Investment Summary

TPG, Thoma Bravo, Goldman Sachs Merchant Banking and WP Global Partners Invest In Project44

On January 11, 2022, private equity firm TPG, private equity firm Thoma Bravo, private equity firm Goldman Sachs Merchant Banking and asset manager WP Global Partners invested in internet software and services company Project44

Investment Highlights
  • This is TPG’s 29th, Thoma Bravo’s 20th, Goldman Sachs Merchant Banking’s 13th and WP Global Partners’ 2nd transaction in the Internet Software and Services sector.
  • This is TPG’s 256th, Thoma Bravo’s 107th, Goldman Sachs Merchant Banking’s 123rd and WP Global Partners’ 15th transaction in the United States.
  • This is TPG’s 10th, Thoma Bravo’s 6th, Goldman Sachs Merchant Banking’s 9th and WP Global Partners’ 2nd transaction in Illinois.

Investment Summary
Date 2022-01-11
Target Project44
Sector Internet Software and Services
Investor(s) TPG
Thoma Bravo
Goldman Sachs Merchant Banking
WP Global Partners
Deal Type Growth Capital

Target

Project44

Chicago, Illinois, United States
Project44 is a provider of cloud-based platforms that connects, automates, and provides visibility into key transportation processes to accelerate insights and drive better decisions. Project44 was founded in 2014 and is based in Chicago, Illinois.

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Investor(S) 4

Investor

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B 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 STATS #
Overall 394 of 421
Sector (Internet Software and Services) 29 of 31
Type (Growth Capital) 63 of 67
State (Illinois) 10 of 10
Country (United States) 256 of 276
Year (2022) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-11 Wind River

Alameda, California, United States

Wind River engages in delivering software for intelligent connected systems, Wind River offers a comprehensive, edge-to-cloud software portfolio designed to address the challenges and opportunities critical infrastructure companies face when evolving and modernizing their systems as they work to realize the full potential of IoT. Wind River was established in 1981 and is based in Alameda, California.

Sell $4.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-12 Anovo

Memphis, Tennessee, United States

Anovo is a provider of specialty pharmacy services and customized treatment and support programs that address the unique needs of patients with certain complex and chronic diseases. Anovo was founded in 2013 and is based in Memphis, Tennessee.

Buy -
Investor

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 119 of 139
Sector (Internet Software and Services) 20 of 27
Type (Growth Capital) 16 of 17
State (Illinois) 6 of 7
Country (United States) 107 of 120
Year (2022) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Starburst

Boston, Massachusetts, United States

Starburst is the analytics engine that provides the most efficient analytics engine for data warehouse, data lake, or data mesh. The company unlocks the value of distributed data by making it fast and easy to access, no matter where it lives. Starburst queries data across any database, making it instantly actionable for data-driven organizations. It lowers the total cost of their infrastructure and analytics investments, prevents vendor lock-in, and uses the existing tools that work for their business. Starburst was founded in 2017 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-15 Veracode

Burlington, Massachusetts, United States

Veracode develops products to help secure web, mobile and third-party applications across the software development lifecycle. Veracode's complete set of offerings help customers reduce the risk of data breaches, increase the speed of secure software delivery, meet compliance requirements, and cost effectively secure their software assets- whether that’s software they make, buy or sell. Veracode was founded in 2005 and is based in Burlington, Massachusetts.

Sell $2.5B
Investor

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 175 of 182
Sector (Internet Software and Services) 13 of 14
Type (Growth Capital) 26 of 27
State (Illinois) 9 of 9
Country (United States) 123 of 126
Year (2022) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-11 The Belfry

West Midlands, United Kingdom

The Belfry is a provider of leisure, conference and golf destination, featuring 320 rooms, a 25,000-square foot fitness center and spa, and 20,000 square feet of meeting space. The Belfry was founded in 1977 and is based in West Midlands, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-11 FinanceIt

Toronto, Ontario, Canada

FinanceIt offers a comprehensive suite of tools and technologies designed to simplify complex sales transactions for businesses and their customers. FinanceIt was founded in 2011 and is headquartered in Toronto, Ontario.

Sell -
Investor

WP Global Partners

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 2005
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

WP Global Partners is an asset management firm that looks to offer clients exposure to private equity, venture capital, and private debt investments through research based investment programs. Within private equity, WP looks to invest $5 to $25 million in recurring revenue oriented businesses valued up to $500 million. WP Global Partners was formed in 2005 and is headquartered in Chicago, Illinois.

DEAL STATS #
Overall 15 of 17
Sector (Internet Software and Services) 2 of 3
Type (Growth Capital) 9 of 11
State (Illinois) 2 of 2
Country (United States) 15 of 17
Year (2022) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-17 Paro

Chicago, Illinois, United States

Paro is an AI-powered marketplace that delivers finance and accounting solutions to businesses through a combination of expert fractional talent, data-driven tools and guiding insights. By harnessing the power of people and technology, our growth platform provides flexible options, ranging from transaction processing support to corporate development and financing strategy, to solve core business challenges and drive growth. Paro is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-06 Blackpoint Cyber

Ellicott City, Maryland, United States

Blackpoint Cyber offers world-class, nation state-grade cybersecurity ecosystem serving the MSP community. Blackpoint Cyber was founded in 2014 and is based in Ellicott City, Maryland.

Buy -
Mergr

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