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18 January 20242 minute read

DLA Piper advises PerformYard in securing US$95 million Equity Investment from Updata Partners

DLA Piper represented PerformYard, a leader in performance management, in securing a significant US$95 million equity investment from Updata Partners, a growth equity firm based in Washington, DC.

The investment will be strategically used to accelerate hiring across all departments and grow its staff performance management platform.

Founded in 2013, PerformYard is a performance management software that streamlines and formalizes performance process, from annual reviews to quarterly goals, continuous feedback, employee engagement and everything in between.

“We’re very excited to have worked with PerformYard since its formation and to have assisted PerformYard on securing this funding to further accelerate the company’s growth,” said Jeff Lehrer, chair of DLA Piper’s US Emerging Growth and Venture Capital practice, who led the deal team. “The capital infusion will allow PerformYard to build out its services and grow its team, reinforcing PerformYard's dedication to its people and clients.”

In addition to Lehrer (Washington, DC and Northern Virginia), the DLA Piper team included partners Adam Brenner (New York) and Tom Hendershot (Northern Virginia) and associate Stephen Truban (Washington, DC).

DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers who provide strategic counsel to emerging companies in high-growth industries, including technology, healthcare, pharma & biotech, financial services, manufacturing, and communications. Over the last three years, DLA Piper has completed more than 2,100 financings globally totaling over US$80 billion.