Base snaps up $30 mln in Tenaya Capital-led round

Mountain View, California-based Base, a next-generation sales platform, has raised $30 million in Series C funding. Tenaya Capital led the round with participation from other investors that included Index Ventures. PRESS RELEASE MOUNTAIN VIEW, CA, Sep 29, 2015 (Marketwired via COMTEX) — Base, a leading next-generation sales platform, today announced $30 million in round C funding. This comes in the wake of Base’s remarkable market expansion over the last year. The new funding will allow Base to both keep pace with growing demand and also invest aggressively in expanding the platform’s sales intelligence capabilities. “We are focused on building a product that revolutionizes the way companies sell,” said Uzi Shmilovici, CEO of Base. “Our mission is clear — provide sales teams with an all-in-one platform to dramatically improve productivity through data-driven insights.” Tenaya Capital led the round with participation from Index Ventures and previous investors. “We believe that Base is the future sales platform for data driven sales teams. Intelligence and usability is becoming a major competitive advantage in enterprise software,” said Stewart Gollmer, Managing Director with Tenaya Capital. “Base has proven itself as a leader in this transition and is rapidly building an impressive list of customers. Tenaya Capital is pleased to be an investor in this exciting company.” Base’s revenue has grown exponentially since their last round of funding in 2014. Similarly, Base has doubled its number of employees over the past year to keep up with growing demand. Today, more than 6,500 businesses worldwide run their sales teams on Base. Companies like Dow, Cisco, Jet.com, Sartorius and more are moving away from legacy CRM in favor of a modern, data-driven approach to sales. With over half a million mobile app downloads, Base has solidified its spot as a trailblazer in an outdated and traditional industry. Base’s continued growth and commitment to innovation has also led to recognition by Gartner, who in 2015 selected Base as a promising and powerful vendor in the Sales Force Automation Magic Quadrant. Waging a war to overthrow legacy CRM “It’s time to give sales teams everything they need in one place. The era of outdated charts, siloed data and stitched together point solutions is over. We’re here to bring new levels of productivity to sales teams while providing them with powerful data-driven insights,” says Base CEO, Uzi Shmilovici. Traditional legacy CRMs have continuously failed to meet the evolving needs of their customers, costing businesses millions in lost sales opportunities and expensive implementation costs. Such losses highlight the many shortcomings of legacy CRM in today’s market, and have further fueled the transition into a new age of sales. Base provides integrated sales productivity tools that visualize the sales experience. Base also boasts the #1 ranked mobile CRM app available on the market. As the industry’s leading next-generation sales platform, Base is reestablishing the importance of transparency, usability and simplicity in the CRM space. By building a complete platform that marries productivity and intelligence, Base is spearheading the long-awaited transformation of the CRM category. “Businesses worldwide are fed up with their legacy CRM vendors from the nineties,” says Base CEO, Uzi Shmilovici. “This frustration is what drives Base to create a revolutionary product that is easy to implement and that guarantees adoption rates otherwise unheard of with legacy vendors.” Over the past year, Base has experienced a growing roster of enterprise customers and champions. “Our growth in 2015 is a direct result of our customers’ success,” said Shmilovici. “That’s why we’re committed to building the most powerful, yet easy to use platform on the market. This new round of funding demonstrates how we are changing the face of CRM forever.” About Base Base is the industry’s leading next-generation sales platform. Unlike legacy cloud CRM and Sales Force Automation systems, Base leverages big data, mobility and real-time computing to help sales teams close more deals faster, while providing sales leaders with accurate forecasting and unprecedented visibility into their sales pipeline. With remarkably easy to use, yet robust web and mobile apps, Base is designed for the new way people work. More than 6,500 customers including Stryker, Jet.com, Dow and Cisco use Base to successfully manage their sales organizations. Base is headquartered in Mountain View, California and is backed by top tier venture firms. For more information please visit www.getbase.com.

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Base snaps up $30 mln in Tenaya Capital-led round

KSL Capital Fund IV raises $2.68 bln

KSL Capital Partners LLC said Monday that its latest private equity fund closed with about $2.68 billion in commitments. KSL Capital Partners IV LP took less than a year to raise and surpassed the fund’s target of $2.25 billion. KSL IV will focus on investing exclusively in the travel and leisure sector globally, the firm said. PRESS RELEASE DENVER–(BUSINESS WIRE)–KSL Capital Partners, LLC (“KSL”) announces that it has completed the final closing of its latest travel and leisure focused private equity fund, KSL Capital Partners IV, L.P. (“KSL IV” or the “Fund”), with total commitments of $2.677 billion, including the commitment of the General Partner. Fund IV took less than a year to raise, with demand from both existing and new investors significantly surpassing the Fund’s original target amount of $2.25 billion. Investors in KSL IV include a diverse group of state pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations, insurance companies and family offices. “Similar to our prior private equity and credit funds, KSL IV will target investments exclusively in the travel and leisure sector globally,” said Eric Resnick, CEO of KSL Capital Partners. “KSL IV garnered significant interest from our existing investor base and accepted commitments from a select group of new investors. We are grateful for the support shown by all of our limited partners.” KSL was founded by Eric Resnick and firm Chairman Mike Shannon in 2005. Since the firm’s inception, KSL has raised in excess of $7 billion in equity and debt commitments. In addition to the founding partners, KSL’s investment committee members include Coley Brenan, John Ege, Craig Henrich, Peter McDermott, Martin Newburger, Dan Rohan, Bernard Siegel, Steven Siegel, Bryan Traficanti and Richard Weissmann. ABOUT KSL CAPITAL PARTNERS, LLC KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; London, England; and Stamford, Connecticut. In the United States, KSL’s current portfolio includes the Miraval Group, the owner and operator of luxury spa and wellness properties, and the St. Regis Monarch Beach located in Dana Point, California. KSL’s recreation businesses include WellBiz, a health and wellness franchise organization, and Squaw Valley and Alpine Meadows, two of the leading ski resorts in North America. KSL is also the largest shareholder in ClubCorp Holdings, Inc. (NYSE: MYCC), one of the world’s largest owners of private golf and business clubs, and Whistler Blackcomb Holdings Inc. (TSE: WB), the most visited ski area in North America. In the United Kingdom, KSL’s current portfolio includes The Belfry outside Birmingham and Village Urban Resorts, which owns and operates a portfolio of 28 hotels throughout the United Kingdom. For additional information, please see www.kslcapital.com.

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KSL Capital Fund IV raises $2.68 bln

Audax offers two fee/carry options for latest flagship fund

Audax Group offers a choice of management fee/carried interest structures in its next flagship private equity fund: a 1 percent management fee and 30 percent carried interest rate, or the standard 2 and 20, according to an LP with knowledge of the fund. Audax is in market with Audax Private Equity Fund V, which has a cap of $2.25 billion, according to two LPs who have heard the fund pitch. Fund V collected about $1.5 billion as of earlier this month, the second LP said. The GP will commit “several hundred million dollars” to the fund, according to the first LP. It’s not clear if the $2.25 billion cap includes the GP commitment. Audax did not respond to a request for comment. Audax filed a Form D with the SEC on August 11. The filing did not disclose the target or amount raised. It listed Geoffrey Rehnert and Marc Wolpow as executive officers on the fund. About two-thirds of LPs who have committed to the fund so far chose the traditional 2 and 20 structure, the first LP said. “You can argue this either way,” the LP said. “[With 1 and 30] you’re better aligned with the manager, but you’re paying a headline-busting 30 percent carry. I’m a fan of giving the GP his due once he’s [returned] over a certain level. The ability to pay lower fees up front has you better aligned with the manager.” The two LPs expressed concern about the jump in fund size, which is an 80 percent increase from the $1.25 billion Audax raised for Fund IV in 2012. That prior fund generated a 20.77 percent internal rate of return and a 1.25x multiple as of March 31, according to alternative assets data provider Bison. Audax’s third private equity fund, which closed on $1 billion in 2007, generated a 14.6 percent net IRR and a 1.7x multiple as of Dec. 31, according to the California Public Employees’ Retirement System. Several firms this year have boosted fund sizes well beyond their previous vehicles, including American Industrial Partners, which is expected to close its sixth fund on $1.75 billion, more than double the $717.5 million it raised for Fund V. Likewise, Clearlake Capital Group closed its fourth flagship fund on $1.38 billion, a big leap from the $785 million it raised for Fund III in 2012; Genstar collected $2 billion earlier this year for its seventh fund, doubling the amount it raised for its prior fund in 2012; and Vista Equity Partners is targeting between $750 million and $1 billion for its sophomore credit fund, four to five times more than the $200 million it raised for the debut credit fund. Action Item: Read the Audax Fund V Form D here: http://1.usa.gov/1L8Zz0D Photo courtesy of Shutterstock

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Audax offers two fee/carry options for latest flagship fund

Invus leads $45 mln Series B funding in Cava Group

Cava Group raised $45 million in Series B funding led by Invus. Other investors in the funding round included Swan & Legend Ventures and Revolution Growth. Funding will help Washington, D.C.-based Cava Grill’s growth including new markets and locations on the east and west coasts. Press Release Today, Cava, the Washington, D.C.-based Mediterranean fast-casual restaurant concept and Consumer Packaged Goods (CPG) brand, announces a $45 million Series B funding led by Invus with participation from existing partner Swan & Legend Ventures as well as Revolution Growth. The new investment will help fund Cava Grill’s growth including new markets and locations on both the east and west coasts, help technology initiatives and advancements, support community partnerships, and allow for enhancements of team member benefits. Cava Grill has 11 locations in the Washington, D.C. metro area and is set to open the first of several restaurants in the Los Angeles area this month. Cava products are sold in over 200 Whole Foods Market locations up and down the east coast, in the midwest, and soon to arrive in southern California. “We’re thrilled to have the support to help us with significant initiatives in the next year, including enhanced technology for our operations and customer experience, building our team to help execute store growth on two coasts, and a new production facility to support further expansion of our dips and spreads in natural and organic markets,” said Cava CEO Brett Schulman. Cava Grill brings modern, Mediterranean flavors to a casual setting for budget-, time-, health-, and taste-conscious customers. Inspired by their Greek roots, founders and childhood friends Ted Xenohristos, Ike Grigoropoulos, and Chef Dimitri Moshovitis created Cava’s culinary driven, flavorful, and healthful menu for a diverse customer. “Our mission is to empower entrepreneurs to transform their industries. Within the healthy fast casual movement that is sweeping the country, we believe Ted, Ike, Dimitri, and Brett have built a differentiated concept that can stake out a leadership position. We’re excited to partner with Cava for the road ahead,” said Benjamin Felt, Director, Invus. “This financing represents another major milestone in Cava’s remarkable growth,” said Todd Klein, Managing Director of SWaN & Legend. “We look forward to working with our new partners and management to bring delicious, nutrient-rich food to consumers nationwide.” About Cava Grill Cava is a rapidly expanding fast casual restaurant and Consumer Packaged Goods (CPG) brand focusing on fresh, better-for-you cuisine. Cava brings modern, authentic, and vibrant Mediterranean food to a national audience in both fast casual and grocery channels through a unique, culinary-driven brand. Cava Grill has 11 locations in the DC area: Bethesda, Tenleytown, Columbia Heights, Tysons, Merrifield, Chinatown, Westfield Montgomery Mall, the Kentlands neighborhood in Gaithersburg, Fairfax, Reagan DCA, and Ashburn. Cava will be expanding to Los Angeles, California in 2015. Cava Grill was born out of the Cava Mezze full service restaurants founded in 2006 by Ike Grigoropoulos, Ted Xenohristos, and Dimitri Moshovitis, who quickly made them into one of Washington, D.C.’s most esteemed destinations for Mediterranean-inspired fare. Additional information can be found online at www.cavagrill.com or on Twitter and Instagram by following @cavagrill SOURCE Cava Group, Inc.

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Invus leads $45 mln Series B funding in Cava Group

Citrix in last-ditch attempt to sell itself: Reuters

(Reuters) — Citrix Systems Inc (CTXS.O), the U.S. cloud computing company targeted by activist hedge fund Elliott Management, is making a final attempt to sell itself as a whole before it embarks on asset sales, according to people familiar with the matter. Citrix, which had attracted the interest of private equity investors before it agreed in July to give Elliott a seat on its board of directors, is having new conversations with buyout firms, the people said this week. The company, which has a market capitalization of $11.6 billion, has also reached out to other technology firms to solicit interest, including Dell Inc[DI.UL], the computer maker that was taken private two years ago by its founder Michael Dell and private equity firm Silver Lake Partners LP, the people added. Citrix announced in July it would explore strategic alternatives for its GoTo family of products, including videoconferencing and desktop sharing service GoToMeeting. However, a sale process for these assets has not started yet because Citrix wants to see if it can still sell itself at a satisfactory valuation, according to the sources. If Citrix does not sell itself in its entirety, it will not just seek to sell or spin off its GoTo products, but it will also explore options for other assets down the line, according to the sources. The sources asked not to be identified because the deliberations are confidential. Citrix, Dell and Silver Lake declined to comment. Based in Santa Clara, California, Citrix provides communications software and networking solutions for businesses. It reported net income of $251.7 million in 2014, down from $339.5 million in 2013. Earlier this year, Elliott called on Citrix to sell some units, cut costs and buy back shares to make up for six years of underperformance. In addition to the GoTo business, Elliott has called for Citrix to explore the sale of NetScaler, which helps speed up Web-based applications. Elliott clinched a deal with Citrix in July that gave Jesse Cohn, one of its senior partners, a seat on the company’s board. Citrix also said it would start a search for an independent board member, mutually agreeable to Citrix and Elliott. It also said at the time that Chief Executive Mark Templeton was retiring and that it would search for a new CEO. Earlier this month, Citrix said it would repurchase up to an additional $500 million of its common stock.

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Citrix in last-ditch attempt to sell itself: Reuters