Growth Equity Funding to Extend Market Reach and Fuel Continued Innovation of Market-Leading Online Community Platform
WASHINGTON, DC--(Marketwired - Sep 29, 2016) - Higher Logic today announced it has closed a $55 million investment from JMI Equity, a growth equity firm focused on investing in leading software companies. As part of the transaction, Bob Nye, a general partner at JMI Equity, will join Higher Logic's Board of Directors. Higher Logic's management team will continue to lead the company in their current roles.
Higher Logic enables organizations of all sizes to create secure, online communities that increase the value and relevance of the organization to members, customers and partners. A Higher Logic-powered community drives engagement, enhances customer experience and builds loyalty. The power of Higher Logic has been validated with every customer implementation, leading to a 96 percent increase in new client sales and more than a 200 percent increase in adoption within the commercial market.
JMI's growth equity funding will be used to continue the innovation and market leadership for Higher Logic's online community platform, including across research and development, strategic services, sales, marketing, and business development. Recently named a leader in the IDC MarketScape: Worldwide Online Communities 2016 Vendor Assessment (#US41686916, Sept. 2016), the Higher Logic community platform is the dominant solution for nonprofit associations. The company is currently growing rapidly in the commercial sector by demonstrating how best-in-class communities can increase customer engagement and loyalty.
"JMI has a very solid track record of supporting high-growth SaaS companies like Higher Logic, and we look forward to taking advantage of Bob Nye's and his colleagues' depth and breadth of experience," said Higher Logic CEO Rob Wenger. "Our team has done an excellent job of creating a compelling product, focusing on making our customers successful and generating significant market momentum."
"This investment will provide additional firepower to accelerate our growth trajectory and extend our already significant lead in innovation," added Andy Steggles, president and co-founder of Higher Logic. "Culturally, the JMI team couldn't be a better fit. They recognize the amazing ways in which online communities can enable organizations to differentiate themselves and transform their customer experience."
"Higher Logic has a proven community platform in an attractive and dynamic market," said Nye. "Every customer we connected with spoke about the power of the product, as well as the unparalleled level of dedicated support and expert services from the Higher Logic team. As the solution of choice among nonprofit associations, Higher Logic has an opportunity to accelerate its expansion into the commercial sector and we are very excited to be partnering with its team to help drive the next phase of growth."
About Higher Logic
Higher Logic is an industry leader in cloud-based community platforms, with over 25 million engaged members in more than 200,000 communities. Organizations worldwide use Higher Logic to bring like-minded people all together by giving their community a home where they can meet, share ideas, answer questions and stay connected. Learn more at www.higherlogic.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 120 businesses in its target markets, successfully completed over 85 exits, and raised more than $3.0 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.
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