Private Equity Firm Buys Majority Stake in StrongView
By Ken Magill
StrongView now has a hall-of-fame former NFL quarterback on its board of directors.
The email marketing technology provider announced yesterday it signed a deal giving a majority stake in the company to private equity firm HGGC.
Terms of the deal were not disclosed.
Former Tampa Bay Buccaneers and San Francisco 49ers quarterback Steve Young is managing director and co-founder of HGGC.
Someone apparently convinced Young email is not dead and won’t be dying anytime soon.
HGGC invests in mid-market companies with revenues of $100 million or more and enterprise values of $100-500 million, according to the company’s website.
It negotiates majority positions or minority positions with control rights. So effectively, HGGC is running the show at StrongView now.
StrongView is HGGC’s sixth investment in marketing technology, according to the company.
Its portfolio includes marketing automation provider Selligent, ecommerce software provider Hybris, auto-dealership data-mining software provider AutoAlert, and MyWebGrocer, a company that offers ecommerce, marketing and data platform service for grocery chains and packaged consumer goods companies.
“We are excited to have found a great partner for the next chapter in StrongView’s story,” said Bill Wagner, CEO of StrongView, in a statement. “HGGC brings more than just capital to StrongView. The firm has rich experience in marketing, customer experience, and eCommerce, and they share our vision for enabling companies to build better relationships with customers by delivering value through context.”
In February, StrongView laid off between 30 and 40 people, or from 20 percent to 25 percent of its staff, according to multiple sources.
StrongView declined a request for an interview for this article.