July 18, 2022: Falfurrias Invests in Cybersecurity for PE Firms, PortCos
Plus, Upland Software eyes ‘once-in-a-decade- M&A opportunity, and Trilantic supports energy storage fundraise
Read the top headlines from Monday, July 18, 2022 below:
Upland Software Eyes ‘Once-in-a-Decade’ M&A Opportunity with HGGC Backing
Middle-market private equity firm HGGC backed B2B cloud software company Upland Software to the tune of $115 million, according to a recent press release. HGGC’s backing will fuel Upland’s M&A strategy that, according to Upland, is a growing opportunity “as a result of the current macroeconomic environment.” Upland chairman and CEO Jack McDonald added to that sentiment, stating, “The HGGC Partnership, operational and strategic resources and long-term investment horizon will help us to fully capitalize on the once-in-a-decade acquisition opportunity we see emerging as recent turmoil in financial markets fundamentally reshapes funding and valuations for venture-backed cloud software companies.”
Energy Storage Business Powin Raises $135M from Trilantic, Others
Energy storage business Powin LLC announced via press release its $135 million growth equity fundraise from an array of investors, including existing backer and middle-market private equity firm Trilantic Energy Partners North America. GIC, Singapore’s Sovereign Wealth Fund, led the fundraise, while venture capital firm Energy Impact Partners also participated in the round. In its announcement, Powin noted that the latest funding will support its ongoing mission to transform the world’s electrical grid system through expanding the company’s global manufacturing capacity, strengthen product development, and bolster relationships with existing suppliers.
Falfurrias Capital Partners’ Crosslake Acquires Cybersecurity Advisor VantagePoint
Crosslake Technologies, a portfolio company of middle-market private equity firm Falfurrias Capital Partners, announced its third add-on acquisition in 18 months with its investment in cybersecurity advisory business VantagePoint. Crosslake provides technology advisory services to private equity firms and their portfolio companies, and its latest acquisition reflects its continued focus on cybersecurity, the announcement noted.
“Cybersecurity is an imperative for investors, boards and management teams as they navigate complex, fast-moving environments with growing risk to middle-market businesses in terms of both incident frequency and impact,” stated Crosslake CEO Barr Blanton.
Related content: The Silver Lining of the Mid-Market’s Gloomy Economic Outlook
