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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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.
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.
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.
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.
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.
Elevate provides outsourced legal services to law firms and corporate legal departments in the United States and internationally. The Company was founded in 2011 and is headquartered in Los Angeles, California, with its consultants, lawyers, and technologists based in the United States, Canada, United Kingdom, Continental Europe, India, the Philippines, and Australia.
Quentic (formerly EcoIntense GmbH) provides environmental, health and safety software solutions for businesses to drive down costs and maximize performance.
MotionPoint is a leading provider of website localization services to Fortune 1000 companies.
RocketLawyer is an online legal destination website for individuals and small businesses.
Provides life science tools and develops molecular diagnostics.
Digital Clinical Research Organization offering technology-driven clinical trial services to biopharmaceutical and medical device companies conducting Phase 1-4 clinical trials and registries.
Provides small- and medium-sized businesses integrated electronic document management solutions through on-premise software and Software-as-a-Service product offerings.
Provider of cloud-managed enterprise WiFi solutions to large- and medium-sized enterprises, higher education and primary schools.
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.
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.
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).
Arcadian Management provides Medicare Advantage to underserved markets. Acquired by Humana (NYSE:HUM).
Biotechnology company focused on neurological disorders. Acquired by US WorldMeds.
Developer of equipment for medical device companies.
SPSS provides statistical data analysis software. (NASDAQ:SPSS), acquired by IBM (NYSE:IBM).
IDeaS provides revenue management software. Acquired by SAS Institute, Inc.
Provider of software for project-driven companies and departments.
Business-to-business marketplace for chemical companies. Acquired by ICE.
Creates products and services in data networking technology for internet networks.
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).
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).
Medsite creates educational and promotional solutions for the healthcare industry. Acquired by WebMD, (Nasdaq:WBMD).
Develops radiofrequency ablation devices for minimally invasive cancer treatment. (NASDAQ:RITA), since acquired by AngioDynamics (NASDQ:ANGO).
Control Delivery Systems provides drug delivery systems. Acquired by pSivida (NASDAQ:PSDV).
Cross Country Staffing (NASDAQ:CCRN) provides healthcare staffing services.
Creates web-based content, tools and services for the education market.
Develops nitric oxide enhanced medicines. (NASDAQ:NTMD).
Persistence Software provides dynamic caching and transactional servers for e-commerce. (NASDAQ:PRSW), acquired by Progress Software (NASDAQ:PRGS).
U.S. Healthworks provides workers' compensation health services.
Allscripts (NASDAQ:MDRX) develops internet and client/server medication management solutions.
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.
Provides corporate IP services in Italy.
A wireless data communications company.
Business-to-business company focused on the design and construction market. Acquired by Autodesk.
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.
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.
Provides real estate information on the internet.
Telcom Semiconductor develops linear and mixed-signal semiconductor devices. (NASDAQ:TLCM), acquired by Microchip Technology (NASDAQ:MCHP).
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.
CSG Systems (NASDAQ:CSGS) provides billing and customer care software for the communications industry.
Cytyc (NASDAQ:CYTC) develops diagnostic systems for cervical cancer screening.
Milestone provides sub-acute hospital management services. Acquired by HCR ManorCare.
Quintiles Transnational (NYSE:Q)is a leading global contract research organization.
Sanmina (NASDAQ:SANM) provides contract manufacturing solutions.
Manager of child care centers and pre-school programs.
Client-server online transactions processing applications development software
Commerce One (NASDAQ:CMRC) provides global e-commerce solutions.
A leading developer of consumer products and content for children specifically focused on delivering superior educational content through its Nabi devices.
A business-to-business e-commerce exchange company focused on the packaging industry.
Plateau Systems is an enterprise learning management software platform. Acquired by Successfactors, acquired by SAP (NYSE:SAP).
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.
Strategy Name | Description |
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Makes privately negotiated later-stage investments in technology, health care, consumer, and other sectors.
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Makes privately negotiated later-stage investments in technology, health care, consumer, and other sectors. |
As of 10/30/2021. Team and portfolio information may change from time to time.
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CRC# 1889570 Expiration Date: 10/1/2018