Bridge Growth Partners has appointed Joseph M. Tucci as chairman. Tucci is the former chairman and CEO of EMC Corp and the former chairman of VMWare.
NEW YORK–(BUSINESS WIRE)–Bridge Growth Partners, LLC, a sector-focused, growth-oriented private equity firm, today announced that Joseph M. Tucci, former Chairman and Chief Executive Officer of EMC Corporation and former Chairman of VMWare, has been named Chairman of the firm. Tucci has served on the firm’s Investment Committee and Advisory Board since Bridge Growth Partners was established in late 2013.
Alok Singh, Managing Principal of Bridge Growth Partners, said, “Joe is a global business leader and technology pioneer. We are enormously pleased that he has agreed to become Chairman of our firm. Since joining EMC in 2000, he led a remarkable transformation that turned a data storage company into one of the world’s greatest technology enterprises, culminating in EMC’s recent sale to Dell in the largest technology acquisition in history. Over the course of a business and personal friendship with Joe spanning more than 20 years, I have seen first-hand the power of his strategic vision in navigating the forces of a rapidly changing technology industry. His reputation for creativity, commitment to people, and business-building acumen are well-earned and widely recognized. We are very much looking forward to having Joe work with us as we build out our firm and our portfolio of investments.”
Sander Levy, Managing Principal of Bridge Growth Partners, said, “We couldn’t be more pleased in welcoming Joe as Chairman. He is greatly admired not only in the technology industry but also in the business community more generally. Bridge Growth Partners will benefit immensely from his broad experience. We are gratified by the success we have achieved to date and we are confident that Joe will bring even more insight, perspective and experience to bear as we continue making investments, building our portfolio companies and developing our firm.”
Joe Tucci said, “I have known Alok since we first started working together in connection with Wang Laboratories over 20 years ago, and I’ve always hoped we would find opportunities to spend more time working together and building something special. As a member of Bridge Growth Partners’ Investment Committee and Advisory Board since the firm was founded, I’ve gotten to know the whole investment team. I admire their integrity, work ethic, investment acumen and drive to build a truly unique firm that brings out the best in all those who are associated with it. Moreover, I am deeply impressed by their insightful, relationship-focused approach to investing in technology and technology-enabled businesses. As Chairman, I look forward to partnering closely with Alok, Sander, Tom Manley and their highly experienced, astute and engaged group of advisors to keep building on the firm’s success.”
The firm also announced the final close of its first investment fund, Bridge Growth Partners, LP, together with its parallel fund, Bridge Growth Partners (Parallel), LP, as of September 30, 2016 with $410 million of committed equity capital. Investors in the fund include a range of large insurance companies and other institutional investors as well as family offices and high net worth individuals.
To date, Bridge Growth Partners has invested approximately $330 million on behalf of itself and its co-investors in three businesses that reflect the firm’s sector focus:
In November 2014, Bridge Growth Partners announced its acquisition of CRGT Inc., a leading provider of software, data analytics and cybersecurity services to federal government agencies. In September 2015, Bridge Growth Partners helped drive CRGT’s combination with Salient Federal Solutions in a cashless merger of equals, forming Salient CRGT.
In April 2016, Bridge Growth Partners acquired a majority interest in Solace Systems, an innovative, fast-growing provider of infrastructure messaging technology focused on helping global enterprises move and manage real-time data.
Most recently, in September 2016, Bridge Growth Partners acquired Finalsite, a leading SaaS-based learning and communications platform for K-12 independent and public schools and higher education institutions in the US and internationally.
About Joseph M. Tucci
Tucci has been founder, Co-Chief Executive Officer and Co-Chairman of GTY Technology Holdings since September 2016. Prior to that, Tucci was Chief Executive Officer, Chairman of the Board of Directors and President of EMC from 2001, 2006 and 2014, respectively, until September 2016 when Dell acquired EMC. At that time, Tucci became an advisor to Dell’s founder, Michael Dell, and its Board of Directors. Tucci led EMC through a revitalization, transforming EMC’s business model from what had been a near-exclusive focus on high-end storage platforms into a federation of businesses that grew to include EMC, VMware, Inc. (NYSE:VMW), Pivotal Software, Inc., RSA Security LLC, VCE and Virtustream, Inc. Following the technology sector’s bust in 2001 – 2002, EMC’s revenues grew from $5.4 billion in 2002 to $24.7 billion in 2015. Acknowledging EMC’s success under Tucci’s leadership, Barron’s named him one of the 30 best chief executive officers in 2011 and 2012. In 2015, his final full year at EMC, EMC was named one of the world’s top 10 multinational workplaces out of 700 multinational global companies surveyed by the Great Place to Work Institute, Inc.
With Tucci setting strategy, EMC amassed a track record of successful acquisitions and partnerships to expand its technology portfolio, enter new market segments and enlarge the company’s addressable market opportunity. Tucci expanded the company’s marketplace beyond large enterprises to commercial and small-medium businesses, broadened the company’s industry alliances, and established new selling, partnership and distribution channels. Tucci strengthened EMC’s management team with the integration of executives from other major technology companies and championed EMC’s commitment to the total customer experience, to provide quality, service, innovation and interaction.
Before joining EMC, Tucci directed the financial and operational rebirth of Wang Global during six years as its Chairman and Chief Executive Officer from 1993 to 1999. At Wang Global, Tucci guided the company through a rapid and successful emergence from Chapter 11 bankruptcy protection and transformed the company from a mid-range computer manufacturer into a leader in networked technology services and solutions. Under Tucci’s leadership, Wang Global acquired and integrated ten companies from 1995 through 1999. In 1999, Wang Global was acquired by Getronics NV. Prior to joining Wang Global in 1990, Tucci was President of U.S. information systems for Unisys Corporation (NYSE:UIS), or Unisys, a position he assumed after the 1986 merger of Sperry Corporation and Burroughs Corporation that created Unisys. Tucci began his career as a systems engineer at RCA Corporation and holds a B.B.A. from Manhattan College and an M.S. in Business Policy from Columbia University.
Tucci served as Chairman of the Board of Directors of VMware from 2007 to 2016 and as a member of the Board of Directors of Paychex, Inc. (NASDAQ:PAYX) since 2000. Tucci served as one of 150 chief executive officer members of The Business Roundtable and chaired its Task Force on Education and the Workforce. He was one of eight chief executive officers who steered The Technology CEO Council, the IT industry’s leading public policy advocacy organization. He is one of 16 business leaders who forged and guide the Massachusetts Competitive Partnership. He is also a founding member of the Strategic Advisory Board of Bridge Growth Partners. Tucci is a member of the Board of Overseers of Columbia Business School, a member of the Board of Trustees of Northeastern University, a member of the Advisory Board of Tsinghua University, in Beijing, China, an overseer of the Boston Symphony Orchestra and a member of the Board of Directors of the National Academy Foundation.
About Bridge Growth Partners
Bridge Growth Partners, LLC is a growth-oriented private equity firm that targets investments in the technology and technology-enabled financial services sectors. Established in late 2013, Bridge Growth Partners brings together in one team premier investment, financial, operating, and strategic business-building talent. The firm is committed to relationship-based investing, with a focus on supporting growth, operational excellence and world-class governance at its portfolio companies to create value for investors. For more information about Bridge Growth Partners, please visit www.bridgegrowthpartners.com.