{"id":42885,"date":"2022-04-06T18:06:26","date_gmt":"2022-04-06T23:06:26","guid":{"rendered":"https:\/\/deafnetwork.com\/wordpress\/?p=42885"},"modified":"2022-04-06T18:06:26","modified_gmt":"2022-04-06T23:06:26","slug":"sorenson-announces-change-in-ownership","status":"publish","type":"post","link":"https:\/\/deafnetwork.com\/wordpress\/blog\/2022\/04\/06\/sorenson-announces-change-in-ownership\/","title":{"rendered":"Sorenson Announces Change in Ownership"},"content":{"rendered":"\n

Sorenson Announces Change in Ownership<\/strong><\/p>\n\n\n\n

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Sorenson, America\u2019s Leading Provider of Accessible Communication Services, Announces Strategic Transaction<\/strong><\/em><\/p>\n\n\n\n

Partnership to enable the expansion of Sorenson\u2019s inclusive communication options for Deaf, hard-of-hearing, and additional diverse populations worldwide<\/em><\/strong><\/p>\n\n\n\n

Newly appointed CEO and board directors bring enhanced product, security, and regulatory expertise to leadership team<\/em><\/strong><\/p>\n\n\n\n

American Sign Language and British Sign Language version available (see link below)<\/em><\/p>\n\n\n\n

Salt Lake City, April 4, 2022 \u2013 Sorenson<\/strong> (or \u201cthe Company\u201d), the leading U.S. communications provider for people who are Deaf and hard-of-hearing, announced today that private investment firm Ariel Alternatives, LLC has completed an acquisition of 52.5% of the Company\u2019s common equity from existing shareholders, including Blackstone Credit, a fund managed by Franklin Mutual Advisers, and private credit accounts managed by KKR at an enterprise valuation of $1.3 billion. The selling shareholders will continue to own a minority interest in the company. Ariel Alternatives<\/a> is the private equity subsidiary of global asset manager Ariel Investments, LLC<\/a>, the first Black-owned investment firm in the U.S.<\/gwmw><\/p>\n\n\n\n

Sorenson has been the leader for over 20 years in delivering accessible communications, technology and services to the Deaf and hard-of-hearing communities in the U.S. and, more recently, in the United Kingdom. Sorenson\u2019s Internet Protocol Captioned Telephone Service (IP CTS) for people with hearing loss, video, in-person American Sign Language and British Sign Language interpreting have modernized the way people who are Deaf and hard-of-hearing communicate. This acquisition will not affect Sorenson\u2019s current services.<\/p>\n\n\n\n

Today, Sorenson processes more than 140 million conversations annually, and is one of America\u2019s largest private employers of Deaf people. Ariel Alternatives\u2019 investment is expected to enable Sorenson to connect even more people worldwide using the Company\u2019s accessible and inclusive services, by expanding those services to additional 21st century communications platforms. Sorenson\u2019s existing presence in Europe includes a flagship customer in France, and its United Kingdom affiliate, Sign Language Interactions. Sign Language Interactions was recently named by the U.K.\u2019s Office of Communications as the official provider for the U.K.\u2019s new Emergency 999 Video Relay Service (VRS).<\/p>\n\n\n\n

This transaction is the first of Ariel Alternatives\u2019 strategic initiative \u201cProject Black,\u201d its mission to scale sustainable minority-owned businesses. Through this effort, Ariel Alternatives seeks to transform portfolio companies like Sorenson into minority business enterprises (MBEs) and position them as leading suppliers to Fortune 500 companies, supporting business diversity. Ariel Alternatives also aims to help portfolio companies generate jobs, economic growth, and equality within underrepresented populations. These impact objectives include but are not limited to: increasing the accessibility of products to underserved communities; the hiring of diverse people from entry level to the boardroom; the purchasing of contracts with minority-owned vendors and suppliers; and philanthropic partnerships with organizations supporting civil rights.<\/p>\n\n\n\n

Sorenson Chief Executive Officer Jorge Rodriguez commented: \u201cWe are thrilled to partner with Ariel Alternatives. Their investment will enable us to optimize our capabilities, evolve our systems, platforms and approaches to improve the overall Deaf and hard-of-hearing communication experience, and accelerate R&D and next-generation technology investments to promote functional equivalency across the diverse communities we serve. I couldn\u2019t be happier that we have closed such a monumental transaction, given our thesis of accessibility, inclusion and economic opportunities as underlying tenets of our mission to support underserved and underrepresented groups.\u201d<\/p>\n\n\n\n

Senior Managing Director of Blackstone Credit and Sorenson board member David Posnick added: \u201cSorenson has done a phenomenal job of serving the Deaf and hard-of-hearing communities. I am confident the Ariel Alternatives partnership will extend Sorenson\u2019s service reach, providing communication language access to broader populations.\u201d<\/p>\n\n\n\n

Ariel Alternatives has leveraged its extensive network of minority executives to introduce Sorenson to recently appointed CEO Jorge Rodriguez and new board members, including Chairman Paget Alves, and directors Vonya McCann, Colonel J. Carlos Vega and Maria Teresa Lensing. In addition to being people of color, these executives bring critical product, security, and regulatory expertise to Sorenson\u2019s leadership team as the Company evolves and enhances its focus on innovation, consumer protection, and compliance.<\/p>\n\n\n\n