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Tag: TPG

  • Zenoti Receives $80 Million Investment from TPG to Further Revolutionize the Beauty, Wellness, and Fitness Industries

    The investment comes less than six months after Zenoti’s Series D funding round; Company plans to dedicate $200 million towards growth and M&A

    Bellevue, WA, June 07, 2021 — Zenoti, a leading enterprise cloud platform for the beauty, wellness, and fitness industries, announced today it has raised an additional $80 million as an extension to its Series D funding round. The additional investment was led by TPG, a global alternative asset firm that has invested in leading technology companies such as Airbnb, Kajabi, Toast, and Uber. The investment increases Zenoti’s valuation to almost $1.5 billion.

    Powering more than 12,000 businesses in over 50 countries, Zenoti is a leading software for salon and spa businesses. The company has recently expanded into the fitness industry through partnerships with CorePower Yoga and other fitness leaders. Zenoti’s touchless and mobile solutions serve all aspects of consumer engagement, allowing for easy appointment scheduling, self-check-ins, automatic payments, and more.

    “We are privileged to have the trust, confidence and support of TPG as we continue our growth journey,” said Sudheer Koneru, CEO and Founder at Zenoti. “Zenoti remains committed to helping beauty, wellness, and fitness businesses reach their full potential and set the standard for the customer experience.”

    The additional investment builds on a time of significant momentum for Zenoti, having achieved 100 percent year-over-year growth in 2020. The additional capital will enable the company to continue to expand its platform through forthcoming M&A, while also providing some liquidity to its employees for their commitment and hard work to the organization over the last decade.

    “Zenoti has created the go-to cloud-based platform for leading beauty and wellness brands looking to grow their businesses and create better experiences for their customers,” said Arun Agarwal, Managing Director at TPG. “As consumers across the globe continue to prioritize self-care, we believe the company is well-positioned for strong growth.”

    The Zenoti leadership team’s firsthand experience with industry challenges, combined with their deep fluency in enterprise software, has resulted in a powerful, cloud-based solution engineered for reliability and scale that harnesses the power of enterprise-level technology for the benefit of beauty and wellness businesses of all sizes. Zenoti is proud to serve the growing needs of the industry and support a successful portfolio of global brands including European Wax Center, Hand & Stone, Massage Heights, Rush Hair & Beauty, Sono Bello, Hair Cuttery, Profile by Sanford and, most recently, Toni&Guy.

    To learn more about Zenoti visit https://www.zenoti.com.

    About Zenoti
    Zenoti provides an all-in-one, cloud-based software solution for the beauty, wellness, and fitness industries. The Zenoti platform is engineered for reliability and scale, harnessing the power of enterprise-level technology for businesses of all sizes.

    Zenoti powers thousands of spas and salons in more than 50 countries. Zenoti allows users to seamlessly manage every aspect of the business in a comprehensive mobile solution: online appointment bookings, POS, CRM, employee management, inventory management, built-in marketing programs and more. Zenoti helps clients streamline their systems and reduce costs, while simultaneously improving customer retention and spending. To learn more about Zenoti visit us online at https://www.zenoti.com.

    About TPG
    TPG is a leading global alternative asset firm founded in 1992 with more than $91 billion of assets under management and offices in Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Mumbai, New York, San Francisco, Seoul, Singapore, and Washington D.C. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, impact investing, real estate, secondaries, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit http://www.tpg.com or @TPG on Twitter.

  • CollabNet VersionOne and XebiaLabs Combine to Create Integrated Agile DevOps Platform

    • Combined Company announces new CEO to drive next phase of growth

     

    • Transaction, backed by TPG Capital, marks a transformational step in a broader strategy to create a leading, integrated Agile DevOps platform for enterprises

     

    Atlanta and Boston – January 21, 2020 – CollabNet VersionOne (CollabNet), a leading provider for Agile planning and collaborative development, and XebiaLabs, the leader in release orchestration, deployment, and continuous delivery, announced today that the two companies have merged. The combination, which was backed by TPG Capital, unites CollabNet’s upstream Agile planning and enterprise version control functionality with XebiaLabs’ downstream release orchestration and deployment automation capabilities to create an Agile, end-to-end, DevOps platform for enterprises.

     

    In connection with the transaction, Ashok Reddy, an accomplished industry veteran and former Broadcom executive, has joined the combined company as CEO. He replaces Flint Brenton, who is stepping aside to focus on family and personal interests after nearly five years of successful stewardship. Derek Langone, current CEO of XebiaLabs, will serve as President of the combined company. Stephen Gregorio, EVP and CFO of XebiaLabs, will serve as the combined company’s CFO.

     

    “The combination of CollabNet and XebiaLabs will provide enterprise customers with the end-to-end visibility and management capabilities needed to develop software quickly, reliably, and securely, ultimately helping accelerate their digital transformation and drive business outcomes,” said Nehal Raj and Art Heidrich of TPG Capital. “We congratulate Flint on a successful tenure, and look forward to partnering with Ashok, Derek, and the broader team to further accelerate our strategy to create a leading enterprise DevOps platform company.”

     

    Founded in 2008, XebiaLabs is a high-growth provider of release management and automation developer tools. The company provides release orchestration and application delivery software that enables enterprises to orchestrate, automate, and analyze the entire software release pipeline at enterprise scale. XebiaLabs’ downstream capabilities complement CollabNet’s upstream product portfolio, which includes VersionOne for enterprise Agile planning and management, VS for connected workflows and visibility throughout the entire delivery value stream, and TeamForge for enterprise-scale version control management and application lifecycle management. Both companies’ platforms and tools are recognized by analysts as industry-leading offerings that drive innovation into the market.

     

    “We are on a mission to fundamentally transform how enterprise software development and delivery is done,” said Reddy. “The combination of CollabNet and XebiaLabs will provide a platform that enables digital transformation at scale with Agile and DevOps processes to continuously adapt, learn, and improve, especially in a world of AI-driven intelligent apps and experiences. I am thrilled to be joining at this critical juncture and look forward to working with the entire team to lead the combined company through its next chapter of growth.”

     

    “XebiaLabs has established itself as the standard for DevOps in large enterprises. Counting among our clients the world’s largest financial, healthcare, and manufacturing companies, our focus has been on creating a platform that takes advantage of existing tooling and processes while providing the scale, standardization, security, and reporting that large companies require,” said Langone. “I am thankful for what we have been able to achieve with the support of Susquehanna Growth Equity and Accel. By combining XebiaLabs and CollabNet, our mutual clients will now benefit from the most capable Agile DevOps platform available in the market. This is a game changer for businesses that need to maximize their software application assets while navigating complex regulatory, compliance, and security requirements.”

     

    Most recently, Reddy led Broadcom’s multibillion-dollar Enterprise Software Division, where he helped create a platform for global enterprises to scale their digital transformations and become real-time digital businesses. With a career spanning more than 25 years in enterprise software and deep experience in Agile and DevOps transformation, Reddy has held leadership positions at several Fortune 500 companies including IBM, CA Technologies, Rational Software, Honeywell, and Novartis. Reddy will work closely with Langone and Gregorio, both experienced software executives, to lead the combined company.

     

    “I thank my colleagues at CollabNet for the success created by their hard work and dedication,” said Brenton. “While I am proud of all we have built together, I have decided it is the right time for me to return to California and begin the next chapter of my life. CollabNet and XebiaLabs are in strong and capable hands with Ashok, Derek, and TPG Capital, and I am confident that under their leadership, the combined company will achieve even greater success and scale.”

     

    Barclays, Evercore, and KeyBanc served as financial advisors to TPG Capital and CollabNet, and Ropes & Gray LLP served as legal counsel. Shea & Company served as financial advisor to XebiaLabs, and Weil, Gotshal & Manges LLP served as legal counsel. XebiaLabs’ existing shareholders, Susquehanna Growth Equity and Accel, have sold their respective stakes in the company as part of the combination. Additional terms of the transaction were not disclosed.

     

    About CollabNet VersionOne

    CollabNet VersionOne is a leading platform provider for Value Stream Management, Agile planning, DevOps and source code management. Its offerings provide global enterprise and government industry leaders a cohesive solution that enables them to ideate, create and orchestrate the flow of value through continuous delivery pipelines with measurable business outcomes. To learn more visit: www.collab.net  

     

    About XebiaLabs

    XebiaLabs’ mission is to help large companies accelerate their software releases with more reliability – no matter how diverse the infrastructure or complex the processes. The XebiaLabs DevOps Platform is the industry’s only end-to-end DevOps toolchain orchestration and reporting solution, providing the automation, control, and visibility enterprises need to deliver software faster and with less risk. With the XebiaLabs DevOps Platform, organizations can connect all their DevOps tools, manage their interactions, deploy to any environment, and create a data hub for reporting, without ad-hoc scripting and endless maintenance. For more information, please visit www.xebialabs.com.

     

    About TPG

    TPG is a leading global alternative asset firm founded in 1992 with more than $119 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com

     

  • TPG Closes on CollabNet VersionOne Acquisition

    CollabNet VersionOne and TPG will help large enterprises connect Agile and DevOps to business value

     

    San Francisco; Fort Worth, Texas; and Atlanta – October, 7, 2019 – TPG Capital, the private equity platform of global alternative asset firm TPG, announced today it has finalized its acquisition of CollabNet VersionOne (“CollabNet”), a leading platform provider for Agile planning, DevOps, and Value Stream Management (VSM). Together with TPG, CollabNet is poised 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.”

    Through its investment, TPG Capital will commit 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 and CollabNet management are mapping strategy and execution plans to accelerate the growth of the company’s existing portfolio. The company also plans to aggressively pursue acquisitions in strategic adjacencies that complement Agile planning and delivery, as well as testing, release management, and the emerging market for VSM.

    “The software delivery and DevOps industry is growing and consolidating quickly. The acquisition of CollabNet provides a great opportunity for TPG to build a world-class company that meets the growing needs of larger enterprises in this area,” said Nehal Raj and Art Heidrich of TPG. “We look forward to making investments that help CollabNet accelerate organic growth, while also pursuing a targeted M&A strategy that positions CollabNet as a broader DevOps platform for enterprise customers.”

    CollabNet, a recognized leader in enterprise Agile planning and VSM by leading analyst firms Gartner and Forrester, focuses on enabling enterprises to develop and deliver high-quality software that drives business outcomes. CollabNet’s Value Stream Infrastructure includes VersionOne for enterprise Agile planning and management, VS for connected workflows and visibility throughout the entire delivery value stream, and TeamForge for enterprise-scale source code management and application lifecycle management. CollabNet also recently introduced Ossum, a SaaS DevOps offering that integrates and streamlines software development from idea to release.

    Barclays and RBC Capital Markets acted as financial advisors to TPG and Ropes & Gray LLP served as legal counsel. KeyBank Capital Markets, Inc. served as financial advisor to CollabNet and Sidley Austin LLP served as legal counsel to CollabNet and Vector Capital.

    About CollabNet VersionOne

     

    CollabNet VersionOne is a leading platform provider for Value Stream Management, Agile planning, DevOps and source code management. Its offerings provide global enterprise and government industry leaders a cohesive solution that enables them to ideate, create and orchestrate the flow of value through continuous delivery pipelines with measurable business outcomes. To learn more visit:  www.collab.net.

     

    About TPG

     

    TPG is a leading global alternative asset firm founded in 1992 with more than $108 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.

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