Igloo Software Fuels Growth Through Partnership And US$47M Investment From Frontier Capital
Igloo Software, the leading provider of digital workplace solutions, and Frontier Capital, a Charlotte-based growth equity firm focused exclusively on software and tech-enabled business services companies, announce today a US$47 million (CAD$60 million) growth equity investment in Kitchener, Ontario-based Igloo.
The investment will aid in building Igloo's sales and marketing operations, expanding distribution channels, strengthening its global partnership with Microsoft and further accelerating the company's footprint in the North American market.
"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.
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.