Ontario-based Igloo Software, a provider of digital workplace solutions, and Frontier Capital, a North Carolina-based growth equity firm focused exclusively in software and tech-enabled business services companies, have announced a growth equity investment of USD$47 million into Igloo.
"Igloo's growth over the last several years, in combination with our partnership with Frontier Capital, is a testament to our innovative approach to solving real-world digital workplace challenges," said Dan Latendre, Founder & CEO, Igloo. "We believe Frontier's expertise in driving growth and creating enterprise value for software-as-a-service companies in the human capital management sector make it a natural fit for Igloo. We look forward to working with Frontier as we continue to disrupt the market and help businesses improve productivity and competitive advantage throughout their digital transformation journeys."
Through its digital workplace solutions for employee engagement and collaboration, Igloo has achieved tremendous growth by offering a "solution as a service" approach that significantly reduces time to launch and time to value vs. traditional corporate intranets. In 2017 alone, Igloo expanded its global presence to 80 countries, surpassed one billion monthly interactions on its digital workplace platform, achieved 79% year-over-year growth in the third quarter, and added more than 190 new customers to its growing base of enterprise accounts that includes top brands across healthcare, hi-tech, financial services, retail, hospitality, and not-for-profit.
"As the next generation of employees redefines both the physical and digital workplace, we see a rapidly expanding market for innovative solutions that enable an organization to better engage its workforce by fostering collaboration and connecting employees with the right information at the right time," said Andrew Lindner, co-founder and managing partner at Frontier Capital, who will join Igloo's board. "Frontier is excited about partnering with Igloo, whose extraordinary growth and track record of solving critical business challenges impacting employee communication, collaboration, knowledge sharing, and engagement position the company well to capitalize on this market trend."
In addition to Lindner, Frontier vice president Dave Pandullo and Frontier Growth Partners' Bob Froetscher also will be joining the Igloo board.
Frontier and Igloo's partnership marks Frontier's first in Canada and is drawn from their 4th fund, which they finished accruing in 2015.
SOURCE Igloo Software
Edited by J. Michonski