SOUTHBOROUGH and BOSTON, MA—Hiperos, LLC, a provider of on-demand software for extended enterprise management, announced today that it received a minority investment from growth equity investor Summit Partners. Founded in 2007 by industry veterans Michele Flynn, Greg Dickinson and John Abbatico, Hiperos has quickly emerged as a leader in the supplier lifecycle and risk management market.
Hiperos focuses on maximizing the value and minimizing the risks of a company’s relationships with vendors, resellers, service providers, distributors, partners or brokers. Companies such as Aetna, CA Technologies, MasterCard, Microsoft, PNC Bank, State Street, TD Bank, and United Technologies use Hiperos to build collaborative supplier relationship management programs—programs that reduce costs, lower business risks and drive improved performance.
“Hiperos is a rapidly growing, well-run company with a highly scalable, easily-configurable, software-as-a-service product that addresses major pain points for its customers. The business is on a great trajectory and reminds us of many of Summit Partners’ successful software investments,” said Thomas Jennings, Managing Director at Summit Partners.
“We are extremely pleased that Hiperos selected Summit to provide growth capital to accelerate the company’s strategic plans,” added Michael Medici, Vice President of Summit Partners who will be joining the Hiperos Board of Directors.
“Since our founding, Hiperos has focused on sustainable and financially sound growth,” said Michele Flynn, Chairman of Hiperos. “As we approached this important milestone for Hiperos, we sought a partnership with an investor that subscribed to a similar approach. Summit Partners distinguishes itself as a firm that focuses on key fundamentals: strong leadership, closely monitored metrics and fiscal responsibility. We found a great partner in Summit and know that they will contribute significantly to our next phase of growth.”
“We are looking forward to leveraging this new investment capital to accelerate our plans while maintaining our best-in-class customer satisfaction rating1,” said Greg Dickinson, CEO of Hiperos. “Hiperos has helped define the new space of Extended Enterprise Management during the past four years and Summit Partners’ investment is further validation. I look forward to accelerating our leadership position with the addition of the Summit team.”
Hiperos (www.hiperos.com) provides an on-demand solution for managing the extended enterprise of a company—the network of suppliers, service providers, outsourcers, partners, distributors, brokers, re-sellers, or contract manufacturers that contribute to a company’s value chain. Hiperos is used to assess the risk, monitor the compliance, measure the performance, and track the corporate responsibility goals of providers as well as to facilitate self-maintenance of information by those providers. Its client base includes many of the world’s leading companies such as Aetna, CA Technologies, MasterCard, Microsoft, PNC Bank, State Street, TD Bank, and United Technologies.
About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity investor that provides private equity and venture capital to rapidly growing companies. Founded in 1984, Summit has raised more than $11 billion in capital and has provided growth equity, recapitalization and management buyout financing to more than 300 growing companies across a range of industries and geographies. Summit Partners seeks outstanding management teams that have built their companies to market leadership. Notable investments in the software sector include AvePoint, Hyperion Software, GoldenGate Software, McAfee, Postini, Sybari Software, Telerik and Unica.
1. The Supply Base Management Application Market and Vendor Landscape, August 2010, Debbie Wilson, Gartner
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.