Category: News

AvidXchange secures additional $128 million in funding, raising a total of $388 million in latest financing

B2B leader fuels disruption of traditional accounts payable industry and e-payment adoption

CHARLOTTE, N.C., April 23, 2020 /PRNewswire/ — AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, today announced it has raised an additional $128 million in equity capital. This latest financing effort was oversubscribed with a total of more than $388 million raised and includes AvidXchange’s previously announced closing of $260 million in equity financing earlier this year. Contributing investors represent a diverse cohort of the foremost capital management firms, including Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Mastercard, Sixth Street Partners and Neuberger Berman on behalf of clients.

AvidXchange will use the new capital to support strategic growth initiatives and continued innovation, helping both buyers and suppliers automate their AP and payments processes. The company’s rapid growth has been fueled by the adoption of its leading AP automation solution, a single SaaS based platform that allows businesses to gain efficiency and visibility into payments by eliminating the paper invoice and paper check. The solution also offers multiple e-payment options through the AvidPay Network of more than 600,000 suppliers, the largest payments network for the middle market.

“With only 40 percent of U.S. businesses automating their accounts payable processes, we continue to solve a real problem for companies that still rely on paper invoices and checks, fundamentally changing the way they pay their bills” said Michael Praeger, Co-Founder and Chief Executive Officer at AvidXchange. “This has become even more evident as we see businesses implementing continuity plans and shifting to work from home models, making automation essential to support mission critical processes and keep operations running.”

AvidXchange solutions manage the full invoice to payment process so businesses can receive invoices and pay bills at any time, from any location. With a dedicated supplier services team, AvidXchange also removes the burden of manual payment tasks from internal AP functions, taking on the responsibility of payment fulfillment and maintaining relationships with suppliers so customers can focus on more strategic initiatives.

This marks AvidXchange’s first investments from Lone Pine Capital, Neuberger Berman and Schonfeld Strategic Advisors, while Pivot Investment Partners, Sixth Street Partners and Mastercard have long-tenured relationships as investors with the company.

“We recognized the impact that AvidXchange could have on the B2B payments market prior to our initial investment in 2016 and are doubling down on our partnership as the adoption of automation technology continues to accelerate,” said Dinkar Jetley, Co-Founder and Partner, Pivot Investment Partners.

“AP automation is one of the most exciting spaces within B2B payments given the potential cost savings and increased efficiency for buyers and suppliers,” said Charles Kantor, Senior Portfolio Manager, Neuberger Berman. “We see AvidXchange as perhaps the strongest emerging platform in this space and are excited to partner with the team on their journey to further drive long term value creation.”

“AvidXchange has experienced tremendous growth due to the strength of its supplier network and continued expansion into new verticals,” said David Craver, Portfolio Manager and Managing Director, Lone Pine Capital. “We look forward to our partnership, as both buyer and supplier customers see the value AvidXchange brings to their businesses in leveraging the preeminent payment network for the middle market.”

Financial Technology Partners LP and FTP Securities LLC (“FT Partners”) served as the exclusive financial and strategic advisor to AvidXchange in this transaction.

About AvidXchange™

AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processes over $140 billion transactions annually across its network of more than 600,000 suppliers, transforming the way 6,000 customers in North America pay their bills. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,500 employees supporting customers across seven office locations. For more information, visit www.AvidXchange.com.

SOURCE AvidXchange

Macquarie-managed infrastructure fund-led consortium reaches financial close on leading hyperscale data centre platform, AirTrunk

Sydney, 08 April 2020

Macquarie Infrastructure and Real Assets (MIRA) and AirTrunk today announced that financial close has been reached on the acquisition of an 88 per cent stake in AirTrunk by a consortium led by Macquarie Asia Infrastructure Fund 2 (MAIF2), a MIRA-managed infrastructure fund. This investment values AirTrunk at more than $A3 billion and will accelerate its ambitious expansion across the Asia-Pacific (APAC).

AirTrunk is a best-in-class hyperscale data centre platform for large cloud, content and enterprise customers across APAC. Since the 2017 launch of its first hyperscale data centre in Western Sydney, AirTrunk has rapidly grown into a leading regional platform with facilities in Sydney (Sydney West and Sydney North), Melbourne, Singapore and Hong Kong, and a well-developed expansion plan in other markets. AirTrunk’s five data centres, once fully developed, will be able to deliver a combined capacity of more than 450 megawatts.

AirTrunk is building scalable and sustainable infrastructure in key APAC markets to enable the growth of cloud. Rapid population growth, digital adoption and the shift to the cloud is driving accelerated demand by cloud and content providers for hyperscale data centre solutions as offered by AirTrunk.

MIRA is one of the world’s leading alternative asset managers, and its portfolio is relied upon by more than 100 million people each day. MIRA has extensive experience in developing digital infrastructure assets and assisting management to operate them, with investments in data centres, fibre assets and telecommunication tower businesses across Europe, North America, and APAC.

The consortium, led by MAIF2 and including other MIRA-managed partners, acquired its stake in the business from Goldman Sachs, Sixth Street Partners (formerly TSSP) and founder, Robin Khuda. Mr Khuda will continue to hold a material stake in the business and will remain in his role as CEO under a long-term arrangement, supported by the existing executive management team.

Frank Kwok, Head of MIRA Asia-Pacific said: “The global data centre industry has grown significantly in recent years, driven by an exponential increase in data consumption, increasing cloud applications and the shift from internal IT infrastructure to outsourced resources. In the Asia-Pacific, this thematic is amplified by the region’s emerging economies and growing populations, leading to increasing data usage and a greater need for in-country computing workloads and storage.

“Our investors are attracted to hyperscale data centre providers such as AirTrunk because they have attributes such as long-term revenue streams and demand resilience throughout market cycles.

“We are impressed by the quality of AirTrunk’s digital infrastructure platform, its growing footprint throughout key Asia-Pacific markets, and its focus on supporting clients such as major cloud providers. This is a business with an impressive track record of execution for its customers, delivering capacity on time and on budget.”

Mr Khuda said: “AirTrunk has established itself as the dominant player in the APAC hyperscale market, rapidly growing our footprint in a disciplined way and securing a number of long-term customer commitments. The investment announced today will enable AirTrunk to continue to deliver secure, reliable and scalable infrastructure for our customers in existing and new markets.

“We look forward to working with MIRA’s expert team to usher in a new and exciting era for AirTrunk, building on the strong foundation we’ve established over the past three years. Their investment will enable us to roll out our rapidly expanding hyperscale platform across the region. MIRA’s strong track record with infrastructure investments in APAC will provide valuable experience as AirTrunk consolidates and expands its Asia-Pacific presence.”

AirTrunk was advised by: Grant Samuel, Goldman Sachs Investment Bank, DLA Piper, Norton Rose Fulbright, Hogan Lovells, KPMG and PwC. MIRA was advised by: Baker McKenzie, King & Wood Mallesons, KPMG and Macquarie Capital. Deutsche Bank was lead debt arranger, advised by Gilbert + Tobin.

Contact

Macquarie Infrastructure and Real Assets
Navleen Prasad
+61 439 423 566
navleen.prasad@macquarie.com

AirTrunk
Neeley Williams
+61 434 742 551
neeley.williams@hkstrategies.com

About AirTrunk 

AirTrunk is a hyperscale data centre specialist creating a platform for cloud, content and large enterprise customers across the Asia-Pacific region. The company develops and operates data centre campuses with industry leading reliability, technology innovation and energy efficiency.

AirTrunk’s unique capabilities, designs and construction methodologies allow it to provide customers with a scalable and sustainable data centre solution at a significantly lower operating cost than other providers.

AirTrunk is a private company that is well capitalised to fund its development of data centres across Asia Pacific.

For more information on AirTrunk, visit www.airtrunk.com 

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Silver Lake, Sixth Street Partners Invest $1 Billion in Airbnb

  • Strategic investment will help strengthen Airbnb’s global community of hosts and guests who deliver unique, local, and authentic experiences in over 220 countries and regions.

Airbnb announced today that Silver Lake and Sixth Street Partners will invest $1 billion in Airbnb in a combination of debt and equity securities. The new resources will support Airbnb’s ongoing work to invest over the long term in its community of hosts who share their homes and experiences, as well as the work to serve all stakeholders in the Airbnb community.

The desire to explore, connect, have new experiences, and have a comfortable place to call home are universal and enduring. And our commitment to create a greater sense of belonging—for everyone, everywhere—will never change.

Brian Chesky, Airbnb Co-Founder, CEO and Head of Community

Started in the midst of the Great Recession in 2008, Airbnb has rapidly grown into a trusted two-sided marketplace that generates real money for millions of regular people who share their homes and host Experiences. People who share their homes keep up to 97 percent of what they charge for their listings, while guests have easy access to a wide range of places to stay—from budget to luxury—in nearly every country and region in the world.

Airbnb Co-Founder, CEO and Head of Community Brian Chesky commented on how this commitment will enable the company to strategically invest in Airbnb’s community of hosts and be in the strongest possible position as travel rebounds from the COVID-19 pandemic:

“First off, I want to thank Silver Lake and Sixth Street for their incredible partnership and support. They have a well-earned track record for being insightful thought partners who always have a strong sense of where the world is going.

The desire to connect and travel is an enduring human truth that’s only been reinforced during our time apart. But the way this manifests will evolve as the world changes. We’ll see a new flexibility in how people live and work, which means they won’t have to be tethered to one location. And with an emerging interest in travel that’s closer to home, our customers will look to nearby places to visit, and for local experiences to take part in. In response, we see the future of Airbnb as focused on three core products.

Our Hosts

First, we will invest in our hosts and bring more of them into our community. Airbnb hosts help guests not just feel welcome in their homes, but also help guests feel uniquely welcomed as locals in the neighborhoods they visit. Hosts are fundamental to what Airbnb is, and what our hosts offer—belonging—will always be desired.

Longer-term Stays

Second, we will focus on longer-term stays. From students needing housing during school, to people on extended work assignments, Airbnb is a place where many have found longer-term housing. In the future, dreams of living in another community will become a growing reality—in homes that come with the benefits of Airbnb.

Airbnb Experiences

Finally, the desire to explore new things and connect with other people is year-round—and not limited to just the times when we travel. Airbnb Experiences will continue to offer unique activities led by hosts from around the world who generously share their passions.

The world, our communities, and travel will evolve and change, but there are core human truths that won’t because, well, we’re human. The desire to explore, connect, have new experiences, and have a comfortable place to call home are universal and enduring. And our commitment to create a greater sense of belonging—for everyone, everywhere—will never change.”

Silver Lake Co-CEO and Managing Partner Egon Durban discussed how Airbnb’s  resilient global business model will position the company strongly as travel bounces back:

“Airbnb’s revolutionary platform has transformed how people travel, unlocking one-of-a-kind stays and experiences at scale. This was made possible by Brian, Joe and Nate’s inspired leadership and care for both their guest and host community. While the current environment is clearly a difficult one for the hospitality industry, the desire to travel and have authentic experiences is fundamental and enduring. Airbnb’s diverse, global, and resilient business model is particularly well suited to prosper as the world inevitably recovers and we all get back out to experience it.”

Sixth Street Partners CEO and Managing Partner Alan Waxman spoke about how Airbnb is a global community built around stakeholder trust:

“Airbnb created an enormous new category, underpinned by the leading brand and technology platform, as well as a community founded on trust. The company’s achievements speak for themselves, and we are excited by the opportunities on the horizon as they continue to grow their geographic footprint, accommodations and experiences. We’re pleased to partner with this unique company as they navigate through this period focused on hosts, guests, employees, communities, and shareholders.”

Silver Lake and Sixth Street Partners funds’ investment will include $5 million which Airbnb will contribute to its Superhost Relief Fund, which will provide grants worth a combined total of $15 million to Superhosts who rent out their own home and need help paying their rent or mortgage, as well as long-tenured Experience hosts trying to make ends meet. Silver Lake and Sixth Street applaud Airbnb’s long-standing commitment to their host community, especially in the current environment.

About Silver Lake

Silver Lake is the global leader in technology investing, with over $43 billion in combined assets under management and committed capital and a team of approximately 100 investment and operating professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake’s portfolio of investments collectively generates more than $230 billion of revenue annually and employs 370,000 people globally. For more information about Silver Lake and its portfolio, please visit silverlake.com.

About Sixth Street Partners

Sixth Street Partners (“Sixth Street”) is a global multi-asset class investment business with over $34 billion in assets under management as of December 31, 2019. Sixth Street operates eight diversified, collaborative investment platforms across our growth investing, direct lending, par liquid credit, fundamental public strategies, infrastructure, agriculture, opportunities and adjacencies businesses. Our long-term oriented, highly flexible capital base and One Team cultural philosophy allow us to invest thematically across sectors, geographies and asset classes. Founded in 2009, Sixth Street has more than 275 team members including over 140 investment professionals operating from nine locations around the world. For more information, visit sixthstreetpartners.com.

Veteran Growth Executive John Connolly Joins SmartDrive Board of Directors

TPG Sixth Street Partners Senior Advisor Brings Tech Expertise and Track Record of Innovation, Vision and Execution to Help Drive SmartDrive Growth Trajectory

SAN DIEGO, March  31, 2020SmartDrive Systems, a leader in video-based safety and transportation intelligence, today announced the appointment of John Connolly, senior advisor with TPG Sixth Street Partners, to the SmartDrive Board of Directors. With a 30-year track record in creating successful businesses, Connolly partners with Sixth Street portfolio companies’ CEOs and management teams to take advantage of strategic and operational issues associated with growth.

“On the heels of the $90 million funding round led by Sixth Street late last year, I’m thrilled to join the SmartDrive Board,” stated Connolly. “It’s an incredibly exciting time for this business—40% year-over-year revenue growth and growing adoption by the world’s best commercial fleets are indicative of the industry’s recognition that SmartDrive is the undisputed leader when it comes to innovation and timely delivery of advanced solutions.”

A multi-time CEO, Connolly has raised over $100 million and created more than $1.5 billion in shareholder value in partnership with 12 financial sponsors. Connolly has served as chairman, non-executive chairman or director of more than 25 boards of directors.

Connolly was previously a managing director at Bain Capital Ventures, chairman and CEO of M|C Communications, president and CEO of Institutional Shareholder Services (ISS), and held several senior positions at IBM. He founded two companies, Mainspring, Inc., which grew from a startup to a publicly traded company that was purchased by IBM, and Course Technology, which was sold to the Thomson Corporation.

“We welcome the addition of John to an impressive roster of SmartDrive board members and look forward to tapping his expansive expertise and experience to help drive continued business growth,” noted Dave Vucine, chairman of the board.

About SmartDrive Systems

SmartDrive Systems gives fleets and drivers unprecedented driving performance insight and analysis, helping save fuel, expenses and lives. Its video safety, predictive analytics, telematics, compliance and personalized performance program help fleets improve driving skills, lower operating costs and deliver significant ROI. With an easy-to-use managed service, fleets and drivers can access and self-manage driving performance anytime, anywhere. The company, which is ranked as one of the fastest growing companies by Deloitte’s Technology Fast 500™ for six consecutive years, has recorded over 15 billion miles and compiled the world’s largest storehouse of more than 290 million analyzed risky-driving events. SmartDrive Systems is based in San Diego, Calif., and employs over 725 people worldwide.

For more information on SmartDrive Systems, please visit www.smartdrive.net.

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Media Contact:
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smartdrive@havasformula.com
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AvidXchange raises $260 million to support continued growth

B2B payments & AP automaton leader kicks off 20th year with new capital

CHARLOTTE, N.C. (Jan. 16, 2020) – AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, today announced it has raised $260 million in equity capital as part of the company’s latest financing round. With contributions from TPG Sixth Street Partners and other leading investors, this brings total funding to more than $800 million over the company’s 20-year history. The new capital will fuel AvidXchange’s continued growth and innovation, allowing the company to invest in its solutions for both buyers and suppliers while reaching more customers in the middle market.

“More than 60 percent of U.S. businesses still pay bills with paper checks, accounting for more than $2.7 trillion in administrative costs annually,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “We’re shaping the future of the B2B payments industry by fundamentally changing the way businesses pay their bills, providing a single platform for AP and payments with the largest payments network for the middle market.”

The funding comes on the heels of a transformational 2019 for the company, as AvidXchange took several steps to propel growth and drive the business toward its next phase. In October, the business launched AvidPay and AvidInvoice for long-term healthcare and social services and in July, the acquisition of BankTEL Systems added nearly 2,000 bank customers to its financial services vertical. The company also hired 175 new teammates in 2019, bringing its total number of employees to more than 1,400 across seven offices, with plans announced for a headquarters expansion that will double its footprint and accommodate an additional 1,200 teammates.

TPG Sixth Street Partners has a long-tenured relationship with AvidXchange and has been an investor since 2015.

“AvidXchange is poised to win with a complete offering of invoice automation, payment automation and supply chain finance all in one platform,” said Bo Stanley, Partner and Co-Head of Capital Solutions at TPG Sixth Street Partners. “Their comprehensive solutions coupled with the power of the AvidPay Network gives them all the right tools to lead the market, and we are proud to be their long-term partner.”

Financial Technology Partners LP and FTP Securities LLC (“FT Partners”) served as the exclusive financial and strategic advisor to AvidXchange in this transaction.

About AvidXchange™

AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processes 9.5 million payments annually across its network of more than 500,000 suppliers, transforming the way 5,500 customers in North America pay their bills. AvidXchange is distinguished as a fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,400 employees in seven office locations. For more information, visit www.avidxchange.com.

About TPG Sixth Street Partners

TPG Sixth Street Partners is a global finance and investment business with over $33 billion in assets under management and TSSP Capital Solutions (“Capital Solutions”) is its dedicated growth investing platform. Capital Solutions makes customized, non-control private investments in growth-oriented companies. The Capital Solutions team partners with companies and management teams to provide bespoke, accretive financing solutions that often fall between traditional growth equity and commercial debt. TPG Sixth Street Partners has invested over $3 billion in more than 35 growth-oriented companies in its Capital Solutions strategy since inception. Select current and past representative Capital Solutions investments include AirTrunk, AvidXchange, Gainsight, Kyriba, Lucidworks, Paycor, PayScale, PaySimple and Spotify. For more information, visit www.tssp.com/tcs.

Medsphere to Grow Interoperable Healthcare IT Platform with $40 Million Preferred Equity Investment from TPG Sixth Street Partners

Carlsbad, CA –January 14, 2020 Medsphere Systems Corporation, the leading provider of efficient and interoperable healthcare information technology (IT) software solutions and services, today announced new $40 million funding to support organic growth and pursue opportunistic strategic acquisitions through a preferred equity investment by TPG Sixth Street Partners.

“We are pleased to add a new partner to our software solutions-driven campaign for quality, affordable healthcare,” said Medsphere President and CEO Irv Lichtenwald. “Our technology and business model allow all providers to address core needs and we are energized by the support of institutions like TPG Sixth Street Partners.”

“Medsphere represents a compelling opportunity to support a differentiated healthcare technology platform,” said Michael McGinn, Partner and Co-Head of TPG Sixth Street Partners’ Capital Solutions business. “Medsphere’s portfolio of highly regarded, complementary products allow it to reach a wide range of inpatient and ambulatory providers, and we are excited to partner with them as they enter their next phase of growth.”

Lee Mooney, Principal at TPG Sixth Street Partners will join Medsphere’s Board of Directors as part of the capital raise.
Over the past four years, Medsphere has grown subscription revenue by over 400 percent using a combination of organic growth and accretive acquisitions, achieving a compounded annual growth rate of over 50 percent. Medsphere’s dedication to highly responsive customer service and support has driven growth by bringing new clients to the platform and increasing delivery of incremental products to its existing customer base. Medsphere’s suite of solutions is available to all inpatient and ambulatory facilities, including behavioral health hospitals, specialty clinics and multi-facility systems, regardless of size and budget.

With this investment, TPG Sixth Street Partners joins Morgan Stanley Investment Capital, Azure Capital, EPIC Ventures, and NextEquity investing in support of Medsphere’s vision and continued growth.

About Medsphere

Founded in 2002 and based in Carlsbad, Calif., Medsphere Systems Corporation is an organization of committed clinical and technology professionals working to positively impact patient care by delivering award-winning healthcare IT solutions for providers of every size and budget. Medsphere’s inpatient portfolio includes CareVue, an integrated EHR system that incorporates clinical, financial, and patient accounting solutions, and RCM Cloud, a complete end-to-end revenue cycle management solution.

Medsphere’s ChartLogic division offers a complete ambulatory suite including EHR, Practice Management, Revenue Cycle Management, and Patient Portal. Using a vendor-independent approach to helping hospitals solve critical challenges, the Phoenix Health Systems division provides a host of healthcare IT services, including systems implementation, project management, remote service desk, end-user device management, application management and IT leadership. Medsphere’s Government Services Division also applies legacy EHR expertise to development and testing projects for both the Department of Veterans Affairs and Indian Health Service.

Learn more about Medsphere at www.medsphere.com.

About TPG Sixth Street Partners

TPG Sixth Street Partners is a global finance and investment business with over $33 billion in assets under management and TSSP Capital Solutions (“Capital Solutions”) is its dedicated growth investing platform. Capital Solutions makes customized, non-control private investments in growth-oriented companies. The Capital Solutions team partners with companies and management teams to provide bespoke, accretive financing solutions that often fall between traditional growth equity and commercial debt. TPG Sixth Street Partners has invested over $3 billion in more than 35 growth-oriented companies in its Capital Solutions strategy since inception. Select current and past representative Capital Solutions investments include AirTrunk, AvidXchange, Gainsight, Kyriba, Lucidworks, Paycor, PayScale, PaySimple and Spotify. For more information, visit www.tssp.com/tcs.

 

AvePoint Announces $200 Million Equity Investment Led by TPG Sixth Street Partners

Jersey City, New Jersey — January 8, 2020 —AvePoint, the leading provider of data governance,  protection and migration solutions for Office 365 and SharePoint, today announced approximately $200 million in commitments from new minority equity investors to fuel its global growth and expansion, as well as partially recapitalize long-term shareholders. The capital raise was led by a substantial Series C Preferred Equity investment from TPG Sixth Street Partners with additional participation from both new and existing investors, including Goldman Sachs.

AvePoint continues to experience outstanding growth driven by the rise in adoption of Office 365 and other cloud office solutions. AvePoint’s most popular solution, Cloud Governance, helps organizations better govern and secure Microsoft Teams, the fastest growing business application in Microsoft’s history. The company is also the only scaled vendor that provides Microsoft Teams backup solutions as well as Slack to Teams migration solutions and services.

Today, more than 7 million cloud users and 16,000 large enterprises across all seven continents trust AvePoint software and services for their data management, protection and migration, needs.

AvePoint plans to use its latest round of funding to accelerate its growth and investment into its channel offerings that provide managed service providers (MSPs) the tools to better migrate, manage and protect the Office 365 environments of their small and medium business clients. AvePoint aims to add more than 40,000 customers through the channel in the next two years.

MSPs can currently purchase AvePoint solutions from a wide variety of distribution partners including Synnex, TechData, and Intcomex. In July 2019, global distributor Ingram Micro announced AvePoint as its exclusive migration and backup solution provider as part of its Modern Workplace Accelerate program.

“A huge driver of our growth has been our own digital transformation into a majority SaaS solution company,” said Tianyi Jiang, co-founder and co-CEO, AvePoint. “We have invested in our cloud platform to ensure that we have the scale, pace of innovation, API extensibility and security to meet our customer’s demands. This strategic focus has played a large role in delivering four consecutive quarters of record revenue growth in 2019.”

The senior management team, including co-founders and co-CEOs Kai Gong and Tianyi Jiang, will continue to lead the company.  Michael McGinn, Partner and Co-Head of Capital Solutions at TPG Sixth Street Partners, will join AvePoint’s board of directors.

“Through its investment in innovation and reputation for reliability, AvePoint has positioned itself to take advantage of the tremendous opportunities presented by the rapid and widespread adoption of cloud office solutions,” said Mr. McGinn. “We look forward to partnering with their senior leadership as they continue their focus on meeting their customers’ needs and driving the company towards its next phase of growth.”

AvePoint employs more than 1,500 people with offices in the United States, United Kingdom, Germany, France, Singapore, Australia, Netherlands, China, Japan, Philippines and more.

About AvePoint

AvePoint accelerates your digital transformation success. Over 16,000 companies and 7 million SharePoint and Office 365 users worldwide trust AvePoint software and services for their data  management, protection, and migration needs in the cloud, on-premises and hybrid environments.

A four-time Microsoft Partner of the Year, AvePoint is a Microsoft Global ISV Partner and has been named to the Inc. 500|5000 six times and the Deloitte Technology Fast 500™ five times. Founded in 2001, AvePoint is privately held and headquartered in Jersey City, NJ.

About TPG Sixth Street Partners

TPG Sixth Street Partners (“Sixth Street”) is a global finance and investment business with over $33 billion in assets under management and TSSP Capital Solutions (“Capital Solutions”) is its dedicated growth investing platform.  Capital Solutions makes customized, non-control private investments in growth-oriented companies. The team partners with companies and management teams to provide bespoke, accretive financing solutions that often fall between traditional growth equity and commercial debt. Sixth Street has invested over $3 billion in more than 35 growth-oriented companies in its Capital Solutions strategy since inception. Select current and past representative Capital Solutions investments include AirTrunk, AvidXchange, Gainsight, Kyriba, Lucidworks, Paycor, PayScale, PaySimple and Spotify. For more information, visit www.tssp.com/tcs.

TPG Sixth Street Partners Hits Cap on First TSSP Capital Solutions Fund with $2.2 Billion Close

San Francisco and New York – October 22, 2019 – TPG Sixth Street Partners (“Sixth Street”), a global finance and investment business with over $32 billion in assets under management, and its TSSP Capital Solutions (“Capital Solutions”) platform today announced the final close of its first Capital Solutions fund. In addition to commitments from the Sixth Street team, the fund raised approximately $2.2 billion of total third-party commitments, reaching its hard cap. Capital Solutions is actively investing out of the fund and has already deployed over $500 million.

Capital Solutions makes non-control investments in growth-oriented companies. The team partners with companies to provide bespoke, accretive financing solutions that often differ from traditional growth
equity. Capital Solutions has flexibility to invest in a range of opportunities from $20 million to over $500 million.

The creation of a dedicated Capital Solutions platform formalizes a strategy Sixth Street incubated through its flagship investment vehicles investing over $3 billion across more than 30 growth-oriented portfolio companies since its inception in 2009.

“We are thankful for the support of our limited partners, many of whom have been with our firm over the past decade, as we continue to grow our proven private growth capital solutions strategy in its own dedicated platform,” said Robert (Bo) Stanley, Co-Head of Capital Solutions and Partner at Sixth Street. “Private companies are looking for more options and greater flexibility when funding their next phase of
development, and we look forward to creating those solutions.”

“We are excited to work with great management teams seeking to grow their businesses and are proud to be their partner in helping them achieve their strategic goals,” said Michael McGinn, Co-Head of Capital Solutions and Partner at Sixth Street. “Our team’s deep sector expertise combined with our ability to provide flexible and customized financing is the key to our partnership-driven investment philosophy.”

Select current and past investments representative of the Capital Solutions platform include AirTrunk, AvidXchange, Clinicient, Kyriba, Lucidworks, Paycor, PayScale, PaySimple and Spotify.

About TSSP Capital Solutions

TSSP Capital Solutions is the growth capital solutions platform of TPG Sixth Street Partners. Capital Solutions makes customized, non-control private investments in growth-oriented companies. The team partners with companies to provide bespoke, accretive financing solutions that often fall between commercial debt and traditional growth equity. For more information, visit www.capitalsolutions.tssp.com.

About TPG Sixth Street Partners

TPG Sixth Street Partners (“Sixth Street”) is a global finance and investment business with over $32 billion in assets under management. Co-founded in 2009 by Managing Partner Alan Waxman and Sixth Street’s management team, the firm’s long-term oriented, highly flexible capital base allows it to invest across industries, geographies, capital structures and asset classes. TPG Sixth Street Partners is in a strategic partnership with TPG, the global alternative asset firm. For more information, visit www.tssp.com.

SmartDrive, a Leader in Video-Based Safety Telematics, Raises $90 Million Led by TPG Sixth Street Partners

San Diego, Calif.Sept. 12, 2019SmartDrive Systems, Inc. (“SmartDrive”), a leader in video-based safety telematics and transportation intelligence, has secured $90 million in financing, with TPG Sixth Street Partners leading the investment with participation from existing investors.

Established in 2005, SmartDrive is a pioneer and recognized innovator in video-based safety telematics, backed by leading financial and strategic investors including NewView Capital, Oak Investment Partners, WABCO, and Michelin, in addition to TPG Sixth Street Partners. The company’s platform captures vast amounts of data across vehicle systems to provide critical context and insights to commercial fleet operators, leading to improved driver performance, safety and compliance. SmartDrive’s advanced data-driven safety programs can be tailored to address the needs of a wide range of fleets, delivering lower collision and fuel costs, resulting in a compelling value proposition and clear ROI.

“This is an exciting time at SmartDrive and in the transportation sector overall as adoption of video-based telematics continues to accelerate,” stated Steve Mitgang, SmartDrive CEO. “Building on our pioneering video-based safety program, our vision of an open platform powering best-of-breed video, compliance and telematics applications is garnering significant traction across a diverse range of fleets given the benefits of choice, flexibility and a lower total cost of ownership. The investment from TPG Sixth Street Partners and our existing investors will fuel continued innovation in areas such as computer vision and AI, while also enhancing sales and marketing initiatives and further international expansion.”

SmartDrive continues to experience rapid growth, reflecting how video-based telematics delivered via an open, extensible platform is a priority for fleets. The company has a proven track-record of innovation in telematics – including industry-firsts like multi-camera 360-degree views, extended recording, U-turn triggering, and use of analytics to enhance driver rewards influencing safety, fuel and retention. Fleets leveraging the SmartDrive® program consistently achieve driver retention rates of 70% or higher and 9 miles per gallon (mpg), significantly exceeding industry averages of 20% driver retention and 6 mpg. As evidence of market momentum, SmartDrive’s contracted units grew 48% and revenue grew 44% for the first half 2019 compared to the same period in the prior year.

“SmartDrive is a market leader in the large and expanding transportation safety and intelligence sector and we are pleased to be investing in a growing company led by such a talented team,” noted Bo Stanley, partner and co-head of the Capital Solutions business at TPG Sixth Street Partners. “SmartDrive’s proprietary data analytics platform and strong subscriber base put it in a great position to continue to capitalize on its track record of innovation and the broader secular trend of higher demand for safer and smarter transportation.”

PJT Partners served as exclusive financial advisor and placement agent and Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to SmartDrive in connection with the financing. Sidley Austin LLP acted as legal counsel for TPG Sixth Street Partners.

About SmartDrive
SmartDrive Systems gives fleets and drivers unprecedented driving performance insight and analysis, helping save fuel, expenses and lives. Its video safety, predictive analytics, telematics, compliance and personalized performance program helps fleets improve driving skills, lower operating costs and deliver significant ROI. With an easy-to-use managed service, fleets and drivers can access and self-manage driving performance anytime, anywhere. The company, which has been ranked as one of the fastest growing companies by Deloitte’s Technology Fast 500™ for five consecutive years, has recorded over 15 billion miles and compiled the world’s largest storehouse of more than 250 million analyzed risky-driving events. SmartDrive is based in San Diego, Calif., and employs over 725 people worldwide.

About TPG Sixth Street Partners
TPG Sixth Street Partners is a global finance and investment business with over $32 billion in assets under management. The firm’s TSSP Capital Solutions (TCS) platform provides customized, non-control private capital for growth-oriented companies. Co-founded in 2009 by Managing Partner Alan Waxman and Sixth Street’s management team, the firm’s long-term oriented, highly flexible capital base allows it to invest across industries, geographies, capital structures and asset classes. TPG Sixth Street Partners is in a strategic partnership with TPG, the global alternative asset firm. For more information, visit www.tssp.com.

Contact or Follow SmartDrive:
Email – tryuson@smartdrive.net
Facebook – http://www.facebook.com/smartdrivesystemsinc
Twitter – http://www.twitter.com/smartdriveinc
YouTube – http://www.youtube.com/smartdrivesystemsinc
LinkedIn – http://www.linkedin.com/company/smartdrive-systems

 

Lucidworks Raises $100 Million From Francisco Partners, TPG Sixth Street Partners, and Top Tier Capital Partners

San Francisco, Aug. 12, 2019 (Globe Newswire) — Lucidworks, a leader in AI-powered search solutions, today announced a $100 million investment from investors including Francisco Partners, a global technology-focused private equity fund, and TPG Sixth Street Partners, a global finance and investment firm. With the investment, Francisco Partners and TPG Sixth Street Partners join Top Tier Capital Partners, Shasta Ventures, Granite Ventures, and Allegis Cyber. No existing investors sold shares as part of this financing and all proceeds will be used to fund Lucidworks’ continued growth and expansion.

“Search is the best way to unlock value from the world’s data,” explains Will Hayes, Lucidworks CEO. “Francisco Partners and TPG Sixth Street Partners understand that getting from question to answer when you’re dealing with thousands of employees, millions of customers, and a mountain of data is still a headache for large corporations. Our team has worked tirelessly to develop AI-powered solutions that augment human intelligence by automating tedious, time-consuming tasks to provide richer insights and real-time recommendations. With the investment, we can continue to advance the enterprise standard for personalization and AI.”

Lucidworks’ flagship product Fusion has doubled revenue year over year for the last three years and is now servicing 400 of the Fortune 1000 with global expansions into APAC and EMEA. Lucidworks was also recognized by Forrester, leading independent analyst and research firm, as a leader in the Forrester Wave™: Cognitive Search, Q2 2019.

“We are excited to be partnering with Will and the rest of the management team for the next phase of Lucidworks’ growth. The feedback from customers and analysts has been excellent and we believe Lucidworks is well-positioned to capitalize on the huge market opportunity ahead of them,” said Jonathan Murphy at Francisco Partners. “Lucidworks’ powerful Fusion product enables its customers to deliver highly relevant and personalized search results to the end-user across a broad range of verticals and we believe we are in the early phases of adoption of next-generation search; our goal is for our customers to be able to leverage Lucidworks’ technology to quickly create tailored applications to search specific data sources within the enterprise.”

“Lucidworks’ impressive management team and market-leading position in the enterprise search space makes it a compelling growth story,” said Bo Stanley, Partner and Co-Head of the Capital Solutions business at TPG Sixth Street Partners. “Their investment in this market over many years has made Fusion the best product in the space, which is evidenced by its high quality and extremely loyal customer base. We are thrilled to partner with them on their journey.”

The world’s largest organizations, including AT&T, Honeywell, Morgan Stanley, Red Hat, Reddit, Staples, Uber, and the U.S. Census Bureau, rely on Fusion. Under the strategic guidance of CEO Will Hayes since 2015, Lucidworks has created a new standard in digital experience, delivering personalized customer journeys and valuable business insights to billions of people around the globe.

About Lucidworks
Lucidworks builds AI-powered search solutions for many of the world’s largest brands. Fusion, Lucidworks’ advanced development platform, provides the enterprise-grade capabilities needed to design, develop, and deploy intelligent search applications at any scale. Companies across all industries, from consumer retail and healthcare to insurance and financial services, rely on Lucidworks every day to power their consumer-facing and enterprise search apps. Lucidworks’ investors include Francisco Partners, TPG Sixth Street Partners, Top Tier Capital Partners, Shasta Ventures, Granite Ventures, Silver Lake Waterman, and Walden International. Learn more at lucidworks.com.

About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 275 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit: www.franciscopartners.com.

About TPG Sixth Street Partners
TPG Sixth Street Partners is a global finance and investment business with over $31 billion in assets under management. TPG Sixth Street’s Capital Solutions platform provides customized, non-control private capital for growth-oriented companies. Since inception, TPG Sixth Street has completed more than thirty transactions investing over $3.0 billion in capital within its Capital Solutions strategy. Co-founded in 2009 by Managing Partner Alan Waxman and TPG Sixth Street’s management team, the firm’s long-term oriented, highly flexible capital base allows it to invest across industries, geographies, capital structures and asset classes. TPG Sixth Street Partners is in a strategic partnership with TPG, the global alternative asset firm. For more information, visit www.tssp.com.

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