Recommind taps into $7.5million funding
Recommind, a supplier of enterprise search, email management and e-discovery systems, has just announced that it has secured the first institutional funding – for a total of $7.5 million – in the company's 7 year history. Kennet Partners, a global investment firm focused exclusively on mid-stage, high-growth companies in strategically critical markets, led the round. Experiencing dramatic growth across all product lines and geographies, Recommind is tapping into private equity in order to quickly ramp its global operations and acquire additional product and market breadth through acquisition.
“We are very proud of Recommind's track record of strong, organic growth and profitability over these past 7 years. But with the tremendous demand we have experienced, which has only accelerated with the recent financial market crisis, access to significant capital will be a key ingredient of our ability to fulfill exploding demand organically and through acquisitions going forward,” said Robert Tennant, CEO, Recommind.
“At Kennet Partners, we focus on well run, capital efficient companies with strong franchises that have shown a consistent track record of sustained revenue growth. Recommind is directly in our sweet spot and we are pleased to be the first institutional investors in the company,” said Eric Filipek, Principal at Kennet Partners. “Recommind is following a similar path taken by some of the most successful technology companies to date by becoming a key supplier of strategically critical technology to a rapidly expanding vertical industry. We are excited to be a part of what is a tremendous success story that continues to gain momentum, even in turbulent times such as these.”