Rod Millar, CEO of Likewize [Photo: LinkedIn]
San Francisco-based Genstar Capital has increased its investment in Likewize, a Southlake-based global provider of tech protection and support, following its initial investment in March 2023.
Likewize said the investment makes Genstar the majority investor in Likewize and strengthens its commitment to fueling Likewize’s continued growth and mission to make every tech problem painless. Management and New York City-based Brightstar Capital Partners will remain minority investors in Likewize, ensuring continued leadership in driving the company forward.
Terms of the deal were not disclosed.
“Over the last five years, we’ve transformed into a global leader in tech protection and support,” Likewize CEO Rod Millar said in a statement.
Millar said that the increased investment from Genstar “underscores their confidence in our vision and potential,” adding that the “deeper partnership” will allow Likewize to “continue to push the boundaries of innovation and ensure our platform remains the industry leader.”
Founded in 1997, Likewize’s innovative approach is used by many of the world’s biggest brands, including telecommunications companies, financial institutions and retailers, to protect millions of customers from tech-related issues. Likewize said it handles more than 250 million device issues a year, from warranty and repairs to upgrades and premium technical support.
‘Well-positioned’ for market opportunities
Millar said the new investment is timely support for the company’s next phase of growth.
“We’re excited to expand our capabilities and feel well-positioned to capitalize on the vast market opportunities in the rapidly growing tech protection and support sectors,” he said.
Likewize said that since Genstar’s initial investment, it has built significant momentum, growing its core business by more than 30%.
Over the past 12 months, Likewize said it has added major partnerships with some of the world’s largest telecommunications carriers, retailers, and financial institutions and has expanded its footprint across Europe, enhancing its capabilities and market presence.
“We’re thrilled to expand our partnership with Rod and the entire Likewize team, as well as Brightstar, as we’ve witnessed firsthand the company’s exceptional growth over the first 19 months of Genstar’s investment,” Ryan Clark, president and managing partner at Genstar, said in a statement. “This enhanced commitment to Likewize comes at a pivotal moment, delivering the support and capital for Likewize to continue delivering exceptional customer value and achieve its full growth potential.”
Andrew Weinberg, founder and CEO of Brightstar, said his firm is looking forward to continuing its relationship with Likewize.
“We’re proud of Likewize’s growth and transformation during our ownership period and the company’s success in becoming a global leader in tech protection and support. We look forward to continuing to work with Genstar and the management team and remain confident in Likewize’s future prospects and market leadership in this dynamic industry,” he said.
Likewize said the increased strategic investment from Genstar will allow it to focus on accelerating adoption of added value solutions such as AI-driven claims handling and expanded premium tech support, ensuring it maintains its reputation for the industry’s best customer experience and technology.
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