Alpine Investors (“Alpine”), a people-driven private equity firm committed to building enduring businesses, announced the completed sale of its portfolio company, Mindful (formerly known as VHT) (“Mindful” or the “Company”), a leader in callback automation, to Medallia, Inc. (“Medallia”), a leader in customer and employee experience. Terms of the sale were not disclosed.
Mindful is the leading provider of callback technology for nearly 400 of the world’s leading brands, resulting in improved customer satisfaction and lower operating costs. Alpine acquired Mindful, then know as Virtual Hold Technology, in 2018 and appointed Matt DiMaria as president and CEO. Adopting Alpine’s People-First playbook, the Mindful team transformed the company, generated over 100% revenue growth for 3 consecutive years from its new SaaS offering and more than doubling overall revenue since acquiring the business.
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“It has been an absolute pleasure to work with Alpine over the last four years,” said Matt DiMaria, CEO of Mindful. Matt joined the company from Alpine’s in-house talent program that recruits proven executives to lead its portfolio companies. “Today’s news begins an exciting new chapter for our clients and employees as part of Medallia. Together we are uniquely positioned to enable millions of people to get the help they need, from brands they love on the terms they choose.”
Mindful’s transformation was guided by Alpine’s PeopleFirst playbook, led by Matt DiMaria with the support of the Alpine portfolio operations team. PeopleFirst is centered on developing a culture that deeply engages employees in defining the vision, mission and values of a company while crafting a strategy for market leadership. The Mindful team fully embraced PeopleFirst to profitably double the size of the company while transitioning to a 97% recurring revenue business model, launching a new SaaS product line that drove significant new client adoption, and maintaining its commitment to 100% client satisfaction. Under Alpine ownership, Mindful added over 30% to both its employee population and total active clients.
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“Matt and the Mindful team have built a remarkable product, business, and culture,” said Haley Beck, Principal at Alpine Investors. “Mindful’s leadership, market-leading solutions, and adoption of Alpine’s PeopleFirst philosophy and software playbook, have led to their notable success. We are excited to see Mindful’s growth continue as a result of its partnership with Medallia.”