Investment Follows Mindshare’s Recent Financial Milestone of 100 Months of Consecutive Recurring Revenue Growth
Mindshare Technologies today announced that it has received a $20 million investment from Sorenson Capital. The PrivateBank and Trust Company contributed to the growth investment with an additional credit facility. Sorenson’s involvement will accelerate Mindshare’s strategy of rapid growth through innovation and new-product development.
Mindshare recently achieved the milestone of 100 consecutive months of recurring revenue increases. The company’s continuing legacy of growth began in May 2003, when Mindshare brought in approximately $3,600; in August 2011, the company recorded monthly revenues of more than $1.6 million. Mindshare’s revenue grew at 33-percent in 2010, and is on pace for 40-percent growth in 2011, to $19 million.
Mindshare’s unique domain expertise and unwavering commitment to its customers has resulted in an extraordinary 93 percent client retention rate—which it maintained throughout one of the most extended economic downturns in U.S. history—and includes such prominent brands as Arby’s, Hertz, Tony Roma’s, Comcast, Marriott and many others. The company is the innovation leader in the development and utilization of customized, industry-specific speech and text analytics. Mindshare currently takes more than 175,000 surveys on peak days in 106 countries, 28 languages, and 25 different industries.
“After talking to a number of interested private equity firms, we chose Sorenson Capital because we are confident that they will be the ideal equity partner for Mindshare,” said Richard D. Hanks, chairman and president of Mindshare Technologies. “Sorenson Capital brings immense value through its wealth of knowledge and industry contacts, and through its strategic, financial and operational expertise. The partnership will enable us to not only reinforce our rapid growth, but also to pursue new strategic business initiatives.”
In connection with the firm’s investment in Mindshare, Fraser Bullock, managing director of Sorenson Capital and former COO of the 2002 Salt Lake Winter Olympics, and Ron Mika, a co-founder and managing director of Sorenson Capital, will join the Mindshare board of directors.
“The Mindshare management team has just accomplished an extraordinary financial feat in leading the company to 100 months of consecutive recurring revenue growth,” Bullock said. “We look forward to helping this exceptional team continue to grow.”