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Ardian Closes Acquisition of Audit and Spend Analytics Services Provider PRGX
Friday 05 March 2021

French private investment house Ardian has closed its acquisition of US-based recovery audit and spend analytics services PRGX Global, Inc, the company said.

In addition, Michael Lustig has been named PRGX's new chief executive officer.

Lustig, who serves as an advisor to Ardian, has over 15 years of experience in the source-to-pay industry, including having served as CEO of Apex Analytix, and during a prior tenure, as president and chief operating officer of PRGX.

He succeeds Ron Stewart, who will rejoin PRGX's board of directors.

PRGX is the world's largest Accounts Payable and Merchandise Recovery Audit firm, serving clients in more than 30 countries in North and South America, Europe, Asia and Oceania.

Headquartered in Atlanta, Georgia, PRGX works with clients in the retail, grocery, consumer packaged goods, manufacturing, telecommunications, pharmaceuticals, natural resources, financial services, and transportation industries.

PRGX provides leading technology-enabled source-to-pay solutions to businesses by mining client data to deliver actionable insights that increase cash flow and profitability through cost reduction, business process improvement and risk management.

PRGX's advanced solutions include recovery audit, preventive audit, contract compliance, and advanced analytics, which leverage artificial intelligence and machine learning to minimize leakage, maximize value, optimize cash flow, and strengthen operations creating a complete audit assurance program, not only recovering cash, but improving internal controls and resolving systemic issues to drive total improvement.

The company leads its industry in protecting the privacy and security of client data through a robust combination of technical, administrative and physical controls, in addition to rigorous data privacy and security business practices.

With Ardian's support, the company will develop core markets, including accelerating the roll-out of the company's proprietary platform, the Verigon Solution Suite, and grow strategic revenue streams, including the launch of new advanced analytics solutions.

Ardian will leverage its global network and considerable experience in business services to help PRGX identify new markets while continuing to serve the company's existing customer base.

The transaction, which was initially announced on December 24, 2020, was approved by the majority of PRGX shareholders on March 2, 2021.

In connection with the closing of the transaction, the company, which will continue to operate as PRGX Global, Inc., will be controlled by Ardian.

The Ardian North American direct buyout fund focuses on lower middle market buyouts, specifically middle market industrial and business service companies across a range of sectors in North America.

Ardian is a private investment house with assets of USD 110bn managed or advised in Europe, the Americas and Asia.

Ardian has more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Date Published: 05/03/2021