HGGC acquired a majority stake in cloud software company FPX. The target’s management team is retaining a minority stake in the business.

FPX, based in Dallas, provides cloud-based CPQ, or configure price quote software, that is designed to make it easier for businesses to give quotes in selling their products. The company has previously worked with helicopter manufacturer Bell Helicopter.

“There is a huge update cycle,” says HGGC CEO Rich Lawson. “Many companies are still using internal systems or outdated on-premise software.” According to HGGC, the CPQ software sector is growing about 25 percent compound annual growth rate.

HGGC was founded in 2007 as Huntsman Gay Global Capital. The investors the firm was named for are Jon Huntsman Sr., chairman of chemical maker Huntsman Corp. (NYSE: HUN), and Robert Gay, a leader in the Church of Jesus Christ of Latter-Day Saints. They have no involvement in the current fund. The quartet running HGGC today includes three of the original founders, Lawson, former San Francisco 49ers quarterback Steve Young and former Bain Capital executive Greg Benson, plus former Citigroup Inc. (NYSE: C) chief financial officer Gary Crittenden.

Earlier in 2016, HGGC backed marketing research company Instantly Inc. and sold Serena Software Inc.  to software firm Micro Focus (LSE: MCRO.L). HGGC won Mergers & Acquisitions' 2014 M&A Mid-Market Award for Private Equity Frim of the Year, after making nine acquisitions and one exit during a time of transition.

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