Igloo Software, the Kitchener-based software-as-a-service company that specializes in developing corporate intranet platforms, Tuesday announced it has received a US$47-million investment from Charlotte, N.C.-based equity firm Frontier Capital.
Igloo, founded in 2008, said it will use the funds to build its sales and marketing operations, expand distribution channels, strengthen an existing partnership with Microsoft and expand the company’s North American footprint.
“Igloo’s growth over the last several years, in combination with our partnership with Frontier Capital, is a testament to our innovative approach to solving real-world digital workplace challenges,” said Dan Latendre, Igloo’s founder and CEO.
Igloo operates in 80 countries. It states that it achieved 79 percent year-over-year growth in the third quarter of 2017, adding 190 customers. The company and its CEO were featured in a story by Communitech News in 2015.
Frontier Capital’s co-founder and Managing Partner, Andrew Lindner, will join Igloo’s board, along with Frontier Vice-President Dave Pandullo and Frontier Growth Partner Bob Froetscher.
Frontier, founded in 1999, focuses on software and technology-enabled business services companies.
“We believe Frontier’s expertise in driving growth and creating enterprise value for software-as-a-service companies in the human capital management sector make it a natural fit for Igloo,” said Latendre. “We look forward to working with Frontier as we continue to disrupt the market and help businesses improve productivity and competitive advantage throughout their digital transformation journeys.”
Latendre, formerly of OpenText, joined CIGI, the Centre for International Governance Innovation, in 2004 as a consultant on an intranet project. He began his career at MKS (Mortice Kern Systems) in 1988, helping develop an Internet software package that MKS sold as a business unit to OpenText.