FPX, a global leader in enterprise Configure Price Quote (CPQ) solutions, announced that it has received an undisclosed investment from funding partner HGGC, the leading middle-market private equity firm. HGGC, which acquired FPX in April 2016, is delivering the new round of capital funding to allow the company to build on its global expansion, accelerate product development and further enhance its channel and strategic partnerships.
HGGC is renowned for the success of its investments in companies competing in the market for e-commerce platforms and related applications. Notching up aggregate transaction values of over $15 billion, the private equity firm has been behind notable investments and exits including Hybris, MyWebGrocer, and Selligent.
“FPX is on the cusp of realizing a fantastic opportunity to dominate the CPQ market, and with our investment and commitment, it can be catapulted into prime position,” said Rich Lawson, Chief Executive Officer and Co-Founder of HGGC. “After carefully examining vendors in the space, it was clear to us that FPX was the only one with the vision, product capability, talent and unmatched domain expertise to become market leader.”
The funding follows a period of intense growth for FPX, which has seen the company open a European headquarters in Munich, Germany and an expanded presence in London, England. New senior executives have strengthened the international management team, and partnerships have been forged with both channel and strategic partners, including SAP and Microsoft.
“The ringing endorsement from HGGC, coupled with further financial investment, is testament to the strength of our vision,” said Dave Batt, Chief Executive Officer of FPX. “The market continues to evolve as more and more B2B companies incorporate CPQ solutions as an important business framework for capturing more market share. We’re constantly increasing our ability to offer the most advanced CPQ solution for multi-channel companies, while also creating a highly-efficient operating model to support global customers’ business strategies.”