CPE News (6/16/2021) – Introhive Services Inc. has raised $100 million in Series C funding led by PSG with participation from existing investors BDC, Aegis Group Partners, Evergreen Coast Capital, and Mavan Capital Partners.
Bank of America Securities acted as financial advisor for the financing.
Fredericton, New Brunswick based Introhive intends to use the funding for strategic acquisitions, to expand its global footprint and to grow its engineering, sales and marketing teams.
Founded in 2012 by CEO Jody Glidden and Chief Revenue Officer Stewart Walchli, Introhive is an AI powered SaaS platform designed to help organizations realize the full value of their relationships and underutilized data across their business to increase revenues, employee productivity and to improve customer experience management.
Introhive investors also include Lake Bridge Capital, Build Ventures, New Brunswick Innovation Foundation (NBIF).
GrowthWorks Atlantic Venture Fund Ltd., an initial backer in IntroHive, Inc., a Delaware registered company, exited in February 2018 selling its stake (at cost of $1 million) to Lake Bridge Capital for $5.9 million.
photo credit: Introhive
Introhive Raises $100M In Series C Round To Help Revenue Teams Close More Sales, Improve Retention, And Map Relationships
Introhive’s AI-powered sales and revenue acceleration platform provides real-time intelligence, automates and cleans data to boost the capabilities of sales, marketing, and customer support teams
FREDERICTON, NB, June 16, 2021 /CNW/ — Introhive, one of the fastest-growing AI-powered sales and revenue acceleration platforms, today announced it has secured $100M in its Series C round led by PSG, a leading growth equity firm partnering with middle-market software and technology-enabled services companies. The round is represented by Bank of America Securities and includes participation from existing investors The Business Development Bank of Canada (BDC), Aegis Group Partners, Evergreen Coast Capital, and Mavan Capital Partners. Introhive was one of the first in the market to enable client-facing teams with the ability to maximize the value of their relationship intelligence, to increase client retention and to accelerate revenue. It’s one of the most broadly deployed platforms of its kind in the world. Introhive is intending to use the funding for strategic acquisitions, to expand its global footprint and to grow its engineering, sales and marketing teams.
It’s been reported that up to 69% of all CRM projects fail*, which is a problem Introhive uncovered early on. Companies not using CRM to its potential, relationship data not being mapped internally, and a lack of insight into actionable data were all opportunities Introhive identified and built a platform dedicated to helping client-facing teams overcome. Leveraging proprietary algorithms and artificial intelligence to provide automatic updates to companies’ sales and client data, communications and behavior, Introhive provides teams with actionable insights on one of their organizations’ most important focus area: growing customer relationships and generating more sales.
By uncovering hidden revenue growth opportunities and saving businesses an average of $68,400 a year per employee on lost productivity and automating manual work, Introhive continues to aim to set the standard for the future of revenue operations and the overall sales cycle.
“We’ve learned that Introhive’s benefits and pain-point eliminations transcend industries and organization size,” said Jody Glidden, Introhive CEO and Co-Founder. “We often say ‘first you buy a CRM, then you buy us.’ Our internal compass focuses on the 3 R’s – revenue, retention, and relationships – as the key ingredients to a successful and thriving business. Whether a company is trying to reduce customer or employee churn, make their revenue generating teams more effective or leverage the numerous untapped connections of ‘who knows who’ that exist in their company, Introhive is creating raving fans.”
Introhive’s unique blend of solutions work collaboratively with any CRM and integrate to numerous other systems, including marketing automation and business intelligence (BI) technologies to help enterprises grow and scale. The company supports some of the largest and most security conscious brands in the world, including one customer with a deployment of 100,000+ seats across numerous continents, making it the largest revenue acceleration platform. Introhive customers include industry leaders such as PwC, Colliers International, Wilson Sonsini Goodrich & Rosati, Plante Moran, and Clark Nexsen and in industries ranging from technology to financial services, recruitment to professional services.
“We are in the business of relationships, so moving the dial on a single relationship can lead to millions of dollars in revenue,” said David Chun, Founder and CEO of Equilar. “Introhive has been extremely flexible in working with us as we define specific use cases and leverage data science to add value to our business. Their ability to easily onboard our team and data to their platform and quickly deliver actionable revenue insights has been impressive compared to what we’ve seen from others in the industry.”
Nicole France, Vice President and Principal Analyst at Constellation Research adds: “Great salespeople are most valuable when they’re building relationships — and business — with customers. By intelligently capturing data insights, technologies like Introhive increase the quality and timeliness of the data and help salespeople prioritize their efforts where it matters most. Sellers can focus more of their time on the insights generated from relationship intelligence and putting it to use. As a result, sales and account teams understand the needs of their customers and prospects better than ever before, resulting in more upsells, shorter lead times and more revenue.”
While most companies were scaling down in 2020, Introhive’s platform processed more than one trillion transactions, captured 60+ million contacts and relationships, saved nine million employee hours and supported users across 90 countries. This makes Introhive a back-to-back winner of the fastest growing companies on Deloitte’s Fast 500 and Fast 50 lists.
“We are extremely excited to be partnering with Introhive as they seek to continue to rapidly grow the CRM automation and relationship intelligence platform,” said Rick Essex, Managing Director at PSG, who will join Introhive’s Board of Directors. “Businesses of all sizes are looking for better ways to leverage relationships and drive revenue, and we believe Introhive has built a unique and innovative set of capabilities that allows them to do this more effectively. In our view, Jody and Stewart (Walchli) have built a world class product and management team, and the business is well positioned for its next phase of growth. We couldn’t be happier to join them on their journey.”
Founded in 2012 by Glidden and Chief Revenue Officer Stewart Walchli, Introhive has quickly grown to more than 300 employees with 10 global office locations, supporting customers in the United States, Canada, United Kingdom, Middle East and Asia.
“This round of funding is intended to will enable us to continue to innovate and leverage AI to deliver automated relationship intelligence that strengthens every interaction our customers and partners touch,” said Walchli. “Introhive is the Revenue Acceleration platform we expect companies will be using in the future to seek to make their lives easier and their companies stronger.”
*Source: Why Do CRM Projects Fail
Introhive is one of the fastest-growing AI-powered sales and relationship intelligence platforms, with the single largest revenue acceleration deployment in the world with customer PwC. Trusted by some of the world’s most recognizable brands, including PwC, Clark Nexsen, Wilson Sonsini Goodrich & Rosati, Colliers International, and Plante Moran, the company has been recognized with 2019 and 2020 Deloitte Technology Fast 50™ and Fast 500™ Awards, a 2020 MarTech Breakthrough Awards, and is Great Place to Work® certified in Canada. Introhive’s AI-powered SaaS platform seeks to enable organizations to realize the full value of their relationships across the business and to leverage untapped data to drive revenues and increase productivity while simultaneously improving the customer experience. Learn more at introhive.ai.
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 65 companies and facilitated over 300 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.
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