RF Investment Partners SBIC, LP (“RF” or the “Fund”) is pleased to announce that it has closed its second investment in a high-growth, SaaS-based software platform. The Fund closed an investment in GrowthZone (the “Company”), a leader in cloud-based association management software. RF provided unitranche debt and an equity co-investment to support a majority recapitalization led by Greenridge Investment Partners (“Greenridge”) and management.
With its recent investment in GrowthZone and the addition of Ben Harrison as a software advisor, RF continues to deepen its footprint within the SaaS-based software space. The Fund’s May 2018 investment in PEC Safety (“PEC”) represented its first investment in the cloud-based software vertical. PEC is a SaaS-based vendor management platform serving numerous customers in the energy and industrial markets. PEC Safety was subsequently purchased by Thoma Bravo in December 2018.
RF added Ben Harrison to its strategic advisory board to further the Fund’s commitment to emerging SaaS platforms. Ben Harrison is the Co-Founder of DealCloud, a vertically-focused CRM platform specifically tailored to investment banking and capital markets professionals. DealCloud was acquired in August 2018 by Intapp, a provider of cloud-based software solutions for professional services firms.
Mr. Harrison is the third software entrepreneur to join RF’s strategic advisory group. In addition to Mr. Harrison, the Fund’s strategic advisory board includes Dr. Seth Flam and Travis Janovich. Dr. Flam was the CEO and Co-Founder of HealthFusion, a fully-integrated cloud EHR and medical billing software platform. HealthFusion was acquired by Quality Systems Incorporated in January 2016. Travis Janovich is the founder and CEO of Etix, a web-based ticketing provider that annually processes over 50 million tickets across 40 countries.
“RF provides a unique offering to emerging SaaS platforms. Namely, we offer software companies access to deep operating expertise via our strategic advisory board while allowing shareholders to maintain control of their business via minimally dilutive capital structuring. This differentiated approach provides a compelling option to software entrepreneurs seeking outside capital partners.” – Peter Fidler, Co-Founder and Managing Partner of RF.
