The partnership accelerates Embark's growth and industry disruption plans
DALLAS, Feb. 14, 2024 /PRNewswire/ -- All eyes in the consulting sector are once again on business advisory firm Embark as it announces a key strategic partnership with CoVenture, a prominent New York-based investment firm with $2.4 billion of assets under management. The partnership is intended to fuel Embark's industry-leading growth into the future.
"Embark is in the unique position of being the fastest-growing business advisory firm while operating profitably, with no need for external capital," said Clancy Fossum, Embark Chief Executive Officer. "Since we have the luxury of thinking strategically and long term, we took our time to find an investment partner that truly fits our vision and culture. CoVenture is the right partner to provide guidance, expertise, and deep industry connections as Embark continues to grow and mature."
Going forward, CoVenture will be a minority investor in Embark with Board representation. Founder and Chairman of the Board of Directors Paul Allen continues to be the majority owner of Embark while also maintaining his position as Chairman.
"The heart and soul of Embark will always be our people and clients. That will never change," said Allen. "But we're also growing up, and the needs of a 14-year-old firm are different than a startup. With CoVenture as a partner, we can focus on the next stages of growth for Embark and continue delivering incredible value and hospitality to our clients. Along the way, we intend to disrupt our industry by continuing to be the best place for the brightest minds to do their best work. We're just getting started!"
"Ultimately," continued Allen, "this announcement doesn't change our vision, culture, people, or the many other things that make this place so special. Embark is the fastest-growing company in the industry and we will continue to make bold moves toward our vision."
Dan Bailey, Managing Director at CoVenture, echoed Fossum and Allen's remarks on the partnership. "We couldn't be more thrilled to join Clancy, Paul, and the talented Embark team in this new partnership. Embark is exactly the type of company we like to partner with: A great team with a strong track record of growth and the ambition to shake up a massive $300 billion industry."
Guggenheim Securities, LLC acted as financial advisor and Greenberg Traurig as legal advisor to Embark. The announcement marks a significant step in the company's evolution and helps further position it as a key player in the financial services industry.
About Embark
Embark is a new kind of business advisory firm, one intent on disrupting the professional services industry with a unique, innovative business model and mindset for the advisory space. Founded in 2010, the Dallas-headquartered firm now services 18 offices across the country, helping clients optimize finance, accounting, and technology with specialists from a spectrum of practice areas and industries. The firm has built an unprecedented company culture for elite consultants to transform the way businesses utilize people, processes, and technology. For more information, visit www.embarkwithus.com.
About CoVenture
CoVenture Group ("CV Group") is an alternative asset manager that provides solutions across the capital stack of technology-enabled companies. CV Group, through its affiliates, CoVenture Management ("CoVenture") and Crossbeam Venture Partners, invests in growing companies across three core strategies: Asset-Based Credit, Hybrid Capital Solutions, and Venture Capital. For more information visit www.coventure.vc.
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