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AppDirect’s Capital Program Fortified With $100 Million Investment from CDPQ

Business Wire — Tue, 09 Jan 2024 20:04:09 +0000

Funding provides flexible capital for technology advisors to transform and scale their business while maintaining 100% ownership

AppDirect, the leading B2B subscription commerce platform in North America, announced it has secured USD 100 million [approximately CAD 136 million]¹ in funding from global investment group CDPQ. This new investment will support innovative financing options for technology advisors through the AppDirect Capital Invest program, allowing them to access flexible capital to transform and scale their business. Building upon the initial USD 80 million financing from CDPQ in 2021, this new investment increases the total program funding to USD 180 million.

In dynamic channel market, every technology advisor faces the decision to stay the course, seek capital to invest back into their business or consider whether the time is right to be acquired or acquire. The AppDirect Capital Invest program supports these endeavors by combining upfront, non-restrictive capital with the power of the AppDirect Marketplace, allowing technology advisors to use the capital to scale, innovate, retain top talent, or make outside investments while maintaining 100% ownership of their business. This new funding from CDPQ enables AppDirect to work with technology advisors on flexible capital solutions to meet their unique business needs.

“AppDirect is committed to providing our technology advisors with an unfair advantage. Our Invest program is purpose-built to empower our technology advisors,” said Emanuel Bertolin, Chief Revenue Officer at AppDirect. “To keep up with ever-changing market, technology merchants need fast access to capital to accelerate their growth. With AppDirect Capital, technology advisors can take advantage of innovative capital options to expand their business or invest in the future, which makes increasing access to this program all the more essential.”

“Since our initial financing in 2021, AppDirect has demonstrated their ability to accelerate the connectivity and competitiveness of today’s businesses,” said Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ. “As part of our partnership, this repeat investment continues to facilitate the delivery of critical solutions for the digital economy, while generating stable returns for our clients.”

“AppDirect is dedicated to fueling innovation and growth for our advisor community,” said Nicolas Desmarais, Chairman and CEO at AppDirect. “CDPQ and AppDirect have an established track record of working together, and this new investment further solidifies both companies’ commitment to the growth and transformation of AppDirect channel partners and technology advisors.”

With this investment, AppDirect expects to continue bringing value to its technology advisors, like NXTSYS. “For the last five years, we’ve grown consistently between 22% to 30% year over year. Since we partnered with AppDirect Capital Invest, we jumped 50% in a single year in profit. Think about that: not 50% in revenue, but 50% in profit. Those kinds of numbers are phenomenal,” said David Wallace, Co-founder and President of NXTSYS. “With AppDirect as a partner, we knew we’d have the ability to drive growth. And once we learned that we’d maintain complete control of our business, it was a clear path forward for us.”

[To share your insights with us, please write to sghosh@martechseries.com]

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CleverTap Raises US$105 Million in Series D Funding Round Led by CDPQ

AIT News Desk — Wed, 10 Aug 2022 13:33:40 +0000

CleverTap, a leading global B2B SaaS platform for customer engagement and retention announced it has signed definitive agreements to raise US$105 Million in a Series D funding round led by CDPQ, a global investment group who committed US$75M, with participation from IIFL AMC’s Tech Fund, along with existing investors Tiger Global and Sequoia India. The funds will be used to support CleverTap’s global expansion and enhance the development of its world-class solutions and technology.

Founded in Mumbai in 2013 and headquartered in Mountain View, California, CleverTap’s customer engagement and retention SaaS platform leverages machine learning and artificial intelligence to offer a comprehensive user engagement suite that enables brands to build valuable, long-term relationships with their customers. CleverTap’s subscription-based solution has been adopted by a loyal customer base of 1,200 brands in 100 countries representing 10,000 apps across industries including Fintech, eCommerce, Subscription, On Demand, and Streaming media.

In June 2022, CleverTap completed the acquisition of San Francisco-based Leanplum, a leading multi–channel customer engagement platform, further strengthening its footprint in North America and Europe. In the same month, it also unveiled TesseractDB, the world’s first purpose-built database designed to dramatically improve user engagement and retention for digital consumer brands.

“Our vision has been to reshape the way businesses engage with their consumers and bring the tech to MarTech. The addition of long-term investors CDPQ and IIFL AMC Tech fund to CleverTap’s existing backers, Sequoia India, Accel, Tiger Global, and Recruit Holdings is a great endorsement of the successful business we have built, the innovation we bring to the market and the growth potential CleverTap holds,” said Sunil Thomas, Co-founder and Executive Chairman, CleverTap. “The fresh funds will help fuel our plans to further strengthen our presence in key geographies and expand our teams. The last few months have been quite exciting for us with the Leanplum acquisition and unveiling of TesseractDB™. And now with the new institutional investors coming on board we have all that we need to grow at a faster rate while consolidating our position as the global leader in the retention space.”

“CleverTap has established itself as a partner of choice for its clients by helping them generate significant incremental revenue. Its subscription-based platform offers a single and reliable source of information that allows brands to maximize the lifetime value of their existing customers by engaging them in a highly personalized way” said Martin Laguerre, Executive Vice-President and Head of Private Equity, CDPQ. “As consumer brands are increasingly focused on customer retention and prioritize tools offering tangible return on investment, we believe CleverTap is well positioned to maintain its global growth trajectory and help more businesses enhance their customer experience.”

“CleverTap is a fast-growing SaaS company that not only has recurring revenue streams and top tier financial metrics, but also a scalable business model with large addressable markets” added Meng Ann Lim, Managing Director, Direct Private Equity for Asia Pacific, CDPQ. “This investment is in line with our strategy to work with innovative companies that enable rapid digital transformation, especially in the Asia-Pacific region where high smartphone penetration is facilitating the digitalization of the economy at a rapid pace.”

“Enterprises are increasingly looking to engage with customers in a real time and in a personalized manner across digital channels. CleverTap’s full stack approach to customer engagement allows them to perform user analytics and run personalized customer campaigns on a real-time basis which enables companies to improve user retention and understand user journeys across channels” said Chetan Naik, Fund Manager and Senior Executive Vice-President, Private Equity at IIFL AMC. “CleverTap has built a unique product suite and analytics capabilities that runs over a proprietary database. CleverTap is one of the fastest growing SaaS companies with best-in-class revenue retention rates. We are excited to partner with them in their journey of creating a leading global customer retention platform out of India.”

“The latest fundraise reaffirms customer and market belief in CleverTap and our growth potential. This fundraise will help us elevate our growth trajectory and further enable us to innovate better and faster while staying ahead of the curve,” said Sidharth Malik, Chief Executive Officer, CleverTap. “The paradigms of user engagement are changing, and as industry leaders we are best positioned to help businesses adapt to this ever-evolving consumer landscape. Our recent acquisitions helped us expand our foothold in North America and Europe, and enhance our leadership in verticals such as on-demand and subscription.”

[To share your insights with us, please write to sghosh@martechseries.com]

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Celsius Network Delivers More Than $1 Billion In Yield To Its Community

AIT News Desk — Tue, 02 Nov 2021 13:17:06 +0000

Celsius Network, the leading global cryptocurrency earning and borrowing platform, announced it has paid more than $1 billion in digital assets to its community of 1.2 million users marking the most yield paid out to users by any crypto platform. Celsius achieved this feat in three years, a time during which the total assets on the platform have grown to more than $25 billion.

“This achievement is a testament to the hard work our team has put in to deliver for our community and to drive unstoppable growth for Celsius,” said Alex Mashinsky, CEO of Celsius at Web Summit 2021. “This impressive milestone shows that both doing good and doing well is possible.”

Celsius provides yield on 46 different assets – including Bitcoin, Ethereum and stablecoins – with rewards paid out weekly on every Monday. The platform maintains some of the highest rates in the crypto lending industry, generating yield by lending to institutions, exchanges, and individuals in addition to staking, DeFi and mining operations.

With Celsius paying out yield at a rate of $15 million per week while banks continue to pay on average 0.01% – it is easy to see why so many have chosen to open accounts with Celsius and earn yield on crypto.

As part of its Proof Of Community (POC) and Rewards Explorer, Celsius provides real-time data about its assets, loans, users and rewards paid. Celsius users pay no fees and get weekly yield payments.

The news follows Celsius’ recent announcement of a $400 million investment led by WestCap, a growth equity firm, and Caisse de dépôt et placement du Québec (CDPQ), a global investment group. The investment will reflect a valuation of more than $3 billion for Celsius.

[To share your insights with us, please write to sghosh@martechseries.com]

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Medical Solutions to be Acquired by Centerbridge Partners and CDPQ

AIT News Desk — Mon, 30 Aug 2021 19:28:43 +0000

Medical Solutions, one of the largest providers of total workforce solutions in the healthcare industry, announced a definitive agreement under which funds advised by Centerbridge Partners, L.P. and Caisse de dépôt et placement du Québec (CDPQ) will acquire the Company from TPG Growth. Terms of the agreement were not disclosed.

Launched in 2001, Medical Solutions specializes in placing highly skilled, quality travel nurses, allied healthcare professionals, interim clinical leaders, and non-clinical professionals, in contingent as well as permanent positions, for hospitals, clinics, and long-term care facilities throughout the United States. In 2020, the Company deployed clinicians to more than 4,500 healthcare facilities across all states.

“As a premier provider of total workforce solutions, we have consistently kept the patient at the center of everything we do while delivering strong growth year after year,” said Craig Meier, CEO of Medical Solutions. “With the support and expertise of Centerbridge and CDPQ, we will be even better positioned to help meet the increased need for skilled healthcare professionals and talent management nationwide. I want to thank our dedicated and passionate team, especially our clinical staff, who have stayed intensely focused on serving the needs of all our clients and upholding our ‘human-first’ approach to the staffing industry.”

“Medical Solutions is a distinguished leader in comprehensive healthcare staffing services, with a longstanding commitment to supporting the nurses and allied health professionals who are vital in enabling health systems to provide exceptional patient care. The Company’s mission has become even more essential during a global pandemic that is causing higher levels of burnout and lower morale for the country’s clinical workforce,” said Jeremy Gelber, Senior Managing Director, and Miriam Tawil, Managing Director, of Centerbridge Partners. “We look forward to working with Craig and the team in partnering with health systems to solve the supply and demand imbalances for nurses and allied health professionals through next generation solutions to improve capabilities around clinician recruitment, retention and training.”

“For two decades, Medical Solutions has served as a true staffing partner for its clients, providing for the efficient placement of dedicated and highly-qualified professionals to offer exceptional care. A mission-driven culture, comprehensive workforce solutions and strong relationships with skilled nurses and health professionals are at the core of the Company’s success. We are pleased to support the next phase of its expansion and help Medical Solutions meet the evolving needs of healthcare facilities across the United States,” said Martin Laguerre, Executive Vice-President and Head of Private Equity and Capital Solutions at CDPQ.

“Through a combination of organic growth and strategic acquisitions, Medical Solutions has become a leading diversified healthcare workforce management company,” said Matt Hobart, Co-Managing Partner of TPG Growth. “We are incredibly proud to have partnered with Craig to establish a world class team and execute on our vision for Medical Solutions. We wish the team well as the company continues its journey with Centerbridge and CDPQ.”

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CDPQ Leads USD 147 Million Growth Round in Druva, a Global Leader in Cloud Data Drotection

AIT News Desk — Tue, 20 Apr 2021 10:12:34 +0000

Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced a USD 100-million investment in Druva, a global leader in cloud data protection and management. Three existing shareholders — Neuberger Berman, Viking Global Investors and Atreides Management — also participated in this growth round led by CDPQ and totalling USD 147 million. As part of the agreement, CDPQ is joining Druva’s Board of Directors.

The Druva Cloud Platform enables organizations to centrally protect data irrespective of location: cloud environments, leading SaaS applications (Microsoft 365, Google Workspace and Salesforce), hybrid environments, or endpoint devices. Thousands of organizations worldwide, including over 50 of the Fortune 500, are using Druva’s SaaS platform to reduce the complexity of data protection, accelerate and protect cloud projects and increase cyber resilience and regulatory compliance. Based in Sunnyvale, California, Druva has offices across the globe, including in Singapore, Japan, Germany, India and the United Kingdom.

“Druva has established itself as an industry-leading Data Protection as a Service (DPaaS) provider in the last few years by offering cloud-native data protection and management solutions that exceed the traditional offering because they are scalable, easy to deploy and less costly,” explained Martin Laguerre, Executive Vice-President and Head of Private Equity and Capital Solutions at CDPQ. “The team has developed both a robust subscription-based business model and a solid customer base. With this transaction, we are delighted to support the strong growth of a company whose products are increasingly essential based on the acceleration of enterprise cloud adoption.”

In 2020, Druva Cloud Platform’s customer base expanded substantially, with the adoption of multiple Cloud Platform products increasing by 50%.

“The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data’s increasing value is at the very heart of it,” said Jaspreet Singh, founder and CEO, Druva. “CDPQ’s long-term investment horizon, collaborative approach, sectorial expertise and global network make them an ideal partner as we expand the reach of Druva Cloud Platform and continue to invest in our product and technological capabilities. Working together, we will solidify our position as the data protection and management provider of choice.”

Transaction in line with CDPQ’s integrated technology strategy

CDPQ is active along the technology investment continuum — from early stage VC funds and direct investing in Series C to growth rounds and select pre-IPO opportunities. A three-pillar strategy was implemented in 2020 to make technology a critical performance driver where CDPQ: invests in new technology business models to deliver sustainable returns; protects its portfolios by systematically including technology as a factor in risk management; and promotes internal technological advances for its USD 287 billion global portfolio to ensure CDPQ remains a leading technology-driven organization.

“Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses,” said Alexandre Synnett, Executive Vice-President and Chief Technology Officer at CDPQ. “The working-from-home dynamic experienced globally has further accentuated the need for cloud–based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance.”

“As we expand our exposure to investments in technology companies globally — and across all stages of the growth cycle — we see other opportunities, similar to Druva, in the Asia–Pacific region where internet penetration and cloud adoption are increasing rapidly,” added Meng Ann Lim, Managing Director, Direct Private Equity for Asia-Pacific, CDPQ Singapore.

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Druva Secures $147 Million Investment to Extend Market Leadership

AIT News Desk — Tue, 20 Apr 2021 09:32:11 +0000

Druva Inc., the leader in Cloud Data Protection and Management, announced a $147 million investment as the company rapidly scales in response to accelerated demand for its platform. The fundraise was led by Caisse de dépôt et placement du Québec (CDPQ), a global investment group, with a significant investment by Neuberger Berman, each of which manage more than $300 billion in net assets. The round, which raises the company’s valuation above $2 billion, also included participation from existing investors Viking Global Investors and Atreides Management. As organizations quickly move workloads to cloud environments, adopt SaaS solutions, and combat rising cyber threats, this new investment will fuel continued expansion of Druva Cloud Platform to meet today’s unprecedented needs, and extend the company’s industry leadership as it defines tomorrow’s data protection.

Over the last 12 months, enterprises have moved swiftly to adopt cloud solutions to strengthen business resilience, maintain critical business operations, and support hybrid work models. Based on this demand, Gartner, Inc. forecasts cloud adoption will reach a five-year compound annual growth rate (CAGR) of 20.7 percent.* As data grows exponentially in parallel to this new operating model, traditional data protection based on hardware and software is no longer scalable or cost-effective. Instead, businesses need a new approach which can be deployed from anywhere, protect data across the enterprise, and deliver it securely as a service. Only solutions built natively in the cloud will be able to successfully deliver all this functionality and, 40 percent of organizations will supplement or completely replace traditional backup applications with cloud-based solutions by 2022, according to Gartner, Inc.

“Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses,” said Alexandre Synnett, Executive Vice President and Chief Technology Officer, CDPQ. “The working-from-home dynamic experienced globally has further accentuated the need for cloud-based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance.”

With the ability to deliver faster time to value and help businesses manage, protect, and govern critical data during their digital transformation efforts, Druva Cloud Platform’s customer base has expanded substantially during 2020, while the adoption of multiple Druva Cloud Platform products has increased by 50 percent in the same time period. In the last year, the company’s data under management has grown by more than 40 percent as Druva supports industry leaders, disruptors, and pioneers including GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron Pharmaceuticals.

“We have been extremely impressed by Druva’s talented management team, leading technology, and ongoing innovation in serving the enterprise market,” said Charles Kantor, Managing Director, Neuberger Berman. “We believe we are in the early innings of enterprises shifting workloads to the cloud, and Druva’s proprietary solutions position the company for long-term success. We look forward to providing our experienced market perspectives to management as Druva marks this important inflection point in its growth trajectory.”

“The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data‘s increasing value is at the very heart of it,” said Jaspreet Singh, founder and CEO, Druva. “Druva pioneered the cloud data protection category almost a decade ago and has led the way in defining the architecture, business model, and user experience our customers now expect. This investment and our continued, rapid growth is further validation of our vision for a simple, open, and unified data protection and management platform.”

“The last 12 months have underscored how organizational agility is at a premium, and IT leaders are increasingly turning to cloud technologies to increase business resilience and velocity,” said Phil Goodwin, Research Director, IDC. “Companies able to simplify complex data protection processes, particularly by leveraging the cloud, can gain strategic advantage through better data availability and Druva Cloud Platform is architected to make it a compelling choice for organizations navigating cloud migrations.”

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