Performant Capital Acquires Design Manager From 1stDibs

Rhea-AI Summary

Performant Capital has successfully acquired Design Manager from 1stDibs (Nasdaq: DIBS) as of June 29, 2022. The acquisition enhances Performant Capital's portfolio in the technology-driven sector, specifically targeting the interior design software market. Design Manager has served top design firms for over 40 years, managing projects worth $2 billion annually. Performant Capital aims to invest significantly in Design Manager to improve product offerings further. This strategic move is expected to bolster growth and profitability in the interior design industry.

Positive

• Acquisition of Design Manager strengthens Performant Capital's position in the technology-driven interior design software market.
• Design Manager manages projects totaling $2 billion annually, indicating strong market presence and revenue potential.
• Performant Capital plans to invest in Design Manager to enhance its product offerings and customer service.

Negative

• None.

CHICAGO, June 29, 2022 (GLOBE NEWSWIRE) -- Performant Capital, a Chicago-based private equity firm focused on investments in technology-driven companies, announced today that it has acquired Design Manager from 1stDibs (Nasdaq: DIBS), a leading marketplace for extraordinary design. Design Manager is a leading project management and accounting software company for the interior design industry. 

Founded in 1984, Design Manager has been serving top interior design firms for more than 40 years. The company offers a comprehensive software workflow solution and clients use the platform to manage design projects totaling $2 billion in billings annually. The Design Manager product offers a feature set that is uniquely suited to improve efficiency and increase profitability for interior design firms.

“Design Manager is a comprehensive product and serves a group of customers who represent the very best in the interior design industry. We are excited to provide an investment in this technology platform to deliver an even better product for the customer base,” said Jeff Dillon, Partner at Performant Capital.

“Design Manager has been a strong performer since we acquired the business in 2019. Given our focus on areas like auctions and international expansion, we made the decision to seek an owner who is both able and excited to increase investment in Design Manager. We are thrilled to have found that in Performant Capital. The firm has researched the market opportunity thoroughly and intends to invest in the business to ensure its continued success,” said David Rosenblatt, CEO of 1stDibs.

Performant continues to look for best-in-class software platforms in the interior design space that would expand the Design Manager offering.

About Design Manager
Design Manager is the leading project management and accounting software for interior designers. Created in 1984 to respond to the requests of local interior design firms, it has expanded into a nationally recognized software company. Design firms have specific needs that cannot be answered by conventional software and Design Managers provides a product that is dedicated to those needs. Design Manager delivers software that saves time and improves profitability, while eliminating countless hours of paperwork.

About 1stDibs
1stDibs is a leading luxury marketplace for extraordinary design, connecting design lovers worldwide with coveted sellers and makers of vintage, antique, and contemporary furniture, home décor, fine art, jewelry, watches and fashion.

About Performant Capital
Performant Capital is a Chicago-based, lower middle market private equity firm focused on investments in technology-driven companies. Performant acquires businesses across SaaS, technology-enabled services, and data intelligence products and services. With over 50 years of collective investing and operating experience in these sectors, Performant’s principals seek opportunities where its depth of investing, operating expertise, and partner network can materially impact performance. More information on Performant Capital can be found at www.performantcapital.com.

CONTACTS:

Performant Capital:
Michael Ciaglia
mciaglia@performantcapital.com

1stDibs:
Press:
Jennifer Miller
Jennifer.miller@1stdibs.com

Investor Relations:
Kevin LaBuz
kevin.labuz@1stdibs.com

FAQ

What was the acquisition value of Design Manager by Performant Capital?

The acquisition value has not been disclosed in the press release.

What is the primary focus of Performant Capital after acquiring Design Manager?

Performant Capital aims to invest in Design Manager to improve its technology platform and enhance the product offerings.

How does the acquisition impact 1stDibs (DIBS)?

1stDibs seeks an owner to enhance investment in Design Manager, which may positively affect its strategic direction.

What is the significance of Design Manager in the interior design industry?

Design Manager is a leading project management and accounting software, managing design projects worth $2 billion annually.