,” said Stan Starnes, the Chairman and Chief Executive Officer of ProAssurance. Ned Rand, currently ProAssurance’s Chief Operating Officer and Chief Financial Officer, emphasised Ms. Hendricks’ proven leadership skills, saying, “Dana has a deep understanding of our strategic vision for ProAssurance, and she has been a key member of a strong executive team that has developed innovative programs and transformative business practices that have ensured that PICA remains the first choice for medical professional liability insurance in the podiatric community.”