Alpine Sells Mindful, A Leading Contact Center Callback Technology

SAN FRANCISCO–August 23, 2022–Today, 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.

“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.

“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.”

Union Square Advisors and Evercore served as financial advisors and Willkie Farr & Gallagher served as legal counsel to Mindful.

About Alpine Investors

Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in companies in the software and services industries. Its PeopleFirst strategy includes a talent program which allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its over $2.25 billion eighth fund. For more information, visit www.alpineinvestors.com.

About Mindful

Mindful was founded in 1995, originally to provide patented technology for large contact centers to automate intelligent callbacks that turns customer hold time into free time. Today Mindful is the chosen experience platform for the world’s biggest brands. With dedication to keep the customer in the driver seat, Mindful empowers brands and agents to engage them at critical moments. Deep integrations into contact center technologies can be connected in days, allowing enterprise brands to transform the customer journey in record time. Delivering surprise and delight across every touchpoint, Mindful bridges the gap between experiences, smoothing out the customer’s search for answers in ways that fits the preferences of both the customer and the brand.

About Medallia

Medallia is the pioneer and market leader in customer, employee, citizen, and patient experience. As the No. 1 enterprise experience platform, Medallia Experience Cloud is the experience system of record that makes all other applications customer and employee aware. The platform captures billions of experience signals across interactions including all voice, video, digital, IoT, social media, and corporate-messaging tools. Medallia uses proprietary artificial intelligence and machine learning technology to automatically reveal predictive insights that drive powerful business actions and outcomes. Medallia customers reduce churn, turn detractors into promoters and buyers, create in-the-moment cross-sell and up-sell opportunities, and drive revenue-impacting business decisions, providing clear and potent returns on investment. For more information visit www.medallia.com.