Dragoneer has limited its stake in ServiceNow (NOW) by $13.65 million. The decrease represents a 16.61% decline in investment in the company. As the company’s stock rose 10.02%, the Dragoneer team opted to release 82,700 shares of the company, which specializes in IT Business Management, IT Operations Management, and IT Services Management.
Dragoneer is headquartered in San Francisco and manages 19 clients with $3.9 billion in assets under management. The firm was founded in 2012 by Marc Stad, a Harvard graduate with humble roots who founded the company after years of experience working with the Investment Group of Santa Barbara. The experience led Stad to develop a hard work ethic and an eye for high-quality investments.
The firm’s most recent filing for Q1 2018 included over $705 million in managed 13F securities and a top ten holdings concentration of 80.75%. The firm has also qualified for inclusion in the prestigious WhaleScore System, a short list of form 13F filers who consistently beat the market. To qualify for the list, firms must be more than three years old, have between 5 and 750 holdings, and have more than 20% of their portfolio concentrated in their top 10 investments.
The company’s investment portfolio is global in scope and is rooted in the philosophy of finding companies with a sustainable competitive advantage, high quality management, and attractive financial models. The firm is supported by investments in large endowments, foundations and institutional family offices.
The company invests in both public and private companies though they are particularly focused on technology-based ventures. The company has made 42 investments and 10 exits in its six year history.
Dragoneer Investment Group also contributed to a round of investing for Slack which would bring the company based on a cloud-based set of team proprietary tools to a valuation of $7 billion if the organization can meet its $400 million goal.
ServiceNow was founded in 2004 by Fred Luddy and debuted in 2012 with a $210 million IPO. The company has offices on six continents with headquarters in Santa Clara, California.