Venture • Software

H.I.G. Private Equity, TPG, CapitalG and Sorenson Capital Invest In MX

On June 26, 2019, private equity firm H.I.G. Private Equity, private equity firm TPG, corporate investor CapitalG and private equity firm Sorenson Capital invested in software company MX

Investment Context
  • This is H.I.G. Private Equity’s 6th, TPG’s 26th, CapitalG’s 2nd and Sorenson Capital’s 5th transaction in the Software sector.
  • This is H.I.G. Private Equity’s 169th, TPG’s 233rd, CapitalG’s 23rd and Sorenson Capital’s 41st transaction in the United States.
  • This is H.I.G. Private Equity’s 5th, TPG’s 3rd, CapitalG’s 1st and Sorenson Capital’s 20th transaction in Utah.

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Investment Summary

Date June 26, 2019
Target MX
Sector Software
Investor(s) H.I.G. Private Equity
TPG
CapitalG
Sorenson Capital
Deal Type Venture

Target Company

MX

Lehi, Utah, United States
MX is a high-growth provider of data management, aggregation, enhancement, and analytics as well as a broader suite of complementary application software to financial institutions and FinTechs. MX was founded in 2010 and is based in Lehi, Utah.
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Investors Overview 4

Investor

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital. The Firm focuses on management buyouts, growth equity investments, and recapitalizations of mid-sized to large companies valued between $50 million and $1 billion. HIG will also consider industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 is based in Miami, Florida.


Deal Context for Investor #
Overall 250 of 385
Sector: Software 6 of 12
Type: Venture 7 of 10
State: Utah 5 of 6
Country: United States 169 of 251
Year: 2019 13 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-17 PLIXXENT

Oldenburg, Germany

PLIXXENT is a European supplier of polyurethane systems. PLIXXENT operates four production sites in Germany, the Netherlands, Denmark and Spain and supports its diverse and international customer base in specification, design, development, logistics and aftersales support. Its Polyurethane systems are used in both flexible and rigid foam applications across a variety of industries including construction, energy, insulation, footwear, appliances, furniture and automotive. PLIXXENT was founded in 2019 and is based in Oldenburg, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 HOA

Atlanta, Georgia, United States

HOA is an operator of over 430 Hooters restaurants in 44 states and 27 foreign countries. HOA is well-known for its brand of food and fun, featuring a casual beach-theme atmosphere, a menu that features seafood, sandwiches and Hooters nearly, chicken wings, and service provided by the All-American cheerleaders, the Hooters Girls. HOA was founded in 1983 and is based in Atlanta, Georgia.

Sell -
Investor

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


Deal Context for Investor #
Overall 356 of 453
Sector: Software 26 of 40
Type: Venture 87 of 93
State: Utah 3 of 4
Country: United States 233 of 299
Year: 2019 12 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-13 Nova IVF Fertility

Bangalore, India

Nova IVI Fertility is a provider of fertility treatment services. Nova has aided in more than 25,000 pregnancies and has among the highest success rates across all key metrics in India. Nova IVI Fertility offers the world's most advanced and novel treatment methodologies in IVF like Vitrification, PGS, PGD, ERA among others. Nova IVF Fertility was founded in 2011 and is based in Bangalore, Karnataka.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-10 HotSchedules

Austin, Texas, United States

HotSchedules provides state-of-the-art technology, services and user experiences for the restaurant, retail and hospitality verticals. Over 30,000 customers across 170,000+ locations globally – from large international chains to independent and emerging concepts – rely on HotSchedules’ software and solutions to help them control costs, maintain compliance, improve visibility, increase profitability and drive operational consistency. HotSchedules was founded in 1999 and is based in Austin, Texas.

Sell -
Investor

CapitalG

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Corporate Investor
Founded 2013
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

CapitalG is the growth equity and direct investment arm of Alphabet, Inc. CapitalG invests in emerging tech-enabled service companies and assists with providing tactical advice across key functional areas such as engineering, product, sales, and marketing. CapitalG was formerly known as Google Capital. The Unit was formed in 2013 and is based in San Francisco, California.


Deal Context for Investor #
Overall 28 of 35
Sector: Software 2 of 3
Type: Venture 20 of 26
State: Utah 1 of 1
Country: United States 23 of 30
Year: 2019 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-12 CrowdStrike

Austin, Texas, United States

CrowdStrike is a global cybersecurity company with an endpoint protection platform built from the ground up to stop breaches. The CrowdStrike Falcon platform’s single lightweight-agent architecture leverages cloud-scale artificial intelligence (AI) and offers real-time protection and visibility across the enterprise, preventing attacks on endpoints on or off the network. CrowdStrike was founded in 2011 and is based in Austin, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 Unqork

New York, New York, United States

Unqork is the pioneer no-code enterprise application platform that helps large companies build, deploy, and manage complex applications without writing a single line of code. Companies use Unqork's drag-and-drop interface to build enterprise applications faster, with higher quality and lower costs than conventional approaches. Unqork was founded in 2017 and is based in New York City.

Buy -
Investor

Sorenson Capital

Lehi, Utah, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sorenson Capital is a private equity firm that seeks to support buyout and growth capital financings of lower middle-market companies. Sorenson invests across a broad range of industries and generally pursues companies with significant market share, high barriers to entry, fragmented industry competition, motivated managment, and sustainable pricing and profit margins. Target businesses typically have sales of $30 to $300 million with earnings of $3 to $25 million. Sorenson's geographic preference is for opportunities in the Mountain West and West Coast regions of the US. Sorenson raised its inaugural fund in 2004 and is based in Lehi, Utah.


Deal Context for Investor #
Overall 43 of 48
Sector: Software 5 of 6
Type: Venture 8 of 12
State: Utah 20 of 21
Country: United States 41 of 46
Year: 2019 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-16 Fastly

San Francisco, California, United States

Fastly is a content delivery company. Fastly’s edge cloud platform enables customers to create great digital experiences quickly, securely, and reliably by processing, serving, and securing our customers’ applications as close to their end-users as possible at the edge of the internet. The platform is designed to take advantage of the modern internet, to be programmable, and to support agile software development. Fastly was founded in 2011 and is based in San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-25 Health Catalyst

South Jordan, Utah, United States

Health Catalyst is a data warehousing, analytics, and outcomes-improvement company that helps healthcare organizations of all sizes perform the clinical, financial, and operational reporting and analysis needed for population health and accountable care. Health Catalyst was founded in 2008 and is based in South Jordan, Utah.

Sell -

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