Mavenlink Receives $39 Million Investment to Accelerate Growth
Leading SaaS Platform for Professional Services Market Raises Funding to Fuel Technology and Expansion; Experiences Triple Digit Growth
IRVINE, Calif., November 15, 2016-- Mavenlink, the leading software platform for the modern services organization and a Gartner Cool Vendor*, announced today a $39 million Series D financing led by Goldman Sachs Growth Equity.
Mavenlink's award-winning technology solution unifies all essential functions of services organizations, allowing them to plan and deliver work, manage project financials and resources, and collaborate with distributed teams and clients. By centralizing all critical business data on a single platform, Mavenlink offers these organizations unrivaled control and the ability to significantly up-level performance.
"This is an exciting time for our company, and the services industry," said Ray Grainger, Mavenlink CEO and co-founder. "There is tremendous disruption and transformation happening across the $3 trillion global services market. Practices and approaches that used to work just fine have become inadequate, and that's where we come in. Mavenlink is a digital infrastructure that enables firms competing in today's Service Level Economy to operate, scale, and thrive like never before. This funding will accelerate plans to help our clients navigate this change all around the world."
Following consecutive years of triple digit growth, Mavenlink recently announced a major expansion plan that includes the addition of two new U.S. locations, while growing its current San Francisco engineering and product headquarters, and rapidly adding jobs at its Irvine, CA corporate headquarters. In the coming months, the company has plans for additional expansion in Europe and other global locations.
"We aim to invest in companies that are market leaders and rethink the traditional approach," said Mark Midle of Goldman Sachs Growth Equity, who has joined Mavenlink's board of directors. "With over 4,000 clients, Mavenlink has transformed the way service providers manage and operate their businesses by leveraging deep expertise and sophisticated technology. We are excited to help Mavenlink capitalize on this global opportunity."
The company's growing client base includes progressive companies like Genpact, Salesforce.com, Cornerstone OnDemand, and Buzzfeed, as well as thousands of other consulting firms, IT services organizations, creative agencies, and professional services teams around the globe.
"There are many reasons we decided to collaborate with Mavenlink to power our global services organization," stated Nick Anderson, VP Global Business Operations at Cornerstone OnDemand, a Mavenlink client since 2014. "The Mavenlink team understands the complexities of our business and are focused on supporting our continued growth. They help us take advantage of opportunities, and address tough challenges. Mavenlink's solution has improved our ability to execute and has had a positive impact on our business."
This investment brings the total capital Mavenlink has raised to date to $84 million.
Pacific Crest Securities, a division of KeyBanc Capital Markets Inc., acted as the exclusive financial advisor to Mavenlink in connection with this transaction.
Visit www.mavenlink.com for more information.
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, and profits. Consulting firms, IT services organizations, creative agencies, and professional services teams in more than 100 countries are running their businesses more effectively and predictably with Mavenlink. Mavenlink was recently named to the Red Herring 100, and a 2015 Cool Vendor by Gartner, the world's leading technology research and advisory firm. Learn more at www.mavenlink.com.
About Goldman Sachs Growth Equity
Founded in 1869, The Goldman Sachs Group, Inc., is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for Goldman Sachs' long term principal investing activity. With nine offices across seven countries, MBD is one of the leading private equity investors in the world. Since 1986, the group has invested approximately $180 billion of levered capital across a number of geographies, industries and transaction types. Within MBD, Goldman Sachs Growth Equity (GS Growth) is a dedicated platform for venture capital and growth equity investments in leading companies that have built innovative technology or processes to transform their industries. Since 1994, GS Growth has partnered with more than 200 companies and invested more than $5 billion of capital across sectors including technology, software, media, healthcare IT, and business and information services. GS Growth seeks to partner with strong management teams to help companies achieve product, customer and geographic expansion. For more information about GS Growth, please visit:www.gs.com/gsgrowth.
* Gartner, Cool Vendors in Program and Portfolio Management, 2015, Robert A. Handler, Matt Light, Donna Fitzgerald, Teresa Jones, 24 April 2015.
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