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TPG replaces TB as Nintex’s majority stakeholder, TB reinvests to maintain significant minority interest

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Global buyout major TPG Capital has made a majority investment in digital process automation business Nintex. Current majority investor Thoma Bravo, which bought into the business in 2018, said it would make a new equity investment and maintain a significant minority interest.

TPG said Nintex provides clients with a powerful and easy-to-use platform in the digital process automation industry. It covers digital forms and workflow to a cloud platform for advanced workflows, intelligent forms, digital document generation, eSignatures and robotic process automation.

The firm said it will work with Nintex for further R&D talent acquisition in engineering, product management, marketing and sales.

Nehal Raj, co-managing partner of TPG Capital, said, “In today’s landscape, digital process automation and management are critical to any company’s ability to work effectively and efficiently. The automation of the enterprise is a core investment theme for our software team, and we believe Nintex is at the forefront of enabling this transformation. While the company serves thousands of organizations today, we believe they are only scratching the surface in terms of the breadth of departmental and industry process solutions needed.”

Nintex serves more than 10,000 organizations in governments and other industries including healthcare, financial services, technology and manufacturing. It completed four acquisitions during the four-year investment period under Thoma Bravo.

Hudson Smith, partner at Thoma Bravo, said, “We are thrilled with the pace of innovation, operational rigor, and financial results delivered by Nintex over the last few years. From product engineering to marketing, sales, and customer success, Nintex has been laser focused on what matters most – ensuring the success of everyone leveraging Nintex software to improve and automate business. We’re very optimistic about Nintex’s future and look forward to our continued partnership with the company.”

Other software investments by TPG include C3 AI, Planview, ThycoticCentrify, WellSky and Zscaler.

The firm hit a hard cap close for its Tech Adjacencies fund after raising $1.6bn of commitments in 2019. The TAAD fund focuses on providing flexible capital for tech companies and also offers primary structured equity solutions.

It raised £11.2bn for flagship TPG Partners VIII in 2019.

Thoma Bravo raised $22.8bn to three tech-focused funds last year. The money was divided across the Thoma Bravo Flagship Fund XIV, the Thoma Bravo Discover Fund III, and the Thoma Bravo Explore Fund, which received $17.8bn, $3.9bn and $1.1bn respectively.

The mid-market Discover Funds target buy-and-build investments in application, infrastructure and security software and technology-enabled services companies.

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