Frontier Capital Completes Exit of Simpli.fi Investment
Sale to GTCR marks Frontier’s third exit of a vertical SaaS business in past 10 months
Exit follows sale of stakes in software companies Healthx and NetDocuments
CHARLOTTE, N.C.--(BUSINESS WIRE)--Frontier Capital, a Charlotte-based growth equity firm focused exclusively on software and tech-enabled business services companies, announced today that it has successfully completed an exit of its investment in Simpli.fi Holdings Inc. GTCR’s acquisition of the company closed Sept. 28.
“Frontier’s expertise in the vertical SaaS sector and its relationship-oriented approach of working with our management team to create a stronger, more stable business model has positioned Simpli.fi well for the next stage of our growth.”
Frontier’s involvement helped Fort Worth, Texas-based Simpli.fi solidify its position as a leading digital advertising platform that enables the largest buyers of localized advertising, including local media groups, networks, brands, and agencies, to execute high volumes of hyper-targeted campaigns across a variety of digital ad formats and device types.
Simpli.fi represents the third exit of a software company investment for Frontier in the past ten months, following Frontier’s sale of stakes in Healthx and NetDocuments.
“It has been our privilege to partner with co-founders Frost Prioleau and Paul Harrison to help them refine the company’s go-to-market strategy,” said Michael Ramich, partner at Frontier, who has served on the board of Simpli.fi during Frontier’s involvement. “Helping Simpli.fi focus on enterprise customers that use Simpli.fi’s platform to serve their advertisers created an incredibly loyal customer base that provides a strong foundation of predictable, expanding recurring revenue. As a result, Simpli.fi has been able to rapidly scale in a profitable manner, a rarity for high growth advertising technology companies.”
“Frontier provided the strategic direction Simpli.fi needed at a critical juncture in our company’s development,” said Prioleau, CEO of Simpli.fi. “Frontier’s expertise in the vertical SaaS sector and its relationship-oriented approach of working with our management team to create a stronger, more stable business model has positioned Simpli.fi well for the next stage of our growth.”
Frontier’s investments in Simpli.fi, Healthx, and NetDocuments were from its $250 million fund, Frontier Fund III, which closed in 2011. Along with its exit of tech-enabled services company, ConnectSolutions, the combined proceeds from Fund III’s first four exits are approximately equal to Fund III’s contributed capital. Frontier is currently investing from its $390 million fund, Frontier Fund IV, which closed in early 2015.
About Frontier Capital
Frontier Capital is a Charlotte-based growth equity firm focused exclusively on software and technology-enabled business services companies. Founded in 1999, Frontier partners with management teams that can benefit from capital to accelerate growth, fund acquisitions or generate shareholder liquidity. The firm makes minority and majority equity investments in high growth companies and has built an excellent track record of delivering returns to both investors and management partners. For more information, please visit frontiercapital.com.
Simpli.fi is the leader in localized programmatic advertising. Simpli.fi works with the largest buyers of localized advertising, including brands, agencies, local media groups, networks, and trading desks. These companies utilize Simpli.fi to localize ad targeting and content, to deliver performance on high volumes of localized campaigns, and to provide deep insights on their dynamic audiences. For more information about the company, visit www.simpli.fi.