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.
San Diego, Calif., Sept. 12, 2019 /PRNewswire/ — SmartDrive 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.
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.
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SOURCE SmartDrive Systems
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.
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.