What companies are finding funding or having a big exit? From startup investments to grants to acquisitions, Dallas Innovates tracks what’s happening in North Texas money every Thursday. Sign up for our e-newsletter to stay in the loop.
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Plano’s VanillaSoft rakes in $4M in investment round
Plano-based VanillaSoft, a provider of sales engagement technology, has raised $4 million to grow its research and development and sales teams and continue expansion.
The funding included a repayable contribution of $1 million from the Canada Economic Development for Quebec Regions and $3 million from the Fonds Régional de Solidarité Outaouais.
VanillaSoft provides a platform that allows sales development teams to engage over 15,000,000 contacts a month. Used as a standalone product, or combined with traditional CRM systems, VanillaSoft’s system empowers sales reps to respond to new leads, interact with leads consistently across more channels, and generate qualified sales opportunities, according to FinSMEs.
Riveron receives growth investment from H.I.G. affiliate
Riveron, a Dallas-headquartered national business advisory firm, announced that an affiliate of the global investment firm H.I.G. Capital has agreed to make a growth investment in Riveron.
H.I.G. Capital is a global investment firm focused on partnering with middle market companies. The amount of the investment was not released.
Founded in 2006, Riveron provides a comprehensive suite of consulting solutions to its clients, including accounting advisory, accounting and finance operations, capital markets and divestitures, performance improvement, transaction services, and recovery and transformation services.
Signature Systems raises funding in private equity round
Signature Systems Group, a Flower Mound-based events services company, announced it raised an unreleased amount in a private equity round led by Center Rock Capital Partners, an Illinois-based private equity firm.
Signature Systems manufactures and distributes composite matting ground protection for industrial applications, stadium turf protection, and temporary event flooring, according to Crunchbase. Signature’s leading global brands include MegaDeck, SignaRoad, DuraDeck, OmniDeck, ArmorDeck, and EventDeck.
Dallas investor helps lead Mint House’s $15M Series A round
Dallas investor Carl Sparks is one of seven investors who led a $15 million Series A funding round for New York City-based Mint House, a technology-enabled hospitality company for business travelers.
Sparks is the former chief executive officer of Travelocity. Other investors in the round include Revolution Ventures, former Starwood Hotels CEO Thomas Mangas, former St. Regis Hotels President Kerry Hatch, and JBG Smith Executive Vice President Rob Stewart. NewView Capital, Nelstone Ventures, and Ingleside Investors also participated in the round.
RumbleOn closes $30M in convertible senior notes
Dallas-based RumbleOn Inc. announced the closing of its previously announced offering of $30 million aggregate principal amount of 6.75 percent convertible senior notes due 2024.
RumbleOn is an e-commerce company focused on how to simplify the way in which dealers and customers buy, sell, trade, or finance pre-owned vehicles through one online location.
JMP Securities LLC acted as sole book-running manager for the note offering, RumbleOn said. National Securities Corp. acted as financial advisers for the note offering. RumbleOn said the aggregate net proceeds from the offering were roughly $27.3 million, after deducting the initial purchaser’s discounts and commissions, and estimated offering expenses.
RumbleOn said in a release that it intends to use approximately $11.1 million of the net proceeds from the offering to refinance certain outstanding restrictive indebtedness and the rest for other general corporate purposes, possibly including increased spending on marketing and advertising, and expenditures necessary to grow the business.
Sky Island Capital takes majority stake in Material Sciences Corp.
Dallas middle market private equity firm Sky Island Capital has bought majority control of Material Sciences Corp., a Canton, Michigan-based producer of advanced materials and specialty coated metals.
MSC’s products are engineered to address light-weighting, noise, vibration, and harshness, corrosion, architectural, and aesthetic needs for a wide variety of end markets, including transportation, building products, packaging, and consumer goods.
“MSC has had spectacular historical performance, but we firmly believe that its best days are ahead given several organic and add-on acquisition growth opportunities,” Sky Island Managing Partner Jack Waterstreet said in a statement.
Center Oak Partners takes majority interest in Service Champions
Dallas private equity firm CenterOak Partners LLC said it has completed a majority investment in Service Champions in combination with its existing investment, Moore Home Services, to create one of the biggest providers of home maintenance and repair services on the West Coast.
Service Champions Chief Executive Officer Leland Smith will maintain a significant ownership stake in the company and will lead the newly combined company, CenterOak said in a release. No terms of the deal were released.
The two companies have offerings in southern and northern California, including residential heating and air conditioning repair and replacement, plumbing, solar, and electrical services.
Fund Architects, a Kaufman-based independent SEC-registered investment adviser that provides discretionary, fee-based money management services, has been acquired by Cabana Holdings, an Arkansas financial services firm.
Earlier this year, Carrollton-based Checkpoint ID, a provider of ID verification and data collection SaaS for apartment managers, announced that it had received $1.5 million in Series A funding from RET Ventures, a Utah-based early-stage venture capital firm.
MERGERS & ACQUISITIONS
Mass Luminosity acquires Fort Worth marketing and PR firm
Dallas-based research, technology, and experiential company Mass Luminosity said it has acquired Fort Worth-based Wheelhouse Marketing and PR, becoming Mass Lumosity’s internal marketing arm.
The acquisition values Wheelhouse at $2.5 million and Mass Luminosity at $50 million, and is subject to final approval by Mass Luminosity’s shareholders and board of directors.
Mass Luminosity said in a release that Wheelhouse’s core disciplines include developing connectivity between brands and unique entertainment properties by creating partnerships that initiate platforms delivered by public relations campaigns, marketing initiatives, and sales programs that are supported by inventive collaborations, printing, and design.
Revint Solutions acquires Payment Partners
Revint Solutions, a Plano-based provider of revenue integrity solutions for healthcare providers, announced that it acquired Payment Partners, a provider of worker’s compensation claim reimbursement services.
No financial terms of the deal were released.
The company said the acquisition is part of its focus on extending its suite of revenue integrity services and solutions.
Revint Solutions offers more than 1,700 healthcare organizations in the U.S. solutions and helps recover over $475 million of underpaid or unidentified revenue for its clients annually.
Advent International acquires AccentCare Inc. of Dallas
Dallas-based AccentCare Inc. is being acquired by Advent International, one of the largest and most-experienced global private equity investors.
AccentCare, a nationwide provider in post-accute healthcare, is being sold by the New York City-based private equity firm Oak Hill Capital Partners, which has owned AccentCare since 2010. AccentCare is the sixth largest home health platform and third largest personal care platform in the nation.
No terms of the deal were released.
AccentCare’s services range from personal, non-medical care to skilled nursing, rehabilitation, hospice care, and care management. It has more than 24,000 professionals working in more than 175 locations, collectively serving more than 123,000 people.
“AccentCare is a terrific platform that is setting the standard for high-quality home and community-based healthcare,” Advent Managing Director Carmine Petrone said in a statement.
Acquisition of Top Image Systems Ltd. closes
Top Image Systems Ltd., an Israeli-based innovator in on-premise and cloud-based applications with a U.S. base in Plano, announced the close of its acquisition by Kofax, a leading supplier of intelligent automation software to automate and digitally transform end-to-end processes.
Kofax is a portfolio company of the Chicago private equity investment company Thoma Bravo.
Under the acquisition agreement, Top Image Systems’ shareholders will receive merger consideration in the amount of 86 cents in cash for each share of Top Image Systems ordinary stock they hold.
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