Fredericton Software Startup Secures $100-Million Investment
FREDERICTON—Introhive, a Fredericton-based software startup, announced Wednesday that it has secured a $100-million (U.S.) investment, part of a Series C round led by PSG, a Boston-based company that backs middle-market software companies.
“It’s been a big year for Introhive,” said CEO Jody Glidden in an interview with Huddle. “We were on Deloitte’s 500 fastest-growing companies list for the second year in a row, we were recognized in Canada on the best places to work list.”
In 2021, Introhive was also named one of the best places to work for women in Canada and received awards from G2, a company that reviews business software. During the pandemic, Introhive almost doubled its revenues, says Glidden.
He says these accomplishments all contributed to landing the investment.
The company’s product is a platform that helps businesses automate routine tasks related to their customer relationship manager (CRM) systems. It’s used in companies from more than 90 countries, about 10 times the amount from two summers ago.
Its system combines data from a company’s calendars, emails, phone systems and other communications platforms to automatically feed records such as meetings with clients and their contact information into the CRM system the companies use. This allows businesses to be more efficient and free up time for their salespeople to do other work.
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While most companies were scaling down in 2020, Introhive says its platform processed more than one trillion transactions, captured more than 60 million contacts and relationships, saved nine million employee hours and supported users across 90 countries.
“We are extremely excited to be partnering with Introhive as they seek to continue to rapidly grow the CRM automation and relationship intelligence platform,” said Rick Essex, Managing Director at PSG, in a release.
“Businesses of all sizes are looking for better ways to leverage relationships and drive revenue, and we believe Introhive has built a unique and innovative set of capabilities that allows them to do this more effectively,” said Essex, who will join Introhive’s Board of Directors. “In our view, Jody and Stewart (Walchli) have built a world-class product and management team, and the business is well-positioned for its next phase of growth. We couldn’t be happier to join them on their journey.”
What does this mean for Atlantic Canada?
Glidden is originally from Fredericton but has been living in Miami for almost a decade. His fast-growing company has dual headquarters in Fredericton and Miami and has other Atlantic Canadian offices in Saint John and Halifax. Introhive also has a number of international offices including London and India.
“Every office has its own specialty,” said Glidden. “We have a lot of our people up in Fredericton, Saint John and Halifax.”
Introhive plans to use the $100-million mostly for small acquisitions and new hires in sales, marketing and engineering.
Atlantic Canadian offices can expect some of these positions.
“We have a big presence in New Brunswick,” said Glidden. “We do plan on growing those regions substantially with this money.”
Since starting in 2012, Glidden has gotten used to the fast-growing nature of his company.
“When you’re doubling at our size you’re hiring 100 people in six months,” said Glidden. “Whereas before, when we were a lot smaller, that meant we’d be hiring 10.”
Glidden said that back then hiring 10 people felt like an enormous change. Less than a decade later, their most recent equity investment is a landmark deal for New Brunswick business.
“Everyone is saying it’s the biggest round by far in New Brunswick’s history.”
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Rachel Smith is a summer intern for Huddle. Send her story suggestions: [email protected].