|[February 24, 2014]
Daxko Receives Equity Investment from Pamlico Capital
BIRMINGHAM, Ala. --(Business Wire)--
Pamlico Capital ("Pamlico") and the management team of Daxko, Inc.
("Daxko" or the "Company") announced today that Pamlico has made a
majority investment in the Company. CEO David Gray and other management
team members will retain significant ownership of Daxko and will
continue to manage the growth of the Company in partnership with
Pamlico. Further transaction details have not been disclosed.
Headquartered in Birmingham, Alabama and founded in 1998, Daxko is a
leading provider of SaaS (News - Alert) software and services to not-for-profits and
member-based organizations. The Company's SaaS products, including Daxko
Operations, Daxko Accounting and Daxko Engage, help more than 500
organizations manage daily operations, perform administrative functions,
and engage with members.
Mr. Gray noted, "We are excited to partner with Pamlico. Their prior
experience investing in vertically focused software businesses and the
relationship they built with our team over the last two years really
made them stand out. They committed to a swift and efficient process
which allowed us to stay focused on our business and mission."
Pamlico Partner Art Roselle said, "The management teams passion for
their business, strong corporate culture, and their commitment to
setting and achieving high growth goals impressed us." Pamlico Principal
Eric Wilkins added, "Daxko represents an industry leading software
platform where we believe Pamlico's experiences growing portfolio
companies organically and through acquisition will accelerate value
creation." Daxko will represent the second investment in Pamlico Capital
III, a recently raised fund with $650 million of aggregate commitments.
Pamlico was advised by K&L Gates LLP (legal counsel), and Daxko was
advised by Bradley Arant Boult Cummings LLP (legal counsel). No
financial advisor was involved.
Based in Birmingham, AL, Daxko provides mission-critical software and
services to member-based not-for-profits to help them operate more
efficiently, grow healthier organizations, and serve their communities
more effectively. Customers include YMCAs, YWCAs, JCCs, medical fitness
centers, and community centers, among others. Daxko's solutions include
Daxko Operations, Daxko Accounting, Daxko Engage, Daxko Mobile, and
Daxko T2 Consulting. For more information about Daxko, visit www.daxko.com.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 which primarily
invests in lower middle market companies in the U.S. Pamlico Capital
seeks control-oriented growth equity investments of up to $100 million
alongside proven management teams in its target industries; business &
technology services, communications, and healthcare. Since inception,
the firm, based in Charlotte, NC, has invested over $3 billion. For
additional information, please visit www.pamlicocapital.com.
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