Igloo Software Fuels Growth Through Partnership and $47 Million Investment
Igloo Software, a provider of digital workplace solutions, and Frontier Capital, a Charlotte-based growth equity firm focused on software and tech-enabled business services companies, have announced a partnership. Frontier is also making a $47 million growth equity investment in Kitchener, Ontario-based Igloo.
The companies say the investment will be used to grow Igloo's sales and marketing operations, expand distribution channels, strengthen its global partnership with Microsoft, and enlarge the company's footprint in the North American market.
According to Dan Latendre, founder & CEO, Igloo, 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.
Through its digital workplace solutions for employee engagement and collaboration, Igloo has achieved growth by offering a "solution as a service" approach that reduces time to launch and time to value versus traditional corporate intranets. In 2017, Igloo says, it 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, there is a rapidly expanding market for innovative solutions that enable an organization to better engage its workforce by fostering collaboration and connecting employees with the critical information when it is needed, said Andrew Lindner, co-founder and managing partner at Frontier Capital, who will join Igloo's board.
In addition to Lindner, Frontier vice president Dave Pandullo and Frontier Growth Partners' Bob Froetscher also will be joining the Igloo board.
The growth equity partnership with Igloo represents Frontier's first platform investment in Canada and comes from the firm's $390 million Frontier Fund IV, which closed in 2015.
For more information, visit www.igloosoftware.com and frontiercapital.com.