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Private Equity
FINANCIAL | Asset/Financial Management
stgpartners.com

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Investments

13

Portfolio Exits

15

Funds

4

Partners & Customers

2

Service Providers

3

About Symphony Technology Group

Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and being a partner in building great software and services companies. In addition to capital, STG provides transformation expertise to enable its portfolio companies to deliver more value to clients to retain and attract the best talent and to achieve best-in-class business performance.

Symphony Technology Group Headquarter Location

1300 El Camino Real Suite 300

Menlo Park, California, 94025,

United States

650-935-9500

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Latest Symphony Technology Group News

Tech Billionaire Romesh Wadhwani Replaces Himself As CEO As He Considers Taking SymphonyAI Public

Jan 11, 2022

David Elkins courtesy of SymphonyAI T ech billionaire Romesh Wadhwani has spent the past four years on a second—or, really, a third—act: Building up the operations of SymphonyAI, an enterprise AI group that’s targeting industries that include retail, consumer products, manufacturing and financial services, and a related business, ConcertAI, focused on healthcare and life sciences. Today, Wadhwani, 74, tells Forbes he’s stepping down as CEO of SymphonyAI in favor of Sanjay Dhawan, who was CEO of publicly traded automotive AI firm Cerence until last month. Wadhwani, who will remain chairman, says that the shift at the top, which caps a series of management changes, including a new CFO and a new CTO, comes as part of a consideration for a potential future public offering. “Directionally, that [going public] is an opportunity that we want to consider, 18 months, 24 months from now,” says Wadhwani, who is also chairman of ConcertAI. “A lot depends on market conditions. It’s an opportunity we would like to consider and be ready for.” Wadhwani, an Indian immigrant and Carnegie Mellon Ph.D. who is  worth $3.5 billion, according to Forbes,  came to the U.S. to do his Ph.D. at Carnegie Mellon with less than $2.50 in his pocket. “Foreign students like me were still seen as a curiousity,”  he told Forbes in a video interview  five years ago. “It was rarely an easy ride. I’ve gone through hundreds and hundreds of obstacles in my business career.”  He began amassing his fortune when he sold B2B software firm Aspect Development for $9.3 billion in stock to i2 Technologies in 1999. Then, he built private equity firm Symphony Technology Group into a powerhouse portfolio. But in 2017, after having stepped aside as CEO of Symphony Technology Group and at an age when many would be thinking about retirement, he decided to start Los Altos, California-based SymphonyAI. At the time, breakthroughs in cloud computing and huge data sets had spurred a boom in artifical intelligence startups and applications. Wadhwani publicly committed to investing $1 billion of his own fortune to scale the business, though he has yet to put in that much. Wadhwani says that SymphonyAI revenues last year reached $220 million (with ConcertAI adding another $130 million) and are expected to hit $300 million this year (with another $200 million for ConcertAI). He notes that his combined enterprise AI business, including both SymphonyAI, now run by Dhawan, and ConcertAI, where life sciences exec and investor Jeff Elton is CEO, is larger than  C3.ai, founded by fellow tech billionaire Tom Siebel . SymphonyAI's new CEO Sanjay Dhawan: "I still remember ringing the bell at Nasdaq...and I would love to do it again." Courtesy of SymphonyAI “Enterprise AI is in its infancy,” Wadhwani says. “Most enterprises are five to 10 or more years behind the way in which AI is being used in the business-to-consumer space.” SymphonyAI’s large corporate customers are trying to gain an edge with its technology. In retail, for example, grocery giant Albertson’s uses SymphonyAI to gain visibility into what is on its stores’ shelves and to forecast future demand. In manufacturing, meanwhile, customers that include Cargill and 3M rely on it to improve processes and utilization of equipment. And in financial services, banks (that Wadhwani declines to name) are turning to its technology in their efforts against money laundering. To build out the group of companies in SymphonyAI, Wadhwani has made a number of acquisitions, including industrial IoT firm Savigent (in 2021) and AyasdiAI, which works with banks and other financial institutions (in 2019). Dhawan, 58, had previously worked for Wadhwani as CEO of Symphony Teleca, one of the Symphony Technology Group companies, until its sale to Harman for $830 million in 2015. He subsequently spun Cerence out of Nuance as a publicly traded company in 2019. His abrupt departure from Cerence (market cap $3.1 billion) in mid-December was  a surprise to the markets. “Solving big AI problems is what I am very focused on,” Dhawan says. “Approaching $300 million in revenue is just a starting point for us. There are huge opportunities for AI transformation that I can see for the next 10 years.” In December, SymphonyAI named Vijay Raghavendra, the former chief technology officer and cofounder of real-time intelligence platform Inkiru, which was acquired by Walmart in 2013, as CTO. It also announced that Wayne Kimber, previously senior vice president of finance at Malwarebytes, had joined as its new CFO. “It is a passing of the baton, but in a good way,” Wadhwani says. “In my opinion, Sanjay is a better CEO than I am....The growth rate will accelerate under Sanjay’s leadership.” With tech stocks volatile in recent days, both Wadhwani and Dhawan say that whether they ultimately choose to go public depends on market conditions. Siebel’s C3.ai  approached $10 billion in market value  when it went public in December 2020, for example, but has seen its shares drop dramatically. It currently sports a market cap of $3.1 billion. “I still remember ringing the bell at Nasdaq [for Cerence],” Dhawan says. “It was one of the business career milestones that I’ll never forget in my life, and I would love to do it again.” Follow me on  Twitter  or  LinkedIn . Send me a secure  tip .

Symphony Technology Group Investments

13 Investments

Symphony Technology Group has made 13 investments. Their latest investment was in AFS Technologies as part of their Private Equity - V on October 10, 2018.

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Symphony Technology Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/18/2018

Private Equity - V

AFS Technologies

Yes

2

9/20/2017

Series A

ConcertAI

$20M

Yes

2

5/7/2015

Series C

Govini

$20M

Yes

9

12/8/2009

Series E

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$99M

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0

10/4/2007

Series D - II

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$99M

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10

Date

10/18/2018

9/20/2017

5/7/2015

12/8/2009

10/4/2007

Round

Private Equity - V

Series A

Series C

Series E

Series D - II

Company

AFS Technologies

ConcertAI

Govini

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Amount

$20M

$20M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

2

9

0

10

Symphony Technology Group Portfolio Exits

15 Portfolio Exits

Symphony Technology Group has 15 portfolio exits. Their latest portfolio exit was Winshuttle on June 14, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/14/2021

Acquired

13

4/15/2021

Merger

2

1/14/2021

Acq - Fin

1

11/12/2020

Acquired

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10

11/25/2019

Acq - Fin - II

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$99M

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10

Date

6/14/2021

4/15/2021

1/14/2021

11/12/2020

11/25/2019

Exit

Acquired

Merger

Acq - Fin

Acquired

Acq - Fin - II

Companies

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Valuation

$99M

Acquirer

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Sources

13

2

1

10

10

Symphony Technology Group Acquisitions

50 Acquisitions

Symphony Technology Group acquired 50 companies. Their latest acquisition was Electronics for Imaging - eProductivity Software Business on January 05, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

1/5/2022

$99M

Acquired Unit - Fin

1

1/5/2022

$99M

Acq - Fin

2

1/5/2022

$99M

Acquired Unit - Fin

3

1/5/2022

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$99M

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10

1/5/2022

Debt

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$99M

$99M

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10

Date

1/5/2022

1/5/2022

1/5/2022

1/5/2022

1/5/2022

Investment Stage

Debt

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$99M

Note

Acquired Unit - Fin

Acq - Fin

Acquired Unit - Fin

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Sources

1

2

3

10

10

Symphony Technology Group Fund History

4 Fund Histories

Symphony Technology Group has 4 funds, including STG Allegro.

Closing Date

Fund

Fund Type

Status

Amount

Sources

10/28/2021

STG Allegro

$860M

1

11/16/2020

STG VI

$99M

10

STG ST

10

STG VI-A

10

Closing Date

10/28/2021

11/16/2020

Fund

STG Allegro

STG VI

STG ST

STG VI-A

Fund Type

Status

Amount

$860M

$99M

Sources

1

10

10

10

Symphony Technology Group Partners & Customers

2 Partners and customers

Symphony Technology Group has 2 strategic partners and customers. Symphony Technology Group recently partnered with OneLogin on June 6, 2014.

Date

Type

Business Partner

Country

News Snippet

Sources

6/25/2014

Partner

OneLogin

United States

Findly Enhances Recruiting Efficiency With New Single Sign-on Portal

`` Our partnership with OneLogin , Inc. enables us to improve our offerings by not only providing a more streamlined , user-friendly experience , but also ensuring the highest standards for enterprise security , '' said Jeff Kreutz , senior vice president of Products at Findly .

2

10/31/2013

Vendor

iLEVEL Solutions

United States

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10

Date

6/25/2014

10/31/2013

Type

Partner

Vendor

Business Partner

OneLogin

iLEVEL Solutions

Country

United States

United States

News Snippet

Findly Enhances Recruiting Efficiency With New Single Sign-on Portal

`` Our partnership with OneLogin , Inc. enables us to improve our offerings by not only providing a more streamlined , user-friendly experience , but also ensuring the highest standards for enterprise security , '' said Jeff Kreutz , senior vice president of Products at Findly .

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Sources

2

10

Symphony Technology Group Service Providers

5 Service Providers

Symphony Technology Group has 5 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Acquired Unit - Fin

Investment Bank

Financial Advisor

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Service Provider

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Associated Rounds

Acquired Unit - Fin

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Provider Type

Investment Bank

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Service Type

Financial Advisor

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Partnership data by VentureSource

Symphony Technology Group Team

20 Team Members

Symphony Technology Group has 20 team members, including current Chief Executive Officer, John Ouren.

Name

Work History

Title

Status

John Ouren

Chief Executive Officer

Current

Stephen Henkenmeier

Chief Financial Officer, Managing Director

Current

Bret Johnsen

Chief Financial Officer

Current

Brad Macmillin

Chief Financial Officer

Current

Marc A. Bala

Capco, and Platinum Group

Managing Director

Current

Name

John Ouren

Stephen Henkenmeier

Bret Johnsen

Brad Macmillin

Marc A. Bala

Work History

Capco, and Platinum Group

Title

Chief Executive Officer

Chief Financial Officer, Managing Director

Chief Financial Officer

Chief Financial Officer

Managing Director

Status

Current

Current

Current

Current

Current

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