Luminate Capital invested in Thought Industries, an application software company that allows its customers to train and deliver learning experiences through its tech platform.
The deal marks Luminate’s third investment out of its Luminate Capital Partners Fund II, which closed on $425 million in December 2018.
The Boston-based Thought Industries is a software company that enables customers to manage their external training and learning initiatives, as well as monetize their learning experiences through one centralized platform.
The company’s clients include Motorola, Allergan, Carbon, VitalSmarts, among others, according to the company’s official website.
With its investment, Luminate wants to boost the company’s organic growth, Hollie Haynes, the founder and managing partner at Luminate Capital, told Buyouts.
“The company has strong products and high customer retention. We will be adding sales reps, service professionals,” Haynes said.
Thought Industries grows at more than 50 percent annually, she said.
Luminate also has appointed Chris Murphy as an operating partner, and former Chief Revenue Officer at BlackLine Systems, as Thought Industries’ chairman.
Like other companies in Luminate Capital’s portfolio, Thought Industries generated between $10 million and $20 million, Haynes said.
The San-Francisco-based private equity firm acquired a control stake in the company. The company’s management now has a significant minority stake. Haynes declined to comment on the size of Luminate’s investment.
AGC advised Thought Industries on its sale to Luminate.
Luminate Capital invests in mid-market software and software-enabled companies. The firm is led by Haynes, who spent most of her career as a software investor at Silver Lake.
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