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RedBird Capital Partners and StepStone Group (NASDAQ: STEP) have entered into an agreement to acquire a majority stake in Talent Systems, a leading casting software and talent marketplace in the entertainment industry. Talent Systems, founded by Rafi Gordon and Alex Amin, managed over 50,000 projects and 2 million auditions in 2021. The acquisition aims to enhance Talent Systems' platform, supported by brands like Casting Networks and eTribez. Financial terms of the deal remain undisclosed. RedBird's expertise is expected to drive substantial growth in the current content creation landscape.
Positive
Acquisition of Talent Systems enhances StepStone's position in the entertainment sector.
Talent Systems managed over 50,000 projects and 2 million auditions in 2021, indicating substantial market presence.
RedBird's investment experience could lead to significant scaling opportunities for Talent Systems.
Negative
None.
LOS ANGELES & NEW YORK--(BUSINESS WIRE)--
RedBird Capital Partners (“RedBird”), along with private markets investment firm StepStone Group (Nasdaq: STEP), today announced a definitive agreement to acquire a majority stake in Talent Systems, the preeminent casting software and talent marketplace for the entertainment industry. Talent Systems was formed by Co-CEOs Rafi Gordon and Alex Amin and in 2021 managed over 50,000 projects and more than 2 million auditions, facilitating the effective discovery, auditioning and hiring of talent across film, television, commercials, theater and digital productions. Financial terms were not disclosed.
With the deepest pool of professional talent and project roles, Talent Systems delivers valuable solutions to all constituents across the casting process, including performers, studios, networks, casting directors, and talent and creative agencies. Its platform is supported by its interconnected brands that include Casting Networks, Spotlight, Cast It Systems, Casting Frontier and the recently acquired eTribez Casting Platform and Staff Me Up.
Andy Gordon, Partner at RedBird, said, “With Talent Systems, Rafi and Alex have created a platform that offers efficiencies to a media and entertainment ecosystem managing a massive increase in supply and demand of content creation. Drawing on RedBird’s investment experience and relationships in the industry, together we have an opportunity to continue to scale their business when it is needed most. We are also pleased that Rafi and Alex, along with their leadership team and existing financial partner Caltius, will continue to have a significant equity stake going forward.”
Talent Systems Co-CEOs Rafi Gordon and Alex Amin added, “RedBird’s extensive track record of building long-term, successful businesses coupled with its deep expertise in the entertainment industry makes them the ideal partner to scale Talent Systems. We’re confident that the partnership and resources that RedBird brings will add to the company’s trajectory and our primary goal of delivering best-in-class technology capabilities to our customers across the talent, casting director, studio, and agency segments.”
“Talent Systems is committed to delivering value to its members across the entertainment ecosystem,” said Garrick Ahn, Managing Director at Caltius Equity Partners. “We are excited to have RedBird as the lead partner for Talent Systems’ next phase of growth and are pleased to continue as a minority investor going forward.”
Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to RedBird. William Blair served as financial advisor to Talent Systems, and Morgan Lewis & Bockius LLP served as legal advisor to the company.
About Talent Systems
Talent Systems, LLC is the leading technology solution provider for casting and auditioning to the entertainment industry. Casting directors and agents worldwide use Talent Systems’ portfolio of products to source and manage talent across film, television, commercials, theater and digital projects, powering an unparalleled, global casting software ecosystem. Talent Systems is headquartered in Los Angeles and operates in the US, Canada, Mexico, UK, Australia and India.
About RedBird Capital Partners
RedBird Capital Partners is a private investment firm focused on building high-growth companies alongside entrepreneurs in its four areas of domain expertise: sports, media, consumer and financial services. Founded by former Goldman Sachs Partner Gerry Cardinale in 2014, RedBird today manages over $6 billion of capital on behalf of a highly curated group of blue-chip global institutional and family office investors. RedBird’s network of entrepreneurs is central to its investment sourcing and company-building strategy that helps founders achieve their business objectives and long-term vision. Since inception, RedBird has invested in over 30 platform companies and 80 add on acquisitions with total enterprise value exceeding $30 billion. For more information, please go to www.redbirdcap.com.
