AMC TPG will invest Rs 2,788 crore in data management company Denodo

Asset management company TPG has committed an investment of $336 million (Rs 2,788 crore) in data management firm Denodo, the two companies said on Thursday.

The fresh investment by TPG will lead to sale of shares by Denodo's existing investor HGGC.

The transaction is expected to close in early October following customary regulatory approvals. HGGC, which invested in Denodo's Series A investment round in 2017, will remain a significant investor, the companies said in a statement.

TPG Partner Mike Zappert said, "With a market-leading net promoter score of over 50, the company has built a notable roster of marquee, global customers including TPG, and we see a tremendous opportunity to accelerate Denodo's expansion going forward."

Denodo CEO and founder Angel Via said, "We look forward to leveraging TPG's deep experience to continue the rapid expansion of our global market share. We are equally thrilled that HGGC will remain an important investor in Denodo and are thankful for their lasting partnership and ongoing commitment.