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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ValGenesis, Inc. (“ValGenesis”) is the market leader in Enterprise Validation Lifecycle Management Systems (VLMS) and first-mover to digitize the validation lifecycle process. ValGenesis VLMS is the industry's first, proven, 100% end-to-end paperless validation lifecycle management solution, trusted by global life science organizations as a system of record for validation. Covering the entire validation lifecycle process, ValGenesis VLMS delivers technology solutions that are validated, fully configurable, and rapidly deployable through a private secured Cloud.
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.
airSlate provides a suite of cloud-based forms editing, eSignature and workflow software. The company’s forms editing software enables SMB customers to produce PDF documents ranging from W-2 forms, to I-9 forms, and HR onboarding forms (over 10,000 forms in their library today), edit documents, and then send for eSignature; airSlate’s newest product allows customers to design custom workflows to automate an entire document from production to eSignature. Use cases range from real estate transactions to civil disagreements, clinical workflows, and B2B software deals.
Pluribus Networks delivers highly scalable, automated and cost-efficient data center network solutions based on the principles of disaggregation and controllerless SDN automation. The Linux-based Netvisor® ONE operating system and the Adaptive Cloud Fabric™ controllerless SDN software have been purposely built to deliver radically automated networking along with superior economics by leveraging white box switches including Pluribus’ own Freedom™ Series of switches. The Adaptive Cloud Fabric controllerless SDN architecture is optimized to deliver a modern network fabric underlay and overlay across data center sites to support distributed cloud with rich services, automated operations, intrinsic security, comprehensive visibility and no single point of failure. Pluribus is deployed by more than 350 customers, including more than 100 tier one mobile network operators, in mission critical networks around the globe.
Alternative Behavior Strategies, Inc. was founded in 2011 and is based in Salt Lake City, Utah. The Company offers Applied Behavior Analysis (ABA) therapy in the home, as well as other services such as speech and occupational therapy in clinic settings. The Company’s primary ABA therapy services are provided by an in-house workforce consisting of over 50 Board Certified Behavior Analysts (BCBAs) and over 375 part-time Behavior Interventionists (BIs), treating patients in Utah, North Carolina and California.
Founded in 2013 and based in San Francisco, CA, Chairish, Inc. is a leading online marketplace for resale vintage and pre-owned furniture, décor and art. The Company holds no inventory, curates for style and quality, and focuses on professional sellers (e.g., dealers, stores, designers, etc.).
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.
Founded in 2013 and headquartered in San Francisco, California, Instapage is a leading SaaS provider of website performance optimization solutions which enable unique customization to visitors through easy to build website landing pages and associated performance monitoring and analytic offerings. Using Instapage’s software, customers can reduce their customer acquisition costs and achieve meaningful improvement in “post-click” workflow processes and efficiencies.
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.
A leading online marketplace for voiceover talent and other audio products and services.
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.
A leading online retailer of specialized and technical products in the outdoor, optical and laboratory categories.
Digital Clinical Research Organization offering technology-driven clinical trial services to biopharmaceutical and medical device companies conducting Phase 1-4 clinical trials and registries.
ComplianceMetric ("CMX") is a tech startup that provides a platform to enable companies to gain control and transparency over their supply chains. Leading brands trust CMX's cloud-based Enterprise Quality Management Software (EQMS) CMX1 to help them achieve and maintain Operational and Quality Excellence. For over a decade, CMX has led the market with the most comprehensive, user-friendly, cloud-based EQMS platform for food and consumer brands. It’s the only enterprise solution to effectively combine supply chain quality and operational excellence into a single, fully configurable operating platform.
RocketLawyer is an online legal destination website for individuals and small businesses.
Founded in 2009 and based in Encinitas, CA, Ecwid is a leading provider of platform-independent, ecommerce enablement solutions for small businesses (“SMB”). Ecwid’s SaaS platform allows SMB customers to quickly and seamlessly incorporate a fully-featured online storefront to their existing website.
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 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.
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.
E2open (NASDAQ:EOPN) is a global computer, electronics and telecommunications e-marketplace.
Internap (NASDAQ:INAP) provides internet connectivity services.
Business-to-business e-commerce company focused on petroleum services and equipment.
PeopleClick provides human capital management software. Acquired by Authoria.
Developer of equipment for medical device companies.
Provides minimally invasive therapies for pulmonary disesases.
SPSS provides statistical data analysis software. (NASDAQ:SPSS), acquired by IBM (NYSE:IBM).
IDeaS provides revenue management software. Acquired by SAS Institute, Inc.
Provides laser technology to manufacture active optical components.
Provider of software for project-driven companies and departments.
Immobilien Scout is a German real estate portal. Acquired by Scout24 Schweiz AG (Deutsche Telekom (DB:DTE)).
Creates products and services in data networking technology for internet networks.
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).
BenefitMall provides online benefits and health insurance. Acquired by Allied Capital Corporation (NYSE:ALD).
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).
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).
Provider of a minimally invasive tissue biopsy device. Acquired by Hologic, (NASDAQ:HOLX).
Bowstreet was a leading provider of portal-based tools and technology. Acquired by IBM (NYSE:IBM).
Control Delivery Systems provides drug delivery systems. Acquired by pSivida (NASDAQ:PSDV).
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.
European IT services and consulting firm.
Allscripts (NASDAQ:MDRX) develops internet and client/server medication management solutions.
An early stage networking semiconductor company.
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.
Provides corporate IP services in Italy.
A wireless data communications company.
Develops DEC VAX applications software.
Frontstep is an enterprise resource planning software provider. Acquired by Mapics, (NASDA:MAPX).
Internet navigation system 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.
Provides datacom consulting and web-based training and support
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.
PeopleFirst.com is a provider of online automobile insurance. Acquired by Capital One Financial Corp. (NASDAQ:COF).
Information provider for the internet economy.
Websense (NASDAQ:WBSN) provides internet usage management software.
Produces medical products that predict premature births.
A provider of software platforms for e-businesses. Acquired by BROKAT.
Commerce One (NASDAQ:CMRC) provides global e-commerce solutions.
Develops digital control technology for electric motors.
Provider of integrated healthcare information systems.
Developer of multimedia devices for PCs called MPACT! Acquired by ATI Technologies.
Developer of client/server financial software applications.
Develops software applications for use in plant lifecycle management.
Develops network management software.
Anasazi provides central reservations software and services. Acquired by REZsolutions, now Pegasus (NASDAQ:PEGS).
Enterprise Systems develops healthcare management software. Acquired by McKesson now McKessonHBOC, (NYSE:MCK).
Milestone provides sub-acute hospital management services. Acquired by HCR ManorCare.