Five V buys New Zealand software developer

Five V, which was set up in 2016 by Adrian MacKenzie, formerly a managing partner at CVC Capital Partners, typically targets cash generative companies with enterprise values of A$20-150 million ($14-103 million). It will retain Totara’s existing leadership, including CEO Richard Wyles.

“I am excited to welcome Five V Capital in Totara’s mission to drive a new era of innovation, workplace performance and productivity,” Wyles said in a statement. “Five V’s collaborative and growth-oriented approach will accelerate our efforts to build Totara’s presence in new and existing markets at a time when the demand for remote workforce technologies is growing exponentially.”

Totara offers customizable open-source educational software aimed at providing organizations with flexible team management, team engagement, and skills development capabilities. It facilitates processes such as training and performance appraisals, compliance tracking, and social networking to foster collaboration and knowledge sharing. Staff learning can also be gamified through digital certifications.

The core products are currently packaged as Totara Learn and Totara Social, although there are plans to launch a comprehensive team management system in October called the Totara Talent Experience Platform. The company claims its products are used by more than 1,800 organizations, including the US Department of Agriculture, Pepsi, JetBlue, and Yamaha. “Totara is a globally ambitious business with enormous potential,” said Srdjan Dangubic, a partner at Five V.

The challenge of staff management in an evolving workplace has been a strong theme for Five V in recent months. Earlier this year, the firm agreed a A$100 million ($68 million) carve-out of MicroSourcing, a Philippines-based business that helps clients establish and manage remote human resources and IT divisions. This was followed quickly by the acquisition of an Australia-based and Philippines-focused business process outsourcing company called Beepo.

Both investments were realized as bolt-ons for an existing portfolio company, Probe Group, which Five V acquired for about $41 million in 2018.

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• Topics
• Australasia
• Support services
• Buyouts
• New Zealand
• Five V Capital
• TMT
• Education
• professional services