DENVER, Oct. 28, 2015 /PRNewswire/ -- HomeSphere, the homebuilding industry's leading digital B2B customer acquisition and retention platform, announces new ownership through a management buyout. Cypress Growth Capital provided the financing for the transaction, and East Wind Advisors acted as exclusive financial advisor to the seller.
Founded in 1999 with a vision of creating a digital community for the construction industry where suppliers and builders could conduct business, HomeSphere has a long history of leading the homebuilding industry into the digital age. Its software platform connects more than 80 building product manufacturer brands across 23 product categories with more than 17,000 local and regional homebuilders.
The transaction positions HomeSphere as the exclusive digital platform for residential construction and delivers additional capital to accelerate innovation and new product development.
As a result of the transaction, Glenn Renner has been appointed Chief Executive Officer of the new entity. Jim Waldrop, HomeSphere's founder, will become Chairman of a newly formed Advisory Board. All other employees will continue in their current roles.
"The buyout is a significant milestone in our continuing evolution," said Renner. "Management is committed to growth and innovation, and our new structure will enable HomeSphere to expand its product offerings and provide additional value-added services to the homebuilding industry."
HomeSphere is the homebuilding industry's first and only B2B digital lead generation and customer retention platform, connecting more than 80 preferred building product manufacturer brands across 23 product categories with more than 17,000 local and regional homebuilders. Leveraging exclusive, actionable market intelligence and access to sought-after relationships, HomeSphere's solutions deliver ultra-targeted business opportunities with more profit potential. Visit www.homesphere.com or call 1-800-274-2632.
About Cypress Growth Capital
Cypress Growth Capital is the largest and most active royalty-based growth capital firm in the United States. An alternative to traditional debt and equity instruments, royalty-based growth capital offers entrepreneurs access to significant funding while preserving equity and control. Cypress invests $1 million to $5 million in software and technology-enabled business services companies located in the Southwest. With available capital, a demonstrated track record of 20 multimillion-dollar royalty-based investments, and an investment team that has extensive entrepreneurial and operating experience, Cypress Growth Capital is a proven and valued funding partner.
About East Wind Advisors
East Wind Advisors, LLC, is a New York City–based investment bank dedicated to the media, education service and business service industries. East Wind's services include buy-side and sell-side M&A, private placements (undertaken through East Wind Securities, LLC, a broker dealer registered with FINRA and SIPC), divestitures and restructuring, valuation and fairness opinions and strategic advisory services.