New ServiceNow Consultancy, CoreX, Announces Partnership with NewSpring Holdings

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May 03, 2024, 08:02 ET

ADDISON, Texas, May 3, 2024 /PRNewswire/ -- CoreX, a ServiceNow consultancy, is pleased to announce its partnership today with NewSpring Holdings, the majority investment strategy focused on platform builds within the NewSpring Capital family of private equity funds. Together, they are teaming up their considerable forces to create the next great ServiceNow consulting company.

Led by ServiceNow ecosystem veterans since 2009, CoreX is a firm on a mission: to help their customers harness the newly expanded power of ServiceNow's S2P and Financial Operations Workflow Product suite to unlock trapped value for Business Operations, Finance, Supply Chain, and Procurement teams – specifically aligned around Industry Solutions and an overall ERP modernization strategy.

According to Rick Wright, CoreX CEO, and ServiceNow's former SVP of Customer Outcomes, "By leveraging the newest innovations from ServiceNow, ERP modernization is finally a journey every company can start today and make a meaningful impact on their bottom line in months not quarters or years.

CoreX is a leading provider of ServiceNow-based ERP modernization services. We're thrilled with our partnership with NewSpring Holdings, in particular, their track record of successful acquisition strategies to grow truly great companies, where people love to work. The combination of our considerable forces accelerates our ability to team up with the ServiceNow ecosystem's best consultancies and get to a scale required to service this growing market".

Building transformative ServiceNow businesses isn't new for the award-winning CoreX Leadership team. Joining the CoreX founding team are Steve Dabrowski, Meghan Lockwood, and Ross Rexer – ecosystem and ServiceNow veterans who have both helped launch the new ServiceNow product suite, and served in executive roles at ServiceNow, KPMG, and boutique ecosystem darling, Acorio.

With prior firms earning multiple placements on the Inc. 5000 list, "best workplace" awards from the Boston Globe and Inc. Magazine, as well as prior rankings on Forbes Best Startup Employers list – the team expects big things for CoreX in the coming year.

Since 2015, NewSpring Holdings has codified growth in the lower middle market through investments in tech-enabled services sectors. The team has executed nearly 50 acquisitions, creating eight integrated platform companies. By partnering with skilled operators and experienced management teams with domain expertise in highly fragmented markets, NewSpring Holdings helps lower-middle-market companies scale through investments in infrastructure, operational rigor, and strategic M&A. This method, known as the Industry Leader Approach, is a hallmark of the NewSpring Holdings platform build strategy.

"We've been targeting ServiceNow's vibrant ecosystem for our next platform build because we believe that their hundreds of skilled partners—whose work has underpinned ~25% annual market growth in recent years—still have untapped potential," says Daniel Salvato, Principal at NewSpring Holdings. "That's why we're excited to partner with CoreX to help unlock this exceptional growth opportunity. From our first conversations with the management team, it was clear that their vision of the market need in mission-critical workflows like ERP Modernization and Source-to-Pay would allow us to create value and drive growth for ServiceNow and its customers as a leading-edge partner. Furthermore, their pedigree of past experiences and proven track records give us the confidence to partner with them as Industry Leaders in building a differentiated business with best-in-class talent and capabilities across the Now Platform."

On the cusp of accelerated growth, Wright underscored the team dynamics and aligned vision as the biggest factor for him. "I am truly honored to be part of an amazing founding team that is committed to excellence and diversity and passionate about transforming the way organizations operate. This team's knowledge and deep functional and industry experience allow CoreX to be at the forefront of innovation and delivery excellence, and that is why I am incredibly excited to lead this dynamic team into an exciting future."

Business owners or ServiceNow ecosystem talent interested in learning more about CoreX opportunities or getting an invite to the team's Tuesday launch party can contact [email protected].

About CoreX

CoreX is the first and only consultancy 100% exclusively focused on connecting and streamlining ServiceNow Customers' core Business Operations, Finance, Procurement, Supply Chain and ERP transformation processes.

Built on decades of Industry and ServiceNow know-how, CoreX is on a mission to fix siloed, manual processes, empowering our customers and bringing the ServiceNow connected, workflow-driven promise to the Finance, Procurement and Supply Chain functions.

With proven success connecting the critical OCM and strategy elements needed to succeed in transforming core business operations – and the ServiceNow technology chops to ensure that vision is rolled out in the right way. Learn more at www.corexcorp.com or connect with us at [email protected]

About NewSpring Holdings

NewSpring Holdings, NewSpring's majority investment strategy focused on control buyouts and sector-specific platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. Having completed over 250 investments, the Firm manages $3.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com.

SOURCE CoreX