What companies are finding funding or having a big exit? From startup investments 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.
Investment pushes Dallas-based Ryan to $1.1B valuation
Toronto, Canada-based Onex Corp. announced that it acquired a 42 percent interest in Dallas-based global tax services and software provider Ryan LLC for $317 million. The investment values Ryan at $1.1 billion, according to a release.
“In recent years, we’ve significantly expanded our business, adding new service lines and growing our premium client roster.”
G. Brint Ryan
Founded in 1991, Ryan offers an integrated suite of federal, state, local, and international tax services. It is the largest firm in the world dedicated solely to business taxes. The firm has a team of more than 2,200 professionals and associates, who serve more than 14,000 clients, including many of the most-prominent companies in the world.
“Onex is the ideal partner for us given its strong track record and focus on growing companies and supporting the management teams in which it invests,” Ryan founder, Chairman and CEO G. Brint Ryan said in a release. “In recent years, we’ve significantly expanded our business, adding new service lines and growing our premium client roster. With the backing of Onex, we’ll continue this momentum to increase the value we bring to our clients.”
D.R. Horton invests in startup that 3-D prints new homes
D.R. Horton Inc., the giant Arlington-based homebuilder, is one of 13 investors in a $9 million seed round for ICON3D, an Austin-based construction technologies company that uses 3-D printing robotics, software, and advanced materials to solve many problems facing the modern building industry.
ICON3D’s technology enables the printing of small, affordable houses for $4,000 in just 24 hours.
In 2017, D.R. Horton was the largest homebuilder in the nation, based on the number of homes closed. It operates in 78 markets in 28 states.
ORIX Growth Capital invests $20M in Infusionsoft
Dallas-based ORIX Growth Capital has invested $20 million in Infusionsoft, a customer relationship management, sales, and marketing software provider for small- to medium-sized businesses.
“We are excited to partner with Infusionsoft given their expertise in small business and long track record as an industry-leading CRM provider,” Jon Weitzel, director at ORIX Growth Capital, said in a release.
Chandler, Arizona-based Infusionsoft said the funding would be used to boost product development and market expansion.
Through its foundation, ORIX recently made a $250,000 “cycle” to the Dallas hybrid social enterprise Good Returns.
Cattle operation raises $510K via Harvest Returns crowdfunding platform
A Georgia-based grass fed cattle operation raised $510,000 in an asset-backed note via Fort Worth-based Harvest Returns’ crowdfunding platform.
Blackdirt Farm Management LLC said the funding will grow its team by roughly 100 percent with the next 12 months as more farmland comes into production. The expansion includes more than 1,000 acres of grazing farmland in the southeastern U.S.
“We are very pleased with the results of our partnership with Harvest Returns, as it provided access to a base of investors outside Blackdirt’s existing network, and proved to be an effective platform for raising capital,” Blackdirt Farms CEO David Nicola said. “We look forward to working with the Harvest Returns team again in the future.”
We told you about Harvest Returns earlier this year. The company formed in 2016 and made its first deal in August 2017. It is for farmers who want to raise between $500,000 to $3 million and do not have access to traditional USDA loans.
Good Returns, Inverdale Raise $10M for Guarantee Program GIVS
Good Returns, the Dallas-based social enterprise, and asset management firm Inverdale Capital Management said they have raised more than $10 million in funding for their Guarantee-Investment-Values Strategies, or GIVS.
Good Returns GIVS has a unique philanthropic model that offers investors the opportunity to mobilize capital for local and global impact while capping risk on the use of funds, according to co-founder Salah Boukadoum. The GIVS account also offers a clear understanding of how returns are generated, he said.
I just wrote about this funding, and you can find out more about how GIVS works here.
MERGERS & ACQUISITIONS
Oncor agrees to buy InfraREIT in $1.275B deal
Dallas-based Oncor Electric Delivery Co. has entered into a definitive agreement to acquire real estate investment trust InfraREIT Inc. in a deal valued at roughly $1.275 billion.
Oncor will assume roughly $940 million of InfraREIT’s net debt as of June 30.
InfraREIT owns and leases rate-regulated electric transmission assets in Texas and is externally managed by Hunt Utility Services LLC, an affiliate of Hunt Consolidated Inc., a Dallas-based diversified holding company managed by the Ray L. Hunt family.
Veritas Capital acquires Cambium Learning Group
Cambium Learning Group Inc., a Dallas-based educational technology solutions company, has entered into a merger agreement with affiliates of the Dallas private equity firm Veritas Capital in a deal valued at $685 million.
Holders of Cambium common stock will receive $14.50 in cash per share at closing under the agreement. The deal is subject to the customary regulatroy approvals and should close in the fourth quarter of this year or the first quarter of 2019, Cambium said in a release.
Tech companies Anblicks, Cappius announce merger
A Dallas-based tech company, Anblicks, is merging with Santa Clara, California-based Cappius in a deal that will join two companies that assists their clients with improving services around the cloud, analytics, and integrations.
No financial terms of the deal were disclosed, according to the Dallas Business Journal. The companies will operate under the Anblicks brand with a headquarters in Dallas.
Eclipse MedCorp acquires worldwide IP rights to new tech
Eclipse MedCorp, a Dallas-based medical device company, has acquired the exclusive worldwide rights for a novel, autologous point-of-care technology in regenerative medicine.
Eclipes acquired all intellectual property for the tech and will jointly own additional intellectual property as it is developed, the company said in a release.
“This acquisition marks a tremendous moment for Eclipse as we seek best-in-class solutions to serve our physicians and their patients,” Tom O’Brien, CEO and founder of Eclipse, said in the release. “This significant technology will be rapidly commercialized in multiple fields of use on a worldwide basis. The acquisition will strengthen Eclipse’s position as a global leader in regenerative medicine for years to come.”
Grace Hill acquires Dallas-based The Strategic Solution
The Strategic Solution, a Dallas-based provider of web-based policy and procedure manuals to a variety of businesses, has been acquired by Grace Hill, a privately held company in Augusta, Georgia. Strategic Solutions was founded in 2000.
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