NewSpring Successfully Exits Mobile Engagement Company, Relay Network
December 18, 2019
Radnor, PA – December 18, 2019 – NewSpring (the “Firm”), a family of private equity strategies, announced today that NewSpring Growth ("NewSpring"), the Firm’s dedicated growth and expansion strategy, has successfully exited Relay Network (“Relay” or “Company”), the leading personalized mobile engagement company for the enterprise.
At a time when customer retention is critical, Relay enables businesses to proactively deliver education and support through individualized mobile feeds that guide customers to take specific actions during key moments like onboarding, billing, and account renewals. Users receive text messages that link directly to their secure web-based feed, reducing friction, and achieving higher engagement than email, phone, and mobile app notifications.
Over the course of NewSpring’s investment, Relay surpassed 30 million active customer feeds and is adding more than one million new feeds every month. Due to its ability to securely deliver information straight to each customer when they need it, Relay’s solution has been especially successful in industries that require extra guidance and education, like healthcare, financial services, and telecom. Leading organizations including Comcast, Independence Blue Cross, and Citizens Bank use Relay to create more profitable, lasting customer relationships.
“Relay’s success to date is a testament to CEO, Matt Gillin and the entire team’s hard work and vision for customer engagement,” said Brian Kim, NewSpring Partner. “They have succeeded in challenging industries where tailored interactions are critical to customer retention and the Company is well-positioned for future growth. We will continue to see great things from this innovative organization.”
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.0 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 150 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
About Relay Network
Relay Network is a personalized mobile engagement company that enables businesses to deliver individualized solutions that simplify and improve the customer experience. Relay gives enterprise businesses the power to design, orchestrate, and automate customer engagement so they can scale their customer support efforts and meet rising customer expectations for easy, personalized service. Leading organizations use Relay – a Gartner Cool Vendor – to create more profitable, lasting customer relationships. To learn how your businesses can deliver personalized customer experiences at scale, visit www.relaynetwork.com.