Triangle Digital Ventures has acquired Indianapolis-based Covideo, a software company. The seller was APCO. No financial terms were disclosed. BTIG served as exclusive financial advisor to APCO on the transaction.
DENVER, CO, May 05, 2020 /24-7PressRelease/ — Triangle Digital Ventures (“TDV”) announces today that it has acquired Covideo, an Indianapolis-based software company, from APCO. The transaction is a partnership between TDV and Covideo’s founding team. Financial terms were not disclosed. The acquisition was finalized at the end of March.
“We are very grateful for the last 10 years with APCO,” said Covideo CEO and Co-founder Jason Price. “They took a chance on a young, unestablished company, and it was through that foundation that we’ve been able to grow into what we are today.”
When founded in 2004, Covideo was among the first providers of video email. Today, Covideo is a worldwide market leader in video messaging, enabling sales and service professionals to record, send and track videos across a variety of channels.
“Covideo invented the category, and now it dominates,” said TDV Managing Director Jordan Stolper. “We are incredibly excited to partner with management on the company’s next phase of growth.” Established in 2017, TDV is a private equity sponsor that acquires, and grows, software and digital media businesses. The firm specializes in acquiring startups and carve-outs.
“Our new partnership with Triangle will allow us to become more agile and respond even faster to the direction of the expanding market and the needs of our growing customer base,” added Mr. Price. “We’re looking forward to continued growth and innovation and couldn’t ask for better partners.”
Faegre Drinker Biddle and Reath acted as legal counsel to Triangle Digital Ventures on the Covideo acquisition. BTIG served as exclusive financial advisor to APCO on the transaction. Eversheds Sutherland acted as legal counsel to APCO.
About Covideo LLC
Covideo is a market leader in video messaging, used by thousands of businesses worldwide. Through Covideo, sales and service professionals can record, send and track videos across a variety of channels allowing them to build relationships and convert leads into customers. With an emphasis on personalization and personal connection, Covideo is helping people reimagine business communication. Visit covideo.com for more information.
About Triangle Digital Ventures
Triangle Digital Ventures (“TDV”), established in 2017, is a private equity sponsor that acquires software and digital media businesses. TDV is unique among PE buyers in that the firm is led by entrepreneurs with deep operational expertise. The firm specializes in acquiring startups and carve-outs. TDV’s current portfolio includes Peterson’s LLC, Droplr LLC, BES Publishing, and Wintergreen Orchard House. TDV has offices in Denver and New York City. Learn more at triangledv.com.
About APCO Holdings, LLC. (APCO)
APCO, established in 1984, is a leading marketer and administrator of extended vehicle service contracts, warranties, and other related products sold primarily by automobile dealers located throughout the United States. APCO has expanded its offerings over the last decade to include leading-edge training for dealership sales and finance teams. The company markets its products using the EasyCare and GWC brands, as well as other private label automobile manufacturer brands, through a network of independent agents and an internal salesforce that specialize in consulting with and servicing the automotive dealership markets. EasyCare and GWC Warranty are the only “Motor Trend Recommended Best Buy” brands in the automotive aftermarket. For further information about APCO, see www.gwcwarranty.com and www.easycare.com.