Investment to fund market expansion and product innovation
IRVINE, Calif., Feb. 24, 2015 /PRNewswire/ -- Mavenlink, a leading global provider of integrated business management software, today announced a $19M round of funding led by Carrick Capital Partners and Silicon Valley Bank. The growth capital is comprised of $15M in capital contributed by existing shareholders and a $4M credit facility.
"Since our initial investment in 2013, Ray Grainger and his team at Mavenlink have consistently exceeded Carrick's high expectations," stated Jim Madden, Co-Founder and Managing Director of Carrick Capital Partners. "The company has achieved explosive growth, adding larger, sophisticated clients while continuing to earn the loyalty of their existing client base."
Mavenlink will use the capital to accelerate product innovation, market penetration, and global market share expansion. Over the past year, Mavenlink's rapid pace of innovation has led to 3x growth in sales and personnel. This round of funding allows Mavenlink to continue to disrupt a fragmented technology landscape, further strengthening the company's technology advantage and leadership for professional services companies.
Mavenlink provides a single solution that enables project-based businesses—including marketing, public relations, management consulting, IT services, and software implementation teams—to manage and grow their businesses profitably. The company's SaaS solution enables customers to manage all aspects of service delivery from start to finish.
"Mavenlink has demonstrated the ability to expand on an exceptional technology platform and deliver product features in extraordinarily fast release cycles. This additional funding will be used to further accelerate the company's product development, support sales growth, and continue driving up market to serve more large enterprises," explained Steve Unterberger, Managing Director of Operations at Carrick Capital Partners.
"Mavenlink's pace of growth and world-class product innovation are enabling business to compete more effectively in this networked economy," said Ray Grainger, CEO and Founder of Mavenlink. "We bring the expertise required to provide customers with a best-in-class solution to profitably manage their businesses."
Mavenlink delivers enterprise-class Software as a Service (SaaS) that transforms how businesses work with distributed teams, contractors and clients around the globe. Mavenlink's innovative technology suite enables organizations of any size to successfully manage and scale their people, projects, revenue and profitability. Consulting firms, creative agencies and professional services teams in more than 100 countries are running their businesses more efficiently and more elegantly with Mavenlink. Learn more at www.mavenlink.com.
About Carrick Capital Partners
Carrick Capital Partners is an investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast growing businesses that provide software and technology-enabled services. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Carrick helps scale great companies that deliver significant returns for investors, stimulating economic growth, and positively impacting the industry landscape. Working directly with CEO's and entrepreneurs, Carrick fulfills a vital need for investment and growth expertise. For more information, please visit www.carrickcapitalpartners.com.
This press release includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for fiscal year 2015 and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events.
Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, general business and economic conditions beyond the Company's control, the consequences of competitive factors in the marketplace including the ability to attract and retain customers, results of continuous product improvement and other strategies, and the Company's success in attracting and retaining key personnel. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information, since these statements may no longer be accurate or timely.