Mindshare press

Mindshare Technologies Closes $20 Million Investment from Sorenson Capital

The PrivateBank and Trust Company Contributes Additional Credit Facility

October 04, 2011 - by Mindshare Technologies

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.”



About Sorenson Capital

Sorenson Capital (www.sorensoncapital.com) is a private equity fund that provides small- to middle-market buyout and growth equity investments. Sorenson Capital is managed and controlled by West Rim Capital and has offices in Salt Lake City, Utah.

About Mindshare Technologies

Mindshare Technologies is the largest provider of cloud-based VoC solutions for the food services, retail and contact center industries. Using a proprietary customer review platform, Mindshare collects feedback in real time to help companies retain customers and increase profits. As a full-service partner, Mindshare provides tactical instruction, strategic guidance and customer experience consulting to global brands and multi-unit operators.

For information, visit www.mshare.net.

more News:

Mindshare Technologies’ Online Reputation Tool Collects Nearly 2 Million Reviews in Just Five MonthsMindshare Technologies Offers $23 Million Revenue Recovery Opportunity to Large U.S. Cable Television and Broadband ProviderMindshare Technologies Appoints Gary Topiol as Managing Director, International and Establishes Global Centre of Excellence in the United KingdomMindshare Technologies Introduces Comment Poster™ to Drive Location Level Performance ImprovementAMF Bowling Centers Sees Nearly 1,000 Percent Increase in Customer Reviews through OpenTellSTUDY Less than Half of QSR Chicken Brand Customers are Highly Satisfied with their Overall ExperienceMindshare Technologies Bolsters Customer Experience TeamMindshare Technologies Unlocks the Power of Voice of Customer Reviews with Launch of OpenTell™Mindshare Technologies Appoints Dr. Gary Edwards as Chief Customer Officer, and Announces the Expansion of the Marketing Insights TeamMindshare Technologies Appoints Former Vivint Vice President of Marketing Kristi Knight as CMOMindshare Technologies Acquires EmpathicaMindshare Technologies Named to 2013 Utah Business Fast 50Mindshare Technologies Named to Inc. 500|5000 for Sixth Consecutive YearMindshare Technologies Announces 2013 Best Practices ConferenceMindshare Restructures Leadership to Accommodate Continued Rapid GrowthMindshare Technologies Offers Tips for Leveraging Customer FeedbackMindshare Technologies Appoints Marriott Vacations Worldwide President Steve Weisz as Chairman of the BoardMindshare Technologies Promotes Lonnie Mayne to PresidentMindshare Technologies Caps 2012 with Continued Growth and Prestigious RecognitionsMindshare Named to "Best Companies to Work For" Mindshare Announces Winners of 2012 Service AwardsMindshare Announces 2012 Best Practices ConferenceRaceTrac Wows Guests with Mindshare-Powered Feedback SystemMindshare Technologies Optimizes iPhone App to Include Popular Dashboard FunctionalitiesMindshare Technologies Brings Customer Experience Best Practices Seminars to San FranciscoMindshare Technologies to Host Seminars in UK to Help Companies Realise and Implement Customer Experience Best PracticesMindshare Unveils Automated Outbound Dial Survey Solutions for Call CentersMindshare Technologies Appoints New CFO—Focuses on Future GrowthMindshare Technologies President to Retire—Retain Chairman RoleMindshare Technologies Expands Text Analytics TeamMindshare Technologies Appoints Lonnie Mayne as New Chief Experience OfficerMindshare Technologies Caps 2011 with Continued Growth, Substantial Investment, New Product Offerings, and Prestigious RecognitionsUtah Business Magazine Names Mindshare One of 2011’s Best Companies to Work ForBennigan’s Deploys Feedback Tool to Enhance Guest ExperiencesWorkspace Communications™ Bolsters Contact Center Solutions Portfolio with Live Agent Support and Leading-Edge Customer Satisfaction Measurement CapabilitiesMindshare Launches New Mobile App for Real-Time Customer FeedbackMindshare Technologies Launches QR Codes to Simplify Customer Feedback via Mobile DevicesMindshare Technologies Closes $20 Million Investment from Sorenson CapitalMindshare Technologies Achieves 100 Consecutive Months of Revenue GrowthMindshare Technologies Selects Voci for 100X Real-Time Speech-to-TextMindshare Technologies One of the 50 Most Engaged Workplaces™ in the United StatesMindshare Announces 2011 Outstanding Service Awards™Mindshare Packs Education and Action into Its Third Best Practices ConferenceMindshare’s Unique “Speech-to-Text” Becomes First In-House Voice Analytics Tool in the VoC IndustryMindshare President and COO Both Named to Prestigious v100 Entrepreneurs ListMindshare Technologies a Founding Member of Customer Experience Professionals AssocationMindshare Technologies’ Kurt Williams Wins CTO of the YearMindshare Technologies Among Industry Leaders to Present at Contact Center Executive Summit