News Article | March 2, 2017
SANTA MONICA, Calif. & LEHI, Utah--(BUSINESS WIRE)--Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced that it has reached a definitive agreement in partnership with management to acquire NetDocuments (the “Company”), the leading provider of secure cloud-based document management, email management, and collaboration solutions to law firms and corporate legal and compliance departments. The Company will continue to be led by Matt Duncan, CEO, and Alvin Tedjamulia, CTO, who will both join the Board of Directors alongside Clearlake. Financial terms were not disclosed. Founded in 1999, NetDocuments is the only cloud-first and cloud-native content management solution purpose-built for the legal industry and focused on meeting customer needs around security and compliance. Today, the Company’s innovative end-to-end platform combines robust security, encryption and compliance features with easy-to-use functionality that addresses the evolving needs of today’s professionals. NetDocuments is currently used in more than 140 countries and by over 20 percent of Am Law 200 law firms, as well as numerous leading corporations and legal departments. This platform growth investment from Clearlake will enable NetDocuments to accelerate growth organically by continuing to build on a successful product development and sales strategy, and also inorganically through acquisitions. “We are excited to partner with the talented NetDocuments management team as we make a significant growth investment in the Company,” said Behdad Eghbali, Managing Partner of Clearlake. “Our partnership will facilitate further investment in development and go to market for the Company’s leading document management, email management, and collaboration solutions, and accelerate the legal and compliance industry’s transition to software-as-a-service solutions.” “We are thrilled to partner with Clearlake to accelerate growing the company, both organically and through acquisitions,” said Matt Duncan, CEO NetDocuments. “Clearlake’s substantial resources and deep software investing experience will help us to continue delivering best-in-class cloud-based content management and email management solutions to our customers both at law firms and in corporate legal and compliance departments.” “Our customers expect to be able to easily access and work with their business content on any device at any time while maintaining the highest levels of security and privacy. We are eager to begin our partnership with Clearlake and continue building our next generation cloud platform to address complex customer needs” added Alvin Tedjamulia, CTO NetDocuments. “NetDocuments has long been recognized by its customers for providing law firms and enterprises with the highest levels of security, and we are excited to partner with Matt, Alvin and the entire NetDocuments team to continue building on the Company’s heritage,” added Prashant Mehrotra and Paul Huber of Clearlake. “Legal professionals today must manage ever-growing volumes of sensitive, extremely valuable documents, and both legacy on-premises solutions and single tenant hosted ‘cloud’ offerings are ill-equipped to meet these customer demands. NetDocuments’ true multi-tenant cloud offering provides the scale and capabilities that enterprises require for their content and email management needs.” William Blair & Company LLC acted as the exclusive financial advisor to NetDocuments and selling shareholders including Frontier Capital. AB Private Credit Investors is providing a fully underwritten facility to help finance the transaction and will be acting as lead arranger and administrative agent. The transaction is subject to regulatory approvals and other customary closing conditions. Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.SM The firm’s core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake currently has over $3 billion of assets under management and its senior investment principals have led or co-led over 90 investments. More information is available at www.clearlake.com. Founded in 1999, and with offices in the US, UK, and Australia, NetDocuments is the leader in cloud-based document and email management. With hundreds of thousands of users across 140 countries, organizations enjoy the power and simplicity of NetDocuments trusted cloud platform, complete with built-in security, compliance, disaster recovery, matter centricity, enterprise search, mobility, records management, and collaboration. More information is available at www.netdocuments.com
News Article | February 15, 2017
Frontier Capital, a Charlotte-based growth equity firm focused exclusively on software and tech-enabled business services companies, has named Seth Harward and Scott Hoch partners in the firm. Harward and Hoch previously both held the position of principal. They join co-founders and managing partners Richard Maclean and Andrew Lindner and partners Joel Lanik and Michael Ramich in the partnership. “We are delighted to welcome Seth and Scott as partners at Frontier, both of whom have made major contributions to the growth and success of Frontier over the past nine years,” said Lindner. “Our greatest asset is our people, and we are proud to have them as partners in our firm.” Hoch joined Frontier Capital in 2007. His primary responsibilities include executing new investments with a focus in healthcare information and human resources technology, as well as working with the management teams of companies that Frontier invests in to identify strategies that build long-term value. He currently serves on the board of Frontier portfolio companies Aviacode, ECI, e-Verifile, WilsonHCG and Zephyr, and was a board member of Healthx prior to the sale of Frontier’s interest last month. Prior to joining Frontier, Hoch held investment banking positions with Edgeview Partners and Bank of America. He is a graduate of Furman University. Harward joined the Frontier team in 2008 and leads the firm’s business development and sourcing strategy. In this role, he works directly with CEOs of high-growth software companies as well as trusted advisors to these businesses to identify opportunities for productive partnerships. Prior to joining Frontier, Seth led fundraising efforts for the Research Triangle’s Council for Entrepreneurial Development and sales for an entrepreneurial tech startup. He is a graduate of the University of North Carolina at Chapel Hill. About Frontier Capital Frontier Capital is a Charlotte-based growth equity firm focused exclusively on software and technology-enabled business services companies. Founded in 1999, Frontier partners with management teams that can benefit from capital to accelerate growth, fund acquisitions or generate shareholder liquidity. The firm makes minority and majority equity investments in high growth companies and has built an excellent track record of delivering returns to both investors and management partners. For more information, please visit frontiercapital.com.
News Article | December 12, 2016
A Bozeman, Montana startup called Blackmore Sensors and Analytics Inc. has raised $3.5 million to build lidar systems that can help vehicles see more details about what’s in front of them than existing sensors do today. The company spun out of a research and development firm called Bridger Photonics that developed lidar systems for micron-precise laser cutting and welding, originally, and then for military surveillance. Generally lidar systems “see” by emitting beams of light every nanosecond. When the light bounces back, based on how long it takes to return, lidar determines how far away an object is. Blackmore’s lidar systems are distinct from others on the market because they employ what’s known as frequency modulation, rather than amplitude modulation. So the light beams that Blackmore’s systems transmit will vary in color. When those colored light beams bounce back off a person, object or structure, they give Blackmore’s lidar system enough data to understand not just how far away a thing is, and how big it is, but also how it is moving. Blackmore President and co-founder Randy Reibel said, “Because we simultaneously get range to target, and how fast a target is moving, we can get a lot of information without having to do a lot of extra computation. This is important for autonomous vehicles because you can quickly tell if there’s someone walking with a velocity signature that is normal, or slow, in a crosswalk. Or you can tell if there’s a person riding a bicycle.” Reibel said the company’s existing lidar system is about the size of a soda can. The company will use its funding, in part, to create new systems that are miniaturized, and won’t require mechanical parts within, namely rotating mirrors to move beams of light around. Next Frontier Capital led the Series A investment in Blackmore, joined by Millennium Technology Value Partners. According to Next Frontier General Partner Richard Harjes, his firm sees Blackmore as “seriously ahead on the tech” that could make self-driving cars safe and a mainstream reality sooner rather than later. The investor said he expects the company to use its funding for ongoing research and development, but also to strike strategic relationships in 2017 with original equipment manufacturers, startups working on autonomous vehicles and tier 1 suppliers to the automotive industry. “We already have a working system, now we need to get it dialed in on a vehicle,” Harjes said. One reason his firm backed Blackmore, the investor noted, was because of its dual-pronged approach to the market: “Blackmore has a serious lead using lidar for security applications given its defense background and this strength will drive the non-automotive aspect of the firm. This sets Blackmore apart from most others.” The startup, which employs 22 full-time today, competes with well-funded lidar makers like Quanergy and Velodyne.
News Article | December 12, 2016
BOZEMAN, Mont., Dec. 12, 2016 /PRNewswire/ -- Blackmore Sensors and Analytics, Inc., a leading developer of frequency-modulated continuous-wave (FMCW) lidar, announced today that it has raised $3.5 million in a Series A funding round led by Next Frontier Capital and Millennium Technology...
News Article | July 14, 2015
The company intends to use the funds to maintain and accelerate growth, continue to enhance its platform, expand sales and marketing efforts Founded in 2008 by Pranav Tyagi, CEO, Tango provides large retail and restaurant companies with software solutions and consulting services to plan, develop and manage their real estate and store development activities. The company has served more than 120 retail brands, and its intelligent store lifecycle management solution is used by leading retail and restaurant enterprises, including Yum! Brands, Inc., Dunkin’ Brands Group, Inc., Big Lots, Lane Bryant and Tractor Supply Company.
News Article | August 9, 2015
Vietnam’s stocks will extend Southeast Asia’s best rally as plans to ease share-ownership limits and a strengthening economy lure foreign inflows, according to Asia Frontier Capital and Coeli Asset Management. The benchmark VN Index has climbed 11 percent in 2015 through Friday’s close to the highest in five years relative to the MSCI Southeast Asia Index, which has tumbled 12 percent. Even after the gains, the Vietnamese gauge is valued at an 18 percent discount to the MSCI regional measure. Foreigners have bought $223.1 million of the nation’s stocks this year through Aug. 6, heading for the 10th straight annual purchase. While plunging commodity prices and the prospect of higher U.S. interest rates hammer shares from Indonesia to Thailand, frontier fund managers are more optimistic about the outlook for Vietnam, where the economy is growing at the fastest pace in two years and the ruling Communist Party is preparing to allow foreigners to increase stakes in certain industries. “We are generally very positive for the market,” said Thomas Hugger, chief executive officer at Hong Kong-based Asia Frontier Capital. “We continue to buy Vietnamese stocks, since we see good economic figures coming out from Vietnam and at the same time the stock market is trading at a discount.” The Vietnamese government is targeting economic growth of 6.2 percent in 2015, up from about 6 percent last year. Inflation has stayed below 1 percent in the first five months of the year, down from a peak of more than 28 percent in August 2008. The VN Index trades at 12 times reported earnings, versus the MSCI Southeast Asia’s 14.7 multiple. The Vietnamese gauge rose 1.8 percent on Monday, its biggest gain in almost three weeks. Regulators see foreign investment as one of the keys to growing the country’s stock market, where average daily trading volume on the main Ho Chi Minh City Stock Exchange is about one-10th that of Singapore, the region’s largest bourse. Vietnam is building a case for an upgrade to emerging-market status from frontier classification by MSCI Inc., the State Securities Commission said in October. “The liberalisation of the foreign ownership limits is a hugely significant event for the development of Vietnamese capital markets,” said James Bannan, who runs the $130 million Frontier Markets Fund at Coeli in Sweden. “The next critical step in opening up the markets is for the government to sell down its ownership interest in a large number of listed companies. Governments are rarely good owners of companies.” Bannan said he is continuing to add Vietnam stocks and prefers companies reliant on consumer spending. The government issued a decree on June 26 to allow overseas investors to increase holdings in certain industries to 100 percent from a current cap of 49 percent. For Project Asia Research & Consulting Pte., foreign investors may be deterred by the drawn-out process involved in companies getting approval to raise overseas ownership limits, while the continuing existence of state stakes or cross-shareholdings means minority investor rights will be limited. “Reforms are done at a slow pace and there is still a fear that they can get reversed if there is a downturn in the economy or the stock market,” said Attila Vajda, managing director at Project Asia Research, a Singapore-based advisory firm. The ownership-reform plan has been delayed since it was first proposed in 2013. Across the border in China, the ruling Communist Party has gone to extreme lengths to stop a $3.4 trillion equity rout from spilling into the wider economy, including banning selling by major shareholders and curbing short sales. Under Vietnam’s decree, to take effect in September, foreign holdings in sectors such as banks that are governed by separate ownership regulations will remain limited to 30 percent. A cap of 49 percent will apply to unspecified sectors. All other equities would have no limits, unless restricted by companies themselves. Guidelines will be issued this month, Vu Bang, chairman of the State Securities Commission said Aug. 6. The government’s steps to open up its corporate sector, coupled with youthful demographics and cheap labor, makes the nation one of the most compelling frontier markets in the region, says Shamoon Tariq, a Stockholm-based money manager at Tundra Fonder, which has $225 million in assets under management. The relaxation of ownership limits “is one step closer to an open-market mechanism foreigners like,” said Tariq, who said he’s continuing to buy the nation’s stocks. “It should attract international investors to a considerable degree.”
News Article | May 29, 2015
SALT LAKE CITY--(BUSINESS WIRE)--MultiLing Corp., the innovative leader in intellectual property (IP) translations and related support services for foreign patent filings, today announced record quarterly growth for the first quarter of 2015, with a 37 percent increase in revenue over the same period last year. The company attributes this growth to ongoing enhancements in people, processes and technologies, all required to meet the increasing demand for patent translations both to and from U.S., European and Asian languages. “This quarter was especially strong for MultiLing, with both long-term clients and new global enterprises requesting translations of numerous large patents into multiple languages,” said Michael Sneddon, president and CEO at MultiLing. “MultiLing clients continue to realize the value of our specialized IP translation services that result in faster time to grant reduced risk of invalidation and a lower overall cost of patent ownership. Predictably, as our reputation as a trusted partner grows, so does our client roster.” Frontier Capital, a growth equity firm that invested $10.3 million in MultiLing in August 2013, praised the growth as an example of what is possible when an established company receives resources and mentoring to achieve a new level of success. “While MultiLing has long been a successful company, the infusion of capital and talent supported by a growth equity investment has placed the company in an entirely different class,” said Michael Ramich, partner at Frontier Capital, and member of MultiLing’s board of directors. “We have witnessed dramatic results in less than two years, with 2014 showing a 33 percent increase in revenue over 2013, and now this record quarter with a 37 percent increase. We look forward to even stronger growth in the months and years ahead as MultiLing – and its clients – continue to reap the benefits of the resources we provide.” With the Leahy-Smith America Invents Act (AIA) of March 16, 2013 moving the United States from a first-to-invent to first-to-file system, inventors rushed to file patents before the law changed, and ahead of their competition. The international effects of this surge will be felt in September and October, when the Patent Cooperation Treaty (PCT) 30-month priority applications are due. Estimates show a 65 percent increase over the same period last year. “The number of PCT applications due this September amounts to an enormous number of applications needing translation into one or more languages before the deadline,” Sneddon added. “To ensure quality translations and filings are completed on time, we’re working closely with our clients now to help them move through their patent translation projects as early – and quickly – as possible. We suggest any other companies anxious about the impending deadline proactively begin their translation projects now as well.” Founded in 1988, MultiLing is the innovative leader in IP translation and related support services for foreign patent filings by Global 500 legal teams. The company defined and continues to drive best practices for foreign patent filings, which include in-country native linguists, scientists, engineers and legal specialists who interact through processes and technologies that increase quality, consistency and on-time delivery. Clients include Procter & Gamble, Yokohama Rubber and Dow Corning. For more information, visit http://www.multiling.com.
News Article | June 4, 2015
ELKHART, Ind.--(BUSINESS WIRE)--Electronic Commerce, Inc. (ECI), a cloud-based, fully unified human capital management (HCM) platform for the entire employee lifecycle, today announced it has secured a $40 million majority growth investment from Frontier Capital. The investment will support ECI in enhancing its platform, providing resources to accelerate customer on-boarding and implementation, expanding sales and marketing efforts, and possible acquisitions to add new features to the platform to further meet the needs of its clients. Empower, ECI’s software-as-a-service platform, is a fully featured end-to-end solution designed to accommodate the HCM requirements of mid-size organizations. Featuring a unique single source cloud-based delivery platform, Empower offers a secure, unified database and world-class capabilities to cover the entire employee lifecycle from pre-hire to retire. ECI enjoys a 97 percent client retention rate across a strong base of middle market customers in numerous verticals, including manufacturing, non-profits, financial services, healthcare and retail. “Mid-size companies are realizing the benefits of anytime, anywhere access to HR data and technologies via the cloud to manage and streamline the employee lifecycle, with significant boosts to productivity and cost savings over manual and paper processes,” said Jeff Lacy, president and CEO, ECI. “After getting to know the Frontier team, and seeing their success in the HR tech industry, we have no doubt that our partnership will help us better meet the increasing demand we’re experiencing.” Frontier Capital is a growth equity firm focused exclusively on partnering with established software and technology-enabled business services companies, and has developed deep domain expertise within the HCM software and services sector. In addition to ECI, Frontier is currently invested in four other HCM-focused companies - WilsonHCG, talentReef, Celergo and eVerifile. “Over the last few years, we’ve watched the HCM/HR tech market and ECI specifically show impressive growth,” said Richard Maclean, managing partner, Frontier. “The continued strong demand for ECI’s platform, along with our solid relationship with the ECI management team, makes us confident that the capital and strategic expertise we’re providing will enable the company to grow at a pace necessary to meet demand.” In March, Frontier Capital announced the close of $390 million Fund IV, L.P. Frontier investments are used to fund both organic and acquisition-related growth initiatives and to provide meaningful shareholder liquidity. Specializing in human capital management solutions, ECI created its Empower software to provide mid-sized companies with a web-based, fully unified platform that covers the entire employee lifecycle. Users can seamlessly transition from one HR task to the next inside a secure, single database. Leveraging cloud-based, software-as-a-service (SaaS) deployment, single sign on access and a variety of user-friendly features, Empower delivers the ability to streamline communication, automate workflows and simplify the user experience across a full scope of employee administration requirements. Learn more at www.ecipay.com or call 800-320-9530. Frontier Capital is a Charlotte-based growth equity firm focused exclusively on software and technology-enabled business services companies. Founded in 1999, Frontier partners with management teams that can benefit from capital to accelerate growth, fund acquisitions or generate shareholder liquidity. We make minority and majority equity investments in high growth companies and have built an excellent track record of delivering returns to both our investors and management partners. For more information, please visit www.frontiercapital.com.
News Article | July 14, 2015
CHARLOTTE, N.C.--(BUSINESS WIRE)--Frontier Capital, a growth equity firm focused exclusively on software and technology-enabled business services companies, today announced a $30 million growth investment in Tango. The investment in the Dallas-based software-as-a-service (SaaS), consulting and managed services business represents the second from Frontier Fund IV, L.P., a $390 million growth equity fund. “Tango has served as the trusted advisor for more than 120 retail brands, and its Intelligent Store Lifecycle Management solution is used by many of the world’s leading retail and restaurant enterprises, including Yum! Brands, Inc., Dunkin’ Brands Group, Inc., Big Lots, Inc., Lane Bryant and Tractor Supply Company,” said Andrew Lindner, managing partner, Frontier Capital. “Tango has earned a solid reputation by transforming how retail and restaurant companies manage their real estate and store development processes through their extensive strategy and consulting work, as well as their innovative Intelligent Store Lifecycle management software. We look forward to working with the Tango leadership team to further develop its offering to bring a fully integrated suite of solutions to market.” Founded in 2008, Tango realized 375 percent growth from 2009-2013 and was ranked 260 on Deloitte’s 2014 Technology Fast 500™. Tango provides the world’s largest retail and restaurant companies with innovative software solutions and consulting services to help them plan, develop and manage their real estate and store development activities. Tango’s cloud-based SaaS solution and Intelligent store lifecycle management product brings together customer and location predictive analytics with global information systems (GIS) and store development execution to help companies see and analyze all the available opportunities, pick the right sites and open them faster. Tango plans to use the investment funds to: “Frontier Capital is known for helping technology companies like Tango with both the financial resources and strategic planning necessary to grow their business to the next level,” said Pranav Tyagi, Tango co-founder and CEO. “We already feel confident that this investment will solidify a productive and beneficial relationship for both companies as we work together to bring retailers even more intelligent store lifecycle management capabilities.” Frontier Capital is a Charlotte-based growth equity firm focused exclusively on software and technology-enabled business services companies. Founded in 1999, Frontier partners with management teams that can benefit from capital to accelerate growth, fund acquisitions or generate shareholder liquidity. The firm makes minority and majority equity investments in high growth companies and has built an excellent track record of delivering returns to both investors and management partners. For more information, please visit frontiercapital.com. Tango transforms challenging business situations by unearthing hidden customer and location opportunities for a diverse roster of location-centric clients, including North America’s largest retailers and restaurant chains. A leader in Intelligent Store Lifecycle Management, Tango leverages deep executional expertise and an industry leading cloud based SaaS platform to enable clients to accurately plan and execute their real estate strategy. The Tango team has worked with over 500 retailers, and brings that knowledge and best practices to intelligent store lifecycle management and to its consulting and services offerings. For more information, visit tangomc.com and tangoanalytics.com.
News Article | March 5, 2015
There are no shortages of trip-organization services out there, but the recent successful launch of Finnish startup CreateTrips indicates that there is still room for one more. It is partly for this reason that they have proven attractive to investors, taking in a total of $1.4 million in seed funding. The first section, valued at $600,000, came in June 2014 and was followed by $800,000 this January, the latter round including participation from Butterfly Ventures, as well as S3, private angels, and previous backer Frontier Capital. It may seem strange that CreateTrips would hook up with S3, which is based in Vietnam, but the startup claims 25% of its userbase from southeast Asia. CreateTrips has opted to focus on the social side of travel, building a service that allows users to build trips by joining with friends (or go it alone) and plan their vacation by adding venues, to which the user can access directions or call. It is not a big deal if the user is heading to an area with a spotty connection or hopes to preserve their data, either, as the platform can be accessed offline for a few dollars. What is interesting about this particular platform is that users have the option of writing or reading user-generated travel plans, possibly providing a more frank assessment of which venues in a city are worth visiting. The service is free at a basic level, but the company CreateTrips generates revenue through in-app purchases (access to premium features) and selling travel books. The app is currently only available on iOS, but the startup is working to bring it to Android. Founder Juha-Petteri Kukkonen is hardly new to managing a business, acting as co-owner of a dairy farm and working at various digital agencies. He tells me that he felt a need to create this business out of disappointment with the services currently on the market. So, he decided to go ahead and build his own.