K1 Announces Strategic Growth Investment in AI-Powered Board Management Software Platform, Board Intelligence

Rhea-AI Summary

K1 Investment Management has announced a strategic growth investment in Board Intelligence, a leading board management software platform. Board Intelligence, established in 2010, serves over 40,000 leaders across 3,000 organizations worldwide, including major corporations and public sector entities. The company's AI-powered platform, Lucia, assists management teams in preparing concise reports for boards.

This partnership aims to drive Board Intelligence's next growth phase, focusing on organic growth, product and geographic expansion, and strategic acquisitions. K1 will become the sole institutional shareholder, with founders Jennifer Sundberg and Pippa Begg retaining minority stakes. The investment reflects K1's confidence in Board Intelligence's category leadership and potential for global expansion.

Positive

• Board Intelligence serves over 40,000 leaders across 3,000 organizations worldwide
• Partnership with K1 aims to drive organic growth, product expansion, and strategic acquisitions
• Board Intelligence has been profitable and did not need capital, indicating financial stability
• K1's expertise in scaling companies globally and AI investments could accelerate Board Intelligence's growth

Negative

• None.

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Partnership with K1 to drive the next phase of growth for Board Intelligence, enhancing its leading board collaboration platform for clients worldwide

MANHATTAN BEACH, Calif. and LONDON, Aug. 5, 2024 /PRNewswire/ -- K1 Investment Management ("K1"), one of the largest investors in small-cap enterprise software companies, today announced a strategic growth investment in Board Intelligence, a leading board management software platform. This investment allows Board Intelligence to strengthen its category-leading position through organic growth, product and geographic expansion and strategic acquisitions.

Headquartered in the United Kingdom, Board Intelligence is trusted by over 40,000 leaders across 3,000 organizations worldwide. Clients include global organizations such as Generali, Schroders, Nationwide, Zurich Insurance Group, Aston Martin and Sage alongside major public sector organizations such as the National Health Service (NHS).

Established in 2010 by founders Jennifer Sundberg and Pippa Begg, Board Intelligence provides software and services that drive better board decision-making. Board Intelligence serves as a trusted advisor to Fortune 500 and Global 2000 chairs and CEOs, helping to optimize board performance. The Board Intelligence board portal is a highly secure system of record, used by board members worldwide to access and collaborate on their board documents. Lucia, an AI-powered report-writing platform, assists management teams in preparing shorter, sharper reports for their boards.

"We are thrilled to partner with Jennifer and Pippa to build on Board Intelligence's strong market position," said Brian Beard, K1. "We have followed their journey for over five years and their dedication to improving boardroom decision-making with innovative AI tools and strategic insights is remarkable. Our investment is a reflection of their category leadership and our confidence in extending that leadership position across corporate clients and public sector organizations globally."

Jennifer Sundberg, co-Founder and co-CEO of Board Intelligence, said: "Our mission is to transform the effectiveness of every board in the world.  K1's vision for the future of Board Intelligence and their proven expertise in building category leaders will be instrumental in expanding the value we deliver to our clients."

Pippa Begg, co-Founder and co-CEO of Board Intelligence added: "While we have been profitable and did not need capital, we partnered with K1 because of their operational expertise in scaling companies globally through organic and inorganic growth, and their increasing investment in AI. K1 has a history of building category leaders, and we are excited to leverage their experience to strengthen our product offering." 

K1 will assume the position of the only institutional shareholder in Board Intelligence with both Jennifer Sundberg and Pippa Begg continuing as minority shareholders. Financial terms of the transaction were not disclosed.

Board Intelligence is K1's latest transaction following the recent sale of GoCanvas to Nemetschek Group (FRA:NEM). The sale of GoCanvas contributed to K1's recent period of successful realizations, culminating in $1.7B of liquidity since December 2023.

Fieldfisher LLP and Cooley LLP served as legal advisors to Board Intelligence, while Kirkland & Ellis LLP served as legal advisor to K1.

About Board Intelligence

Board Intelligence, the UK's largest board technology and advisory firm, is trusted by over 40,000 leaders and 3,000 organizations from Fortune 500 and FTSE 100 corporates, to drive high-impact decision making and governance. For more information, visit BoardIntelligence.com and follow on LinkedIn.

About K1

K1 is one of the largest investors in small-cap enterprise software companies. Headquartered in Manhattan Beach, California, K1 partners with strong management teams of high-growth software businesses, utilizing operationally-focused growth strategies to rapidly scale portfolio companies. Dedicated to transforming industries and driving productivity, K1 has collaborated with over 240 enterprise software companies since inception.

K1's exclusive focus, driven by its single team, single office, and single fund strategy, has resulted in realizations for many of its portfolio companies. Examples include Apttus (sold to Thoma Bravo), Buildium (sold to RealPage, NASDAQ: RP), Certent (sold to insightsoftware), Checkmarx (sold to Insight Partners and Hellman & Friedman), Clarizen (sold to Planview), FMG Suite (sold to Aurora Capital Partners), GoCanvas (sold to Nemetschek Group, FRA: NEM), Granicus (sold to Vista Equity Partners and Harvest Partners), Inthinc (sold to Orbcomm, NASDAQ: ORBC), Litera (sold to Hg Capital), Rave Mobile Safety (sold to TCV; now owned by Motorola Solutions, NYSE: MSI), TeamDynamix (sold to Level Equity), Unified (now owned by iHeartMedia), WorkForce Software (now owned by Insight Partners and Elliott Investment Management), and Zapproved (sold to Exterro).

For more information, visit k1.com and follow K1 Investment Management on LinkedIn.

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SOURCE K1 Investment Management

FAQ

What is the purpose of K1's investment in Board Intelligence?

K1's investment in Board Intelligence aims to drive the company's next phase of growth through organic expansion, product development, geographic expansion, and strategic acquisitions.

How many organizations use Board Intelligence's platform?

Board Intelligence's platform is used by over 40,000 leaders across 3,000 organizations worldwide, including major corporations and public sector entities.

What is Lucia in relation to Board Intelligence?

Lucia is an AI-powered report-writing platform developed by Board Intelligence that assists management teams in preparing shorter, sharper reports for their boards.

Will Board Intelligence's founders retain ownership after K1's investment?

Yes, Board Intelligence's co-founders, Jennifer Sundberg and Pippa Begg, will continue as minority shareholders, while K1 will become the only institutional shareholder.