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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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.
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.
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.
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.).
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.
Cohesity, headquartered in Santa Clara, California, is the industry-leading platform for hyperconverged secondary storage solutions. The company was founded by Mohit Aron, the co-founder and former CTO of Nutanix, to provide secondary storage solutions to enterprises for the consolidation, protection and sharing of non-mission critical data assets. Cohesity was founded in 2013, currently has over 500 employees, and has quickly gained scale through innovative products and strong technical leadership.
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.
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.
A leading online retailer of specialized and technical products in the outdoor, optical and laboratory categories.
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.
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.
Founded in 2010 and headquartered in Marina Del Rey, CA, SmartyPants produces premium all-in-one multi-vitamins in a variety of formats for children and adults.
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.
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.
XSInc provides e-commerce and data management solutions for the life science and agricultural industries.
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.
Developer of therapeutic agents.
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).
PeopleClick provides human capital management software. Acquired by Authoria.
Provides minimally invasive therapies for pulmonary disesases.
SPSS provides statistical data analysis software. (NASDAQ:SPSS), acquired by IBM (NYSE:IBM).
Creates minimally invasive instruments for spine surgery. Acquired by Zimmer Holdings, Inc., (NYSE:ZMH).
Immobilien Scout is a German real estate portal. Acquired by Scout24 Schweiz AG (Deutsche Telekom (DB:DTE)).
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).
Provides internet security management software and services. Acquired by British Telephone Group, (NYSE:BT).
Freightquote.com provides online business-to-business freight solutions.
AireSpace develops wireless networking hardware. Acquired by Cisco (NASDAQ:CSCO).
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).
Cross Country Staffing (NASDAQ:CCRN) provides healthcare staffing services.
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).
Evolving Systems (NASDAQ:EVOL) is a telecom software solutions vendor.
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.
Frontstep is an enterprise resource planning software provider. Acquired by Mapics, (NASDA:MAPX).
Internet navigation system company.
Provides patient transportation services.
A business-to-business marketplace focusing on small- to mid-sized businesses.
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.
Provides datacom consulting and web-based training and support
Provides IT services to middle-market/large enterprise customers.
PeopleFirst.com is a provider of online automobile insurance. Acquired by Capital One Financial Corp. (NASDAQ:COF).
Information provider for the internet economy.
Produces medical products that predict premature births.
Develops digital control technology for electric motors.
Tallán is an e-Services provider. Acquired by CMGI (NASDAQ:CMGI)
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.
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).
Cambridge Heart (NASDAQ:CAMH) researches and develops cardiac diagnostic products.
CSG Systems (NASDAQ:CSGS) provides billing and customer care software for the communications industry.
Milestone provides sub-acute hospital management services. Acquired by HCR ManorCare.
Provides security alarm systems and services.
Provider of home infusion services.
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