Tpg Nicks Ahead On Buying Denodo
Date
9/13/2023 3:11:56 PM
(MENAFN- Baystreet.ca)
TPG Nicks Ahead on Buying Denodo TPG (NASDAQ: TPG) shares enjoy slight gains in the first hour of trade Wednesday, as the global alternative asset management firm, today announced it has signed a definitive agreement with Denodo, a leader in data management, for TPG Growth, the firm's middle market and growth equity platform, to invest $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.
“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 virtualization 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. With a market leadingPromoter Score of over 50, the company has built a notable roster of marquee, global customers including TPG, and we see a tremendopportunity to accelerate Denodo's expansion going forward. We are excited to partner with Angel and his management team on the next phase of their journey.”
The addition of TPG, and its broad set of capabilities, is an important next step in Denodo's growth trajectory.
TPG opened Wednesday trading up 17 cents to $30.41.
MENAFN13092023000212011056ID1107063096
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.