Morgan Stanley Expansion Capital is a private investment platform targeting late-stage growth equity and credit investments in technology, healthcare, consumer, digital media and other high-growth sectors.
We specialize in making equity and credit investments in technology and other high-growth sectors, such as healthcare, digital media, e-commerce, consumer and business services. Our team predominantly invests in North America and Western Europe. Our focus is on late-stage private companies, largely with established products and services addressing established markets seeking capital to scale revenue and expand business operations.
In addition to capital, the team relies on its industry experience to drive strategic growth, improve board governance, optimize capital structures, enhance operational efficiency, recruit senior executives and advise on strategic and financial liquidity. We seek to leverage the Morgan Stanley global brand, insights, resources and relationships in all our investment activities.
Investments typically range from $10 million - $25 million per transaction but there may be additional size flexibility through syndicate and co-investor relationships. Morgan Stanley Expansion Capital typically leads investments, but will also co-lead and participate in syndicated opportunities.
We generally do not take controlling ownership positions, so our investment strategy is predicated upon a partnership framework with founders, management teams and fellow investors. Value creation is driven by growth with a particular focus on capital efficiency and demonstrated unit economics.
Expansion Capital’s Advisory Partners provide an additional resource across our investment portfolio. Advisory Partners often participate in the examination of investment opportunities, serve on company boards, share their market and business insights and consult with portfolio founders and management to drive growth throughout the life cycle of an investment.
Morgan Stanley Expansion Capital and its predecessors have invested in the growth sectors for over three decades. We believe we are unique in our ability to offer private equity or credit investment to late-stage growth companies with the flexibility to lead or syndicate investments. Our investment team and our portfolio companies benefit from Morgan Stanley's global resources, network and franchise. Our long tenure and unique relationship with Morgan Stanley affords our portfolio companies unparalleled access to thought leaders, industry experts, operational expertise and managerial talent. We believe that our experience and reputation enables us to build market leaders which are more valuable and better positioned, and thus able to drive outcomes which maximize exit value for our companies and our investors.
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Virginia-based Decisiv is the provider of the largest asset service management ecosystem for the commercial vehicle industry. The Decisiv Service Relationship Management (SRM) platform is the foundation for the nearly 5,000 service locations across North America that manage more than 4 million service and repair events for commercial vehicles annually.
DataGuard is a Software-as-a-Service company focused on privacy, information security, and compliance. DataGuard is the trusted partner to over 3,000 mid-sized enterprises (SME) and corporates operating in over 50 countries. Customers use the DataGuard platform to comply with regulation (e.g., GDPR, CCPA, EU Whistleblower Directive) and obtain information security certifications (e.g., ISO 27001, TISAX, SOC 2). DataGuard’s end-to-end solution drastically reduces the time and money companies spend to keep their personal data protected, their information and assets secure, and their business processes compliant. This enables them to build trust, mitigate risks, prevent breaches, and achieve their business goals.
Bluestone Lane is an Australian-influenced hospitality and lifestyle brand centered on providing authentic, premium coffee and café experiences. Since opening its first location in July 2013, Bluestone Lane has become the fastest-growing premium coffee and café brand in New York City, having opened 30 locations across New York, San Francisco, Los Angeles, Washington D.C., Philadelphia and New Jersey and a flagship coffee roastery and production facility in Brooklyn, New York.
Platform.sh is a unified, secure, enterprise-grade platform for building, running and scaling web applications. Founded in 2015, the company is headquartered in Paris and San Francisco. Platform.sh employs 340 people across 36 countries and is available in Europe, the United States and Asia, through global partnerships with AWS, GCP, Azure and OVHcloud.
Gozio Health offers an end-to-end, customizable digital health platform exclusively for healthcare systems. Gozio’s extensible mobile platform enables seamless consumer interactions and provides an anytime, anywhere connection to patients that improves their overall experience and access to care. Popular patient engagement features include patented indoor wayfinding with turn-by-turn navigation, virtual visits, physician directories, appointment scheduling, access to electronic health records, Urgent Care and Emergency Department wait-times, and extensive analytics capabilities. Gozio customers surveyed in a 2021 KLAS Research Emerging Technology Spotlight report found 100% satisfaction and improved experience for patients and staff.
Phrasee revolutionizes customer experiences by optimizing the language brands use across the full customer journey. Its AI-powered SaaS platform brings together natural language generation, machine learning and dynamic optimization, making Phrasee the only provider of its kind to generate, optimize, automate, and analyze language in real time. Phrasee boosts customer engagement and increases lifetime value for the world's leading B2C brands – including Domino's, eBay, FARFETCH, Groupon, Party City and Walgreens – all while adhering to companies' unique brand standards and voice. Today, over 1 billion people across four continents have responded to Phrasee-generated language.
Elligo Health Research ("Elligo"), a healthcare-enabling research organization powered by the novel IntElligo Research Stack technology, uses electronic health records and the trusted patient and physician relationship to ensure all patients have access to clinical research as a care option. Elligo directly engages physicians and patients who otherwise would not participate in clinical research and accelerate the development of new pharmaceutical, biotechnology, and medical device and diagnostic products.
Founded in 2011 and based in San Diego, California, Classy, Inc. provides fundraising software to nonprofit organizations and social enterprises. The Company’s software platform includes a fundraising suite that offers various modules such as campaign management, customer relationship management, automated engagement and reporting / analytics.
The Lifetime Value Co. ("LTV") is an information services technology platform comprising a portfolio of brands that provide easy access to information to help make all of life’s decisions, big and small. LTV’s brands include best-in-class web-based and mobile products that put the power of data into the hands of customers. Millions of people trust LTV for insight into people, properties, businesses, and vehicles. LTV is powered by its global team of 150 employees.
Lightbend provides an opensource platform for building reactive applications for the JVM, consisting of the Play Framework, Akka middleware and Scala programming langua, with additional supporting products and development tools such as the Slick database library for Scala and the sbt build tool. Lightbend also provides training, consulting and commercial support on the platform.
OpsRamp was founded in 2014 and is based in San Jose, California. The company provides cloud-based IT operations management SaaS solutions for observability of infrastructure, application, and network performance metrics. OpsRamp’s solution is horizontal, with broad applicability across a number of enterprise end-markets, including the Life Sciences, Information Technology, Financial Services, and Telecommunications industries.
Founded in 2002 and based in San Jose, California, cPacket Networks, Inc. is a provider of high-speed network performance monitoring and security solutions. The Company’s custom ASIC and FPGA-powered systems and software enables their customers to enjoy greater control, visibility, and performance within complex networking environments operating at the highest speeds currently deployed.
Medsphere Systems Corporation is a Carlsbad, CA-based provider of healthcare IT solutions, including electronic health record, practice management and revenue cycle management solutions. The company serves small / medium sized inpatient, ambulatory centers and physician practices within the acute care, outpatient and behavioral health markets.
Neo4j, Inc. was founded in 2007 by Emil Eifrem and is based in San Mateo, California. In addition to its US presence, the company has a large technical development center based in Malmo, Sweden. The company pioneered the Graph Platform in the Database Management System (“DBMS”) software market. DBMS is software that enables enterprises to create, retrieve, update and manage distributed, unstructured and complex data in a real time manner. The Graph Platform offered by Neo4j enables solutions that are faster and require less code than traditional databases.
Integral Development Corp. is a financial technology company that helps its customers, including banks, retail brokers, and asset managers, outperform their competition in the foreign exchange (FX) market through innovative solutions for workflow management and advanced execution. Founded in 1993 and based in Palo Alto, CA, Integral maintains development, support, and sales offices in Palo Alto, New York, London, Tokyo, Singapore and Bangalore.
Concentra is a UK-based business that offers SaaS solutions for advanced analytics, data visualization and scenario modelling for Human Resources (“HR”), organization design and workforce planning. Its flagship product, OrgVue, provides enterprises improved organization design visualization tools to measure and analyze workforce changes. Concentra’s emerging software solution, SupplyVue, offers supply chain analytics to gain visibility across the entire supply chain.
Sprout, based in Montvale, New Jersey, is a producer of baby food, toddler purees and “All Family” products, which include up-age pouches and other snacks. Sprout has more than 50 organic offerings that use only high quality organic ingredients. Sprout’s products are distributed across the grocery, mass market, natural/specialty, and e-commerce verticals.
VizExplorer is a business intelligence software company headquartered in San Diego, California. Via its proprietary visualization technology, the company offers operational intelligence solutions to enterprise customers within the regulated, land-based gaming and entertainment verticals to provide gaming floor optimization, visitor behavior analytics and customer marketing.
Mondee, based in Foster City, California, is an airline ticket consolidator that manages and markets negotiated contracts with airlines at discounted pricing to publicly published rates. The Company manages thousands of contracts with approximately 450 different airlines for 77,000+ discrete routes.
Tiff’s Treats makes and delivers classic, baked-to-order cookies and brownies straight from the oven to the home or office, warm, in about an hour. Founded in 1999, what started as two friends baking cookies at University of Texas at Austin to help fellow students get through exams has now grown to over 30 stores in Texas and Georgia, with more than 700 employees, baking more than 80 million cookies since its inception.
A leading online marketplace for voiceover talent and other audio products and services.
Eska Water is a Canadian bottler, seller and distributor of carbonated, flavored and flat spring water.
Quentic (formerly EcoIntense GmbH) provides environmental, health and safety software solutions for businesses to drive down costs and maximize performance.
GumGum is a digital media company with proprietary visual intelligence technology used to analyze images and videos.
MotionPoint is a leading provider of website localization services to Fortune 1000 companies.
Software-as-a-Service (SaaS) provider of voice and text connectivity products and solutions to small- and medium-sized businesses, not-for-profit organizations and political agencies.
Provides life science tools and develops molecular diagnostics.
Designs, develops, and markets business application solutions.
A leading developer of consumer products and content for children specifically focused on delivering superior educational content through its Nabi devices.
Provides small- and medium-sized businesses integrated electronic document management solutions through on-premise software and Software-as-a-Service product offerings.
HighQ is a London-based provider of Software-as-a-Service enterprise software products including secure file sharing, project management and collaboration tools for professional service organizations.
Domiciled in Israel with U.S. headquarters in Cary, North Carolina, Doron Gordon founded Samanage Ltd. in 2008. The company is a leading public cloud SaaS provider of IT service management (“ITSM”) software for medium-sized companies. Samanage’s cloud software provides a comprehensive solution for its customers, offering a centralized location for employees to submit various requests and for agents to manage workflow across functional departments for multiple ticketing use cases.
Vigilant is a provider of license plate and facial recognition products and solutions.
Provider of cloud-managed enterprise WiFi solutions to large- and medium-sized enterprises, higher education and primary schools.
Provider of cervical and lumbar artificial discs used in total disc replacement surgery.
Provider of antennas and radio frequency chips to the mobile and Wi-Fi/Set-Top Box OEM market.
XSInc provides e-commerce and data management solutions for the life science and agricultural industries.
Nutanix is a provider of data center convergence software.
A leading provider of innovative cell-based assays and services for drug discovery and development.
Core Security creates security software for enterprise vulnerability assessment. Acquired by Courion.
Good Technology Corporation is a leading provider of multi-platform enterprise mobility solutions. The company’s “Good for Enterprise” and “Good for Government” solutions deliver mobile security and control that allow IT departments to protect the enterprise while allowing end users to connect and collaborate on their mobile phone or tablet of choice in a secure fashion.
Socialware, Inc., based is Austin, TX, is an enterprise Software as a Service provider of enabling regulatory compliant communications utilizing social networking platforms such as LinkedIn, Facebook and Twitter.
Global Custom Commerce, Inc. is the largest North American online retailer of customized window coverings such as blinds, shades, draperies and wallpaper.
Plateau Systems is an enterprise learning management software platform. Acquired by Successfactors, acquired by SAP (NYSE:SAP).
E2open (NASDAQ:EOPN) is a global computer, electronics and telecommunications e-marketplace.
Provides ultrasound accelerated drug delivery catheters for rapid dissolution of blood clots. Acquired by BTG plc, (LSE:BTG).
Sendmail is an internet mail platform with leading infrastructure solutions. Acquired by Proofpoint, Inc. (NASDAQ:PFPT).
Developer of therapeutic agents.
Internap (NASDAQ:INAP) provides internet connectivity services.
Arcadian Management provides Medicare Advantage to underserved markets. Acquired by Humana (NYSE:HUM).
Perceptive Software provides document imaging and workflow software. Acquired by Lexmark International, Inc. (NYSE:LXK).
SouthernCare is a provider of hospice services. Acquired by Kohlberg & Co.
Constant Contact (NASDAQ:CTCT) develops e-mail marketing solutions.
HealthStream (NASDAQ:HSTM) is a content management system for Internet-based continuing medical education.
HyPerformix provides predictive IT management. Acquired by CA Technologies (NASDAQ:CA).
Business-to-business e-commerce company focused on petroleum services and equipment.
SPSS provides statistical data analysis software. (NASDAQ:SPSS), acquired by IBM (NYSE:IBM).
Provides laser technology to manufacture active optical components.
Provider of software for project-driven companies and departments.
Business-to-business marketplace for chemical companies. Acquired by ICE.
Creates minimally invasive instruments for spine surgery. Acquired by Zimmer Holdings, Inc., (NYSE:ZMH).
Creates products and services in data networking technology for internet networks.
LoopNet is a commercial real estate listing service. (NASDAQ:LOOP)
Healogics, previously known as National Healing Corporation, was the second largest wound management company in the U.S.
Tarari creates content inspection and acceleration solutions to improve network and application performance. Acquired by LSI Logic (NYSE:LSI).
Avamar provides backup and restore software and systems. Acquired by EMC Corporation (NYSE:EMC).
Ciphergen Biosystems (NASDAQ:CIPH) provides proteomics analysis tools.
Comergent is an enterprise suite of modular eBusiness applications that improve the efficiency and effectiveness of the selling process. Acquired by Sterling Commerce, a subsidiary of AT&T, (NYSE:T).
Provides internet security management software and services. Acquired by British Telephone Group, (NYSE:BT).
Freightquote.com provides online business-to-business freight solutions.
Medsite creates educational and promotional solutions for the healthcare industry. Acquired by WebMD, (Nasdaq:WBMD).
Develops computer-aided diagnostic systems for use in radiology. Acquired by Hologic (NASDAQ:HOLX).
Develops radiofrequency ablation devices for minimally invasive cancer treatment. (NASDAQ:RITA), since acquired by AngioDynamics (NASDQ:ANGO).
Bowstreet was a leading provider of portal-based tools and technology. Acquired by IBM (NYSE:IBM).
Cross Country Staffing (NASDAQ:CCRN) provides healthcare staffing services.
An application service provider (ASP) for enterprise software solutions.
Creates web-based content, tools and services for the education market.
FormFactor (NASDAQ:FORM) develops wafer-level test and packaging solutions for the semiconductor industry.
Develops nitric oxide enhanced medicines. (NASDAQ:NTMD).
U.S. Healthworks provides workers' compensation health services.
European IT services and consulting firm.
Yantra is an eBusiness software for managing high volume transactions. Acquired by Sterling Commerce, a division of IBM (NYSE:IBM).
Provider of laser-programmable gate arrays.
Evolving Systems (NASDAQ:EVOL) is a telecom software solutions vendor.
An early stage networking semiconductor company.
Intuitive Surgical (NASDAQ:ISRG) develops minimally invasive surgery systems.
Provider of detail-critical business processes, including translation, online marketing, global content management and application testing solutions, which ensure global brand consistency, local relevancy and technical usability across all touch points of the customer lifecycle.
Builder of mobile internet businesses.
Develops DEC VAX applications software.
The Medicines Company (NASDAQ:MDCO) is an outsourced drug development company.
Business-to-consumer/business-to-business e-commerce website for product and service queries.
Provides patient transportation services.
A business-to-business marketplace focusing on small- to mid-sized businesses.
Cardiac Pathways develops innovative solutions for cardiac and ablation catheters. Acquired by Boston Scientific, (NYSE:BSX).
Provides high-speed DSL internet access for the telecom industry
Manager of dental care practices.
IntegraMed America (NASDAQ:INMD) is a leading provider of infertility services.
Creates document and workflow management systems.
Provides IT services to middle-market/large enterprise customers.
A business-to-business e-commerce exchange company focused on the packaging industry.