Alpine Investors (Alpine) has completed sale of its portfolio company, Mindful (formerly known as VHT), a specialist in callback automation, to Medallia, a customer and employee experience business.
Terms of the sale have not been disclosed.
Mindful is a provider of callback technology for nearly 400 of the world’s leading brands. Alpine acquired the business, then know as Virtual Hold Technology, in 2018 and appointed Matt DiMaria as president and CEO. Adopting Alpine’s People-First playbook, the Mindful team transformed the company, generated over 100% revenue growth for three consecutive years from its new SaaS offering and more than doubling overall revenue since acquiring the business.
Mindful’s transformation was guided by Alpine’s PeopleFirst playbook, led by Matt DiMaria with the support of the Alpine portfolio operations team. PeopleFirst is centred on developing a culture that deeply engages employees in defining the vision, mission and values of a company while crafting a strategy for market leadership. The Mindful team fully embraced PeopleFirst to profitably double the size of the company while transitioning to a 97% recurring revenue business model, launching a new SaaS product line that drove significant new client adoption, and maintaining its commitment to 100% client satisfaction. Under Alpine ownership, Mindful added over 30% to both its employee population and total active clients.
Union Square Advisors and Evercore served as financial advisors and Willkie Farr & Gallagher served as legal counsel to Mindful.
