Daxko Receives Equity Investment from Pamlico Capital
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 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 team’s 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.
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested approximately $4 billion. For additional information, please visit www.pamlicocapital.com.