Bain Capital invests $230 million in Oregon firm that acquired King of Prussia's Maxwell Systems

Tom Paine

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The Portland, Oregon-based construction software firm which acquired King of Prussia-based
Maxwell Systems from LLR Partners in February has agreed to sell a $230 million stake in itself to Bain Capital.

Bain's investment in Viewpoint Construction Software largely replaces the stakes held by Updata Partners and TA Associates while providing additional growth capital. Viewpoint declined to say whether Bain's investment would give it a majority ownership position, according to the Portland Oregonian.

Maxwell, which served smaller contractors and was probably set back by the recession,
was viewed as a tuck-in acquisition by the larger Viewpoint, which has some 700 employees.
Maxwell also seemed to be behind in adopting a cloud computing platform. At the time of
the Maxwell acquisition Viewpoint said there would be some job reductions in King of Prussia; terms of that deal weren't disclosed.

The Bain investment means an IPO, though still a possibility for Viewpoint down the road, probably won't happen for a while. But these kinds of larger, later stage investments have become common recently as some companies draw back from the nervous IPO market and seek what is essentially a round of bridge financing.