Investment Summary

Warburg Pincus and TPG Invest In Varo Money

On May 2, 2016, private equity firms Warburg Pincus and TPG invested in information technology company Varo Money

Investment Highlights
  • This is Warburg Pincus’ 13th and TPG’s 15th transaction in the Information Technology sector.
  • This is Warburg Pincus’ 153rd and TPG’s 178th transaction in the United States.
  • This is Warburg Pincus’ 33rd and TPG’s 57th transaction in California.

Investment Summary

Date 2016-05-02
Target Varo Money
Sector Information Technology
Investor(s) Warburg Pincus
TPG
Deal Type Venture

Target

Varo Money

San Francisco, California, United States
Varo Money is a mobile-only banking start-up. Through its mobile app, Varo’s 24/7 digital financial coach delivers proactive insights and analysis of spending, as well as real-time budgeting. Varo will provide a debit card, savings and lending products, and will offer integrated access to other popular finance apps via an in-app marketplace. Varo Money was founded in 2015 and is based in San Francisco, California.

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Investor(S) 2

Investor

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 302 of 485
Sector (Information Technology) 13 of 43
Type (Venture) 40 of 70
State (California) 33 of 46
Country (United States) 153 of 238
Year (2016) 11 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-02 Universal Services of America

Santa Ana, California, United States

Universal Services of America is a facility services companies in the U.S., combining an innovative mix of tradition with cutting edge systems and technology to keep pace with the ever - evolving needs of today’s business environments. Headquartered in Santa Ana, Calif., today, Universal is a $2.5 billion company with more than 80,000 employees on staff. The company is now the second largest manned guarding security company in North America and employs a hands-on, highly experienced management team and continuous training to deliver consistent, high quality security solutions. Universal has four unique divisions: Universal Protection Service, Universal Protection Security Systems, Universal Fire/Life Safety Services and Universal Building Maintenance.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-04 DocuTAP

Sioux Falls, South Dakota, United States

DocuTAP is a provider of software for electronic medical records, practice management software and revenue cycle management for more than 1,300 urgent care and primary care clinics. The Company has grown significantly in the last several years, expanding its workforce, and adding 350 urgent care clinics to its network in the last year alone.

Buy -
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 262 of 423
Sector (Information Technology) 15 of 30
Type (Venture) 58 of 94
State (California) 57 of 85
Country (United States) 178 of 277
Year (2016) 4 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-02 Vertafore

Denver, Colorado, United States

Vertafore, Inc. is a cloud-based software that provides agency management, compliance, workflow, and data solutions that simplify and automate the complex property and casualty (“P&C”) insurance lifecycle. More than 20,000 agencies and 1,000 insurance carriers rely on Vertafore to streamline their processes, improve efficiency, and drive productivity. Vertafore, Inc. was founded in 1969 and is based in Denver, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-10 FP Holdings

Las Vegas, Nevada, United States

Palms Casino Resort is a 37-acre Las Vegas hotel & casino consisting of The Palms Casino Resort (420 rooms, 1,874 slots and 69 table games), The Fantasy Tower (285 rooms and new pool and concert venue) and Palms Place (599 condos). Palms Casino Resort was formed in 2001 and is based in Las Vegas, Nevada.

Sell $313M