TPG agrees to invest $336m in data management platform Denodo
Alternative asset management firm TPG has agreed to invest $336 million in the Series B funding round of Denodo, a US-based data integration, management and delivery platform.
TPG to invest $336m in Denodo’s Series B funding round
The investment, which is to be made through TPG Growth, the firm’s middle market and growth equity platform, will include both primary capital and secondary shares sold by private equity firm HGGC, which participated in Denodo’s Series A of 2017 and remains a leading investor.
Subject to regulatory approval, the deal is expected to close early next month, with J.P. Morgan serving as sole placement agent for the transaction.
Commenting on the deal, Angel Viña, Denodo’s CEO and founder, says the company plans to leverage the funding and TPG’s “deep experience” to expand its global market share.
Founded in 1999, Denodo has its headquarters in Palo Alto, California, and 25 offices in 20 countries across North America, Europe, Middle East, Africa and Asia Pacific.
Recognising how “the rapid growth in the volume, variety and velocity of data continues”, Mike Zappert, partner at TPG, emphasises how his firm sees “a tremendous opportunity to accelerate Denodo’s expansion going forward”, and alleges that its data virtualisation software has “powered impressive, profitable growth”.
Having observed such growth over the last six years, Steven Leistner, partner and co-chief investment officer at HGGC, adds that he sees “increased future potential for Denodo”. Leistner has served on Denodo’s board since his firm’s initial investment six years ago.
