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Goldman Sachs nears $30-50 million MoEngage deal in signs of SaaS deals comeback

Economic Times

Economic Times · 1y ago

Goldman Sachs nears $30-50 million MoEngage deal in signs of SaaS deals comeback

Goldman Sachs is reportedly planning to invest $35-50 million in MoEngage through a secondary transaction, doubling down on the enterprise SaaS company. This investment comes amidst increased deal activity in late-stage SaaS startups. The funding round may include a discount on MoEngage's last valuation. The Bengaluru-based company was last valued at $700 million. The deal reflects the ongoing adjustment in SaaS valuations, which have seen a decline from the record highs of 2021. Other SaaS companies, such as Innovaccer, Whatfix, Icertis, and Atlan, have also recently raised funds or are finalizing funding rounds.

Related News

Goldman Sachs to invest $50 mn in MoEngage through secondary deal

Inshorts · 1y ago

Goldman Sachs to invest $50 mn in MoEngage through secondary deal

Goldman Sachs is reportedly looking to double down on Bengaluru-based MoEngage and is also in advanced discussions with the software as a service (SaaS) provider to invest $30-50 million (INR 250 – 418 Cr) via secondary deal. "Goldman has decided to buy shares (of MoEngage) from some of the early investors. It’s a fully secondary funding round," ET reported.

MoEngage to secure $200M from ChrysCapital, A91 Partners, and Goldman Sachs: Report

YourStory

YourStory · 1m ago

MoEngage to secure $200M from ChrysCapital, A91 Partners, and Goldman Sachs: Report

MoEngage, a customer engagement platform, is reportedly raising $200 million in a new funding round led by ChrysCapital, with involvement from A91 Partners and existing investor Goldman Sachs. This round aims to support the company's headquarters relocation from the US to India, valuing MoEngage between $750 million and $800 million. Founded in 2014, MoEngage serves over 1,200 brands worldwide. The relocation process costs approximately $100 million, aligning with a trend of Indian companies capitalizing on domestic markets.

Goldman Sachs acquires controlling stake in HR SaaS firm PeopleStrong for $130 million

Economic Times

Economic Times · 4m ago

Goldman Sachs acquires controlling stake in HR SaaS firm PeopleStrong for $130 million

Goldman Sachs' private equity arm has acquired a controlling stake in HR SaaS company PeopleStrong for $130 million from Multiples PE, which previously held an 84% stake. This marks the second major buyout of a SaaS company in 2023, following Everstone Capital's acquisition of Wingify. Founded in 2005, PeopleStrong reported a net profit of Rs 57 crore in fiscal 2024. This deal underscores growing private equity interest in the HR SaaS sector.

Goldman Sachs snaps up PeopleStrong as Multiples PE makes an exit

VCCircle

VCCircle · 4m ago

Goldman Sachs snaps up PeopleStrong as Multiples PE makes an exit

Goldman Sachs Alternatives has acquired a majority stake in PeopleStrong, a Gurgaon-based human resources technology company, from Multiples PE. PeopleStrong offers an AI-powered SaaS platform for human capital management, serving various industries. It aims to expand its user base from over 2 million to 10 million globally. The acquisition details remain undisclosed, but Multiples PE held nearly 90% since their 2017 investment. Goldman Sachs has been a significant investor in India since 2006.

JPMorgan in talks to replace Goldman as Apple’s credit card partner: Report | Mint

Livemint

Livemint · 11m ago

JPMorgan in talks to replace Goldman as Apple’s credit card partner: Report | Mint

JPMorgan Chase is reportedly in discussions with Apple to replace Goldman Sachs as the tech giant's credit-card partner. The talks have been ongoing since earlier this year and have recently advanced, but a potential deal is still several months away. Last year, Goldman Sachs and Apple ended their partnership, which involved credit cards and savings accounts. Goldman Sachs is now facing the financial consequences of its exit from this partnership, as it is seen as risky and unprofitable by other lenders.

David Solomon's Pay Soars 24% Despite Profit Slump: Who is Goldman rewarding?

Livemint

Livemint · 1y ago

David Solomon's Pay Soars 24% Despite Profit Slump: Who is Goldman rewarding?

Goldman Sachs CEO David Solomon's compensation has been increased by 24% to $31 million, despite the company experiencing a 24% decline in profit. The decision comes as Goldman Sachs focuses on resolving internal conflicts and streamlining its strategy after abandoning its retail-banking ambitions. Solomon's pay package includes a $2 million base salary and $29 million in variable compensation, with a significant portion in restricted stock units. Despite challenges, Goldman Sachs shares saw a 12% increase in 2023.

Actis may trim Profectus stake; Goldman to double down on MoEngage

VCCircle

VCCircle · 1y ago

Actis may trim Profectus stake; Goldman to double down on MoEngage

Private equity firm Actis is reportedly considering selling a stake in Profectus Capital, a non-banking finance company it fully owns. Actis is said to be looking to dilute its stake through a combination of a primary issue and a secondary sale of shares. In other news, Goldman Sachs is reportedly planning to increase its investment in marketing automation platform MoEngage. The move aims to capitalize on the growing demand for digital marketing tools and services.

Urban Company to file for ₹3,000 cr IPO by March-end

Livemint

Livemint · 7m ago

Urban Company to file for ₹3,000 cr IPO by March-end

Urban Company, a home services platform, plans a ₹3,000 crore IPO by March. With a valuation of $2.1 billion in 2021, it has engaged Kotak Mahindra Capital, Goldman Sachs, and Morgan Stanley to manage the offering. The IPO will consist of new and existing shares. Founded in 2014, Urban Company provides services in 50 Indian cities and internationally. In FY24, its revenue rose 30% to ₹827 crore, with losses reducing significantly.

PNB Housing Finance: Asia Opportunities Fund likely to offload 1.3 crore shares for $132 million

Money Control

Money Control · 1y ago

PNB Housing Finance: Asia Opportunities Fund likely to offload 1.3 crore shares for $132 million

Asia Opportunities V (Mauritius) plans to sell 1.29 crore shares of PNB Housing Finance in a block deal, aiming to raise $132 million from the sale. The deal will have a base offering size of 78 lakh shares with an option to upsize by 51 lakh shares. The shares are expected to be offered at a floor price of Rs 858, which is 4% lower than the previous close price. Goldman Sachs will be managing the deal.

Manjushree, 2 others plan IPO; Postman valuation falls in secondary deals

VCCircle

VCCircle · 1y ago

Manjushree, 2 others plan IPO; Postman valuation falls in secondary deals

Advent International is reportedly planning an IPO for Manjushree Technopack Ltd, India's largest rigid plastic packaging solution provider. The private equity firm has engaged JM Financial, ICICI Securities, Avendus Capital, and Goldman Sachs to manage the offering. Meanwhile, Postman's valuation has fallen in secondary deals.

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