Pamlico Capital and the management team of Daxko announced that Pamlico has made a majority investment in the company. CEO David Gray and other management team members will retain significant ownership of Daxko and will continue to manage the growth of the company in partnership with Pamlico. Further transaction details have not been disclosed.
Pamlico was advised by K&L Gates, and Daxko was advised by Bradley Arant Boult Cummings.
Gray noted, “We are excited to partner with Pamlico. Their prior experience investing in vertically focused software businesses and the relationship they built with our team over the last two years really made them stand out. They committed to a swift and efficient process which allowed us to stay focused on our business and mission.”
Art Roselle, Pamlico partner said, “The management team’s passion for their business, strong corporate culture, and their commitment to setting and achieving high growth goals impressed us.”
Eric Wilkins, Pamlico principal, added, “Daxko represents an industry leading software platform where we believe Pamlico’s experiences growing portfolio companies organically and through acquisition will accelerate value creation.” Daxko will represent the second investment in Pamlico Capital III, a recently raised fund with $650 million of aggregate commitments.
Birmingham, AL-headquartered Daxko is a provider of SaaS software and services to not-for-profits and member-based organizations.