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FE International Advises HappyOrNot, Verdane, Northzone, AirTree Ventures and Management on Verdane’s Move to Majority Ownership

NEW YORK, USAThe transaction marks the change of control to the company’s longest-standing institutional backer, and clears the way for HappyOrNot’s move from customer feedback into real-time operational intelligence.

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The transaction marks the change of control to the company's longest-standing institutional backer, and clears the way for HappyOrNot's move from customer feedback into real-time operational intelligence.

FE International, Inc., the global market leader in technology mergers and acquisitions, advised HappyOrNot, the Finnish company behind the Smiley feedback terminals, and separately advised the Company’s selling shareholders, including existing investors; Verdane, Northzone and AirTree Ventures, and members of the Company’s management team and employee shareholders, on the sale of their respective holdings to Verdane, the European specialist growth buyout firm. Verdane, an existing minority investor since 2019, has increased its position to a majority stake in the business.

 

image 34 1 FE International Advises HappyOrNot, Verdane, Northzone, AirTree Ventures and Management on Verdane's Move to Majority Ownership

 

HappyOrNot started with a bad afternoon in an electronics shop. Heikki Väänänen was a teenager, got poor service, and found there was no way to tell anyone about it. Two decades later he and Ville Levaniemi founded the company in Tampere, Finland, in 2009, around a device with four buttons and four faces. They started with two buttons. Customers told them four worked better. A Finnish supermarket group signed first, Heathrow Airport followed, and the terminal went on to become one of the most recognised customer feedback solutions across retail and other customer-facing environments.

The business that sold in 2026 is not the hardware company it began as. Smiley Terminal™, Smiley Touch™, Smiley Digital™ and Smiley Sign™ create a continuous stream of in-the-moment operational data, turning customer experience into signals that can be analysed, activated and integrated into the systems and workflows organisations use to run their operations. More than 4,000 brands across 135 countries run on it, including Amazon, Sodexo , Heathrow Airport and Aramark. Over two billion feedback responses have been collected in the moment and at the point of experience, rather than through traditional retrospective surveys.

Fifteen years also produces a complicated shareholder register. HappyOrNot raised across several rounds, including a $14.5 million Series A in 2017 backed by Northzone and AirTree Ventures, and a $25 million growth round led by Verdane in 2019.

FE International ran the process on behalf of the Company and its selling shareholders, resulting in a simplified ownership structure with Verdane, already a shareholder since 2019, now a controlling majority owner alongside the company’s management team going forward.

“HappyOrNot is a rare asset. It is a category-defining business with a physical footprint no pure software company can replicate, sitting on a proprietary dataset that gets more valuable every year two billion responses collected at the point of service is not something a competitor can buy or scrape. Running a process for the Company and coordinating multiple selling shareholders with an existing investor moving to control is not trivial, and it’s why we structured separate advisory workstreams for each party to get to one clean signing,” said Max Alderman, Partner at FE International.

HappyOrNot owns one of the largest datasets of its kind and gathers it in places that are difficult to reach any other way, including airport terminals, supermarket exits, hospital corridors and bank branches. Erling Amble, board member at HappyOrNot and investor at Verdane, has described the same shift, pointing to demand moving away from retrospective online feedback and towards real-time data embedded directly in operational systems.

The transaction landed alongside a change at the top. Tim Waterton, Chief Revenue Officer since 2021, stepped up to Chief Executive Officer, and Carl Holmquist took over as Chairman. Waterton has spent more than 30 years in enterprise software, including a business he co-founded that was later acquired by BMC Software, plus senior roles at M-Files and RainStor and earlier positions at the London Stock Exchange and Accenture. His plan is to push HappyOrNot beyond measurement and into real-time operational intelligence, closing the last mile of customer experience by turning continuous microfeedback into activated data, integrated directly into the operational flow of organisations so frontline teams can act while there is still time to make a difference.

About HappyOrNot

HappyOrNot is a Finnish customer experience and operational intelligence technology company founded in 2009 by Heikki Väänänen and Ville Levaniemi. Headquartered in Tampere with a US office and a global reseller network, it captures in-the-moment microfeedback through its Smiley touchpoints and turns those signals into real-time operational intelligence, helping organisations understand performance, identify issues and improve customer experiences. HappyOrNot works with more than 4,000 organisations across 135 countries in retail, healthcare, transport, hospitality and public services.

About Verdane

Verdane is a specialist growth buyout investment firm backing tech-enabled and sustainable businesses across Europe. Verdane funds have raised €10 billion and made more than 200 investments since 2003, with over 180 investment professionals and operating experts across Berlin, Copenhagen, London, Helsinki, Munich, Oslo and Stockholm. Verdane is a certified B Corporation and invests as a majority or minority holder, in single companies or in portfolios.

About FE International

Founded in 2010, FE International is an award-winning strategic advisor for technology businesses. FE’s team has completed over 1,500 transactions with a combined value of over $50 billion. FE International was named one of The Americas’ Fastest Growing Companies from 2020 to 2024 by the Financial Times and is also a seven-time Inc. 5000 company.

For more information, visit www.feinternational.com.

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CIBPA Toronto Celebrates Outstanding Leadership and Italian Heritage at 74th President’s Gala

VAUGHAN, ONThe Canadian Italian Business and Professional Association (CIBPA) Toronto Chapter hosted its 74th President’s Gala on Friday, October 2, 2026, bringing together a sold-out event of approximately 900 guests at the Venu Event Space. The event celebrated achievement within the Canadian-Italian business community while raising funds for local community and educational initiatives. His Excellency Alessandro […]

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The Canadian Italian Business and Professional Association (CIBPA) Toronto Chapter hosted its 74th President’s Gala on Friday, October 2, 2026, bringing together a sold-out event of approximately 900 guests at the Venu Event Space. The event celebrated achievement within the Canadian-Italian business community while raising funds for local community and educational initiatives.

CIBPA 74thPresidentSGala2026 555 1 CIBPA Toronto Celebrates Outstanding Leadership and Italian Heritage at 74th President’s Gala
His Excellency Alessandro Cattaneo, Sabrina Marrelli, Tony Staffieri

The milestone evening was made possible thanks to Deloitte; CIBC; Fengate; Masters Insurance; Cristina Ciccolini Memorial Fund; Zanchin Automotive Group; Fero International; Choice Properties; UniversalCare; Montecassino; Lavazza; Cadillac Fairview; Ital Florist; Decor-Rest; DOLCE Magazine; City Life and TLN Media Group.

CIBPA 74thPresidentSGala2026 770 CIBPA Toronto Celebrates Outstanding Leadership and Italian Heritage at 74th President’s Gala
Andria Zachin, Sabrina Marrelli, Laura Zachin, Tony Cocuzzo

Led by CIBPA Toronto President Sabrina Marrelli and Honorary Co-Chairs Andria Zanchin and Laura Zanchin, the evening honoured the recipients of the 2026 CIBPA Awards of Excellence. Immediate Past President Tony Cocuzzo served as Master of Ceremonies.

IMG 5448 1 CIBPA Toronto Celebrates Outstanding Leadership and Italian Heritage at 74th President’s Gala
Robert Allegrini, Mario Cortellucci, Sabrina Marrelli, The Honourable Justice Giuseppina D’Agostino

“The 74th President’s Gala is a profound testament to the enduring impact of the Canadian-Italian community,” said Marrelli.“Tonight, we do more than celebrate corporate and professional excellence — we honour a legacy of resilience, entrepreneurship, and community-building that defines our heritage. Seeing our community come together reinforces our commitment to empowering the next generation of leaders through the CIBPA Education Foundation.”

The highlight was the 2026 CIBPA President’s Award to Anthony Staffieri, President and CEO of Rogers Communications, recognizing his corporate and community impact across Canada.

The Awards of Excellence recipients include Sam Ciccolini (Lifetime Contribution Award), Michela Di Mondo (Woman of the Year Award), Jennifer Quaglietta (Professional Excellence Award), Ester Paris Mauro and Italo Paris (Business Excellence Award), Paul Golini (Community Leader Award) and Kira Serafini (NextGen Award).

The gala welcomed His Excellency Alessandro Cattaneo, Ambassador of Italy to Canada; The Honourable Justice Giuseppina D’Agostino, Judge of the Federal Court; The Honourable Justice Frank Iacobucci, Former Supreme Court Justice; The Honourable Stephen Lecce, MPP, Ontario Cabinet Minister; The Honourable Toni Varone, Senator; and Robert Allegrini, President & CEO of the National Italian American Foundation.

Proceeds will support the CIBPA Education Foundation — celebrating its 50th anniversary — and CIBPA Place for adults living with dementia.

Watch the Gala Highlights

To learn more about the evening’s celebrations, click here: CIBPA TORONTO 2026 update – Frame.io

About CIBPA Toronto:

Founded in 1952, the Canadian Italian Business and Professional Association (CIBPA) Toronto Chapter represents Italian Canadians in the Greater Toronto Area, fostering networks and charitable initiatives.

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Dr. Denise Joseph and Dr. Louis Joseph Elected Fellows of the Linnean Society of London

LONDON, UKElection places the Open Sea Institute’s founders in a scientific lineage that includes Charles Darwin and Alfred Russel Wallace

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Election places the Open Sea Institute’s founders in a scientific lineage that includes Charles Darwin and Alfred Russel Wallace

Dr. Denise Joseph and Dr. Louis Joseph have been elected Fellows of the Linnean Society of London, the world’s oldest active biological and natural history society, whose historical membership includes Charles Darwin and Alfred Russel Wallace, co-authors of the Theory of Evolution by Natural Selection.

Picture1 2 Dr. Denise Joseph and Dr. Louis Joseph Elected Fellows of the Linnean Society of London
Denise Joseph Receives an Official Welcome to the Linnean Society of London after Signing the Roll and Charter. | Source: The Linnean Society of London

Founded in 1788, the Linnean Society is internationally recognized for advancing the study of natural history, biology, and the life sciences. Election as a Fellow reflects a sustained contribution to scientific thought and interdisciplinary achievement.

The Josephs are the co-founders of the Open Sea Institute (OSI), the privately held international psychiatry and executive advisory practice serving a limited circle of senior leaders, investors, and principals within the global wealth community. Denise and Louis Joseph, recognized for their long-standing commitment to servant leadership, are known for the development and stewardship of proprietary psychotechnological methodologies, including OSI’s founder-originated OSI-type Portfolio Intervention Framework and Deep Trace Protocol. Alongside their clinical and advisory work, Drs. Joseph have pursued a long-standing research program on the dynamics of living systems under stress across diverse taxa.

Picture2 2 Dr. Denise Joseph and Dr. Louis Joseph Elected Fellows of the Linnean Society of London
Louis Joseph Receives an Official Welcome to The Linnean Society of London after Signing the Roll and Charter. | Source: The Linnean Society of London

“The challenges facing global leadership today are not only economic or political—they are neurological, psychological, and ecological,” said Denise Joseph. “Our work has focused on the belief that healing the world’s highest achievers creates downstream benefits for organizations, communities, and the planet itself. Dr. Joseph and I are truly honored and grateful to be recognized by this historic, scholarly community as we prepare to bring forth what we believe could potentially be groundbreaking theory on how complex living systems hold together under pressure, and what that tells us about health at every scale. At OSI, we study living systems for the public interest and the public good.”

Much of that research is carried out through the Open Sea Institute Research Initiative System (OSIRIS), a privately funded, independent scientific initiative led by Denise and Louis Joseph and headquartered in the Nantahala National Rain Forest of the American Blue Ridge Mountains. OSIRIS studies how living systems, from ecosystems to the human mind, conserve coordinated function when demands exceed capacity, simplifying under strain and rebuilding as conditions allow. The work spans both ecology and neuroscience, examining the relationship between human health and ecological systems, an emerging area of interest examining how psychological wellbeing, cognition, and environmental context inform one another.

“A forest under drought and a mind under pressure are solving the same problem: how to keep working when there is not enough to go around,” said Louis Joseph. “Both simplify, both defend something, and both hold on to the machinery for coming back. As dual Director of Clinical Psychotechnology and Theoretical and Translational Research, I built OSI’s research arm to take that literally rather than treat it as a metaphor.”

The Linnean Society has historically served as a forum where ideas at the intersection of biology, ecology, and natural history are examined and advanced. As Fellows, Denise Joseph and Louis Joseph join an international network of scientists and thought leaders committed to advancing knowledge across the life sciences.

About the Open Sea Institute

dr denise joseph and dr louis joseph elected fellows of the linnean society of london ia4saw Dr. Denise Joseph and Dr. Louis Joseph Elected Fellows of the Linnean Society of London
Drs. Denise and Louis Joseph at the headquarters of The Linnean Society of London. | Kaya Ulka

The Open Sea Institute (OSI) is a principals led international psychiatry and executive advisory practice serving a select group of senior leaders, founders, investors, and institutions. OSI’s work centers on advanced psychological optimization, leadership resilience under complexity, and cognitive-ecological and prosocial approaches to mental health and performance. The Institute maintains a long-horizon focus on cognitive sustainability and systemic impact through leadership-level intervention. OSI is home to OSIRIS, The Open Sea Institute Research Initiative System (OSIRIS), a privately funded, independent scientific initiative led by Drs. Louis and Denise Joseph. OSIRIS is headquartered in the Nantahala National Rainforest on the American Blue Ridge Mountain Range.

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El Cajon Flock Camera Lawsuit: McKenzie Scott PC Investigating Private Claims on Behalf of El Cajon Drivers for Illegally Shared License Plate Data

El Cajon, CASan Diego civil rights and police misconduct law firm says anyone who drove through El Cajon in the past six months, including people who live, work, or shop there, may be entitled to a damages award under California’s license plate privacy law

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San Diego civil rights and police misconduct law firm says anyone who drove through El Cajon in the past six months, including people who live, work, or shop there, may be entitled to a damages award under California’s license plate privacy law

McKenzie Scott PC, a San Diego civil rights law firm known for holding government agencies accountable and successfully handling police misconduct cases, is investigating potential class action claims against the City of El Cajon and Flock Safety on behalf of drivers whose license plate data may have been illegally shared with law enforcement agencies outside California.

If you drove through El Cajon–whether you live, work, shop, attend school, or visit family there–you may be entitled to a damages award. The firm is offering free, confidential case reviews at (619) 794-0451 and through its El Cajon Flock Camera Lawsuit page.

The investigation follows a lawsuit filed on October 3, 2025, by California Attorney General Rob Bonta in San Diego County Superior Court. The Attorney General alleges that El Cajon shared data from its Flock Safety automated license plate reader (ALPR) cameras with out-of-state law enforcement agencies, even after his office warned the City in writing that the practice violates state law. In January 2026, the Attorney General asked the court to immediately halt the sharing. El Cajon officials maintain the City is following the law, and the case remains pending.

According to local news reporting, El Cajon has about 100 Flock cameras installed throughout the city. Records from Flock’s own transparency portal show more than 600 agencies have access to El Cajon’s license plate data, including police departments in more than 20 states.

 

ms El Cajon Flock Camera Lawsuit: McKenzie Scott PC Investigating Private Claims on Behalf of El Cajon Drivers for Illegally Shared License Plate Data

 

“Every time you drive down Main Street or Fletcher Parkway, a camera records where you were and when. California law says that information must stay in California, not shared with federal law enforcement, immigration authorities, or out-of-state police,” said San Diego civil rights attorney Tim Scott, founding partner of McKenzie Scott PC.

Who May Qualify for an El Cajon Flock Camera Claim?

Flock cameras run 24 hours a day and photograph every passing vehicle, recording the plate number, vehicle details, date, time, and location. Drivers receive no notice. McKenzie Scott PC especially wants to hear from:

  • El Cajon residents who drive in the city, including neighborhoods such as Fletcher Hills and Granite Hills
  • Commuters who work or attend school in El Cajon
  • Shoppers and visitors who shop, dine, attend services, see doctors, or visit family in El Cajon
  • Drivers on major El Cajon streets, including Main Street, Broadway, Fletcher Parkway, Magnolia Avenue, and Second Street
  • East County residents of Santee, La Mesa, Lakeside, Rancho San Diego, and Alpine who drive through El Cajon

 

You do not need to know which Flock camera captured your vehicle, or prove your data was shared, before contacting the firm. Consultations are confidential, and anyone may speak with a lawyer regardless of background or immigration status.

What Does California Law Say About Flock License Plate Data?

California’s ALPR law, Civil Code sections 1798.90.5 through 1798.90.55 (originally enacted as SB 34 in 2015), allows public agencies to share license plate reader data only with other California public agencies. The law also gives people harmed by a violation the right to file a civil lawsuit. Under Civil Code section 1798.90.54, a court may award actual and liquidated damages, punitive damages for willful or reckless violations, attorney’s fees and costs, and orders requiring the unlawful practice to stop.

The Attorney General’s lawsuit asks the court to declare El Cajon’s data sharing via Flock camera unlawful and order it to stop. It does not seek compensation for individual residents or drivers. A private claim may seek money damages for the people whose data was shared.

Why Claims May Target Both the City of El Cajon and Flock Safety

The City of El Cajon operates the Flock cameras and, according to the Attorney General, continued sharing data with out-of-state agencies after repeated warnings. Flock Safety builds, hosts, and manages the camera network and the national data-sharing platform that makes out-of-state access possible. Holding both accountable may give affected drivers the best chance to stop the sharing and recover compensation.

Time Is Limited

Lawsuits and government claims are often governed by strict timelines and statutes of limitations. Drivers who wait could lose the right to recover. McKenzie Scott PC encourages anyone who drove through El Cajon in the past six months to call (619) 794-0451 or request a free case review as soon as possible.

A Civil Rights and Police Misconduct Firm That Sues the Government

McKenzie Scott PC represents people whose constitutional and civil rights have been violated by government agencies, law enforcement, and corporations. The firm’s civil rights, police misconduct, and jail injury practice has produced results against government entities that include:

 

Founding partners Michele McKenzie and Tim Scott are Stanford Law School graduates backed by a full team of trial attorneys. Michele McKenzie spent nearly 20 years at Federal Defenders of San Diego. The firm’s attorneys have been selected to the Super Lawyers and Rising Stars lists. Learn more about the firm’s featured cases and media coverage. Prior results do not guarantee a similar outcome.

El Cajon Flock Camera Lawsuit: Frequently Asked Questions

Is there a Flock camera class action lawsuit in El Cajon?

California’s Attorney General has sued the City of El Cajon over its sharing of Flock license plate data, and private class actions have been filed against Flock Safety in California. McKenzie Scott PC is investigating claims against both the City of El Cajon and Flock Safety on behalf of affected drivers.

Who is eligible to file a claim?

Anyone who drove a vehicle in El Cajon while its Flock cameras were active may be eligible, including residents, commuters, shoppers, and visitors. Drivers who used El Cajon roads in the past six months should act promptly because of short government claim deadlines.

What compensation may be available?

California Civil Code section 1798.90.54 allows a court to award actual and liquidated damages, punitive damages, attorney’s fees, and court orders stopping unlawful data sharing. Every case is different, and no outcome can be guaranteed.

How much does it cost to talk to a lawyer?

Case reviews are free and confidential. McKenzie Scott PC charges no fees unless the firm recovers compensation for you. Call (619) 794-0451 or start your free case review online.
Information about the El Cajon Flock camera investigation is also available in Spanish and Armenian.

About McKenzie Scott PC

McKenzie Scott PC is a San Diego civil rights law firm focused on civil rights, police misconduct, criminal defense, jail deaths, and personal injury. Led by Stanford-trained trial lawyers Michele McKenzie and Tim Scott, the firm holds government agencies, law enforcement, and corporations accountable when they violate people’s rights. The firm is located at 1350 Columbia Street, Suite 600, San Diego, CA 92101, and serves clients throughout San Diego County and East County. To schedule a free case evaluation, call (619) 794-0451 or visit mckenziescott.com/contact.

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Attorney Advertising. This press release is for general informational purposes only and is not legal advice. Contacting McKenzie Scott PC does not create an attorney-client relationship. Prior results do not guarantee a similar outcome. McKenzie Scott PC, 1350 Columbia Street, Suite 600, San Diego, CA 92101.

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