Clearlake Capital’s Investment in Diligent Corporation


Morgan Stanley & Co. LLC served as lead advisor to Diligent Corporation and Insight Venture Partners. District Capital Partners provided transaction advisory services to Diligent Corporation. Cooley provided legal advice to Clearlake.

Diligent Corporation, a portfolio company of Insight Venture Partners and the market leader in enterprise governance management (“EGM”) software solutions, has received a strategic minority investment from Clearlake Capital Group, L.P.

As a leader in the EGM software industry, Diligent is committed to providing the broadest platform for facilitating secure collaboration, communication and meeting management for boards, committees and leadership teams. Diligent’s multi-tenant SaaS platform provides directors with a single application to securely and reliably access, edit and share materials while satisfying security and compliance requirements. Taking its service offerings to the next level, yesterday Diligent introduced Governance Cloud – the only integrated and secure enterprise governance management solution that enables organizations to achieve best-in-class governance.

With governance policies and activities top-of-mind for most companies today, Diligent found that most Governance, Risk and Compliance (GRC) offerings in the market are overly focused on risk and compliance, not governance. This gap leaves leaders and board members in a vulnerable position that can lead to reputational damage and negative business impacts. Diligent is closing this gap by providing the only comprehensive enterprise governance management solution. Diligent supports its 12,000 clients and 400,000 users from its headquarters in New York City and offices around the world.

Diligent has driven considerable growth through product innovation, international expansion and strategic acquisitions. The company’s expanded offerings for boards and committees include Diligent Messenger, an application that combines enterprise-level security with the ease and familiarity of popular text and email solutions, Diligent Entity Management, a solution that provides a single source of truth for all corporate entity related information, and Diligent Evaluations, a simplified way to capture board assessments and analyze board performance.

Clearlake Capital Group, L.P. is a private equity firm specializing in middle market and lower middle market. The company, led by Behdad Eghbali, José E. Feliciano and Xavier A. Gutierrez, is based in Santa Monica (CA).

Cooley advised with a team including Mehdi Khodadad, Brooke Nussbaum (Picture), Eric Batill, Buff Miller, Amanda Pacheco, Anthony Friedman, Jacqueline Grise, Sharon Connaughton, Alex Weaver and Rose Legarda.

Involved fees earner: Mehdi Khodadad – Cooley LLP; Brooke Nussbaum – Cooley LLP; Eric Batill – Cooley LLP; Anthony Friedman – Cooley LLP; Alex Weaver – Cooley LLP; Buff Miller – Cooley LLP; Amanda Pacheco – Cooley LLP; Jacqueline Grise – Cooley LLP; Sharon Connaughton – Cooley LLP;

Law Firms: Cooley LLP;

Clients: Clearlake Capital Group, L.P.;

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Author: Ambrogio Visconti