Risk Analytics Firm QOMPLX to go Public through a SPAC at a $1.4B Valuation
QOMPLX deal is backed by serial SPAC dealmaker Bill Foley
We are excited to announce that our portfolio company QOMPLX has elected to become a public company through a merger with Special Purpose Acquisition Company (SPAC) Tailwinds Acquisition Corp (NYSE: TWND). TWND was founded by Casper Sleep Inc.’s CEO Philip Krim.
Here is a link to the Bloomberg article, the NASDAQ article, and the company’s Press Release.
Upon closing of the transaction, the combined company will operate as QOMPLX and plans to list under the symbol QPLX. The transaction reflects an estimated post-transaction equity value for QOMPLX of approximately $1.4 billion. Transaction includes a fully committed PIPE of $180 million anchored by Cannae Holdings with participation from institutional investors including Fidelity Management & Research Company LLC, Hedosophia and RenaissanceRe Ventures Ltd., a subsidiary of RenaissanceRe.
QOMPLX’s pro forma 2021 revenue is expected to be $141 million. In 2020, the pro forma company’s go forward revenue base was $96 million, and the core company had a 139% net revenue retention rate.
QOMPLX was co-founded by CEO Jason Crabtree and CTO Andrew Sellers. Jason is a former Special Advisor to the Commanding General of the U.S. Army Cyber Command, West Point graduate where he was selected as the First Captain of the Corps of Cadets, a Rhodes Scholar, and combat veteran who served in Afghanistan. Andrew is a U.S. Air Force Academy valedictorian, Truman Scholar, and Iraq War veteran who originally met Jason during their respective graduate fellowships at the University of Oxford
We initially invested in the company’s Series Seed round in early 2017 at a post-money valuation of $30 million. The company subsequently raised a $78.6 million Series A round led by Motive Partners and Cannae Holdings.
About the Founders
QOMPLX was co-founded by CEO Jason Crabtree and CTO Andrew Sellers. Jason is a former Special Advisor to the Commanding General of the U.S. Army Cyber Command, West Point graduate where he was selected as the First Captain of the Corps of Cadets, a Rhodes Scholar, and combat veteran who served in Afghanistan. Andrew is a U.S. Air Force Academy valedictorian, Truman Scholar, and Iraq War veteran who originally met Jason during their respective graduate fellowships at the University of Oxford
About QOMPLX
QOMPLX is the cloud-native leader in risk analytics. We help organizations make intelligent business decisions and better manage risk through our advanced, proprietary risk cloud platform. We are the leaders at rapidly ingesting, transforming, and contextualizing large, complex, and disparate data sources through our data factory, in order to help organizations better quantify, model, and predict risk in areas including cybersecurity, insurance, and finance. Backed by Bill Foley’s Cannae Holdings, QOMPLX is co-founded by CEO Jason Crabtree, a former Special Advisor to the Commanding General of the U.S. Army Cyber Command and the Department of Defense, West Point graduate, Rhodes Scholar, and veteran of the War in Afghanistan, and by CTO Andrew Sellers, a U.S. Air Force Academy valedictorian, Truman Scholar, and Iraq War veteran. QOMPLX has entered into a definitive business combination agreement with Tailwind Acquisition Corp. and will be traded on NYSE under the ticker QPLX upon closing of the transaction. For more information visit qomplx.com.
About Tailwind Acquisition Corp.
The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the consumer internet, digital media and marketing technology sectors. The Company is led by Chairman Philip Krim, Chief Executive Officer Chris Hollod and Chief Financial Officer Matt Eby. In addition to the members of its management team and board of directors, the Company has assembled an Advisory Board that will help position the Company as the value-add partner of choice for today’s leading entrepreneurs.
About Cannae Holdings
Cannae Holdings, Inc. (NYSE: CNNE) is engaged in actively managing and operating a group of companies and investments, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. Cannae was founded and is led by investor William P. Foley, II. Foley is responsible for the creation and growth of over $140 Billion in publicly traded companies including Fidelity National Information Services (“FIS”), Fidelity National Financial (“FNF”), and Black Knight, Inc. (“BKI”). Cannae’s current principal holdings include Dun & Bradstreet Holdings, Inc. (“DNB”), which recently completed a successful business transformation and IPO. Cannae holds an approximately 18% interest in Dun & Bradstreet or ~76 million shares. Cannae’s second principal holding is Ceridian (“CDAY”), which Foley transformed from a legacy payroll bureau into a leading cloud based provider of human capital management software. Cannae owns approximately 9.5% of Ceridian representing ~14 million shares.
AAF Management Ltd. (AAF) is an early stage venture capital fund manager focused on Seed and Series A investment opportunities in US-based startups that have international expansion potential. Our goal as a strategic investment firm is to provide unprecedented access to brilliant entrepreneurs seeking to enter the Gulf Cooperation Council (GCC), larger Middle East & North Africa (MENA), and Western Asia markets.
AAF has invested alongside over 750+ tier I and tier II venture capital firms, corporate venture arms, top performing incubators and accelerators and notable angel investors including: Founders Fund, Y Combinator, Menlo Ventures, 8VC, Sequoia Capital, Goldman Sachs, Exxon Mobil, General Motors, Samsung Ventures among others.
