Walnut Creek, CA, October 27, 2022 – Insignia Capital Group is pleased to announce it has entered into a definitive agreement to sell its majority interest in WillowTree (“WillowTree” or the “Company”) to TELUS International (NYSE and TSX: TIXT) for a total enterprise value of US$1.225 billion. The deal is anticipated to close in January 2023, and is subject to customary closing conditions and regulatory approvals.
Founded in 2008 and headquartered in Charlottesville, Virginia, WillowTree is a digital product consultancy that provides end-to-end, strategy, design, full-stack development, and growth marketing services to the world’s leading brands. WillowTree’s client roster includes Fortune 500 companies across key verticals including telecommunications and media, healthcare and life sciences, financial services, and technology and software.
Insignia Capital Group invested in WillowTree in 2018. Since then, the company has quadrupled revenue and scaled from two locations in Virginia and North Carolina to thirteen global studios across three continents. Together, WillowTree and Insignia made significant investments in the organization and completed three highly strategic acquisitions, all of which accelerated the company’s growth and strengthened its market positioning.
“It has been an honor to partner with the world-class team at WillowTree during a period of transformative growth over the last four years. Management’s execution of the strategic plan we envisioned at the outset of our partnership has been truly exceptional,” said Tony Broglio, Partner at Insignia Capital Group.
“The team at Insignia were outstanding partners during a critical period of explosive growth, and we are grateful for their insight, support, and commitment to our vision,” said Tobias Dengel, CEO of WillowTree. “We believe the best is yet to come for WillowTree, and we’re excited to execute on the major opportunities ahead with TELUS International.”
Canaccord Genuity served as exclusive financial advisor and Kirkland & Ellis LLP and Davis & Gilbert LLP served as legal counsel to Insignia Capital and WillowTree.
About WillowTree
WillowTree helps the world’s most admired brands on their path to digital leadership—from product to process. Founded in 2008 as a pioneering mobile app development company, WillowTree has grown into a full-service digital product consultancy, helping our clients anywhere humans and technology intersect. Our teams provide end-to-end, full-stack development, strategy, design, and growth marketing services. To learn more, please visit www.willowtreeapps.com.
About TELUS International
TELUS International (NYSE & TSX: TIXT) designs, builds and delivers next-generation digital solutions to enhance the customer experience (CX) for global and disruptive brands. The company’s services support the full lifecycle of its clients’ digital transformation journeys, enabling them to more quickly embrace next-generation digital technologies to deliver better business outcomes. TELUS International’s integrated solutions span digital strategy, innovation, consulting and design, IT lifecycle including managed solutions, intelligent automation and end-to-end AI data solutions including computer vision capabilities, as well as omnichannel CX and trust and safety solutions including content moderation. Fueling all stages of company growth, TELUS International partners with brands across high growth industry verticals, including tech and games, communications and media, eCommerce and fintech, banking, financial services and insurance, healthcare, and travel and hospitality.
TELUS International’s unique caring culture promotes diversity and inclusivity through its policies, team member resource groups and workshops, and equal employment opportunity hiring practices across the regions where it operates. Since 2007, the company has positively impacted the lives of more than one million citizens around the world, building stronger communities and helping those in need through large-scale volunteer events and charitable giving. Five TELUS International Community Boards have provided $4.8 million in funding to grassroots charitable organizations since 2011. Learn more at: www.telusinternational.com.