Sidley Austin represented Clearlake Capital Group L.P. and Kirkland & Ellis advised Blackstone on the companies’ investment in Diligent Corporation, a corporate governance software maker, according to the firms.
Willkie Farr & Gallagher advised Diligent on the investment, for which the companies did not disclose an amount.
Diligent’s software-as-a-service suite enables boards, committees, and leadership teams to securely manage collaboration, communication, and meetings. Its client base of over 19,000 is up more than four-fold since 2016, when its biggest investor, Insight Partners, took the company private, according to the company.
Behdad Eghbali, co-founder and managing partner at Clearlake, said Diligent has exceeded expectations since Clearlake first invested in the company two years ago. “We believe Diligent is uniquely positioned to build the modern governance category with its leading software and unwavering vision,” he said.
John Stecher, chief technical officer at Blackstone, said Diligence is “delivering cutting-edge secure digital solutions in an area of corporate governance that is clearly growing at a rapid pace.”
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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