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Most software startups seek venture funding in the early stages. MasterControl, which provides quality and manufacturing software for life sciences companies, waited nearly 30 years. Now with its first outside investment, for $150 million from Sixth Street Growth, the under-the-radar company is worth $1.3 billion, CEO Jon Beckstrand tells Forbes.
“We’ve tried to grow as fast as we can, cash-flow breakeven, for the past 30 years,” Beckstrand says. “It’s been interesting to tell the story to potential financing partners over the past year.”
Founded in 1993 as a document-control company, Salt Lake City-based MasterControl bootstrapped for years, eventually attracting more