MENLO PARK, CALIFORNIA and EAGLE, IDAHO — Global growth equity investor Summit Partners today announced the addition of Matt Rissell, founder of TSheets, to the firm’s Executive-in-Residence (“EIR”) program. In this role, Mr. Rissell will work closely with Summit’s technology team to identify new investment opportunities and advise growth stage companies in the software sector.
Mr. Rissell founded TSheets – a SaaS-based time tracking and scheduling platform – in 2006 and led the company until its $340 million acquisition by Intuit in 2018. He continued to lead the Eagle, Idaho-based TSheets team as part of Intuit’s Small Business and Self-Employed Group through late 2019. Mr. Rissell had bootstrapped TSheets, delivering profitable growth and a CAGR of more than 100% for nearly 10 years before raising Series A funding from Summit Partners in 2015. Under Mr. Rissell’s leadership, TSheets continued its rapid growth trajectory and expanded its customer base to serve more than 1 million users and employed more than 400 team members, consistently earning recognition for its workplace and culture. TSheets is currently ranked the #1 place to work in Idaho and rated the #1 software for small business on G2 Crowd.
“Matt is an incredibly talented leader and entrepreneur. With a customer-centric and data-driven approach to capital-efficient growth, Matt built TSheets into a leading SMB-focused software company with a growth profile, product sophistication and organizational scale that generated significant interest from prospective customers, partners and acquirers,” said Greg Goldfarb, a Managing Director with Summit Partners. “He brings substantial experience in successfully scaling SaaS businesses, particularly around product-led and partner-led growth strategies, and creating an authentic culture that can serve to accelerate this growth. We are thrilled to bring Matt’s perspective to Summit’s EIR program.”
“As a founder, I experienced first-hand the value, support and resources that Summit brings. When TSheets sought our first outside investor, it wasn’t about the money – it was about the people, the experience and intelligence they’d bring to growing my business,” said Mr. Rissell. “I was impressed with Summit’s belief in and commitment to helping founders scale bootstrapped, rapidly growing businesses. I’m thrilled to work with Greg and the Summit team once more, and I look forward to connecting with and working in support of growth-stage technology businesses and the entrepreneurs who lead them.”
Mr. Rissell serves on the Board of Directors of Summit portfolio company CoderPad, a SaaS-based platform used by many of the world’s largest technology employers and SMBs for assessing technical skills. In addition, he serves on both the Executive Committee for the Idaho Technology Council and the Advisory Board of the Boise State University Computer Science Department. He writes frequently and speaks nationally on entrepreneurship, leadership, customer service, cloud-based software, high growth technology, and company culture.
“The increasing availability and accessibility of cloud services and infrastructure has created new opportunities for robust, sophisticated and affordable software solutions that serve the SMB market,” added Peter Rottier, a Managing Director at Summit Partners. “Matt understood this dynamic early on and built TSheets into a rapidly growing SaaS company by delivering a product and customer experience tailored specifically for SMBs. We’re excited to work alongside Matt to explore new opportunities focused on this market and other high-growth software sectors.”
Summit has been active in the software sector for more than three decades. Since the firm’s founding in 1984, Summit has partnered with more than 150 software companies in the enterprise, mobile, cloud and SaaS, big data and analytics, infrastructure and security sectors.
Summit’s EIR program is an established element of the firm’s growth-oriented investing strategy. Since its inception, the program has facilitated collaboration between seasoned industry executives and Summit’s investment teams, working to identify sector-specific opportunities in which EIRs may support companies in an ongoing capacity through board or leadership roles.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $20 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare, consumer, financial and business services, and other growth industries. Summit maintains offices in North America and Europe, and invests in companies around the world. For more Summit stories and to learn more about #TheSummitPartnersNetwork, visit www.summitpartners.com or follow on LinkedIn.
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 LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.