- Concurrent with their investment, Todd MacLean, a managing partner at Silversmith and Vice President Ned Kingsley have joined Impel’s board of directors
- Cowen Inc. acted as strategic advisor to Impel while Mintz provided legal counsel
- Kirkland & Ellis served as legal counsel to Silversmith Capital Partners
The funding will be used to accelerate company growth through product expansion and M&A activity.
“On the long list of things that we look for in new investments, there are two that stand out above the rest – a compelling team and a product that customers love,” said Todd MacLean, a managing partner at Silversmith Capital Partners in a statement. “While it may seem to many that the hype around AI and machine learning is overblown, Impel has shown how software companies can leverage this cutting-edge technology to solve everyday problems – in this case changing how dealers engage with and serve their customers. We think that in the automotive market, like all others, the genie is out of the bottle and there’s no going back to the old way of doing things. We’re thrilled to be joining Devin, his team and our friends at Wavecrest for the next part of the journey.”
Concurrent with their investment, MacLean and Silversmith Vice President Ned Kingsley have joined Impel’s board of directors.
Cowen Inc. acted as strategic advisor to Impel, and Mintz provided legal counsel to Impel on the transaction. Kirkland & Ellis served as legal counsel to Silversmith Capital Partners.
Founded in 2015, Silversmith has $3.3 billion of capital under management. Silversmith invests in technology and healthcare companies.
Based in Boston, Wavecrest invests in B2B software and technology-enabled services companies.