FastSpring® Receives Significant Investment from Pylon Capital
SANTA BARBARA, Calif., April 24, 2013 /PRNewswire/ -- FastSpring, a leading provider of e-commerce payment services for online vendors of desktop software and software-as-a-service (SaaS), has announced that it has received a significant equity investment from Pylon Capital, a Los Angeles-based investment firm. This represents the first time since FastSpring was founded in 2005 that the company has accepted an outside investment. Terms of the agreement will remain undisclosed.
Going forward, all four FastSpring co-founders will continue with the company. CEO Dan Engel has been named Senior Vice President of Marketing and will serve on the company's Board of Directors, while Ken White, Ryan Dewell, and Jason Foodman will continue with their prior roles. Pylon Capital Managing Partners Chris Lueck and Tom Tzakis will join FastSpring's management team.
"We're thrilled about this new partnership with Pylon Capital which will introduce new financial capital, resources, and talent to the FastSpring team," says Dan Engel. "Chris and Tom have a genuine appreciation for what makes our company unique, including our culture, our people, our technological innovation, and our reputation for providing the industry's best customer service. As a result of the relationship, we will be increasing our hiring efforts, investing further into sales, marketing, software development, customer support, and other key areas."
According to Tom Tzakis, "Pylon Capital is excited to partner with a truly exceptional company like FastSpring, and we look forward to working with the existing management team to bolster the company's offerings and to strengthen the company's reputation as the industry leader in customer satisfaction."
FastSpring has continued its significant growth in recent years, and last year company revenue surpassed $95 million. The company was ranked #53 in Inc. Magazine's Inc. 500 list of fastest-growing companies in the US for 2011. Deloitte & Touche ranked FastSpring the #1 fastest-growing company in the Greater Los Angeles area and #13 in North America in its 2011 Technology Fast 500™ awards.
In addition to handling global payments and order management for software companies, FastSpring provides a suite of merchandising capabilities that enables clients to grow their revenue through maximization of customer order size and optimization of the order page conversion rate. Outsourcing to FastSpring enables software publishers to focus on growing their own business through sales efforts and product development while leaving the complexities of building and maintaining an e-commerce infrastructure and product merchandising system to FastSpring.
Based in Santa Barbara, California, FastSpring provides an all-in-one e-commerce, merchandising and fulfillment solution for online vendors that sell desktop software, SaaS, and downloadable games. Over 2,200 clients worldwide, from new start-ups to large enterprises, rely on FastSpring's flexible, next-generation e-commerce platform to power their web stores, enable purchasing from inside their software products, and handle both one-time purchases and recurring subscription payments. Founded in 2005, the company has been consistently ranked one of the fastest-growing companies in the world by Inc. Magazine, Deloitte & Touche, and other industry sources.
Michael Johnson, FastSpring PR Team
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