Metropolis Technologies’ Post

Metropolis Technologies has officially closed its acquisition of SP+ (SP Plus). Congrats to Alexander Israel, Peter Fisher and the Metropolis/SP+ teams. #acquisition #parkingnews #parkingupdate #mobilitynews #mobilityrecap #parkingrecap #parkingindustry #sp+ #metropolis #parkingtechnology #digitalpayments #mobilityhubs #mobility #technology #tech National Parking Association International Parking & Mobility Institute (IPMI) Parking Today Media TechCrunch

In October, we announced our $1.8 billion Series C financing and take-private of SP+ (SP Plus). Today, I couldn’t be prouder to share that we have officially closed our transformational acquisition of SP+. This acquisition and Growth Buyout (GBO) is creating a paradigm shift in how technology companies scale and represents the largest venture-backed M&A deal and the third largest AI fundraise (just behind OpenAI) in the past year. We’ve created a once-in-a-generation opportunity -- allowing us to deploy our proprietary, artificial intelligence technology to more than 50 million consumers, across 4,000+ locations, and processing over $4 billion in payments a year -- enabling checkout-free experiences with a speed, ease, and convenience that is unparalleled, even online. While re-envisioning parking is our focus and priority today, the opportunities for growth beyond parking are limitless. In the future, we’ll use our artificial intelligence platform to power checkout-free transactions in new verticals – making the everyday experience of living, working and playing remarkable – giving us back our most valuable asset, time. From the outside, an entrepreneur’s journey can seem linear and academic – identify a problem, develop solutions, raise capital, deploy, scale – and repeat. In reality, it’s entropic and riddled with roadblocks. We’ve been repeatedly told our ambitions are impossible. But – our team comes back each day with strength, tenacity, determination and conviction. We’ve learned from every failure, every denial, every slammed door, and we’ve gotten stronger, smarter and faster. Today we closed our $1.8B financing and take-private of SP+ – creating a company that’s stronger together. The last six years have been a remarkable journey. I couldn’t be more thankful for our investors, advisors and most importantly, the entire Metropolis Technologies team that helped get us here. Special thanks to my co-founders and executive team Peter Fisher, Travis Kell, Courtney Fukuda, Ryan Hunt, Eddie Thomas and John-Paul Sukkar. I’d also like to thank the newest members of our executive team Chris Sherman, Ritu Vig, Kris Roy and Wenyu Blanchard. Our Series C was comprised of a best-in-class syndicate, led by Eldridge Industries with significant investment from BDT & MSD Partners’ affiliated credit funds, Vista Equity Partners, and Temasek as well as strong support from Metropolis’ existing shareholder group led by 3L. Thank you to all our exceptional partners, investors and advisors who thought outside the box and believed in our vision, every step of the way -- including Tony Minella, Todd Boehly and Lisa Ohlmeyer at Eldridge, Anton Zietsman and Dave Leyrer at 3L, Goldman Sachs and BDT & MSD Partners. We’ll celebrate today but know, we’re just getting started.

At AXIS Capital Markets, our expertise lies in facilitating global debt placement and secondary transactions for companies backed by venture capital and private equity firms. Metropolis Technologies takes SP+ (SP Plus) in a deal worth approximately $1.5 billion. According to Crunchbase data, this is the biggest M&A transaction of the year so far by a VC-back company. Metropolis raised $1.7 billion in debt and equity to finance the deal, which is led by Eldridge and 3L Capital, alongside new investors including BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners, and Temasek. In the Series C offering, the startup company secured $1.05 billion, and it also acquired $650 million in debt financing. The completion of the transaction is said to be in 2024 and is contingent upon obtaining the necessary regulatory approvals and the consent of SP Plus' shareholders. #secondaries #venturecapital #privatecredit #privateequity #investments #finance -------- For more news and insights, sign up for AXIS Capital Markets’ newsletter here: tinyurl.mobi/VF5n.

We've had the privilege of collaborating with Multiplier Capital in the past, and now we're excited to profile the investment firm in this week's #InvestorSpotlight feature. Multiplier Capital is a growth financing platform that invests in rapidly growing, professionally-backed companies. With $1 billion+ in AUM and 90 years' worth of combined professional experience, Multiplier Capital prides itself on its ability to create tailor-fit solutions for companies. Multiplier generally allocates investments ranging from $5 million to $50 million in its portfolio companies, although it may consider larger investments in collaboration with partners. Founded in 2011, the firm is headquartered in Washington, DC. It also has offices in New York City, the Bay area, and Austin, Texas. The firm's portfolio primarily consists of companies across enterprise software, digital media, healthcare IT, consumer e-commerce, and tech-enabled services. Notably, one of their successful investments was Scopely, which was acquired by Savvy Gaming Group for $4.9 billion on April 5, 2023. As per the firm’s website, the firm was founded by Ezra Friedberg, Kevin Sheehan, Huck O'Connor, and Ray Boone. Ezra Friedberg, a co-founder and general partner at Multiplier Capital, boasts more than 20 years of investment expertise spanning public and private enterprises. Kevin Sheehan, a co-founder and managing general partner of Multiplier, brings a wealth of experience from his leadership roles, including prior President and CEO of ORIX's growth lending business, practicing corporate law at Wachtell, Lipton, Rosen & Katz, and serving in the U.S. Army. Ray Boone, a founding member and general partner at Multiplier, has over two decades of experience in growth and venture lending. He was previously instrumental in establishing ORIX's growth lending business and managed operations in the Western Region. Henry "Huck" O'Connor is a co-founder and general partner of Multiplier, and he has over 3 decades of transaction experience. In his career, he has raised over $18 billion in debt and equity capital for large and small public and private companies. In January of this year, Multiplier Capital, in collaboration with other investors, infused $37 million into Komprise's growth capital. Komprise is at the forefront of analytics-driven unstructured data management and mobility. This fresh funding will fuel the expansion of operations and further solidify market leadership, bringing the total funding to date to $85 million. Learn more about the firm here: www.multipliercapital.com. ——— At AXIS Capital Markets, we specialize in global debt placement and private market secondaries for VC- and PE-backed companies. Follow us to stay tuned for next week’s feature. #privatemarket #secondaries #venturecapital #privatecredit #privateequity

#GA-based NPI Secures an #Investment from Falfurrias Growth Partners. a Charlotte-based private equity fund focused on growth-oriented, middle-market businesses. This transaction will propel NPI’s continued #growth by enabling further investments in new AI-powered technology, enhanced products, and sales and marketing while also #bolstering the ongoing innovation of NPI’s proprietary artificial intelligence and #machine learning technology platforms. IT is one of the largest and most #complex cost centers for businesses today, and spend continues to grow as sectors #digitize operations and the customer experience. Equity for this investment comes from Falfurrias Growth Partners I, a growth buyout fund strategy launched by Falfurrias Management Partners in 2023, and builds on the firm’s #experience in the information services and tech-enabled services sectors. NPI has distinguished itself as a premier provider of data driven #intelligence and tech-enabled services designed #specifically to assist large enterprises with IT procurement cost optimization. NPI Michael Clifton Jon Winsett To share your startup story write us on - contact@startuprise.io #npi #funding #startup

🌎 Want to offer equity to your international team without adding to your to-do list? I spoke to Codat's Head of Legal about how she relies on Carta to manage share schemes in the UK, US and Australia. For Rebecca McKenzie, having a digital cap table *and* access to Carta's valuations experts is a game changer. 🙌 #equity #employeeequity #equitymanagement #shareplans #sharescheme #companyvaluation #fintech #startup

🚀💸 Did you hear? #PrivateEquity firm PartnerOne just scooped up #HeadSpin for a mere $28M, a massive drop from its former $1.1B valuation! 📉🔍 What's going on with tech valuations? 🔥 Once assessed at $1.1 billion by giants like ICONIQ & Dell, #HeadSpin's valuation plummeted, culminating in a sale at only 2.5% of its peak. 📉 The backdrop is dramatic: its founder faced fraud charges, shaking investor confidence. Despite the turmoil, HeadSpin reported a $21M revenue in 2023 and $5M in Q1 2024. 🤔⚡In the volatile world of tech startups, this tale serves as a cautionary reminder of the delicate balance between growth, governance, and valuation. Entrepreneurs and investors alike should monitor governance closely, ensuring transparency and compliance can shield your ventures from similar fates. 📊💼 What are your thoughts on safeguarding investments in high-growth tech firms? Have you experienced valuation challenges in your business? 👍 or 👎? 🔗🗨️ Share your ideas below and let’s discuss robust investment strategies! #Investment #BusinessGrowth #RiskManagement #Technology #Startups #BusinessStrategy #CorporateGovernance 👇👇👇

Redpin Holdings Limited, the powerhouse behind renowned digital international payment services, including Currencies Direct and TorFX, has officially launched a game-changing initiative. With a bold new strategy in play, Redpin Holdings is set to redefine industry standards and emerge as the unrivaled market leader in embedded software and payments for residential property. This strategic move aligns seamlessly with our commitment to innovation and client-centric solutions. Read more: https://lnkd.in/d42TepnH 🟠 JOIN the Startup Funding & Networking Group: https://lnkd.in/dGcGw8bZ 🟠 This is your one-point global platform that connects Startups, New Businesses, and SMEs with Established Firms, Industry Leaders, and Investors for Financial, Tech, and Strategic Guidance and Support. 🟠 WHY SHOULD YOU JOIN? HERE'S WHY: > To get industry trends and developments > To explore the investment opportunities > To get regular startup reviews and news > To connect with fellow founders > To find business referrals #venturecapital #privateequity #funding #startups #founders #vc #entrepreneur #growth #innovation #solopreneur #invest #investment #investing #familyoffice #pe #business #startup #businessfunding #money #smallbusiness #entrepreneurship #finance #businessowner #crowdfunding #fundraising #startupfunding

"Half of finance executives reported high odds (over 50%) that their next round will be a down round." This article presents a very real picture for many Sales Tech vendors. While painful now, this will lead to a stronger set of vendors in the future. A few other key points from the article: - “Anything below 12 months of cash runway is a death zone for startups,” according to Tal Brener, CFO at Zego. ” - 64% of finance execs think valuations have not yet hit rock bottom, with half of those predicting it will take a while until they do. According to Liat Aaronson, chairperson of the Zell Entrepreneurship Program: “The data shows that most finance professionals still believe that valuations will continue to drop over the coming months. It is natural that there will be more down rounds after the over-the-top valuations of the last few years. Corrections are painful, but a necessary part of the cycle.” https://lnkd.in/gH9xtFt6 #salestech #revtech

Last week, major Stripe investor Sequoia Capital offered to buy up to $861M worth of Stripe shares in a letter to LPs in its funds raised from 2009 to 2011. Here are the details of the offer: On July 15, 2024, major Stripe investor Sequoia Capital offered to buy up to $𝟴𝟲𝟭 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 worth of Stripe shares in a letter to LPs in its funds raised from 2009 to 2011. ▶ The purchasers of the shares would be newer Sequoia funds, according to the Firm’s email to LPs. ▶ Sequoia has invested a total of $517 million in Stripe since the Firm’s first investment at the seed stage in 2010. ▶ The stock purchase would represent approximately 10% of Sequoia’s position in the Company, which is valued at $9.8 billion. The price per share will be set at $27.51 based on Stripe’s recent $𝟳𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 409A valuation. ▶ LPs have until August 14, 2024 to decide whether to hold or sell all or a portion of their shares. ▶ LPs that opt to sell their shares would not pay carried interest, and Sequoia Partners would not profit on sales unless they chose to liquidate personal investments in the relevant funds. ▶ In its letter to LPs, Sequoia expressed its belief that Stripe is durable across investment cycles as well its enthusiasm regarding the Company’s ten-year prospects. Stripe’s $70 billion 409A valuation represents a substantial recovery in implied value from its 2023 Series I round, when it took a $45 billion haircut from its $95 billion valuation in early 2021 to $50 billion. In March, Stripe announced in its annual letter that it had surpassed $1 trillion in total payment volume in 2023, up 25% from 2022 See more details and a Stripe company profile, provided by my friend Steve McLaughlin from Financial Technology Partners / FT Partners in the document below 👇 Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ]