Investment management firm Blackstone Group Inc. will make a “significant” equity investment in software firm Simpli.fi, according to a statement.
- Blackstone said private equity funds under its management have inked an agreement for the equity investment, but did not provide a specific amount. The investment will be made through its flagship private equity vehicle.
- Blackstone will become a majority shareholder in Simpli.fi, along with existing GTCR. Both firms will have equal representation on the Board of Directors.
- The investment values Simpli.fi at $1.5 billion. Its platform covers 120,000 campaigns and 30,000 active advertisers every month.
Blackstone Managing Director Sachin Bavishi said the firm was attracted to Simpli.fi amid the shift in local media spend to digital. BX is up 1.31%.