Denodo, a data management company, and TPG, an asset management firm, have announced that they have signed an agreement for TPG Growth, the firm’s market and growth equity platform, to invest $336 million in Denodo’s Series B preferred equity.
According to an official release, the transaction, which should include primary capital and a secondary sale of shares by HGGC, is expected to close in October following regulatory approvals. From what it’s understood, HGGC will remain an investor. Reportedly, JP Morgan will act as sole placement agent for the transaction.
“I believe Denodo’s data virtualisation software, which allows enterprises to create views of data sources that can be queried without moving them, has powered growth. With a market Net Promoter Score of over 50, the company seems to have built a roster of global customers including TPG, and we see an opportunity to accelerate Denodo’s expansion going forward. We are looking forward to partnering with Angel and his management team on the next phase of their journey,” Mike Zappert, partner, TPG, said.