Follow the Money: TPG Commits $500M to Collabnet, Razberi Gets $5.8M, Kibo Acquires Monetate

You’ll also find news from Satori Capital, AT&T, Goodnight Midstream, Tailwater Capital, Topgolf, and more in this weekly roundup of funding, merger, and acquisition activity.

What companies are finding funding or having a big exit? From startup investments to grants and 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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TPG Capital commits up to $500M in equity for CollabNet deal

TPG Capital has finalized its acquisition of CollabNet VersionOne, committing up to $500 million of equity capital to build CollabNet into a leader for enterprise-focused Agile, DevOps, and Value Stream Management success. 

TPG Capital, based in Fort Worth and San Francisco, is a private equity platform of a global alternative asset firm.

With CollabNet, TPG Capital said it is ready to meet the needs of large enterprises that require end-to-end software infrastructure to connect Agile and DevOps teams and activities to business value, and speed application delivery to improve bottom-line results.

“Software agility that drives tangible, measurable value is vital for every business today,” said Flint Brenton, CEO of CollabNet. “Having the resources and support of TPG will accelerate our ability to meet the unique needs of larger organizations that are frustrated with disparate tools and processes that hinder business transformation. Our customers, partners and employees are responding positively to our new partnership with TPG, as the firm continues tohelp us drive growth and innovation.”

Together, TPG Capital and CollabNet are preparing strategy and execution plans to accelerate growth of the company’s existing portfolio. TPG said it plans to aggressively pursue acquisitions in strategic adjacencies.

Razberi raises $5.8M in Series B funding to fuel growth, roll out new products

Razberi Technologies, a Dallas-based provider of simple, secure video surveillance and IoT solutions, has received $5.8 million in a Series B investment round led by LiveOak Venture Partners.

“This financing will give us the opportunity to continue to grow the business rapidly and roll-out fantastic new products in the coming year,” Razberi Technologies CEO Doug Dickerson said in a statement.

Razberi said it will use the funding to build out its market coverage and deliver what it calls industry-leading products. 

Austin-based LiveOak will invest in participation with Chartline Capital Partners and other investors including the family offices of industry leaders Ken Boyda and Jiri Modry, Razberi said. The company said it intends to bring on additional investors over the coming months.

Razberi Technologies offers intelligent server appliances for video surveillance and IoT, automated cybersecurity, and health monitoring software. Its products are compatible with a wide range of top video management software and network cameras.

Goodnight Midstream gets $500M commitment from Tailwater Capital

Dallas-based produced water midstream infrastructure company Goodnight Midstream has received a $500 million commitment from Tailwater Capital LLC, a Dallas-based energy-focused private equity firm.

The commitment is part of a deal providing growth capital to support Goodnight’s strategic objectives and allow its continued expansion of service offerings for its blue-chip customer base, FinSMes reported.

Goodnight Midstream builds and operates midstream water infrastructure for oil and gas producers. It owns and operates a large network of water gathering pipelines and saltwater disposal wells that are focused on gathering, transporting, and disposing of produced saltwater.

Satori Capital invests in Pavise

Satori Capital, a Dallas investment firm founded on the principles of conscious capitalism, has announced a $25 million investment and acceleration partnership with Pavise Capital Management LLC of Mahwah, New Jersey.

Satori, a multistrategy firm with more than $1 billion in assets under management, said it made the investment as part of its Satori XL Partnership Program, which establishes strategic acceleration partnerships with talented emerging investment managers that typically have at least a three-year track record and less than $100 million of assets under management.

Founded in 2011, Pavise manages a strategy focused on fundamental research aimed at identifying investments that have favorable long-term trends and short-term catalysts that have the potential to generate high risk-adjusted returns. 

Satori said that Pavise’s approach involves thorough and continuous analysis of public company data to anticipate shifts in competitive dynamics, business strategy, and market sentiment over time. 

Cuban invests in $140M Series C round for rocket maker Relativity Space

Dallas Mavericks billionaire owner Mark Cuban is an investor in a $140 million Series C funding round for small launch vehicle company Relativity Space, which says the funding will help complete development of its Terran 1 rock and begin commercial operations in 2021, SpaceNews reported.

The new funding round brings Los Angeles-based Relativity Space’s total funding to $185 million.

The round was led by new investors Bond and Tribe Capital along with existing investors Cuban, Playground Global, Y Combinator, and Social Capital.

Blossom Street participates in Celigo’s $20M Series B round

Dallas-based venture capital firm Blossom Street Ventures is one of three investors in a $20 million Series B funding round for Celigo, an 8-year-old integration platform-as-a-provider provider based in San Francisco.

The funding brings Celigo’s total funding to $32 million following an earlier $12.3 million Series A round, Venture Beat reported. The Series B round was led by NewSpring Capital with participation from TVC Capital.

Cresco leads $7.5M Series B round for PathogenDx

Dallas-based Cresco Capital Partners is the lead investor in a $7.5 million Series B round by PathogenDx, a developer of a test designed for cannabis, botanical, food, and agriculture testing markets.

The company’s technology enables test labs to conduct between 12 to 48 tests in parallel, testing up to 20 pathogens per test in under a day’s shift, Crunchbase said.

Cresco is a private equity firm that focuses on the legalized cannabis space.

Southlake investor backs $4.6M seed round for Israeli cybersecurity firm

Southlake-based angel investor Mike Fey is one of five investors participating in $4.6 million seed round for Cycode, an Israeli cybersecurity startup.

According to Crunchbase, Cycode is the industry’s first source code control, detection, and response platform, whose Source Path intelligence engine delivers comprehensive visibility into all of a business’ code and automatically detects and responds to anomalies in its access, movement, and usage.

Topgolf looking at IPO in 2020, according to report

Topgolf International, the Dallas-based sports entertainment company, is in talks with investment banks about hiring underwriters for an initial public offering, according to a report from Reuters.

According to Reuters, the IPO is planned for next year but those plans have not been finalized. Topgolf declined to comment on the report, Reuters said.

Topgolf uses balls containing microchips to track distance and accuracy across various golf games. Its golfing entertainment centers also offers food and drinks.

Phynd partners with MedTouch on search, scheduling capabilities

Dallas-based medtech Phynd Technologies has announced a partnership with MedTouch, a Massachusetts-based provider of of healthcare strategy, creative, technology, and marketing service.

Phynd offers healthcare providers a strategic information management SaaS solution that manages all operational provider data. No financial information on the partnership was released.

Phynd Technologies Inc. announced in January that it raised an $8 million Series B funding round that will enable further collaborations and enhance its core platform.

Phynd said the partnership enables health providers to offer one-step search and scheduling capabilities. Patients can now find the right in-network doctor for their condition and schedule an appointment at their convenience through the website in a single, seamless action.

Phynd said the advanced workflow is made possible by combining MedTouch’s nearly 15 years of digital strategy, design, and marketing technology experience with Phynd’s platform that serves as the main hub for all health system providers’ locations, networks, health plans and clinical expertise.

Additional funding news

The Dallas-based investment firm Breach Inlet Capital has raised a total of $35 million in equity from 53 investors., according to a report in the Dallas Business Journal. Breach focuses on small-cap equities, the DBJ reported. It was founded in 2015 by Christopher Colvin, who is also the portfolio manager, the publication said.

According to a government filing, Dallas-based investment management firm Railroad Ranch Capital has raised $102.8 million from 29 investors in pooled investment fund interests, the Dallas Business Journal said. Railroad Ranch focus on small- and mi-cap equities.

MERGERS & ACQUISITIONS

Kibo to acquire personalization provider Monetate

Kibo, a Dallas-based provider of cloud commerce services announced it acquired testing, optimization, and personalizaiton provider Monetate.

No financial details were released about the acquisition of the Pennsylvania-based Monetate, which provides AI-powered e-commerce solutions for online retailers. Kibo said the acquisition expands its personalization capabilities, complements its Certona solution, and extends the reach of Kibo’s end-to-end cloud commerce platform.

“Providing a personalized customer journey is vital to brands and retailers in today’s competitive marketplace,” Kibo CEO David Post said in a statement. “Consequently, we’re going to heavily invest in personalization as part of our commerce cloud to outpace our competitors in providing both innovation and a holistic suite of solutions.”

kSARIA acquires Co-Operative Industries Aerospace & Defense

Fort Worth-based Co-Operative Industries Aerospace & Defense has been acquired by kSARIA Corp., a Massachusetts producer and supplier of mission-critical connectivity solutions for the aerospace and defense end markets.

kSaria is a portfolio company of Behrman Capital. No financial terms of the transaction were disclosed.

CIA&D is an AS9100-registered manufacturer of electrical wiring harnesses, ignition leads, and flexible metal conduits serving blue-chip aerospace and defense customers, according to a release. It produces an array of wiring harnesses and interconnects for both commercial and military aircraft applications, as well as products for the industrial end market.

Under pressure, AT&T plans to sell assets in Puerto Rico, U.S. Virgin Islands for $1.95B

Dallas-based AT&T announced this week that it intends to sell its wired and wireless network operations in Puerto Rico and the U.S. Virgin Islands to Latin American telecom company Liberty Latin America in a $1.95 billion transaction as pressure from activist investor to divest assets mounts, The Dallas Morning News reported.

AT&T said the deal includes spectrum, real estate, and leases as well as 1.1 million subscribers, the newspaper said.

Despite pressure to sell its pay TV business AT&T said it will retain DirecTV and FirstNet.

The deal is expected to close in six to nine months and will affect 1,300 current AT&T employees who will move to Liberty Latin America, AT&T said.

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