April 12, 2018
GCP Capital Partners IV, L.P. Invests in UpdatePromise
GCP Capital Partners LLC (“GCP”) invested $8 million into UpdatePromise (“Update” or the “Company”), a leading provider of cloud-based, consumer focused solutions primarily to auto collision-repair shops and the service departments of automotive dealerships. These shops use UpdatePromise’s cloud-based solutions to keep their customers informed about their car’s repair progress and receive customer feedback post repair as well as offer customers the ability to make appointments online, make payments online, and receive targeted marketing and coupons. These solutions are valuable to both the repair and service departments in attracting and retaining customers as well as to consumers in terms of convenience and efficiency.
Update’s products provide a strong value proposition and have benefitted from attractive industry trends, including the ability for consumers to interact online or through text or email with merchants and the growth of cloud and SaaS based businesses.
Update was founded in 2009 by Curtis Nixon and is headquartered in Chino Hills, California with currently ~40 full-time employees. GCP’s investment was primary capital into the business to help facilitate continued growth and investment in sales and technology.
About GCP Capital Partners
GCP Capital Partners is a middle market private equity investment firm managing three active funds with $1.4 billion in committed capital. GCP has completed over 60 transactions since its inception in 2000. GCP has been an active investor in the software and technology industries, having invested over $600 million in fourteen investments in these sectors. GCP’s managing directors have over 100 years of combined private equity experience and have substantial personal capital invested in the funds. GCP Capital Partners is the successor to Greenhill Capital Partners, the merchant banking business of Greenhill & Co., Inc. (NYSE: GHL) which the principals formed in 2000. For more information about GCP Capital Partners, please visit www.gcpcapital.com.