DALLAS, September 27, 2017 /PRNewswire/ --
FPX, a global leader in enterprise Configure Price Quote (CPQ) solutions, today announced it has received an undisclosed investment from funding partner HGGC, the leading middle-market private equity firm. HGGC, which acquired FPX in April 2016, is delivering the new round of capital funding to allow the company to build on its global expansion, accelerate product development and further enhance its channel and strategic partnerships.
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HGGC is renowned for the success of its investments in companies competing in the market for e-commerce platforms and related applications. Notching up aggregate transaction values of over $15 billion, the private equity firm has been behind notable investments and exits including Hybris, MyWebGrocer and Selligent.
"FPX is on the cusp of realizing a fantastic opportunity to dominate the CPQ market, and with our investment and commitment, it can be catapulted into prime position," said Rich Lawson, Chief Executive Officer and Co-Founder of HGGC. "After carefully examining vendors in the space, it was clear to us that FPX was the only one with the vision, product capability, talent and unmatched domain expertise to become market leader."
The funding follows a period of intense growth for FPX, which has seen the company open a European headquarters in Munich, Germany and an expanded presence in London, England. New senior executives have strengthened the international management team, and partnerships have been forged with both channel and strategic partners, including SAP and Microsoft.
"The ringing endorsement from HGGC, coupled with further financial investment, is testament to the strength of our vision," said Dave Batt, Chief Executive Officer of FPX. "The market continues to evolve as more and more B2B companies incorporate CPQ solutions as an important business framework for capturing more market share. We're constantly increasing our ability to offer the most advanced CPQ solution for multi-channel companies, while also creating a highly-efficient operating model to support global customers' business strategies."
About FPX
FPX is an independent SaaS vendor that simplifies buying and selling experiences to align enterprise businesses with the expectations of modern omnichannel customers. Powerful enough to handle any level of complexity, nimble enough to advance your commerce strategy, and simple enough to seamlessly extend and enhance the capabilities of direct and indirect sales, FPX is the business agility engine to power success in this era of Digital Transformation. With FPX enterprise CPQ, today's leading organizations are optimizing the experience of buying and selling across their sales, partner, and ecommerce channels, driving increased revenue and profit margins, increased loyalty and engagement, and empowering IT assets. More information is available at: http://www.fpx.com
About HGGC
HGGC is a leading middle-market private equity firm with over $4.3 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its "Advantaged Investing" model that enables the firm to source and acquire scalable businesses at attractive multiples through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 60 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of more than $15 billion. More information is available at www.hggc.com.
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