Lucidworks Raises $100 Million From Francisco Partners, TPG Sixth Street Partners, and Top Tier Capital Partners
Silicon Valley firm quietly becoming de facto standard for enterprise and commerce search, delivering personalized experiences for Fortune 1000 customers and employees
SAN FRANCISCO, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Lucidworks, a leader in AI-powered search solutions, today announced a $100 million investment from investors including Francisco Partners, a global technology-focused private equity fund, and TPG Sixth Street Partners, a global finance and investment firm. With the investment, Francisco Partners and TPG Sixth Street Partners join Top Tier Capital Partners, Shasta Ventures, Granite Ventures, and Allegis Cyber. No existing investors sold shares as part of this financing and all proceeds will be used to fund Lucidworks’ continued growth and expansion.
“Search is the best way to unlock value from the world’s data,” explains Will Hayes, Lucidworks CEO. “Francisco Partners and TPG Sixth Street Partners understand that getting from question to answer when you’re dealing with thousands of employees, millions of customers, and a mountain of data is still a headache for large corporations. Our team has worked tirelessly to develop AI-powered solutions that augment human intelligence by automating tedious, time-consuming tasks to provide richer insights and real-time recommendations. With the investment, we can continue to advance the enterprise standard for personalization and AI.”
Lucidworks’ flagship product Fusion has doubled revenue year over year for the last three years and is now servicing 400 of the Fortune 1000 with global expansions into APAC and EMEA. Lucidworks was also recognized by Forrester, leading independent analyst and research firm, as a leader in the Forrester Wave™: Cognitive Search, Q2 2019.
“We are excited to be partnering with Will and the rest of the management team for the next phase of Lucidworks’ growth. The feedback from customers and analysts has been excellent and we believe Lucidworks is well-positioned to capitalize on the huge market opportunity ahead of them,” said Jonathan Murphy at Francisco Partners. “Lucidworks’ powerful Fusion product enables its customers to deliver highly relevant and personalized search results to the end-user across a broad range of verticals and we believe we are in the early phases of adoption of next-generation search; our goal is for our customers to be able to leverage Lucidworks’ technology to quickly create tailored applications to search specific data sources within the enterprise.”
“Lucidworks’ impressive management team and market-leading position in the enterprise search space makes it a compelling growth story,” said Bo Stanley, Partner and Co-Head of the Capital Solutions business at TPG Sixth Street Partners. “Their investment in this market over many years has made Fusion the best product in the space, which is evidenced by its high quality and extremely loyal customer base. We are thrilled to partner with them on their journey.”
The world’s largest organizations, including AT&T, Honeywell, Morgan Stanley, Red Hat, Reddit, Staples, Uber, and the U.S. Census Bureau, rely on Fusion. Under the strategic guidance of CEO Will Hayes since 2015, Lucidworks has created a new standard in digital experience, delivering personalized customer journeys and valuable business insights to billions of people around the globe.
Lucidworks builds AI-powered search solutions for many of the world's largest brands. Fusion, Lucidworks' advanced development platform, provides the enterprise-grade capabilities needed to design, develop, and deploy intelligent search applications at any scale. Companies across all industries, from consumer retail and healthcare to insurance and financial services, rely on Lucidworks every day to power their consumer-facing and enterprise search apps. Lucidworks’ investors include Francisco Partners, TPG Sixth Street Partners, Top Tier Capital Partners, Shasta Ventures, Granite Ventures, Silver Lake Waterman, and Walden International. Learn more at lucidworks.com.
About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 275 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit: www.franciscopartners.com.
About TPG Sixth Street Partners
TPG Sixth Street Partners is a global finance and investment business with over $31 billion in assets under management. TPG Sixth Street’s Capital Solutions platform provides customized, non-control private capital for growth-oriented companies. Since inception, TPG Sixth Street has completed more than thirty transactions investing over $3.0 billion in capital within its Capital Solutions strategy. Co-founded in 2009 by Managing Partner Alan Waxman and TPG Sixth Street’s management team, the firm’s long-term oriented, highly flexible capital base allows it to invest across industries, geographies, capital structures and asset classes. TPG Sixth Street Partners is in a strategic partnership with TPG, the global alternative asset firm. For more information, visit www.tssp.com.
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