Morning!
Emerging: OceanSound Partners, formed by executives from Veritas Capital and Technology Crossover Ventures, recapitalized cloud infrastructure developer Netrix, LLC, the firm announced.
The remote-everything environment has accelerated trends around cloud computing and providing companies with the ability to work from anywhere. OceanSound’s investment comes as Netrix looks to expand and grow its acquisition strategy.
The company’s management, led by CEO Rob Dang, will retain significant ownership in the company and continue to lead the company. Read it here on PE Hub.
OceanSound has been targeting $750 million for its debut fund to invest in tech companies. The firm focuses on industrial, government, enterprise and communications tech sectors, including hardware, software and services.
The firm was launched by Joe Benavides, previously a partner with Veritas, and Ted Coons, a former general partner with TCV. Another executive at OceanSound is Jeff Kelly, a Veritas principal before joining H.I.G. Capital in 2016.
Top Scoops
Blackstone Group’s and Clearlake Capital’s investment in Diligent brought the company’s valuation to around $4 billion, writes Milana Vinn on PE Hub. The deal leads existing investors Clearlake and Insight Partners with nearly equal stakes. Prior to the deal, Clearlake held a minority stake in the company, with Insight as the majority shareholder. After the transaction, Clearlake’s stake is close in size to Insight’s majority position. Read Milana’s story here.
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