Houlihan Lokey Advises Tenzing

Houlihan Lokey is pleased to announce that Tenzing has agreed to invest in Pimcore, a portfolio company of Nordwind Growth.

Pimcore was founded in 2009 and is headquartered in Salzburg, Austria. Since 2022, the business has been backed by Nordwind Growth, a Munich-based growth fund, and has delivered strong organic growth since transitioning from an open-source community model to open-core last year. As one of the very few vendors of its kind globally, Pimcore has achieved recognition in two separate Gartner Magic Quadrants (Digital Experience Platforms and Master Data Management Solutions). Pimcore is well-positioned to continue this growth trajectory, benefitting from AI tailwinds as companies increasingly require clean, controlled data as they deploy AI across product and commerce workflows.

Headquartered in London, with hubs in Munich and Stockholm, Tenzing backs European B2B software and tech-enabled businesses valued between £50 million and £300 million. Tenzing seeks to partner with niche market leaders that have a track record of organic growth and high recurring revenue. Today, Tenzing has £1.7 billion AUM and 20 portfolio companies. The firm’s namesake, Tenzing Norgay, the Nepalese mountaineer who guided Sir Edmund Hillary on the first ascent of Mount Everest, symbolises the firm’s commitment to guiding its portfolio businesses to the summit of their ambitions.

Nordwind Growth is a Munich-based growth fund specialising in European technology companies with proven market potential, scalable business models, and capital-efficient growth. As an active partner, Nordwind Growth supports its portfolio companies on their path to sustainable, international growth.

Tenzing is delighted to partner with and back Founder and Co-CEO Dietmar Rietsch and Co-CEO Dr. Matthias Blauth, and to support Pimcore’s continued expansion, both organically and through exploring acquisitions. Throughout the partnership, Pimcore will receive the full suite of Tenzing Growth Team support, including a dedicated Tenzing Sherpa and input from AI experts on the Entrepreneurs Panel and AI Sherpa programme.

Milan Kellner, Investment Lead at Tenzing, said, “Pimcore has built something rare—a single platform that gives enterprises one trusted version of their product, customer, and asset data, where most rivals manage only a piece. Dietmar, Matthias, and the team have everything it takes to become the category leader, and we’re proud to back them in putting that control into many more enterprises’ hands.”

Dietmar Rietsch, Co-CEO and Founder of Pimcore, added, “Pimcore was built on one conviction: Enterprises should own and be in control of their own data. What began as a developer community has grown into an enterprise software company. With Tenzing, we have a partner to further scale that platform internationally at exactly the moment when governed data has become the bottleneck for enterprise AI.”

Houlihan Lokey served as the exclusive buyside advisor to Tenzing.

Completion of the transaction is subject to antitrust approvals.

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