ATLANTA--(BUSINESS WIRE)--Sep 24, 2024--
Banyan Software, a leading acquirer and permanent home for great software businesses, today announced the launch of the Banyan Software Foundation. The Foundation will focus on supporting organizations that leverage technology to build a greener and more equitable world. Endowed with a $100 million commitment of stock over the next four years, the Foundation will become one of Banyan Software’s largest shareholders, and its impact will continue to grow in tandem with the company’s success.
“We wanted to take a bold step and make this a defining part of our identity, including at the ownership level,” said David Berkal, CEO of Banyan Software. “We've always focused on creating an enduring positive impact in our businesses and people but saw the opportunity to scale that impact even further. We believe this represents one of the largest instances in history of a technology company contributing stock to a foundation, amplifying our ability to create positive change in the world.”
The Foundation’s two inaugural $1 million grant recipients, TransitionZero and Merit America, address critical global challenges. In 2023, solar and wind accounted for over two-thirds of new energy capacity added globally. However, despite this growth, fossil fuels still represent more than 80% of global energy use, indicating the urgent need for accelerated transitions to renewable sources to meet international climate goals. Further, employers believe that 44% of workers’ skills will be disrupted in the next five years and that 60% of staff members will require training before 2027, according to the World Economic Forum’s Future of Jobs Report 2023.
TransitionZero, based in the UK, builds open source data and software products for energy systems modeling, helping low-income countries develop and implement their own energy transitions. Merit America, a US-based nonprofit organization, combines online coursework with personalized coaching to help quickly re-skill low-wage workers to be able to obtain family-sustaining careers.
“The grant will support our Solar Asset Mapper project, which is a vital tool for grid operators and analysts, helping them navigate and manage the rapid rise of solar energy as it takes center stage in the global energy landscape,” said Matthew Gray, CEO and Co-founder at TransitionZero. “Banyan is helping us improve access to critical data for effective energy systems planning, empowering countries to pursue sustainable energy solutions independently.”
“We're deeply grateful to the Banyan Software Foundation for their generous support, which will unlock the resources to help thousands of learners move from low-wage jobs to family-sustaining careers,” said Connor Diemand-Yauman and Rebecca Taber Staehelin, co-CEOs of Merit America. “On average, our learners experience a $24,000 wage gain three or more months after completing our program, boosting their annual salary from $26,000 to $50,000. Grants like this are the lifeblood of our continued impact, ensuring we can keep driving real change where it matters most—in the lives of our learners.”
In addition to launching the Foundation, Banyan Software is introducing multiple new internal purpose-driven initiatives. These include dedicated funds for employee learning and skills advancement, an Employee Relief Fund for those going through extreme hardship, and a volunteer time off program.
To learn more about Banyan’s impact initiatives, visit banyansoftware.com/impact.
About Banyan Software, Inc.
Banyan Software provides the best permanent home for successful enterprise software companies, their employees, and customers. Banyan’s mission is to acquire, build, and grow great enterprise software businesses all over the world with dominant positions in niche verticals. Founded in 2016, the company follows a buy-and-hold-for-life strategy, and is set up with a permanent capital base to preserve the legacy of founders. As a purpose-driven company, Banyan is committed to making an enduring, positive impact on the world. The company is one of North America's fastest-growing private businesses with offices across the US, Canada, the UK, EU and APAC.
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CONTACT: Lizzy Harris
PR for Banyan Software
KEYWORD: GEORGIA IRELAND UNITED STATES UNITED KINGDOM CANADA NORTH AMERICA EUROPE
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SOURCE: Banyan Software, Inc.
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PUB: 09/24/2024 09:00 AM/DISC: 09/24/2024 09:00 AM
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