Serra Companies Network Perception and Evisort Acquired

The team at Serra is very excited to announce two portfolio company acquisitions. The first is Serra Capital III SBIC company Network Perception. Originating from the University of Illinois tech ecosystem, Network Perception empowers critical infrastructure industries to manage their cyber security in a proactive manner, ensuring compliance with regulatory standards and best practices while protecting not only the security of the company, but the greater public at large. Network Perception was acquired by Dragos, the global market leader and first unicorn in Operational Technology (OT) cybersecurity. Rob Schultz, Managing Partner, commented, "We are excited for CEO Robin Berthier and the entire Network Perception team. Serra Ventures supported them even before the company was formed, as they were incubated within the University of Illinois. Recognizing the business's commercial potential, we led their initial seed funding round, and further invested in the Series A. This combination with Dragos offers the most distinctive solution in the industry at a time when risks to our nation's critical infrastructure have never been greater." See full press release here.

The second announcement appeared in the press on September 17 where it was announced that Serra Capital III and Serra Capital III SBIC company Evisort had entered a definitive agreement to be acquired by Workday, a NASDAQ traded company. Evisort deploys computer vision and AI algorithms to read, analyze and recommend the proper contract management. The company is being acquired by Workday, a leading provider of solutions to help organizations manage their people and money. The transaction is expected to close no later than October 31. Dennis Beard, Managing Partner, said "From day one, we were impressed with CEO Jerry Ting and his team of co-founders. They offer a unique solution to a real pain point in contract management, and they have successfully attracted an impressive list of Fortune 500 customers. This is an outstanding result for our Funds and we couldn't be more proud to have been part of the investment team dating back to the Seed Financing round in 2019." See full press release, here.