Global alternative asset management firm TPG signed a definitive agreement for TPG Growth, the firm’s middle market and growth equity platform, to invest US$336 million in Denodo’s Series B preferred equity.
The transaction, which includes both primary capital and a secondary sale of shares by HGGC, is expected to close in early October following customary regulatory approvals.
HGGC, which invested in Denodo’s Series A investment round in 2017, will remain a significant investor.
J.P. Morgan acted as sole placement agent for the latest transaction.
“As the rapid growth in the volume, variety, and velocity of data continues, Denodo has established itself as a global leader in data management,” said Mike Zappert, partner at TPG.
“Denodo’s unique data virtualisation software, which allows enterprises to create unified views of disparate data sources that can be queried easily without moving them, has powered impressive, profitable growth,” said Zappert.
He added that with a market leading Net Promoter Score of over 50, the company has built a notable roster of marquee, global customers including TPG. They see a tremendous opportunity to accelerate Denodo’s expansion going forward.
The addition of TPG, and its broad set of capabilities, is an important next step in Denodo’s growth trajectory.
“This funding is a testament to Denodo’s leadership in the data management market and our further growth potential using the logical-first approach, powered by data virtualisation,” said Angel Viña, CEO and founder of Denodo.
Denodo has grown into a global leader in data management since HGGC’s investment in the company in 2017, with industry-leading customers across the world.
The Denodo Platform includes advanced functionality to unify and democratise the use of data that resides in any IT corporate system.
Underpinned by a disruptive logical vs traditional approach to data management, the platform provides a common data layer for the intelligent management of the data traffic that flows from all data sources to the business users and software applications in an organisation.
The platform helps customers to become more competitive through higher levels of data utilisation and compliance, and achieve a radical impact in operational efficiencies.