MasterControl Raises $150M Series A Funding Round from Sixth Street Growth at Valuation of $1.3B
Privately grown to $100M+ ARR, the company’s first funding round will be used to accelerate product development for its QMS and MES SaaS offerings
SALT LAKE CITY, Dec. 15, 2022 — MasterControl, a leading provider of quality and manufacturing software solutions for the life sciences, today announced its first ever funding, a $150 million Series A round led by Sixth Street Growth. With this financing, MasterControl, which has grown profitability for nearly 30 years, is valued at $1.3 billion. The proceeds will be used to accelerate the development of SaaS solutions serving the company’s global life sciences customers, which include Pfizer, Cochlear, Thermo Fisher Scientific and more than 1,100 others worldwide.
“For nearly three decades, we’ve been laser-focused on our mission to make life-changing products available to more people sooner. This commitment has led us to attack inefficiencies in quality and manufacturing that were extending product research and delivery cycles. We see an urgent need to help our customers to deliver their breakthrough technologies to the market faster and at a lower cost.” said Jon Beckstrand, CEO of MasterControl. “Our goal is to add a strategic partner with resources and expertise to help us to meet the significant need for our solutions. We’re fortunate to have the experienced investment team at Sixth Street Growth to help make that a reality.”
MasterControl will use the financing to continue to build and enhance its solutions while also placing more focus on technology that will predict and prevent quality events, and enable true AI assisted manufacturing optimization. Investing in new technologies like AI, machine learning and natural language processing will improve customers’ business outcomes and reduce the time and cost of compliance and red tape, getting life changing products to patients in timeframes that were previously not possible.
Before taking on funding, MasterControl bootstrapped its way to more than $100M in ARR with over 25% YoY growth to date. Well into its expansion to disrupt the $17B manufacturing execution system (MES) market through the launch of Manufacturing Excellence in 2019, it has attracted well over 100 new customers in the MES market and seen more than 100% growth in sales every year. With half of the top 50 pharma and med device companies as customers, MasterControl is poised to enter new markets adjacent to its core pharmaceutical and medical device segments, such as contract development and manufacturing, personalized medicine, and cell and gene therapy.
“MasterControl is the SaaS leader helping strengthen the manufacturing industry’s digital transition and ensuring that life sciences and other highly regulated organizations get the safest products to consumers as fast as possible,” said Nari Ansari, Managing Director at Sixth Street Growth. “It has a proven business model, an accomplished leadership team, a marquee client base, and a solid track record of growth. We’re honored to be the company’s first external investor and look forward to supporting its continued success.”
William Blair acted as advisor to Sixth Street Growth in connection with the investment. For more information about MasterControl, please visit www.mastercontrol.com.
MasterControl Inc. is a leading provider of cloud-based quality and manufacturing software for life sciences and other regulated industries. For three decades, our mission has been the same as that of our customers – to bring life-changing products to more people sooner. MasterControl helps organizations digitize, automate, and connect quality and manufacturing processes. Innovative MasterControl tools have a proven track record of improving product quality, reducing cost, and accelerating time to market. Over 1,100 companies worldwide use MasterControl solutions to streamline operations, maintain compliance, easily analyze and interpret large amounts of data, and visualize business insights in real time. For more information, visit www.mastercontrol.com.
About Sixth Street
Sixth Street is a leading global investment firm with over $60 billion in assets under management and committed capital. Sixth Street Growth is the firm’s dedicated platform for making private investments in growth companies. The Sixth Street Growth team partners with companies and management teams to provide bespoke capital solutions to accelerate organic and inorganic growth. Sixth Street has invested over $5 billion in more than 40 companies in its growth investing strategy since inception. Select Sixth Street Growth investments include Airbnb, AvidXchange, Bloomreach, Datavant, DrFirst, Gainsight, MDLIVE, Spotify, and Sprinklr. For more information, visit www.sixthstreet.com, and follow Sixth Street on LinkedIn, Twitter, and Instagram.