Investor Tenzing has acquired Saville Assessment from Willis Towers Watson, in a carve-out deal that was advised on by a cohort of M&A consultants and lawyers.
Saville Assessment is a provider of tools and solutions focused on talent assessment. The company’s products are available in over 35 languages, sold in 80 countries, and used by multinationals such as Jaguar Land Rover, Ricoh and Perfetti Van Melle.
Eight years after joining Willis Towers Watson for £42 million, Saville Assessment is now returning to independence – with the backing of Tenzing, a specialist investor in high-growth technology businesses with a value of up to £200 million. Financial terms of the deal have not been disclosed.
Rab MacIver, co-CEO and head of research and development at Saville Assessment, commented: “By leveraging the Tenzing growth team’s expertise there is a real opportunity to accelerate the growth of our business.”
“Tenzing has a strong appreciation for the science that underpins Saville’s assessment solutions and the ambition to unlock the true potential of our business. The whole team are excited about the opportunity to bring new and enhanced solutions to more of our clients.”
Milan Kellner, investment lead at Tenzing, said that the deal comes at a time when hiring and retaining the right talent has never been more critical for organisations. “Having spent over two decades developing its award-winning assessment tools, Saville Assessment has a well-earned position in the market as the leading provider for scientific validity, giving its clients confidence to make the best people decisions.”
“We’re really excited to partner with the team, share our extensive expertise in the human capital market and look forward to leveraging the full extent of our growth team to help further enhance its technology, invest in its go-to-market strategies and further expand its global footprint.”
Dealmakers
During the deal process, Tenzing was advised by Alantra, EY-Parthenon, RSM, and Osborne Clarke.
Richard Holden, who led the Alantra team, said: “Saville is a highly productised science-led assessment business that has an exceptional brand in the talent management market. Its repeatable solutions play strongly to the current skills shortages that many growing blue chip companies face, whether in hiring or retaining and incentivising existing employees.”
Seller Willis Towers Watson was meanwhile advised by Boxington and CMS, with Liberty Corporate Finance advising management.
Tim Evans, who led the Boxington team said: “We are delighted to have served as the exclusive M&A lead advisor to WTW, identifying and accessing the most technology focused buyers internationally.”
The transaction is expected to close in the first half of 2023. As part of the acquisition, Saville Assessment will remain Willis Towers Watson’s preferred assessment software partner, and the global professional services firm will continue to support Saville’s products in its client-facing activities.
Suzanne McAndrew, global employee experience business leader at WTW, said: “Tenzing offers Saville an excellent opportunity to develop and thrive as it enters its next phase of growth. We look forward to continuing to partner with Saville, and its colleagues, to bring winning, integrated solutions to our clients.”
Sourced from Consultancy.eu