Wellington (NZ), June 2020 - Totara has announced that its owners have entered into a purchase agreement with Sydney private equity firm Five V Capital under which Five V will acquire a majority ownership interest in Totara. The operations and management of Totara will remain unchanged, with Richard Wyles continuing as Chief Executive Officer.
Since 2011, Totara has remained focused on helping organizations experience the freedom to innovate and adapt to changing circumstances through its open and flexible HR and learning and development software. Today's rapidly evolving workplace and the strategic imperative of having engaged and well-trained employees, further accelerated by COVID-19, has prompted corporations and organizations to adapt new working practices. Totara's products - used by over 1,800 organizations like USDA, Indeed, Pepsi, Red Hat, JetBlue, Yamaha, and more - is well positioned to meet this growing market.
"I am excited to welcome Five V Capital in Totara's mission to drive a new era of innovation, workplace performance, and productivity," said Wyles. "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's enterprise-ready learning management system (LMS), user-centric learning experience platform (LXP), and comprehensive performance management system, which will be released in October 2020 as the Totara Talent Experience Platform, is a formidable challenger and strategic alternative to often overpriced and inflexible HCM systems. We're here to shake things up for the better, and it's great to have experienced and aligned partners in Five V."
"We are excited to be part of Totara's future and to be partnering with Richard and his team," said Srdjan Dangubic, Partner at Five V Capital. "Totara is a globally ambitious business with enormous potential. We look forward to supporting Totara's international expansion plans to disrupt the global HR and talent experience markets."
Vista Point Advisors, a San Francisco-based boutique investment bank, acted as the exclusive financial advisor to Totara.