NAPERVILLE, Ill., Sept. 20, 2018 /PRNewswire/ -- Forecast5 Analytics, the leading provider of decision support tools for local government administrators, announced today a growth equity partnership with Riverwood Capital. Forecast5 will use the investment to continue providing innovative solutions and a high level of service to its current clients and to meet the growing demand for its state-of-the-art analytics technology in more school districts, municipalities and higher education institutions across the country.
Forecast5 provides a suite of data rich platforms that help local government leaders make better financial and strategic decisions through better data visibility. Forecast5's solutions assist with financial forecasting and benchmarking, student data analysis, data transparency initiatives, ESSA reporting, and geospatial projects. More than 1,500 local governments in 26 states utilize Forecast5 products to serve the needs of their communities. More than 40 K-12 education associations across the country have partnered with Forecast5 to help deliver the products to their members.
"We are thrilled to have the opportunity to partner with Riverwood Capital to advance the use of data analytics in local government decision-making," said Mike English, founder and CEO at Forecast5. "This partnership is going to allow us to expand our offerings and services across the country and in key markets where we have seen strong and innovative use of our analytic tools."
"Our mission at Riverwood Capital is to provide capital and expertise to accelerate growth of high quality technology companies," said Jeff Parks, founder and General Partner at Riverwood Capital. "We are very impressed with the platform that Mike English and his team have built and are delighted to be their partner in the next phase of the company's growth. With this investment of over $60 million, we are demonstrating our commitment to the local government and education markets, and our conviction in Forecast5's growth potential."
Two significant product development initiatives have led to dramatic growth for Forecast5 in 2018. To assist school districts in their efforts to help improve student performance, Forecast5 introduced 5Lab—an analytics platform that allows academic leaders to combine disparate datasets and build interconnected dashboards that support student performance improvement plans. The Forecast5 team also introduced a new ground-breaking extension of its 5Cast financial forecasting engine. In late 2017, 5Cast Plus was introduced and now assists more than 300 local governments with monthly financial reporting and real-time budget performance analysis.
"Accurate and efficient financial forecasting and management is becoming an increasingly critical function for school districts and local governments," said Harish Belur, Managing Director at Riverwood Capital. "We are excited about Forecast5's opportunity to continue to serve public sector CFOs and administrators with innovative solutions and services to manage budgets and demonstrate investment ROI in a dynamic funding environment."
Founded in 2012 with less than 10 employees and one product, Forecast5 has grown to more than 100 employees and now offers five different cloud-based analytics products to its clients. The company has been recognized by CIOReview as one of the Top 20 Most Promising Public Sector Providers, as one of The 10 Most Trusted Big Data Analytics Companies by Analytics Insight, and as one of the Top 50 Fastest Growing Companies of the Year by Silicon Review. The growth investment from Riverwood Capital marks the first outside investment in the six-year history of Forecast5.
About Forecast5 Analytics
Forecast5 Analytics increases financial, student, and organizational performance by empowering local government leaders with decision support tools that utilize state-of-the-art analytics technology. Our collaborative staff of experts take high-level ownership of public sector challenges with a sense of urgency to create great outcomes for our clients and the communities they support. More than 1,500 local governments across the country are using Forecast5 tools to maximize their data insights. Forecast5 has offices in Naperville, IL (Headquarters); Phoenix, AZ; Milwaukee, WI; Des Moines, IA; and Fayetteville, AR. For more information, visit www.forecast5analytics.com.
About Riverwood Capital
Riverwood Capital is a growth equity firm that invests in high-growth, middle-market companies primarily in global technology and technology-enabled industries where the use of software, information and digital technologies can contribute to value creation. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values, in both minority and control situations. Riverwood has offices in Menlo Park, CA; New York, NY; and Sao Paulo, Brazil. Please visit www.riverwoodcapital.com
Contact: Eric Smith
Vice President, Marketing and Partnerships
Forecast5 Analytics, Inc.
SOURCE Forecast5 Analytics