Leading field force data intelligence software platform provider to leverage funds to advance product development, sales and marketing, and market penetration; Jim Grady appointed CEO to lead global growth and expansion
St. Petersburg, FL -- January 6, 2020– Spatial Networks, the creator of Fulcrum, the leading geospatial data collection and analysis platform for field operations, today announced that is has closed an investment of $42.5 million led by Kayne Partners, the growth equity group of Kayne Anderson Capital Advisors, L.P., and Kennet Partners, Ltd. The funding will primarily be used to scale the Company’s sales and marketing capabilities, accelerate its product development roadmap, and further expand the Fulcrum data collection platform into international markets. The company has appointed Jim Grady CEO to oversee all aspects of the company’s strategy and execution globally.
Spatial Networks drives digital transformation of field workforces via Fulcrum, an AI-powered data collection platform for commercial field workers. A market leading platform built on multiple decades of expertise in mobile field data collection and geospatial analytics with adoption by more than 30,000 users and 2100 customers in field-intensive industries such as utilities, construction, environmental services, engineering, Fulcrum optimizes field operations by enabling rapid deployment of mobile applications using a low-code development environment. Using Fulcrum, field workers can rapidly gather a vast range of data types, including audio and video, using user-built forms with geotagging capabilities. Key decision-makers gain real time insights into field operations efficiency and performance through visualization, quality assurance and data management tools, and flexible reporting.
With the completion of the deal, Jim Grady will assume the role of CEO, effective immediately. Grady brings more than twenty-five years of general management and leadership experience in high growth technology companies to Spatial Networks. As CEO of Cellebrite, Inc., a leading provider of cyber/digital intelligence software solutions–including mobile phone forensic extraction and AI-driven analytics product lines–for law enforcement, enterprise, & intelligence sectors, Grady scaled revenue from $5M to $100M while consistently expanding profit margins.
“Spatial Networks is uniquely positioned to transform the way organizations deploy and manage field workforces to better deliver superior customer experiences while increasing efficiency and profitability,” said Jim Grady, CEO, Spatial Networks “I look forward to building on the company’s impressive product and market position as we deliver even greater insight and workflow automation through next generation innovations that harness AI, low code-no code deployment, geospatial data collection and analytics, and an advanced reporting engine to establish Fulcrum as the industry’s dominant field force data intelligence platform.”
Nate Locke of Kayne Partners commented, “We are thoroughly impressed by Spatial Networks’ rapid growth and user adoption. The Company provides incredible value both for users in the field who now have a streamlined, robust data collection process, and for decision-makers who now have access to contextually relevant information and geospatial insights.”
“We are excited about the potential of Spatial Networks to build on its core capabilities in workflow automation, no code development and geospatial data to optimize field work forces using AI in a broad range of markets”, said Javier Rojas, Managing Partner, Kennet Partners. “We believe the combination of Spatial’s founding team, executives from Jim’s prior successes and Jim’s leadership will enable the company to scale rapidly and build a category leader.”
London, UK 3 January 2020.
Receipt Bank, the world’s leading digital bookkeeping platform, has raised $73.1 million (£55 million) in a successful Series C funding round. The round was led by Insight Partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC), and advised by Harris Williams.
The funds will be used to continue expansion in Europe, Australia and North America, and build on Receipt Bank’s award-winning product suite.
The company doubled customers in 2019, taking the total number of businesses using the platform to above 360,000.
Receipt Bank’s proprietary machine learning technology fetches financial information from multiple sources, digitises and categorises it, making it ready for accountants and bookkeepers, more than 50,000 of whom use the platform. The platform processes and stores 45 new fields of small business financial data every second from receipt photos, bank accounts, invoices and bills.
Receipt Bank CEO, Adrian Blair, commented: “This investment is an endorsement of our mission at Receipt Bank - to help millions of small businesses grow by getting control of their finances. Our machine learning technology enables accountants to do far more for their small business clients, and expands the market for professional advice by making accountants far more productive.
“The addition of Augmentum alongside our current investors, Insight, Kennet and CIBC, strengthens our board and will help us meet our ambitious growth goals, following a stellar 2019.”
Jason Ewell, Operating Partner at Insight Partners and Receipt Bank Board member, commented: “Receipt Bank continues to make giant leaps forward in machine learning technology. We are excited to see the company’s continued progress in the coming years.”
Tim Levene, CEO of Augmentum Fintech, said: “Digital bookkeeping allows all businesses to save time and expense and Receipt Bank's technology and growth make the company a clear leader in this sector.”
One of the fastest growing British technology companies, Receipt Bank automates bookkeeping to save businesses time and money on their taxes. The platform saves accountants one hour per client weekly and frees small business from 120 hours of annual financial admin.
Kennet Partners, the technology growth equity investor, has announced that it has appointed Jonathan Hewitson as Finance Director and Huan Jing Gan as a Director in the investment team.
Jonathan joins Kennet from Manzanita Capital, where he was Finance Director. Previously, he worked within the structuring & tax team at J Rothschild Capital Management, and at PWC where he qualified as a Chartered Accountant and worked within the Private Equity M&A tax team. Jonathan holds a BA (Hons) in Business Management from Newcastle University.
Huan Jing Gan ("Jing") joins Kennet from Kinnevik, where she was an Investment Professional in the Venture & Growth Investments team. Previously, she worked in the Investment Banking Division at Goldman Sachs within the London Telecom, Media & Technology team. Jing holds a BSc (Hons) degree in Business Management from Kings College London.
Michael Elias, Managing Director at Kennet, said: "We are thrilled to have Jonathan and Jing join our London-based investment group. With significant new capital for investment in Europe and the US, we will benefit from the experience that they both bring to our team."
Full Press Release on PR Newswire
SocialSurvey Raises $14.5 Million in Series A
San Ramon, CA (PRUnderground) April 23rd, 2019
SocialSurvey has raised $14.5 million in new financing to continue expanding its platform and scale into multiple business verticals.
“The reputation space is crowded and highly disjointed,” said SocialSurvey’s CEO, Scott Harris. “Multi-location brands often invest in multiple products to support their online reviews, employee engagement, employee feedback and compliance monitoring, but still don’t drive meaningful improvement in customer experience. We solve all that in a single solution.”
The software developer is backed by venture capital veterans Curtis Feeny and Jim McClean of Silicon Valley Data Capital (SVDC) and Eric Filipek of Kennet Partners LLC. With this funding round, Curtis and Eric will be joining the SocialSurvey Board of Directors.
“SocialSurvey captures that critical moment when an employee and customer interact like nothing we have seen. The impact on customer satisfaction and employee behavior is extremely special. We are thrilled to be partnered with this great group of people,” commented Eric Filipek of Kennet Partners.
“We’re thrilled to invest in SocialSurvey—it’s a very unique play in the market. SocialSurvey is creating a new experience category by consolidating various technologies into a single open platform that puts the enterprise in control. Who doesn’t want data in motion for driving business?” remarked Curtis Feeny of Silicon Valley Data Capital.
In addition to SVDC and Kennet, SocialSurvey secured additional investment from Greg Hitchan at Tri-Valley Ventures of local East Bay Area fame and the ventures team at Wilson Sonsini Goodrich & Rosati.
About Silicon Valley Data Capital
Silicon Valley Data Capital is an early stage investor in next-generation enterprise software companies. As big data, predictive analytics, AI and ML applications become more critical to the success of businesses everywhere, SVDC is helping entrepreneurs develop the most advanced applications and services to match their needs. For more information, please visit www.svdcapital.com
About Kennet Partners
Established in 1997, Kennet is a growth equity investor that invests in bootstrapped, fast-growing companies providing information technology products and business services that leverage technology. Kennet currently has over $700 million under management and has offices in London, Frankfurt and Silicon Valley. For more information, please visit www.kennet.com
About Tri-Valley Ventures
Since 2013, Tri-Valley Capital has focused on value-added investments in start-up and established ventures located in the growing Tri-Valley region in the East Bay of California. For more information, please visit www.trivalleyventures.com
About Wilson Sonsini Goodrich & Rosati
For over 50 years, Wilson Sonsini Goodrich & Rosati has offered a broad range of services and legal disciplines focused on serving the principal challenges faced by the management and boards of directors of business enterprises. For more information, please visit www.wsgr.com
About SocialSurvey
SocialSurvey empowers businesses to drive employee behavior while improving customer experience, online reputation and revenues. Its unique, player-integrated approach to customer feedback yields powerful CX insights while amplifying online reviews, marketing automation and local search rankings. For more information, please visit www.socialsurvey.com
NEW YORK--(BUSINESS WIRE)--Kemp Technologies, a leading provider of load balancer and application delivery controller (“ADC”) solutions and services, announced that it has partnered with Mill Point Capital, a middle-market private equity firm focused on control-oriented investments in North America.
The Mill Point team employs an Executive Partner model and has extensive experience investing in transactions in the technology and business services sectors. Kemp’s management team, including CEO Ray Downes, will continue to lead the company, building on its strong track record of growth and innovation.
Kemp is a leader in powering always-on application experience (“AX”) for enterprises and service providers via its next-generation load balancer and ADC technology solutions. Since the company’s founding in 2000, Kemp has consistently led innovation across enterprise technology platform types, including physical, virtual, cloud or multi-cloud environments. The company operates on a global basis with headquarters in New York, and regional hubs in Limerick, Ireland; Munich, Germany; Singapore and Sao Paulo, Brazil.
In addition, John Becker, current Chairman of Kemp will remain in his position with the company and partner with Mill Point going forward.
Ray Downes, CEO of Kemp, commented, “We are thrilled to be partnering with Mill Point and are excited about their commitment to our ongoing development efforts and future growth opportunities. I am very proud of the strong technology foundation we have built and look forward to continuing our world-class innovation and service that is helping customers deliver an optimal application experience.”
Craig Adler, an Executive Partner with Mill Point, said, “Kemp is one of the most respected names in application delivery, and is at the cutting edge of distributed computing network architecture. We believe Kemp is positioned for further success given its ever-growing suite of high performance load balancer and ADC products and services, as well as its true platform ubiquity that supports enterprises of every size and workload requirement.”
About Kemp Technologies
Kemp powers always-on application experience for enterprises and service providers. Leveraging an agile per-app load balancing / ADC consumption model, predictive analytics and automated issue resolution, Kemp is radically simplifying how customers optimize, analyze and secure their applications across private and multi-cloud environments. Kemp counts more than 25,000 customers and 60,000 application deployments in 115 countries. For more information, please visit www.kemp.ax.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with Executive Partners to leverage its investment professionals' experience, while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.
CrossBorder Solutions, a provider of corporate tax software and services, has raised $6 million in Series A funding. Kennet Partners led the round.
December 12, 2017 – Menlo Park, CA; Tarrytown, NY: CrossBorder Solutions, a leading worldwide provider of corporate tax software and services, announces it has secured $6M Series A funding led by Kennet Partners. The capital will aid the Company as it continues to grow out its worldwide footprint and product suite.
“At CrossBorder Solutions, our goal is to leverage technology to help multinational corporations comply with the worldwide transfer pricing regulations in a comprehensive, cost efficient manner” said Donald Scherer, CEO and Co-Founder of the Company. “By employing powerful software, companies worldwide are in the position to ensure compliance on a worldwide basis in a consistent fashion which dramatically lowers their audit exposure and compliance costs.”
The founders of CrossBorder Solutions, Donald Scherer and David Bukovac, already made their mark in the New York tech community and were previously the CEO and COO of a similar tax software company. The first iteration of CrossBorder Solutions was acquired by Thomson Reuters for $80M in 2007. “The new and second iteration of CrossBorder Solutions has quickly become a leader in its field once again” said Javier Rojas, Board Member and Managing Director at Kennet. “We applaud teams that work together in consecutive high growth successes and are excited to work with Donald and David to help as they grow the company with new products, strategic partnerships, and innovative software” he added.
The Series A funding announcement precedes the launch of the Entity360 platform which helps multinational corporations manage the tax position of each of their legal entities on a worldwide basis. The new worldwide BEPS compliance requirements make this a timely product launch.
About CrossBorder Solutions
Founded in 2016, CrossBorder Solutions employs technology to help multinational corporations comply with worldwide transfer pricing regulations. The Company produces the required documentation that insulates companies from costly penalties. For more information please go to: www.xbsolutions.com
About Kennet Partners
Established in 1997, Kennet is a growth equity investor that invests in bootstrapped, fast growing companies providing information technology products and business services that leverage technology. Kennet currently has over $700 million under management and has offices in London, Frankfurt and Silicon Valley. For more information please go to: www.kennet.com