The Caisse de dépôt et placement du Québec is leading a funding round for a customer engagement software provider.
During a US$105 million investment round for CleverTap, a California-based company providing a subscription-based online marketing platform to 1,200 digital consumer brands, the investment organization provided US$75 million. According to a press release, the funds will be used to grow the brand’s presence in several key markets and will fund the expansion of CleverTap’s workforce.
The funding round comes two months after CleverTapp’s acquisition of Leanplum Inc., a multi-channel customer engagement platform. It also comes shortly after the launch of TesseractDB, a database it designed to help improve customer retention for its subscriber businesses.
“This investment is in line with our strategy to work with innovative companies that enable rapid digital transformation, especially in the Asia-Pacific region where high smartphone penetration is facilitating the digitalization of the economy at a rapid pace,” said Meng Ann Lim, managing director of direct private equity for Asia Pacific at the Caisse, in the release.
In other news, the Ontario Municipal Employees’ Retirement System is acquiring a mechanical service provider from Huron Capital Partners.
While the exact terms of the acquisition of Pueblo Mechanical and Controls weren’t disclosed, the pension fund said it plans to provide further capital support to the business in order to accelerate its growth. The business, which is based in California, provides installation, retrofit and repair services for industrial plumbing, heating, ventilation and air conditioning systems.
“As long-term investors, we are excited to partner with [chief executive officer] Dan Bueschel and the talented Pueblo team to accelerate growth through strategic [mergers and acquisitions] and by pulling all levers to increase organic growth,” said Eric Haley, senior managing director and head of North America in the OMERS private equity division.