Advent Continues Software Build

Transaction Services Group (TSG), a portfolio company of Advent International since June 2019, has acquired TrueCoach, a provider of software used in the fitness industry.

TrueCoach provides software to more than 15,000 personal trainers that conduct more than 4 million workouts monthly. The company’s software is used for client management and communication, workout program building and progress tracking, and nutrition tracking. TrueCoach was founded in 2015 by CEO Casey Jenks and CMO Robert Jack and is headquartered in Boulder, Colorado.

Mr. Jenks will continue to run TrueCoach and Mr. Jack will take on a broader marketing role across the TSG portfolio of software products.

TSG is a provider of business management software and integrated payments services to the health and fitness, childcare and early education, insurance, and theme park sectors. The company’s products are used across Australia, North America, the United Kingdom, Europe and Asia.

The buy of TrueCoach follows earlier add-ons by TSG including boutique software providers Mariana Tek (November 2019), Triib (February 2020), Zingfit (February 2020), and Stadline (April 2020).

“Digital fitness services have enjoyed significant growth in recent years, and we are actively offering TrueCoach to our gym owners in the United Kingdom, Australia, and New Zealand,” said TSG CEO Floris de Kort. “During these challenging times, our clients are looking for new ways more than ever to engage with their members and gym members are looking for new ways to maintain their exercise regimes. The TrueCoach solution is the perfect answer.”

Advent International invests in companies active in business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. The firm has 15 offices in 12 countries and employs 195 investment professionals across North America, Europe, Latin America, and Asia. Founded in 1984 and headquartered in Boston, Advent has $57 billion in assets under management and has completed more than 350 private equity transactions.