(Bloomberg) -- Buyout firm KKR & Co. has acquired a majority stake in Alchemer, a provider of customer experience and consumer data collection services, with money from its recently launched Ascendant fund focused on midsize companies.

Capital from the investment will be used to scale the business through mergers and acquisitions, marketing, partnerships and product innovation, the companies said in a statement reviewed by Bloomberg News. Financial terms of the agreement weren’t disclosed.

Alchemer Chief Executive Officer David Roberts said “this transaction will benefit our customers and employees by accelerating our investment in experience management.” As part of the deal, staff at Alchemer will also become owners of the company alongside KKR, which said the employee ownership initiative is a boost for scaling stronger companies.

Founded in 2006, Alchemer develops workplace technology for corporate clients aiming to improve engagement with their workforce and customers. The Louisville, Colorado-based company provides the underpinnings of consumer feedback and retention programs, enterprise risk assessment, and return to office planning among its list of services.

KKR’s purchase of Alchemer is the first deal from the Ascendant fund, a more dedicated effort to back middle-market businesses across North America. The fund sits within the New York-based firm’s Americas private equity platform with an identical focus on sectors such as tech, media and telecom, industrials, health care and more.

Plans for the Ascendant fund were first reported by Bloomberg News in March. A representative for KKR declined to comment on fundraising matters.

“Alchemer is exactly the type of company that we want to invest in,” Pete Stavros and Nate Taylor, co-heads of KKR Americas Private Equity, said in the statement. “We see a significant and growing opportunity to use our leading platform and resources to help high-quality middle-market businesses grow, scale and create value for their customers and employees.” 

William Blair & Co. represented Alchemer on the transaction, while Perkins Coie LLP acted as legal counsel. KKR was advised by Jefferies LLC while Simpson Thacher & Bartlett LLP served as legal adviser.

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