Spectrum Equity Announces Sale of RainKing
RainKing acquired by DiscoverOrg, creating the world's leading provider of B2B sales and marketing data intelligence
BOSTON and SAN FRANCISCO, Sept. 12, 2017 /PRNewswire/ -- Spectrum Equity is pleased to announce the sale of RainKing to DiscoverOrg. During Spectrum's ownership and in partnership with CEO John Stanfill, RainKing grew its customer base substantially, scaled revenue and EBITDA and expanded the company's global coverage of sales and marketing intelligence. Further, with Spectrum's strategic guidance, the company launched numerous data sets, developed a highly regarded new product and completed a full corporate identity rebranding.
"With Spectrum Equity's investment and support, RainKing was able to accelerate its growth plans, developing a real competitive advantage and creating a highly strategic asset," said John Stanfill, RainKing CEO.
"Spectrum is delighted to have partnered with the RainKing management team and is proud of the company's significant accomplishments," said Michael Farrell, Spectrum Equity Managing Director. "As a differentiated data asset with recurring revenue business model, RainKing furthered Spectrum's franchise in investing in information services and software companies."
"Together, Spectrum and RainKing built an incredible business and product that customers love, and we are excited about what this combination means for our joint customer base of 4,000 sales and marketing teams," said Henry Schuck, DiscoverOrg CEO.
Spectrum Equity originally invested $67 million for a majority interest in RainKing in October 2015 after a multi-year dialogue. In conjunction with the transaction, Spectrum Equity recruited former CoStar Group executive John Stanfill to serve as CEO and subsequently recruited a number of talented executives and board members.
For more information on the transaction, refer to the official press release issued by DiscoverOrg. TA Associates is a continued investor in DiscoverOrg.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 20 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. Representative investments include Ancestry, Bats Global Markets, GoodRx, Grubhub, Jimdo, Lynda.com, SurveyMonkey, Teachers Pay Teachers and Verafin. For more information, visit www.spectrumequity.com.
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The specific companies identified above may not represent all of Spectrum's investments, and no assumptions should be made that any investments identified were or will be profitable. Past performance is not indicative of future results and there is a possibility of loss in connection with an investment in any Spectrum investment.
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