- Kennet is a growth equity investor based in London
- Federated Hermes is a global private equity investor
- Screendragon is based in Cork, Ireland
Cork, Ireland-based Screendragon serves the agency and marketing sectors.
The investment aims to facilitate a commitment to invest in the company’s Irish operation, doubling Screendragon’s workforce in Cork and underpinning the expansion of the company into the US market, according to a release.
“The team has outcompeted software giants to win some of the world’s largest brands as customers without raising any institutional capital,” said Cillian Hilliard, director of Kennet. “With additional resources to strengthen the team in Cork and the US, and scaling of the existing leadership talent, we are confident we can transform the business into a global leader.”
Screendragon’s executive chairman Clive Sirkin will assume the role of chairman of a newly constituted board of directors.
Hilliard, Kennet’s MD Michael Elias and Federated Hermes’ Fidel Manolopoulos, partner and co-head of EMEA investment, will also join Screendragon’s board of directors. An independent board member will be named shortly.
Kennet is a growth equity investor in B2B software across Europe and the US. It has around $1 billion of cumulative funds under management and is based in London.
London-based Federated Hermes is an investor in global private equity with $6.3 billion of assets under management as of 30 September 2023.
Fladgate acted as legal advisor to Kennet and Hermes.
Editor’s note: The size of the investment was amended to $27 million.