TPG Growth led a $70 million investment in software company C3 Iot. Sutter Hill, Interwest Partners and the target’s management team also invested alongside C3. TPG Growth's investment was $60 million.
C3, based in Redwood City, California, provides software that helps developers connect data in designing applications. The company serves the manufacturing, oil and gas, healthcare, retail, aerospace, transportation and telecommunication sectors.
“With TPG on our team, C3 lot will accelerate the expansion of our customer service capacity globally,” says C3 Thomas Siebel.
TPG Growth is the middle market investment arm of TPG. The firm has previously invested in Airbnb, e.l.f comestics and Uber. Earlier in 2016, TPG Growth bought global staffing firm Frank Recruitment Group.
Both private equity firms and strategic buyers have shown a great interest in technology companies. Cisco Systems Inc. (Nasdaq: CSCO) is acquiring data center software developer ContainerX Inc.; General Electric Co. (NYSE: GE) agreed to buy logistics software firm ShipXpress Inc.; Sumeru Equity Partners has acquired a controlling ownership stake in billing software company Telesoft.