Wrike Completes Recapitalization and Ownership Transition, Positioned for Future Growth with Symphony Technology Group

Wrike, a prominent player in collaborative work management, has recently announced the successful completion of its recapitalization and ownership transition to Symphony Technology Group (STG), a private equity firm specializing in software, data, and analytics. This move marks the final stage of Wrike’s journey to becoming a private company, with Vista Equity Partners and Elliott Investment Management L.P. transferring full ownership to STG.

The partnership with STG positions Wrike to continue its growth trajectory and build upon its intelligent work management platform. By automating work processes and empowering teams to be more productive, efficient, and focused on outcomes, Wrike aims to address the increasing demand for efficiency and productivity in organizations facing complex and interconnected workstreams amidst resource and budget limitations.

As part of the ownership transition, Andrew Filev, the Founder and CEO of Wrike, will take on the role of Board Advisor. Stepping into the position of Interim Chief Executive Officer is Thomas Scott, the current Chief Financial Officer at Wrike. Scott, who has been with the company since March 2022, brings more than 20 years of executive experience from various companies, ranging from startups to publicly traded firms. His expertise in leading dispersed teams through transformative growth stages will be invaluable in driving Wrike’s next phase of expansion.

Sunit Mukherjee, Managing Director at STG, expressed gratitude for Filev’s contributions to Wrike’s growth and highlighted Scott’s pivotal role in building the operational infrastructure for future success. STG believes that Scott is well-equipped to lead the company through this important transition period.

Scott acknowledges the growing demand for a comprehensive work management platform that satisfies both individual needs and organizational requirements for collaboration, measurement, and visibility.

Over the past decade, Wrike has played a significant role in shaping the collaborative work management category. The company has consistently evolved its platform to meet the needs of its 2.4 million users, incorporating artificial intelligence, custom workflows, and workflow automation to drive greater efficiencies and effective work management.

Mukherjee emphasizes that Wrike has established a strong foundation, customer base, and partner ecosystem for its work management platform. STG is eager to enhance Wrike’s capabilities further, enabling the company to streamline project management, foster efficient team collaboration, and accelerate productivity.

The transaction was facilitated by Lazard, acting as the exclusive financial advisor to Wrike, and Kirkland & Ellis LLP, serving as legal counsel for Wrike. Paul Hastings LLP provided legal advice to STG during the process.

The completion of Wrike’s recapitalization and ownership transition to Symphony Technology Group (STG) signifies a significant milestone in the company’s journey as a private entity. This strategic move positions Wrike for continued success in the collaborative work management space, leveraging STG’s expertise in software, data, and analytics. With Vista Equity Partners and Elliott Investment Management L.P. transferring full ownership to STG, Wrike can now focus on expanding its market reach and product offerings to meet the evolving needs of organizations.

Thomas Scott’s appointment as the Interim Chief Executive Officer brings a wealth of executive experience to Wrike. Having held leadership positions in various companies, including Zebra Technologies and Corning Optical Communications, Scott is well-versed in steering organizations through transformative growth stages. His deep understanding of building and leading dispersed teams will be instrumental in driving Wrike’s future growth and solidifying its position as a market leader in work management software.

The involvement of reputable advisory and legal firms, including Lazard, Kirkland & Ellis LLP, and Paul Hastings LLP, underscores the significance of this ownership transition and highlights the commitment to guaranteeing a smooth and successful transaction for all parties involved.

Overall, the completion of Wrike’s recapitalization and ownership transition to STG represents a pivotal moment for the company, propelling it towards an exciting future of continued growth, innovation, and market leadership in the collaborative work management space.