In January 2019, True Wind invested in a preferred equity security to help fund Zix Corporation’s simultaneous acquisition of AppRiver. In partnership with True Wind, Zix evolved from a provider of mainly email encryption solutions to becoming a one-stop-shop for security, compliance, and productivity solutions for SMBs with nearly 1.4 million mailboxes under management. In November 2021, OpenText (NASDAQ: OTEX), a market leading provider of information management solutions, entered into a definitive agreement to purchase Zix for $8.50 per share in cash, representing an enterprise value of $860M.